All Topics / Finance / BREAK FEES

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  • Profile photo of debtdoggdebtdogg
    Member
    @debtdogg
    Join Date: 2004
    Post Count: 136
    March 7, 2005 - 8:30 am

    I am looking for a short term loan _less than a year) for an IP on lo doc. I have had plenty of lo doc loans before all with max LVR of 60% which has suited me til now. This time I want to finance as much as possible of the purchase price . Whilst I can get several at 80%-90% (usually at about 8% with LMI which also doesn’t worry me too much) the biggest problem I have is the break costs. Anything from 1 to 3% of the loan if paid within 12 months whch in my case could be $4000.00 !!

    I have spoken to my broker who is still searching but I thought someone here might have some ideas as to who will lend around 90% WITHOUT huge break costs on a lo doc loan.

    Any Suggestions?-Any input appreciated

    Thanks

    markk
    Happy Hunting
    http://www.kentscollections.com

    Profile photo of Kiwi-FullaKiwi-Fulla
    Member
    @kiwi-fulla
    Join Date: 2002
    Post Count: 371
    March 7, 2005 - 11:35 am

    Try Resi-Home Loans…..
    They are originators and if you have a concept to sell… then they may work with you.
    Cheers,
    Kiwi

    Looking for Positive cashflow solutions?
    Look no further
    Wraps-Lease Options & JV’s
    http://www.kiwilogic.biz
    We are investing in NZ so if you are looking for + cashflow properties…contact: [email protected] to join our database.

    Profile photo of byronent_2byronent_2
    Participant
    @byronent_2
    Join Date: 2004
    Post Count: 337
    March 7, 2005 - 11:44 am

    Don’t use La Trobe, i got screwed good and proper by them.

    8 MOnths interest penalty for breaking within 5years

    Byronent
    Adelaide SA

    Profile photo of DazzlingDazzling
    Member
    @dazzling
    Join Date: 2005
    Post Count: 1,150
    March 7, 2005 - 2:23 pm

    Debtdogg,

    Checkout Mr Raams’ offer in ratherBfishin’s thread, he offers short term finance on extremely attractive terms as long as you don’t value your legs too highly….LOL

    Cheers,

    Dazzling

    “Go hard or go home”

    Profile photo of TerrywTerryw
    Participant
    @terryw
    Join Date: 2001
    Post Count: 16,213
    March 8, 2005 - 2:20 am

    There are very few that lend to 90% on a low doc basis, and they all have high exit fees.

    If 80% would do, you could try BankWest. The last time I looked they only charged about $300. You will be up for LMI though.

    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 debtdoggdebtdogg
    Member
    @debtdogg
    Join Date: 2004
    Post Count: 136
    March 17, 2005 - 1:01 am

    For those of you interested, apparently Homeside (who is associated with NAB) will do a no break fee deal on a lo doc lend up to 80% LVR with LMI. Thanks to my broker for finding this out
    cheers

    markk
    Happy Hunting
    http://www.kentscollections.com

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