what are peoples experiences with wizard finance. Previously I have mostly used brokers, and have one I find to be very good, but I have a preapproval with wizard at present, and want things to go smoothly, so might go back to them. I think a broker may be less certain of going through as a full-doc (whereas the wizard deal seems all-OK) but maybe I can borrow more through a broker selecting a bank with favorable servicability testing. Also have been talking to Brendon from onyx finance, who has been very helpful (he is an occasional forumite): they are some sort of non-conforming lender or broker: don’t quite understand, but can do things a bit outside the box. Anyone had any experience with them?
Dallas
TheI believe that Wizard loans are fully securitised which means exposure to LMI regardless of LVR.
This may be an issue further down the track when LMI knocks you back because too much exposure. Depending on how big your portfolio is planned to become – this may or may not be an issue.
You should compare – they are not the cheapest and not the most expensive – without knowing your goals and situation I cannot provide any guidance as to other lenders.
Cheers,
Simon Macks
Residential and Commercial Finance Broker
***NODOC @ 7.15% to 70% LVR***
[email protected]
0425 228 985Comments may not be relevant to individual circumstances. If you intend making any investment, financial or taxation decision you should consult a professional adviser.
Hi Dallasm,
I’ve had my PPOR with Wizard since 01 refinanced/ upstamped through them in 03 go gain access to equity for investment. This is when I should have spoken to a Mortgage Broker, because my current structure does not really suit my needs, and the Wizard man was not an Investor and was in no position to suggest any alternates, he just went along with what I asked for, which I now know was wrong and ultimatetly costly.
LMI was only applicable above 80% LVR.
The Internet and Redraw facility is fantastic, but you are paying for it in the interest rate.I have split accounts with an Investment component which I use for my IP deposits and expenses and Shares. But all my IP Loans are with a different institution.
Basically Wizard have been very good and very helpful, but 4 years on I think I’ve outgrown them.
Mal
Getting out of your comfort zone, can help you become comfortable
We have nothing but problems with Wizard and are now refinancing mainly to get away from them. After sales service was our problem.
CATA
Asset Protection Specialist
[email protected]The borrower may only see LMI being charged if the LVR exceeds 80% but there is a very good chance that Wizard buy LMI for all loans to help in the securitisation process , regardless of LVR
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