The joys of being in business for yourself……..with deductions you're damned if you do/damned if you dont. I would sugges at this point contactign a good local broker, laying your cards on the table, (including who you have applied with previosly), explain everything, and let them do some chasing for you. I'm sure you will get close – and it…[Read more]

Yossarian wrote:
……given where RAMs are at the moment I don't think they will be keen to hand over cash or deal on rate.

Where? The large net profit figure just announced via the asx, or the new branches opening each month and continued broker channel growth?

The standard proceedure is that the loan goes through as a variable loan, and once drawn down, the client then gets it locked in as a fixed loan. Standard proceedure , and it costs you nothing to do when done in the first 30 days. The loan writer MUST contact the borrower (in this case, your broker should have done this)  This should have been…[Read more]

Hi. Some lenders structure the loan in a way that keeps LMI to a mininum which always helps. However there is a big jump in LMi premiums once you hit the magic 300k price point. So If you other property was slightly under or only slighlty over the 300k that may be part explanation for you.

Hi Marc. I think this has something to do with the order they are posted (ie if you are editing a post that you were not happy with and someone else adds to the forum topic you were in) or if someone else posts at a similar time. Has happened to me a few times too……..so you are not going senile or anything……

Each to their own, but I must admit to being absolutely blown away by some of the interest rate negativity. The media has a lot to answer for thats for sure. Seriously, rates now are around what they were 5 years or so ago, and back then people were still buying houses for PPOR and for investment. In fact, most are now enjoying the benefits of…[Read more]

Sounds like a plan…….in your loan application, depending on the lender, you will find when you list the liability of each card, it will ask if the facility is to remain after the homeloan is drawn down. If you show as no, and that some of the funds will be used to pay out/consolidate these debts and cancel the cards you should be ok, and th…[Read more]

You will probably find a 'Line of credit' type loan for this, is the most sutiable, as many lenders allow interest to be capitalised up to the credit limit before requiring any payments at all, and then interest only. However some don't so check.  Obviously if you are funding the property this way initially this will be no good, as you will have n…[Read more]

If you are definately paying out and selling in a year or two, then view your loan as a means to an end, and you will need to look at the app fee, interest rate, and the deferrered charges, and discharge fees. Taking advantage of deals with lower or zero application fees, making the most of specials is a good place to start. Any loan that has a…[Read more]

Correct

which is why the four words following my 'there are two mortgage insurers' were 'most have access to'. (as in most lenders/banks)  Even then, many seem to only use the one by default unless the loan writer or broker specifies otherwise, unless of course they are the banks that 'do their own MI.'  Genworth and PMI certainly enjoy mo…[Read more]

okkamooie wrote:
Heay allIt's interesting you know, I used to drive 71 falcon, 66 valiant, 91 corolla and longed for the days when I could get into a late model car (like I am now).  Now that I have it I realised it isn't as such a big deal as I once thought.IDon

Thats funny – I'm the opposite. Drove an HQ Monaro years ago when I had a fairly…[Read more]

Terryw wrote:
Another potential problem is if you are using full docs and then go Low or No Docs, it won't work if the LMI company already knows your employment details.

Yep – Terry has highlited here what I believe is the only real issue of  concern, (as long as you do not plan on having more than 2 -4 million of property without refinancing…[Read more]

You may be better off suggesting rather than this loan your pa goes for Rams new loan that is being promoted next week…….nationally…….very hard to beat, no app fee, no annual fee, and better then the best bank loan as rated by cannex at this time. Keep your eyes out.  It seems odd to talk about 'buying and selling money' but that is…[Read more]

It may be best to go to one of the big 4 banks for a No doc loan of this type now, at a more competitive rate……..rather than a 'securitised lender'……. I wonder what ANZ, the NAB, and Westpac charge for a 70 or 80 LVR 'no doc'………..

Hi somewhere over there. A good lender will be able to choose which mortgage insurer to direct the loan too – most credit unions are a bit namby pamby with this sort of thing, and the odd bank will be obstinate – it is no secret or magic science like appears to be alluded to here…..there are two mortgage insurers most have access to one is…[Read more]

Qlds007 wrote:
ScroogeNot a good recommendation to make to use a non Bank securitised lender that mortgage insurs all of its loan irrespective of the LVR. .

Yawn………

He wrote a thought provoking couple of books, and is/has been a great advocate in many ways for the underdog, and in helping eliminate or expose a lot of shonky practices – particularly as far as real estate agents go. Like anyone that gets publicity, that can go to the head and make someone self important, or even alter the original goals or…[Read more]

v8ghia wrote:
[3. With your criteria, either a broker, or your local Rams franchise would be the best bets. Other than one almost major bank and a couple of smaller ones you will be treated by a leper asking for a 100% lend.

Woops…….that should read 'like a leper' not 'by a leper'….but I kinda like it……..

young investor01 wrote:
1- i have no money saved-2 i have an area already planned where i want to invest3- do i go to a bank or broker 4- what kind of loan to i look for – 100% no deposit etc5- can i avoid LMI if i have a guarentour for the deposit6- can i use another person's (family member or not) to use equity for a deposit7- fixed or vari…[Read more]

Interesting narrowing down so far to these catagories. Might add to the thoughts so far, that Bankwest are pretty good for deals on smaller acreage as well (IMB ok to) and Citibank, Rams, and IMB all have 'professional packages' very competitive for loans under $250K (actually, Anz ok too)While it can be 'how long is a piece of string' I did see…[Read more]