Has anyone out there used Resi home loans?? any comments…..
Why, I would like to know what are your reasons…. besides the obvious…
OK, thanks for your honesty
I wouldn’t be so direct as Rob, but…
Terryw
Discover Home Loans
North Sydney
[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
Rob said : “One comment…
DON’T USE RESI HOME LOANS!!!”
That’s a nice bit of character assassination if I’ve ever seen one.
Enough to clean you out of whatever you’ve got.
Then Terry appears to be of a similar mindset.
So what is your reason Terry ?Pisces
Marisa – check out if they mortgage insure all loans whether <80% or not – the likes of other mortgage originators also do this, ie. Wizard, Aussie, Macquarie etc etc.
I don’t know for certain if this is the case with Resi, but i’d be more surprised if they didn’t than if they did.
If you aren’t aware of the implications of the mortgage insurers presence, the forum will step in i’m sure.
cheers
brahms
If you don’t ask, the answer is no!!
>>I don’t know what you mean by that ‘clean out’ comment but I was joking about my response regarding RESI. I think I explained it earlier. The only reason I wrote not to use them is because I don’t work there. Of course I would rather people coming to me. There is nothing wrong with Resi that I am aware of.<<
That merely sounds like a rather lame excuse for badmouthing a company.
What do I mean by ‘cleaning you out’ ?
Well my wife grew up with Peter James’ wife and they are very good friends. Both grew up in the same country town. Peter of course is the Managing Director of Resi.
As it happened, they visited us for lunch today and I brought up the subject of your post.
He literally exploded. Resi has consistently topped the list of 80 lenders with a total of some 1,200 loans.
It is difficult to argue with that kind of record so a character assassination of that company, if they choose to take it further, may cost you very dearly in court.
The way he took your remark it really looks like you will be in for it.
The best thing you can do under the circumstances so as to limit the damage is to fortwith issue a public apology on this website as well as send a letter of apology direct to Peter.
Pisces
Rob – I understand your humour.
Pisces – lighten up a little. I think there is a sticky note (message) on this forum to say ‘don’t regard information on this site as professional advise’. Hence people should take one-line comments as just that, not serious.Anyway, I do have a friend who has used RESI in a positive cashflow situation. He swore blind not to ever use them again purely because of the customer service in the paperwork side of things and being able to contact them for customer service. This person is in the process of switching to Citibank who have a good LOC with multiple accounts, similar to the Lomas approach.
A question for Pisces – have RESI won any ‘Mortgage of the year’ award or the like? Or any awards?
I don’t really go much on awards, but it would be interesting to know.
Regards,
ElvisHi Rob
I think while myself and a few others may get your dry sense of humour, it is sometimes very difficult to tell on the forum what is actually meant.
Perhaps a little less ambiguety may make it easier for us to understand your posts.
While not an expert on forum etiquette, I also think your posts are sometimes a bit too much on the advertising your business side don’t you feel?
Just my 2cents, as it getting a bit heated here, and it seems the original point topic has been lost.
Resi have won numerous awards over the last few years indicating their product is good, at the same time while not having dealt with them myself, there have been numerous reports on their inconsistent customer service.
As far as I know Resi don’t use brokers(correct me if I’m wrong) so perhaps approaching them yourself might be the best answer Marisa.
Good Luck!
Brendon
Acute Mortgage Reductions
http://www.acutemr.com.au
[email protected]Hi Marisa, lots of replies for you, not much meat on the bone unfortunately. I just had a look on Resi webpage, easy to find, ran their calculator agains GE’s (mortgage insurer) and came up with Resi being able to loan only 82% of GE’s max loan amount, same scenario (ie. incomes, credit card limit and dependant children).
As there are many lenders out there able to easily outlend GE’s calculator, then I’d be under the opinion Resi is an extremely cautious lenders.
This is Ok if you have heaps of income and low debt, otherwise pretty much useless.
cheers
brahms
If you don’t ask, the answer is no!!
Being a ‘securitised lender’ (sic) has very little to do with the restrictions on the products a lender offers. Any loan can be securitised.
Just about all lenders do some level of securitsiation and some lenders that are referred to as private lenders on here are actaully securitised lenders.
Without singling any person out and trying not to be mean ….I would say there are many terms and labels thrown around on this forum to describe wholesale sructured finance proceedures that are wide of the mark.
Well it’s good that you are here to correct us Nat.
Are you saying that a securitised lender has just as much flexibility as a non-securitised lender? For example, CBA will do 80% just about anywhere. However, ING will not. It was my understanding that this is because of the securitisation process in that they mortgage insure all or some of their portfolio?
Cheers
Stu
ING don’t securitise but CBA does….the lending criteria from a group is usually based on the profile the lender whats to take in the market as there are no real limits to what can be securitised.
APRA do penalise Banks for high LTV loans they hold on balance sheet unless they get them insured.
Most loans that are less than 80% LTV that end up in securitised structures are insured by the lender themselves via an LMI provider whereas with the >80% stuff they sting the borrower for the premium to the LMI company.
Liberty, Pepper and Blustone all securitise ……as do most of the 100% LTV lenders ……so as you can see LTV or credit defaults do not limit where the loans are funded.
Rob….sorry to say but only parts of your view on securitisation are correct. I’m not trying to be a smart arse ..only handing on knowledge.
Firstly…the bonds are structured/sold once the pool of mortgages has been collected….thus the investors know what loans are in there and can make a judgement on the creditworthness of the pool.
Secondly….As for capital adequcy requirements…that is one minor reason for securitisation (for some lenders) but not really the major one and under Basel II it will be less of a reason. Note: Liberty/ Bluestone/ RAMS etc are not subject to Capital Adequecy.
thirdly…some lenders actually maek more money once a loan has been tipped into a securitisation pool as the cost of fudns is ofetn lower in the RMBS market than it is in the warehouse lines that many lenders have.
forthly…I stand by my original comment that any laon can be securitised.
There seems to be a view that only the banks use securitsiation …in fact they were about the last lenders in Australia to do so.
Keep in mind that in 1992 David Bowie securitised the royalties from his record sales !!!
Thanks Brahms and others for replys.
Finally got to the bottom of it.
I wont be going down the Resi Road for reasons that I will keep to myself….
Cheers.[rolleyesanim]Hello, Brahms for help and others, thanks for info. Have decided to look at other options. Cheers
Marissa your funny… do you have multiple personalities?
It’s very strange isn’t it Rob?
Liz
Mortgage Lender
dont know????
Give me a break, its not my fault that I am technically challenged, anyway its my turn to entertain you.
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