All Topics / Creative Investing / Financing Out

These forums are now read-only.
Viewing 7 posts - 1 through 7 (of 7 total)
  • Profile photo of Paul DobsonPaul Dobson
    Participant
    @pauldobson
    Join Date: 2003
    Post Count: 1,196
    March 4, 2005 - 2:23 am

    Hi All

    Karen and I are just about to roll our first wrappees out of our Instalment Contract into a “traditional” mortgage. We would appreciate your ideas regarding which lender accomplishes this with the minimum amount of fuss ;-)

    Cheers, Paul

    Paul Dobson | Vendor Finance Institute
    http://www.vendorfinanceinstitute.com.au
    Email Me | Phone Me

    An alternative way to finance your home.

    Profile photo of Mortgage HunterMortgage Hunter
    Participant
    @mortgage-hunter
    Join Date: 2003
    Post Count: 3,781
    March 4, 2005 - 3:14 am

    Depends a lot on the client. I suggest you see a broker.

    Cheers,

    Simon Macks
    Finance Broker
    [email protected]
    0425 228 985

    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 Paul DobsonPaul Dobson
    Participant
    @pauldobson
    Join Date: 2003
    Post Count: 1,196
    March 4, 2005 - 7:30 am

    Hi Simon

    Thanks for that. I was a broker up until awhile ago and still do the odd application.

    What I’ve heard is that a lot of lenders have real problems refinancing clients out of an Instalment Contract. I’ve also heard that a few or a couple (I’m not sure) don’t have a problem with this. I’m looking for those few so that I don’t have to waist my time with the others.

    Thanks, Paul

    Paul Dobson | Vendor Finance Institute
    http://www.vendorfinanceinstitute.com.au
    Email Me | Phone Me

    An alternative way to finance your home.

    Profile photo of Richard TaylorRichard Taylor
    Participant
    @qlds007
    Join Date: 2003
    Post Count: 12,074
    March 4, 2005 - 8:44 am

    Paul

    I have sent you a PM in answer to your question.

    Cheers Richard
    richard at castlewhite.com.au
    Email me for details of our Qld wrap service.

    Richard Taylor | Australia's leading private lender

    Profile photo of TerrywTerryw
    Participant
    @terryw
    Join Date: 2001
    Post Count: 16,436
    March 4, 2005 - 11:06 am

    I have done two refinances. The first went through ok, with the lender and mortgage insurer treating it as a normal refinance. A few months later I tried again, with the same lender, but the mortgage insurer (PMI) had changed their opinion on wraps and would not treat it as a refinance. They would only lend based on contract – depsite around 2 years passing since they signed it and values having increase dramatically. In the end, i couldn’t get them finance. They ended up going to another broker who aparently did up a dummy contract at a higher amount that got them through.

    This was about 2 years ago and things may have changed.

    Terryw
    Discover Home Loans
    Mortgage Broker
    North Sydney
    [email protected]

    Terryw | Structuring Lawyers Pty Ltd / Loan Structuring Pty Ltd
    http://www.Structuring.com.au
    Email Me

    Lawyer, Mortgage Broker and Tax Advisor (Sydney based but advising Aust wide) http://www.Structuring.com.au

    Profile photo of terry.sterry.s
    Member
    @terry.s
    Join Date: 2002
    Post Count: 15
    March 6, 2005 - 12:40 pm

    my clients (in country NSW )just did a refinance last week through the Comm bank in Sydney
    Regards Terry S

    Profile photo of Paul DobsonPaul Dobson
    Participant
    @pauldobson
    Join Date: 2003
    Post Count: 1,196
    March 6, 2005 - 1:24 pm

    Hi

    Many thanks to all of the above for your help. Much appreciated.

    Cheers, Paul

    Paul Dobson | Vendor Finance Institute
    http://www.vendorfinanceinstitute.com.au
    Email Me | Phone Me

    An alternative way to finance your home.

Viewing 7 posts - 1 through 7 (of 7 total)