Just make sure you pick a lender where for residential lending rates are the same for company or person. Most brokers should be able to guide you here

From memory Aussie have a floating scale, so the more your write the greater the commission %. Have you gone to one of their information evenings?

A couple of points to be aware of:1. If you require less than the preapproved amount (ie bought a checaper property) generally the lender will give you 95% of the property purchase – assuming the bank valuation of the property is as per the purchase price2. Re point 2 you can get the maximum loan amount – remembering though banks will require you…[Read more]

Hi WayneI believe the above can be done and while it makes sense there a couple of thing that you need to note:1. Serviceability –  you need to prove the bank that can afford to pay/service the loan. Banks will assess you ability to to repay the loan based on the income on your tax returns if you go for a full doc product. If you go Low Doc then…[Read more]

Personally I agree changes arte nowhere near tight enough. It seemed like everybody with a loan calculator was a mortgage broker you could be delivering pizza's one day and writing loans the next.One of the things concerning me about the industry was the lack of professionalism (of some operators) who tarnished the reputation of others.

As outlined above it is definitely getting harder. Try Aussie or there is a firmnot sure if I remember their name but they will mentor you, aggregate etc for a bigger cut of commission I think it is 40%….Terry/Richard what do you think of the tightenting of regulation?

Agree 100% with Richard

Richard NAB Credit says the same thing in Victoria. They require a personal guarantee regardless of LVR. Would be interested in understanding what are the conditions NAB has for no PG?

They have as much approval authority as you and me  Every few years a bank runs a campaign similar to this.  Reality is  Richard is right!

ANZ. They do PAYG low doc. They confirm employment but not income but as advised that opportunity is gone.  There are other lenders who will do it but rather are around 9%.As I do not know your circumstances and given your ANZ experience other lenders may not be such a good idea.

Anybody can operate a computer program, and anybody can read the results. The real value of a mortgage broker is being able to offer exceptional customer service and offer the right advice. I do not think the ABN is an issue with a few lenders.Regards

Anybody can operate a computer program, and anybody can read the results. The real value of a mortgage broker is being able to offer exceptional customer service and offer the right advice. I do not think the ABN is an issue with a few lenders.Regards

Chris and Richard I totally agree with your comments. In my expewrience most brokers can only deal with basic structures and anything beyond the standard type deal becomes too hard. When looking for a broker I firmly believe you should interview a broker like you would a prospective employee. Do not be sucked in by the big brands (this in no way…[Read more]

As the other readers mentioned it is clawback.  However there are a number of ways around this as the other users have suggetsed. In the end the broker should be able to recommend solutions that ensure you get a great product and also he does not get penalized.Regards