Hi,
I have a friend who is in an interstar loan for the next 9 months before they can move without exit fees galore – they’re on an enourmous interest rate and it’s costing them a bomb. They had two paid defaults valuing around $5k on their CRAA, and needed a LO DOC. They need 80% LVR. Any products out there that are slightly more reasonable, maybe they can use for a couple of years until CRAA is fixed? I think the broker wasn’t that crash hot that helped them either.
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How long ago were the defaults?
within the last two years and they paid the late payments within 6 months.
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Most of the credit impaired funders are similar. She should run her figures and see whether the break fees are worth a lower rate – sometimes it is better to stay until the penalty period is up.
Tell her to speak to a broker with a better reputation for ideas. Not one who wants her loan at all costs – problem is finding one [blush2]
Cheers,
Simon Macks
Residential and Commercial Finance Broker[email protected]
0425 228 985Comments may not be relevant to individual circumstances. If you intend making any investment, financial or taxation decision you should consult a professional adviser.
Hi Oxygen,
What interest rate is your friend currently paying with I.Star, Cheers.Regards
Steven
Mortgage BrokerMobile Mortgage Market
Ph: 0402 483 216
[email protected]
http://www.mobilemortgagemarket.com.auPLEASE note comments made should not be taken as specific taxation, financial, legal or investment advice.
I think it’s up around the 9 or 10% mark. They signed up when purchasing in May. And I also think they could only get 75%
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As mentioned previously – standard funding isn’t my speciality so all advice/suggestions are appreciated [blush2]
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Hi Oxygen,
Due to the defaults listed on there baycorp file I would suggest a non conforming lender such as Bluestone & Pepper etc, the applicable rates will be subject to there level of credit impairment,They are probably doing the sensible thing by waiting and avoiding the high break costs, but without all the relevant info it’s impossible to say for certain, Cheers.
Regards
Steven
Mortgage BrokerMobile Mortgage Market
Ph: 0402 483 216
[email protected]
http://www.mobilemortgagemarket.com.auPLEASE note comments made should not be taken as specific taxation, financial, legal or investment advice.
Has your friend tried this group:
Their website is vague and their interest rates look to be very high but they were recommended to me by a fellow forumite …so they must be OK.
oxygen,
i think your friend was ‘stitched up’ by their OWN circumstances..
Defaults ($5000 worth or so), low doc (why??), and now someone wants a cheaper rate and no fees!!!!
What next…Ice Cream and Choccy topping?? Santa??
cheers
brahms
Purveyor of Fine Finances
aka Mortgage Broker BrisbaneI tend to agree with brahms with this one. Defaults on your CRA are taken seriously, defaults over $1,000.00 are taken very seriously!
Defaults were due to the husband being self employed and not paid by a major client he’d worked for for 3 months solidly. Mortgage/car payments still need to be paid etc the payments were late, thus the default. They are waiting the 12 month period, just looking for a possible cheaper alternative AFTER that time, doing the research now, thus them asking me for any suggestions.
Thanks anyway
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When you say “friend” do you really mean “client” that you can’t get set through your broking business that is linked via the “www” button on your profile?
I agree with Brahms also on this one.
And, if Interstar Non-Conforming have limited LVR to 75%, then there is more to this than has been disclosed since I believe INC lend higher LVRs to lodocs although at higher interest rates than 9-10%.
Mum
It’s all cool. It IS a friend of mine – she’s not a client because she’s a friend and I was genuinely trying to see if I’ve missed something and anyone had any other suggestions – isn’t that what this section is all about? Thank you for the advice.
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hi Oxygen Funding
I did have a look at that site that nat r recommended but the rats are a little high even for me they are charging 5% a month for basic cash or they call them cavet loans I currently get 2% per month. as for the inference that this is not for a friend at the end of the day friend, foe, relative or client the question is can you help and if you can then do so as you may need help yourself one day for a friend, foe, relative, or client. as the bottom says here to helphere to help
Um, thank you (I think??) – for all of your suggestions – I’ll continue to search for any improvement on what they have.
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