Forum Replies Created
Felicity, thats a handy differentiation you’ve made – yes it can be a definate prob when GE and PMI are ‘maxed’ or close to it – you know the drill pretty well. There are options that remain, at approx 70 – 75% self cert.
cheers
brahms
If you don’t ask, the answer is no!!
Hi Felicity
76% is doable with no MI – that is the loan is not MI’d at all – also, you do realise that you pay the MI on st g low doc above 60% – don’t you?
80% low doc are ‘all’ MI’d – would you consider a low doc non conforming – no MI, higher % of course.cheers
brahms
If you don’t ask, the answer is no!!
Well said 1hotvaluer – as a broker I can fully support your statements – I’ve never seen a val come up short for any reason other than unrealistic owner expectations.
And remember, none of us earn a cracker without settlements (by none of us I mean brokers, AND the lender)
cheers
brahms
If you don’t ask, the answer is no!!
Japan, China, New Zealand, Far North Qld, WA
What ever happened to buying in an area you know v.well – surely even in Aus the risk is high enough without taking on a global risk – i mean, how much does the average aussie know about the economy of Japan, or China, let alone currency fluctuations etc etc.
Japan can’t even give money away to spark up their economy – check out their cash rate – and guess what, as an Aussie I wouldn’t reckon you’d get to see it – and, I’m starting to get a roll on now, it might be easy enough for Japanese to buy up the east coast of Aust. – i doubt this is reciprocated.
Set yourself up for your very own 2 tier ‘gold coast’ special (IMO)
goodluck….
cheers
brahms
If you don’t ask, the answer is no!!
A lot of people like the idea of a bath – whether it is used is another matter totally – young children – absolutely. (speaking from experience that ip has a bath, and ppr doesn’t, come to think of it, ip has dlug, and i haven’t….doh)
other replies mention pricing small bath for one of the showers – this makes a lot of sense as it will overcome any resistance from prospective tenants with small children.
however, when (and not if) rental supply exceeds demand it may be this little thing that keeps your rented at the expence of others.
cheers
brahms
If you don’t ask, the answer is no!!
I’d suggest watch this space as lenders increase penalties for early exits – ave cost of raw cost of loan set up (as I’ve heard) is in vicinity of $2500 – people who are ‘in and out’ will wear the cost more and more so I feel.
cheers
brahms
If you don’t ask, the answer is no!!
hi Sala
if at all possible maintain separate loan accounts, even with different lenders.
your bank is doing what comes naturally to some (it is some banks policy to cross collateralize in all circumstances) – that is ‘wishing to tie you up with them so you have no option (except expensive ones) but to stay with them for life.
if your existing are under 12 months since drawdown, you may be able to successfully seek some of your LMI back (say 40 -50% of premium). good luck with that, i really don’t know how successful people are with this.
cheers
brahms
If you don’t ask, the answer is NO!!
Jo,
with a p & i amortized mortgage, repayments are the same amount for the life of the loan(interest rates being stable)but the proportion of principal vs interest increases down the time line.
In effect, you pay v.little principal in the early years and a considerable amount of interest in the analysis.
Cremin, ‘rip tenants off’ – v.interesting statement – market forces will apply here.
cheers
brahms
If you don’t ask, the answer is NO!!
Certainly not a new idea on the block, developers have been at it for years – beware holding costs – deep pockets required – and keep an eye on small individual apartment sizes – you regularly see these older apartment blocks being totally refurbed at the same time, then onsold to investor/owner occupiers.
purchasing either incredibly well or having held property since 1990 will help..
cheers
brahms
if you are looking to identify if property is pre or post 1946 – with regard to demolition approval etc. go to BCC at Wandoo St in the Valley, you can view the aerial photo series of ’46 (photo copy available – it really isn’t that expensive) – if the property is present, then demo control may be applicable, if it isn’t, happy days.
cheers
brahms
Where are you trying to do this?
cheers
brahms
hasn’t the privacy act pretty much curtailed the sale and useage of such info – particularly containing names with addresses?
cheers
brahms
Hi Terry
any particular source to read more on this – does it cover ip’s and ppr’s or just ppr’s?cheers
brahms
Certainly see your point Stu, two sides to a story however – perhaps the other team should be contacted and be invited to defend his/her activities.
Your pre approvals may be different to mine in qld, as i’ve never seen one which has been signed off by the MI – let alone not being conditional on so many items (including CRA, suitable security, valuation, location etc etc) as to be simply not worth the paper they are written on.
Hence many brokers simply don’t waste theirs, the funders or the clients time effecting them.
Basic math of LVR and whether or not MI is applicable would be a no brainer for any reasonably experienced and diligent broker.
I, like you I’m sure, would place emphasis on the ‘reasonably experienced and diligent’ part – perhaps poor communication is the offender here.
Cheers Brahms
Possible defence for your broker – no defence for taking two weeks to communicate to you – once lvr exceeds 80% often (not always as it depends on which bank) your situation will be assessed on the MI’s calculator, not the banks as the MI is wearing the risk – the MI’s calculator is less aggressive and will lend you less than the banks (depending which bank we are talking about).
Other funders will do 90% with no MI – you do pay a premium for this – but if you weigh this against the overall strength of the deal it may actually be cheap.
