Fullout

CRAA is your credit reference file (i forget what the letters stand for).

You should get a copy of your own file just to see what’s on it. This is what the banks check, every time you apply for credit there will be a record. And any default etc will be listed.

see http://www.baycorp.com.au , You can get a copy for free.

Terryw
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Kirby

I am a ortgage broker and had this problem today with a valuation (diff bank). I rang the valuer and talked to him about it. He is going to amend the valuation because the owners had figures for comparable sales to prove he was way off (about 20% off).

This happens occaisionally. Banks are not at fault, it is the valuer that is being conservative as they can be sued if it all goes bad and bank has to sell up customer and then can’t sell the house for what the valuer said.

So you could try to find out the valuer, or get teh bank to ring him and argue the price up. Or if no time, just accept this and apply for an increase about a month later – threaten to refinance if they don’t agree. St George have a good customer retention team whose job it is to keep you there!

Terryw
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hi Wigboy

Any Solicitor should have option contracts.

Terryw
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hi Willi

What if you have several properties and you had a business of investing in property. Could you then argue that this is an business expense and then cliam the costs associated with travel relating to viewing potential purchases?

Thanks

Terryw
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Rich one,

There are some shocking mortgage brokers out there. I know because I am a mortgage broker and have seen these people at various bank training sessions.Some of them don’t know much about finance or investing.

You should not be charged more in interest rates or fee by going thru a broker. Some brokers, however, do charge a brokerage fee but this is unusual.

Terryw
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You could use a LOC secured on your 1st IP (and another on home too). Use this as deposits for more IPs.

If you use a low doc loan, you could tel hte bank your income without providing any proof. You could buy many properties with your current equity and this could generate a large income!

Terryw
[email protected]

Kumara

You could try:
http://www.acca.com.au/

Commisso Bugden Partners
115 Canberra Ave
Griffith ACT 2603
P.O Box 5422,
Kingston ACT 2604

Phone: (02) 6260 8881
FAX: (02) 6260 8882
email: [email protected]

I don’t know much about them, but Tony Commisso posts on the Freestyler discussion board regarding tax issues.

Terryw
[email protected]

I have access to a new lender that claims to lend based on value rather than contract price. I haven’t used them yet but beleive the LVR must be less than 80% LVR.

eg.
Val $100,000
PP $90,000 they will lend you 80% of $100,000

The trouble is getting it valued at this higher price. The valuer will see what you are paying for it, that would make it harder (but not imppossible) to get the valuation to stack up.

These loans are financed by private lenders and the rates are generally a little bit higher than normal.

If you give me more details I can find out more for you. I would need to know if it is a low doc loan or if you are supplying finacials, and the post code and rough population if it is regional.

My work email is [email protected]

Terryw
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Hi Tim

I just checked a couple of loan application forms and neither asked for information on loans the application has guarranteed. (But I beleive some forms do ask). So I guess you would not have to supply that information if it is not asked.

However when the lender does the credit check they will see inquiries done for all loans that you have guarranteed. They would then possibly ask questions. (As a broker I get this all the time from lenders. Sometimes clients have paid out loans recetly, or sometimes they have not told me. One person even got knocked back for non disclosure of a loan). So it could work for a while, but what would you say if they asked?

I’d like to find a way around this tho. Anymore thoughts?

Terryw
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Hi Sooshie

What is a ‘slient salesman?

Terryw
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