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  • Profile photo of Josh-PrestigeloansJosh-Prestigeloans
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    @josh-prestigeloans
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    Post Count: 62
    September 22, 2006 - 4:54 am

    Kim,

    You will find that Westpac’s DEF will be lower then RAMS. As RAMS usually charges a percentage of the loan amount as a DEF, typical rate at 1.5% within the first 5yrs.

    I have researched Westpac quickly and it seems Westpac doesnt charge any DEF on their Low Doc, however, just ring Westpac and clarify what the DEF/penalty will be.

    Regards

    Joshua McEwen
    Finance Broker – WA

    http://www.prestigeloans.com.au

    Brokers Lic 1297
    Licensee Brett Christie

    Profile photo of Josh-PrestigeloansJosh-Prestigeloans
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    @josh-prestigeloans
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    Post Count: 62
    September 10, 2006 - 5:51 am

    RAMS No Doc 80% primarily goes through PRIME. thats another option..

    Joshua McEwen
    Finance Broker – WA

    http://www.prestigeloans.com.au

    Brokers Lic 1297
    Licensee Brett Christie

    Profile photo of Josh-PrestigeloansJosh-Prestigeloans
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    @josh-prestigeloans
    Join Date: 2006
    Post Count: 62
    September 7, 2006 - 12:48 am

    Plus they only take a first mortgage over the proposed property.

    Regards

    Joshua McEwen
    Finance Broker – WA

    http://www.prestigeloans.com.au

    Brokers Lic 1297
    Licensee Brett Christie

    Profile photo of Josh-PrestigeloansJosh-Prestigeloans
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    @josh-prestigeloans
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    September 7, 2006 - 12:46 am

    Oh yea No doc.. :(

    Regards

    Joshua McEwen
    Finance Broker – WA

    http://www.prestigeloans.com.au

    Brokers Lic 1297
    Licensee Brett Christie

    Profile photo of Josh-PrestigeloansJosh-Prestigeloans
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    @josh-prestigeloans
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    Post Count: 62
    September 6, 2006 - 3:30 pm

    anything you can earn as cash for anything can be used, remember lender doesnt verify this income, so whatever you feel you will earn during the year, you can place. Well, any income that is claimed on a tax return can be used as income. People who earn cash in hand, can place this onto the application, however if the ATO catches you, then you gotta explain why you are no stating this income on your tax return.

    Clients can be Investors and use rental income and profit from these properties as there income for the year.

    Hope this helps

    Regards

    Joshua McEwen
    Finance Broker – WA

    http://www.prestigeloans.com.au

    Brokers Lic 1297
    Licensee Brett Christie

    Profile photo of Josh-PrestigeloansJosh-Prestigeloans
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    @josh-prestigeloans
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    September 6, 2006 - 3:18 pm

    Hey Bud,

    http://www.ato.gov.au/corporate/content.asp?doc=/content/mr2004042.htm

    and

    http://www.ato.gov.au/corporate/content.asp?doc=/content/76377.htm

    Hope this helps. any questions dont hesitate to ask

    Regards

    Joshua McEwen
    Finance Broker – WA

    http://www.prestigeloans.com.au

    Brokers Lic 1297
    Licensee Brett Christie

    Profile photo of Josh-PrestigeloansJosh-Prestigeloans
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    @josh-prestigeloans
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    Post Count: 62
    September 6, 2006 - 1:53 pm

    Over 20,000 have been fined for overstating there incomes in Low Doc Loans check the ATO website for more.

    You should know how your business is performing and how much it would earn. So you should know an approx of how much you should be earning for the current Financial year (at the point of application). ATO only looks for higher “substianted” incomes. If its a couple of thousand, this can always been explained.

    Basically Low Doc Loan, is you stating your income, asset and liabilities, however, the lender doesnt verify your income, so you do what they call a Self-Certify your income and if fits the servicabilitiy, its all good.

    Joshua McEwen
    Finance Broker – WA

    http://www.prestigeloans.com.au

    Brokers Lic 1297
    Licensee Brett Christie

    Profile photo of Josh-PrestigeloansJosh-Prestigeloans
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    @josh-prestigeloans
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    September 6, 2006 - 1:48 pm

    Terryw,

    You dishing it to another lender then?

    If its a ABN issue, try WBC, remember they dont check ABN’s :).

    Regards

    Joshua McEwen
    Finance Broker – WA

    http://www.prestigeloans.com.au

    Brokers Lic 1297
    Licensee Brett Christie

    Profile photo of Josh-PrestigeloansJosh-Prestigeloans
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    @josh-prestigeloans
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    September 6, 2006 - 6:59 am

    Most probably is the MI policy, about the 12months thing.

    As RAMS uses, PRIME PMI and GE, Have you found which MI they went through terry, then go to say macquarie and see if you can push the loan through macquaire without using the MI that RAMS went through. Macquarie uses PMI and GE.

    If you went through RAMS No Doc 80 policy, they most definitly went through PRIME as there MI. If so, then i cant see why macquarie couldnt look at the deal or even Interstar could look at it.

    My thoughts…Good Luck bud.

    Regards

    Joshua McEwen
    Finance Broker – WA

    http://www.prestigeloans.com.au

    Brokers Lic 1297
    Licensee Brett Christie

    Profile photo of Josh-PrestigeloansJosh-Prestigeloans
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    @josh-prestigeloans
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    September 2, 2006 - 3:33 pm

    Most Lenders would consider revaluing a house after 6months and we could even get a valuation done earlier then that, if we put up a good case, such as renovations have been completed etc etc.

