synericParticipant@synericJoin Date: 2005Post Count: 9
I’m looking at refinancing my existing loan. Most of the big banks won’t even consider my loan for my current situation.
My mortgage broker has recommended a small lender that I couldn’t find on the mortgage selection magazine.
What could be the potential risk of borrowing from a small lenders? What do I need to watch out for?
Thanks in advance!Mortgage HunterParticipant@mortgage-hunterJoin Date: 2003Post Count: 3,781
What lender and why did he suggest that one?
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Comments may not be relevant to individual circumstances. If you intend making any investment, financial or taxation decision you should consult a professional adviser.PropertyGuruParticipant@propertyguruJoin Date: 2003Post Count: 1,502
There are lot’s of different lenders in the market you might not be knowing about but for you doesn’t make any difference as they are whole sellers in most of the cases and in background big bank and they might have same lender.
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NZ loan pre approval from OZ in 48 hourssynericParticipant@synericJoin Date: 2005Post Count: 9
I got one of those Sydney CBD units that are not doing too well at the moment. The banks ain’t too kin on lending money for it.
My mortgage broker suggested a company that could offer 80% finance. Of course this is good news for me, but I’m a bit worried about these small lenders.
Such as those fine print of standard variable rate could be just honeymoon rate. I guess what I’m asking is if there’s anything in particular that I should watch out for before signing.
Plus is that in general that borrowing anything over half a million I would most likely need lender insurance?Stuart WemyssMember@stuart-wemyssJoin Date: 2003Post Count: 598
Most large lenders (except NAB) will lend 80% for inner-city so that’s not a real reason to recomend a small lender. Broker needs to justify the cost. Is it the cheapest loan on the market?
What out for exit fees.
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