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This is the confusing part. I knew that the actual thing is kicking in 1/1/2011, but I believe we may have to start preparing the responsible lending and preliminary credit assessment from 1/7/10 already?
For me now every single application feels like a trap – annoys me badly!! Well for S/E with BAS that's not a big issues but for those who needs ANZ LoDoc 60 PAYG…I just couldn't think of any excuses…
Tracey, I got the same letter as well. I just got my license extended beginning of this year and I'll consider to plan a bomb under dept of Commerce if they don't refund the lic fee. um…I think we should have the "licensed" removed from all our advertising materials? Thanks for reminding me.
Well sorry banker but I need to add my comment with my bad experience with CBA.
One of the thing that I hate the most is that the file is managed by a number of different people and they always ask for something new. I just called CBA today 430pm for the status of a file which is scheduled to be assessd today. The operator told me that "you've missed it. we are waiting for the settlement agent's details…we called you but you didn't answer…we got the info now but unfortunately you need to queue up again for another 48 hrs for approval" (in fact they didn't even leave a message)
This is the 5th time they asked for something new. My RM only asked me to call the hotline to ask for escalation but seems those hotline operator didn't expect this. Well I got another 38 hrs to wait for the approval of this loan which submitted 6 weeks ago.
and totally agree Richard, this is lucky to have someone manually decline your loan but not someone telling you "it declined because it fails the credit score…"
OK Thanks a lot Geraldine. Um I think this is a better approach.
I haven't never done a sub-division personally so I didn't dare to comment or advise anything but I guess now the best is for my client to go and see a surveyor for pro advice.
BTW anyone from WA can confirm if the subdivision is similar to the SA subdivision? any chance that we can get a surveyor's plan loged to increase the value prior to the physical work to be done?Well I don't see why you can't – unless your ABN is less than 24 months?
I'm based in Perth – drop me a line via my email and we can have a chat.
Hi Ladybird
Do you meant the cost-plus builder?
If you are I would suggest you to be very careful about this. One of my client had just engaged the service of a Morley based builder. He had his 2-stories plan drawn by someone else and get this builder to build.
My client was very upset as a lot of the things are not done in the way as the plan described. He was very upset, and a number of paint work / plastering is not done property. He called the builder to come and repair the thing as it should be under the building warranty but it had been months the builder still refuse to turn up. As I promised the client and privacy act I wouldnt name the builder but still, be very careful.
The other client of mine is engaging the service of another builder broker. I'll give you the name if they do good job in the coming 2-3 weeks.
It depends on what units is it. if they are individually titled standard residential units you may be able to get 80% borrowing. Can you provide a bit more information about these units?
From my calculation you have more than enough capacity. did you include the rental income when you did your own calculation?
William Cheng
95%? are they using their existing property to cross-collateralised or single property and MI up to 95%? did they get the loan from the lender with exisiting dealings? Can you hint which lender is it?
also yes I do agree with that vendor financing property usually are over-priced – however, at least this is an option.
William
Richard
The "Dragon" bank will do up to 90% for Aust citizen residing overseas.
Camel
also I know a guy in WA will do vendor financing but only limited to the proeprty on their panels. they are kind of like a property agent but offering vendor financing to their listings. however, that also means you may not be able to find the right property in the right suburb unless they have one in the suburb that you like.
I'm a broker in Perth, drop me a line and I'll see if I can help.
William Cheng
[email protected]Hi Camel,
Are you an Australian Citizen? If so a number of banks will accept your income and will lend up to 90% of the property value to you. However, 90% is the max at the moment.
William Cheng
