I found an interesting block of 6 units on the internet a little while ago. I’ve just read a recent post that says you need a commercial loan if there are more than 4 units in the block you are purchasing. Can anyone confirm or deny?
Cheers,
SonjaMost major lenders require commercial terms for more than three dwellings on one title.
I cannot recall a lender who doesn’t offhand but other brokers may do so.
IFHL will do a 0% interest loan on any residential property.
Cheers,
Simon Macks
Interest Free Home Loan Agent
[email protected]
0425 228 985Please email me rather than using the PM service here.
Fully Accredited With Derivex LTD and IFHL PTY LTD
***Ask about our Interest Free Home Loan***
Comments may not be relevant to individual circumstances. If you intend making any investment, financial or taxation decision you should consult a professional adviser.
As Simon said – the rules have all changed with the introduction of interest free loans. If you can service, IFHL will do that property. They love investors!
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[withstupid]
The forumite formally known as Big RobHi Guys!
Thanks for the info.
Please correct me if I got it wrong but I was under the impression that IFHL were only doing refinancing ATM.
Cheers,
SonjaNope. They are concentrating on refinances. The documentation is just more difficult with new purchases and you have to have good servicing if you have no history.
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[withstupid]
The forumite formally known as Big RobSonja, I developed 5 units and the only bank that didnt see it as a commercial or business loan was the National. The criteria was providing I wasnt onselling them as a business deal. Also I bought 4 flats a few years ago and Westpac lent me the money no problems. However since then I have asked them for money on a couple of other properties with more than 3 on the one title and they considered it a commmercial or business loan. If you continue to have trouble try a few different mortgage brokers. Somebody should be able to help you out. Cheers, Rick
Rick, it is easy to get finance on these deals through standard lending when you know where to go. The point here is that nothing on the market beats an interest free loan. Why would Sonja want to go to a broker?
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[withstupid]
The forumite formally known as Big Robit may be in Sonja’s interests to get traditional finance as –
1. the transaction should settle in normal timeframes
2. she will know upfront what credit policy applies and doesn’t apply when purchasing a more uncommon style of property – hence it may be valuable to discuss with a ‘real’ mortgage brokercheers
brahms
mortgage broker
[email protected]
brisbaneBrahms,
I consider myself a ‘real’ mortgage broker!
My traditional role was to source the best loan for a client. My future role as an ‘Agent’ will be to sell the BEST loan to a client.
Nothing beats an interest free home loan in the market and, once the teething problems are all sorted out and the company is established, I believe mortgage brokers will be a dying breed.
You forget that the interest free home loan agents ALSO have access to traditional lending products for situations where settlement times may not be met or the borrower does not meet interest free home loan requirements.
Do YOU have access to interest free home loans to provide your clients with a balanced view on what is available?
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[withstupid]
The forumite formally known as Big Robhe he, once again Rob, you just crack me up – keep it up your doing a great job!
cheers
brahms
[email protected]
BrisbaneThanks brahms. I am glad I keep you laughing.
Anyway, back to the question…
Do YOU have access to interest free home loans to provide your clients with a balanced view on what is available?
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[withstupid]
The forumite formally known as Big Robbig rob,
i’m with the MIAA on this one (thats the Mortgage Industry Association of Australia)
From todays MIAA Update.
Regulator Investigation
‘Interest-free mortgages’
MIAA understands that regulators are looking into what seems to be an attempt to attract home-loan customers via the promise of an interest-free mortgage. The loan products being promoted by internet-based company Derivex are being questioned by the Australian Securities and Investments Commission, and Victoria’s Consumer Affairs department.The company Derivex is not an MIAA member and its operations are unknown to MIAA. There does not appear to be a clear and satisfactory demonstration from the company’s website as to how a mortgage could be interest free.
Accordingly members are alerted to act with caution in any dealings with the company.
cheers
brahms
[email protected]
BrisbaneBrahms, I am also an MIAA member. I also regularly attend the NSW Originators Committee meetings so I think I know what MIAA stands for. I have also argued the lack of broker representation in the MIAA for some time now. I have also asked for comment by Phil Naylor who responded.
What do these comments by the MIAA tell you Brahms? They tell me that they are being pressured by the members they actually listen to – THE LENDERS! They are not being impartial here.
In case you missed it, they said “There does not appear to be a clear and satisfactory demonstration from the company’s website as to how a mortgage could be interest free”. This clearly indicates to me that they have had no face to face discussion so they know less about this product than I do. That is a disgrace seeing they are our industry representative body.
I asked them for information over a month ago but I am a mere broker. They had plenty of time to talk to the parties involved yet have apparently not done this.
From your response, I must assume that you do not have access to interest free products so you cannot offer your clients a full range of products.
Good luck.
PS: HomeSide recently came out with 80% LVR Low Docs at standard rates and no-one batted an eyelid. This was unheard of at this LVR and rate before this. Brokers cheered when it was announced.
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[withstupid]
The forumite formally known as Big Robread my post rob – i’ve already stated my position.
and WHY do i need to justify this? do you think i made it up or something?
sorry, I don’t fabricate statements and put the names of organisations to them.
cheers
brahms
[email protected]
BrisbaneBrahms,
You sound a bit upset… Take it easy mate!
Do you know what the result of the AFR and MIAA stories today?
IFHL was inundated with applications from brokers to become accredited. Any publicity is good publicity and bad publicity is FREE!!!
What have I implied that you made up?
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[withstupid]
The forumite formally known as Big Rob“IFHL was inundated with applications from brokers to become accredited.”
i imagine these inquiries were dealt with in Derivex’s usual speedy and efficient manner – the sort of commitment we brokers (aka ‘dying breed’) are used to.
hah, crack me up time again, ‘dying breed’ wow. do you have a gag writer or do you fabricate all your own shite?
cheers
brahms
[email protected]
BrisbaneThis thread doesn’t apear to be of any further use to Sonja so I am locking it off.
How about you two take it behind the online equivalent of the bike sheds like we did back at school. Have it out, shake hands and move on!
Simon Macks
Interest Free Home Loan Agent
[email protected]
0425 228 985Please email me rather than using the PM service here.
Fully Accredited With Derivex LTD and IFHL PTY LTD
***Ask about our Interest Free Home Loan***
Comments may not be relevant to individual circumstances. If you intend making any investment, financial or taxation decision you should consult a professional adviser.
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