Today I sat with a lender that is going to refinance my loans.
During the course of my time there I learnt that the lender has over 40 investment properties worth over 30 million. When I asked him why he is still working I found that he donates a large portion of profits from his business into community development projects hear and abroad in third world countries.
He was able to draw up a plan for me, gave me invaluable advice on property investing and gave me a competitive interest rate.
I was so impressed with the companies ethics and service that
I decided to write about it in the forum.
If you are interested drop me a line and I can pass your details on.
Maybe you should give him a ring.
Im going for 2 loans with them that are not insured.
He has 40 investment properties of his own and has steared some 600 client in similar directions.
I understand you have a business to promote.
Perhaps to clarify, and of course as a generalisation, with Mortgage insurance (LMI) the borrower pays this if the loan is more than 80% (yes, there is the very odd exception) and if not, we all assume that there is none. What actually happens though, and is usually the case with some ‘non banks’ or originators, is that there is actually still LMI for loans that have borrowings of less than 80%, but they pay it instead of us – so we assume there is none – but there still is. It does pay to check if you are planning on borrowing from a variety of lenders and signing up for lo-docs left right and centre. Of course, a handful of properties should not cause any real drama. Depends on what you are trying to achieve. And of course the mortgage originator or manager does not tell you this in most cases. Why would they need to for ‘Joe Average’ ? [strum]
Richard, I did post the companies details, sorry if I insulted you, just trying to share something.
As for mortgage insurance, V8ghia is right, I just spoke to my finance guy to clarify and yet again he outlines the insurance requirements above 80% LVR.
Less than 80% they pay, which is a small amount anyway (less than $100).
Before I answer, do you realise that this forum is for amatures as well as vetrans?
I am very interested to know how that is adversly going to afect me,
and I don’t know why I would’nt go to someone who does’nt have insurance, tell me why it is not a risk for a lender to not have insurance.
I’m not a finacer, that is why I’m on this forum, why are you?????
Freeman – Yes of course it is for all members young and old and everyone welcomes debate and opinions.
It is just frusterating when someone posts something that is clearly incorrect and potentially damaging to those who read.
Financing your IP and PPOR is a big decision and getting it wrong can be costly.
You obviously have no idea who I am and why i am here.
Just as a little background i have been a member for over 8 years and enjoy assisting members and contributing with advice and opinions on many property and investment related matters.
I have no need to tout for business or push my own barrow but am keen to ensure that members get accurate advice from fellow members.
Ok now to answer you post as clearly your mate didnt bother to advise you how using an insured lender can limit your future investing.
Every time you use a securitised lender the loan is insured (whether you or the lend pays the premium is neither here ot there). As there are only 2 main insurers each of these have a lending maximum. Once you have reached that maximum then you will be unable to borrow again as the lender cannot get cover for your loan.
If you use a lender that does not insure EVERY loan then you have more freedom and choice when you want to grow and the lender says NO. (V8Ghia has already spelt this out)
Also did your mate suggest the loans be cross collaralised ?
I am interested to know what advice he gave in property investing because I cannot see from their website that they hold the appropriate License to offer Financial Advice butmaybe i wrong and they just haven’t displayed it on their site.
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