At the recent seminar, Steve spoke about Unlimited Finance. I spoke to a broker representing the NAB, which he told me as a guarantor, it would be still lists on my CRAA. Could someone who has use Steve’s technique or Steve let me know who is their broker, so that I can have a chat to them, as they know the ‘deal’
I would appreciate a reply so that I can get into. Is one of the last things I have to tie off.Thanks in advance
Cheers Bobbie [
]Hi,
can u let us knwo what this unlimitied finance technique is ?
i am a national employee may eb even i can benefit fromt that.
Hey guys,
You’ll find some discussion about unlimited finance at https://www.propertyinvesting.com/forum/topic.asp?TOPIC_ID=1635
Cheers
-NickYep. It appears that every time you guarrantee a loan the bank will do a CRAA check – hence an enqiury will be listed.
Terryw
[email protected]Terryw | Structuring Lawyers Pty Ltd / Loan Structuring Pty Ltd
http://www.Structuring.com.au
Email MeLawyer, Mortgage Broker and Tax Advisor (Sydney based but advising Aust wide) http://www.Structuring.com.au
I’ve read the thread. Listened to different opinions and I think it would be nice if Steve could be a bit more clearer on how this has worked for him, and is it still possible (five minutes at the seminar on Unlimited finance and one hour on standing around trying to buy a house…hmmm).
Steve holds no investing debt, can get FHOG, and qualifies for Centrelink payments. How can this man go guarantor??
Maybe as Brent suggested Steve could get his report and put it up on the website for all of us to view!! ( just kidding ).
[:X][:X][:X]
“I am not discouraged, because every wrong attempt
discarded is another step forward.”
-Thomas EdisonI can understand how you can have unlimited finance from a serviceability viewpoint – so long as your average rental yield is high enough.
But doesn’t unlimited finance require unlimited deposits?
I can’t understand how you can have unlimited finance with a limited amount of deposit.
My only thought at this stage is to build this requirement into your strategy. For example, your strategy might be (in part or whole) to ensure your average yield is over 8.5% (for buy & hold properties) and that you do a buy-reno-sell every 2 properties to create instant equity. You can then use that equity as a deposit for your next two by & hold properties.
BUT there may be a better way – if so, I’d love to hear it.
Cheers
Stu
Property & Finance News
at http://www.prosolution.com.auHi,
Just surfin the net on Brampton for a few minutes…
In my experience all the loans which I have gone guarantor for have not shown up on my CRAA.
My loan applications are though. Perhaqps this is where your banker is confused?
Bobbie – perhaps I am a special case, but I don’t think so.
Bye
Steve McKnight
**********
Remember that success comes from doing things differently.
**********Steve McKnight | PropertyInvesting.com Pty Ltd | CEO
https://www.propertyinvesting.comSuccess comes from doing things differently
Hey Slacker
Hope your holiday is going great.
Safe trip back!
Dave
all th loans which I have gone guarantor for have not shown up on my CRAA…..
My loan applications are thoughWhat is the difference though? Does your CRAA look different if its a loan application vs an actual loan??
-Nick
Hi Steve,
Maybe you could suggest or hint [
]who your guy is at the NAB…a name and number is fine!!! I spoke to one and he assured me it would be listed on my craa.I am not suggesting that he is no thorough as the nab don’t accept anything less, we just want the little tricks that will help us. [
][][][][]Is that enough smiles and winks???
I have alot riding on all of this, you may remember a commitment I made..[
]cheers bobbie
Hi walkernick
As I understand it the difference is that an application shows an enquiry on your CRA , it will show the amount that you applied for and when you applied for it. If you were to then take out a mortgage in your own name those borrowings would show on your CRA against your name. If you borrow as a guarantor for a company, it only shows as the enquiry no borrowings are actually listed against your name.
This is only what I have picked up from talking to friends in the game so please don’t take it as gospel.
I hope it helps your understanding of this concept.Cheers
Scott S“Aim for the stars and you’ll shoot the top of the telegraph pole. Aim for the top of the telegraph pole and you’ll shoot yourself in the foot!”
-anonOk, I think I might have found the answer…
If you go to Baycorp Advantage’s website to it FAQ – “What is on my credit file?” (see http://www.mycreditfile.com.au/help/faq_personal.asp?CountryID=1&UserTypeID=11)
It says:
What is on my credit file?
Information about you and your credit history including:– Personal details such as: name: residential address: date of birth: drivers licence number:
– Credit applications and enquiries you have made during the past 5 years
– Records of some current credit accounts
– Overdue Accounts (Defaults) which may have been listed against your name
– Bankruptcy information,Judgements
– Public record information such as Directorships and Proprietorships
It defines a credit application as:
A credit application is an application for credit made to a credit provider. These are held on file for 5 years from the date of the application.– The information recorded includes:
– Who the application was made to
– The date of the application.
– The amount applied for.
– A general indication of the nature of credit being sought.
– A reference number for the application.
– Whether the application is a joint application, or relating to an application to act as guarantorTherefore, it seems that if you act as gaurantor then it will be recorded on your credit file.
This is sensible as the strength of a guarantor is a very important consideration for the lender – especially where the applicant/s is not strong enough in their own right.
Cheers
Stu
Property & Finance News
at http://www.prosolution.com.auHi,
Why not test out the theory for yourself? Go to:
It’s free, although it takes 10 wprking days.
Bye,
Steve McKnight
**********
Remember that success comes from doing things differently.
**********Steve McKnight | PropertyInvesting.com Pty Ltd | CEO
https://www.propertyinvesting.comSuccess comes from doing things differently
Hi Steve
Well, I tested it out a few months back, and sure enough, a loan to our company/trust structure where we were personally listed as guarantors shows up on my husband’s credit file, specifically stating he applied as guarantor.
Perhaps you manage to avoid this because you have a good, long term relationship with a personal banker at one bank, so they don’t do a credit check every time you borrow money?
It seems we mere mortals do get checked… []Keep smiling
FelicityMaybe he gets the bank to go guarantor ? and then applies to another bank
Hi Folks
Just on the unlimited deposits, Steve and DAve are a Wrappers (not the doof doof type) so when they do a deal the new purchaser gives them his next deposit, the yield is 7%+ I assume and hence unlimited finance, am I right guys.
Cheers
Leigh KRead, learn, grow but most of all just do it.
There are private lenders that do not check your CRAA at all. They don’t even care about it. They lend purely on the valuation. BUT (and that’s a big BUT) the interest rates are around 12%.
So if you are willing to pay for it and can still come up with the deposits, you can get unlimited finance!
Terryw
[email protected]Terryw | Structuring Lawyers Pty Ltd / Loan Structuring Pty Ltd
http://www.Structuring.com.au
Email MeLawyer, Mortgage Broker and Tax Advisor (Sydney based but advising Aust wide) http://www.Structuring.com.au
So Terry
Are you saying these private lenders will borrow on the basis of valuation rather than purchase price?
Also what LVR do they lend at?
Cheers
David U
David
It all varies depending on location etc. Generally up to 80% based on valuation.
Terryw
[email protected]Terryw | Structuring Lawyers Pty Ltd / Loan Structuring Pty Ltd
http://www.Structuring.com.au
Email MeLawyer, Mortgage Broker and Tax Advisor (Sydney based but advising Aust wide) http://www.Structuring.com.au
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