Forums / Getting Technical / Finance / Small Lender

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  • Profile photo of synericsyneric
    Participant
    @syneric
    Join Date: 2005
    Post 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!

    Profile photo of Mortgage HunterMortgage Hunter
    Participant
    @mortgage-hunter
    Join Date: 2003
    Post Count: 3,781

    What lender and why did he suggest that one?

    Cheers,

    Simon Macks
    Interest Free Home Loan Agent
    [email protected]
    0425 228 985

    Please email me rather than using the PM service here.

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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.

    Profile photo of PropertyGuruPropertyGuru
    Participant
    @propertyguru
    Join Date: 2003
    Post 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.

    Cheers
    PropertyGuRu [sultan]
    Mortgage Consultant
    [email protected]
    MSN ID: amitash, Yahoo Id: bornguru

    NZ loan pre approval from OZ in 48 hours

    Profile photo of synericsyneric
    Participant
    @syneric
    Join Date: 2005
    Post 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?

    Profile photo of Stuart WemyssStuart Wemyss
    Member
    @stuart-wemyss
    Join Date: 2003
    Post 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.

    Cheers

    Stu

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