Hi
We have just wrapped 2 houses in a rural Queensland town using a broker in Melbourne to source the loans (with the Bank of Queensland yet!). We had essentially no docs, as I haven’t done the tax returns for the previous year yet (slack!). No worries. We paid extra for his accountant to prepare a report based on our declaration, and that was that!
The accountant’s report is good for as many deals as we want for 6 months, then we can pay 50% to have it “renewed” with our new financial situation at that time.
Also, in the John Burley forum I had a reply from someone who claims that NAB business banking had extended them finance for wraps in QLD using the valuation figure rather than the purchase price to calculate LVR.
We just did this on one of the above, but we had to pay cash for the house, own it, THEN get the valuation done. A slow process, and ties up a lot of cash for about a month and a half. In our case it was worth it, as on an 80% lend the bank gave us just $2400 less than the $92k we paid for the house! (Now wrapped at $120k)
Next time I will go to the NAB first. [
]Cheers
Lance
.
Fair Go Homes
http://fairgohomes.com.au
Rapt with Wrapping!
(07) 5465 4999
[email protected]Lance,
Nice Website.
I am currently with NAB and have asked them about Wrapping and they said (my personal banker said) that it is not the type of transaction they would enter into. Could you let me know who or how you got through with NAB as this could save me a lot of time.
Thanks
ADCan anyone recommend some good banks/financial institutions/brokers for wraps. I have been in contact with Greg Levett of Advance in Five Dock. He gets the financing thru’ GE Mortgage (?) but I would like to have alternate back-ups as well as compare features and benefits.
GE does no doc/low doc loans but the interest rate is slightly higher which is offset as they do not charge LMI (lenders’ mortgage insurance).
Shaan Ching
Hi,
A possible contact to try is Charles Gluck (mortgage broker)on (03) 9852 9188.
Regards,
Steve McKnight
Steve McKnight | PropertyInvesting.com Pty Ltd | CEO
https://www.propertyinvesting.comSuccess comes from doing things differently
Kellie Dutton on (02)9456-2696. Panel of 22 lenders available. Very creative, international deal maker and wrapper. Sounds impressive but it is in fact the truth. She decided there was more money in broking than doing what she was previously. She will travel anywhere and is by far one of the best brokers and bankers I have come across. She offers personal bank service and is very much on ‘your’ side, will not tout your business to banks that won’t get you the loan. With so few LMI’s that is vital, as anyone who has tried that path would know….
PS Steve – I’ve tried two of your finance brokers so far and in both cases they didn’t even call me back…. Would have thought 1-2m worth of loans would have helped their business, but clearly you are writing 10x that and keeping them all extra busy!!!
]
The topic ‘Finance Suggestions’ is closed to new replies.
