Just trying to find out peoples opinion on this new loan that Wizard is due to release in Nov 2004.
Does anyone know what the interest rates are?
And they are talking about sharing a % of the capital gain depending on the % borrowed over the 100%, what if you don’t borrow over 100% do you still share the capital gain or not.
Thanks,
Gerard
Seems to be heavlily in their favour (of course). I think borrowing 105% will give them a 40% share of any capital gain.
Terryw
Discover Home Loans
North Sydney
[email protected]Terryw | Structuring Lawyers Pty Ltd / Loan Structuring Pty Ltd
http://www.Structuring.com.au
Email MeLawyer, Mortgage Broker and Tax Advisor (Sydney based but advising Aust wide) http://www.Structuring.com.au
it is available for owner occ only,
every 1% over the purchase price equates to 10% of the growth, ie borrow 104%, you lose 40% (or keep 60% – depends on how you look at it) its definatly not for everyone, but will suit some borrowers. there is also a 100% loan where you dont forgo any of the growth, but again only for owner occ. interest rate is about 1% higher than norm.check out:http://www.wizard.com.au/homeloans/rentbuster.aspx
Thanks to both replies!!!
Sounds like it is good for 1st home buyers or people having difficulty saving up a deposit.
Thanks again,
Gerard
Hi Gerard,
If you are interested in equity share products take a look at the one below:
http://www.sharedappreciationloan.com.au/Cheers
High Flyer,
Thanks for the info, that is another weblink I can add to my Favorites.
Thanks again,
Gerard
Wizard has just sold out to G E international.
I don’t know if that’s good or bad, but GE are a’holes.
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