    Heres a Link to the post i made about Equity. Should take a look(post 2nd from the top).

    https://www.propertyinvesting.com/forum/topic/24995/2.html

    Regards

    Joshua McEwen
    Finance Broker – WA

    http://www.prestigeloans.com.au

    Brokers Lic 1297
    Licensee Brett Christie

    Profile photo of Josh-PrestigeloansJosh-Prestigeloans
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    September 1, 2006 - 4:34 am

    The Big C isnt in my good books at the moment, they are asking for documents which is just simply not needed for the loan to proceed. Telling us to re fax applications because they lost the whole damn file! giving us a call 4-5hrs after we logged a call. They are promising us better services and performance but clearly the service isnt there still. Been in contact with Don Keating(Executive of LPC in WA) for awhile now, reassuring us of fixing these errors. Its just not working.

    Almost 99.9% of applications that i send through to CBA will get stuffed around or delayed some where along the process.

    *Deep Breathes*

    Regards

    Joshua McEwen
    Finance Broker – WA

    http://www.prestigeloans.com.au

    Brokers Lic 1297
    Licensee Brett Christie

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    @josh-prestigeloans
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    August 31, 2006 - 9:11 am

    We talking about hire purchase or Home Loans?

    Depending on the defaults or the bad rating on your Baycorp, some defaults can be dismissed from the lender, such as small telecommunication defaults. Depending on what is wrong with your report, can result in only a handful of lenders we can apply to, on the other hand, if they are small defaults and have been paid and an explanation can be provided, some of the big banks can consider the deal.

    Regards

    Joshua McEwen
    Finance Broker – WA

    http://www.prestigeloans.com.au

    Brokers Lic 1297
    Licensee Brett Christie

    Profile photo of Josh-PrestigeloansJosh-Prestigeloans
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    August 31, 2006 - 4:42 am

    yeah the FHBG doesnt really effect the example. Just asking.

    Regards

    Joshua McEwen
    Finance Broker – WA

    http://www.prestigeloans.com.au

    Brokers Lic 1297
    Licensee Brett Christie

    Profile photo of Josh-PrestigeloansJosh-Prestigeloans
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    August 31, 2006 - 3:57 am

    must be talking about there No Deposit Home Loans. instead of charging LMI they charge a LEF which can be greater then LMI. Thats how it was explained to me.

    Joshua McEwen
    Finance Broker – WA

    http://www.prestigeloans.com.au

    Brokers Lic 1297
    Licensee Brett Christie

    Profile photo of Josh-PrestigeloansJosh-Prestigeloans
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    August 31, 2006 - 3:53 am

    ^^^What richard said

    Regards

    Joshua McEwen
    Finance Broker – WA

    http://www.prestigeloans.com.au

    Brokers Lic 1297
    Licensee Brett Christie

    Profile photo of Josh-PrestigeloansJosh-Prestigeloans
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    @josh-prestigeloans
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    August 30, 2006 - 1:01 pm

    To better assist, can you please advise which state you are in?

    every FHBG differs from every state.

    and also listen to Terry :)

    Regards

    Joshua McEwen
    Finance Broker – WA

    http://www.prestigeloans.com.au

    Brokers Lic 1297
    Licensee Brett Christie

    Profile photo of Josh-PrestigeloansJosh-Prestigeloans
    Member
    @josh-prestigeloans
    Join Date: 2006
    Post Count: 62
    August 30, 2006 - 9:53 am

    Happy birthday mate. Its fun to turn that magic number.

    Turning 19 in october! we shall all have a good time.

    Regards

    Joshua McEwen
    Finance Broker – WA

    http://www.prestigeloans.com.au

    Brokers Lic 1297
    Licensee Brett Christie

    Profile photo of Josh-PrestigeloansJosh-Prestigeloans
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    @josh-prestigeloans
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    Post Count: 62
    August 30, 2006 - 4:40 am

    Gifting could be money giving to you by a parent to put towards the house, winning Lotto :)!, parents gifting you their equity. Something that is not classified as genuine savings.

    Genuine savings mean that you save up over a period of 6 months or so, to place a deposit on a house. Usually the lender just wants to know if the deposit hasnt been borrowed.

    Now-a-days lenders are becoming more lieneant on genuine savings and soon i wouldnt be surprised if Genuine Savings was wiped out.

    Genuine Savings could be a factor of an approval, if Lenders Mortgage Insurance was involved.

    Regards

    Joshua McEwen
    Finance Broker – WA

    http://www.prestigeloans.com.au

    Brokers Lic 1297
    Licensee Brett Christie

    Profile photo of Josh-PrestigeloansJosh-Prestigeloans
    Member
    @josh-prestigeloans
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    Post Count: 62
    August 29, 2006 - 2:32 pm

    yep. the more the LVR the more they charge in LMI. THe charge of LMI increases nearly every 3 increments in LVR.

    80-83 LVR = 0.5% of Loan amount for LMI
    84-86 LVR = 0.75% of loan amount for LMI
    87-90 LVR = 1%

    and so on and so forth. Differs from every lender!

    Hope this helps

    Joshua McEwen
    Finance Broker – WA

    http://www.prestigeloans.com.au

    Brokers Lic 1297
    Licensee Brett Christie

    Profile photo of Josh-PrestigeloansJosh-Prestigeloans
    Member
    @josh-prestigeloans
    Join Date: 2006
    Post Count: 62
    August 29, 2006 - 1:26 pm

    any problems accessing the equity in your current property, one thats at 75%?

    Is this a Full Document Loan or a Low Document?

    Regards

    Joshua McEwen
    Finance Broker – WA

    http://www.prestigeloans.com.au

    Brokers Lic 1297
    Licensee Brett Christie

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