Thought you all might be interested to know that Mobius have just anounced this morning that they have removed their Nodoc product from the marketplace which is sign that they are getting a little nervous.
PMI have also recoded all of their National Acceptance properties especially vacant land.
Richard Taylor | Australia's leading private lender
Hi Richard
a few weeks ago, RAMS also announced that they would require applicants to be registered for GST for low doc loans going through GE.
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
Hi, do any of you know where we can find updated statistics on mortgage defaults in Australia?
Cheers,
EveTerry
Yes i saw that and also Gemworth introduced "cash out" limits.
Prime thankfully dont require either an ABN or GST registration.
Richard Taylor | Australia's leading private lender
Yes, I have a first hand recent experience with this. Having made 3 IP purchases in the past 3.5 years, I am a bit low in cash / equity savings.
However, I came across another property that I wanted to buy. Struggling to muster up about 5% deposit, I need to have mortgage insurance.
I have relative good income and quite comfortable with the loan repayments (i.e. about 25% of NETT income provided all 4 IPs are rented out). Even with the bank (Westpac) being more than happy to lend me the money, the Mortgage Insurer still rejected the loan application on the basis that I had too much debt.
I reckon the subprime mess in the US is starting to ruffle the feathers of the executives at the Mortgage insurance companies.
bennido
Why not look to using one of the other insurers ? Gemworth are particulary hard at the moment.
Richard Taylor | Australia's leading private lender
Richard,
Yeah, I just got the bad news a couple of days ago so I am planning my next steps. I've always dealt with Westpac (contrary to popular advice) so all my loans are with them. Call me lazy but its just convenient.
I guess this is as good a time to start looking at another vendor. Can you recommend a good mortgage broker in Melbourme ? I was thinking of trying out one of the big ones like Mortgage Choice but since you have inside information, I would appreciate your advice very much. Thanks !
Forget the likes of Mortgage Choice you are merely dealing with someone who bought the local franchise.
Why not give Alistair a ring from the forum who knows his stuff inside out and always is to answer questions.
He is Melbourne based.
Dont have Alistair's details to hand but just do a search on the members name for A Perry and drop him a line or give him a ring.
Richard Taylor | Australia's leading private lender
Bennido,
You will likely find a great number of people, including brokers in your area that will bwe able to help…perhaps even banks besides Westpac – just make sure you give them the full details. Mortgage Choice? They are probably one of the better regarded broking franchises, so they must be doing something right. They are not swayed by commission – as they only get the same flat fee for any of their panel lenders, and as was correctly pointed out, they have bought their business, and have a vested interest, as does ANY borker in getting you your loan through, as they do not get one cent otherwise! As a sidepoint, the commission rates those guys get are a lot less than a 'backyard' or unfranchised broker will get, and anyone that puts up the dough to have a shopfront and staff in your local area desrves a go I reckon. Remeber, if you have a bit of time, it won't hurt to talk to a few brokers, or other lenders as part of a 'fact finding' mission or scenario, without comitting yourslef until you are happy. All the best with property number four….
You must be logged in to reply to this topic. If you don't have an account, you can register here.
