All Topics / Help Needed! / Heard of these lenders?

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  • Profile photo of oneiriceroneiricer
    Member
    @oneiricer
    Join Date: 2007
    Post Count: 56
    February 16, 2009 - 12:18 pm

    Pacific Mortgage Group

    and

    Myrate

    Does anyone here use any of the two groups and have any feedback to offer?

    Also should I get pre-approval first before looking for houses, or find a house I like and then go for the approval of the loan?

    Thanks,

    Ken

    Profile photo of Richard TaylorRichard Taylor
    Participant
    @qlds007
    Join Date: 2003
    Post Count: 12,024
    February 16, 2009 - 1:26 pm

    Ken

    Both are non bank lenders who will securitise their loans.

    Each loan will mortgage insured even if the loan is less than 80% LVR and they will end up managing your loan on behalf of someone else.

    Guess if all you want is a no frills lender without the bells and whistle then fine but in the fragile climate we are in most clients look for some form of security from their lender.

    Whilst a pre-approval may not mean a great deal at least it is a reassurance that you can move forward.

    Unlikely with the above lenders the mortgage insurer will have seen the deal at pre-approval stage.

    Richard Taylor | Australia's leading private lender

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