Forum Replies Created
Hi Ian,
From what i know if you refinance within 12 months and go through the same mortgage insurer then you are entitled to a portion of your LMI back (The percentage you get back goes down with time) I havent heard of anyone doing it just because a new val indicated a higher value, but since you are at 11months, ask your lender, if that doesnt work contact the insurer direct and ask.
Good Luck.
Thanks Tim,
I also checked out the ING product spec for REF not bad.
Have a great day!
Hi Tim,
Quick question, do you know of any self insured funders that do not have an LMI equivalent fee, basically one that will lend above 80% without any fees to do so?
Many Thanks.
Hi Rudiga,
My problem with GE is not pre-settlement, nor is it related to its products, my problem is what happens after your loan has settled. And i can only assume that this is wh brokers try and steer you away, they wouldnt want you to blame them for the service you receive from the Lender.
Asic has also had dealing with GE recently, check out this link http://www.fido.gov.au/FIDO/fido.nsf/byHeadline/GE%20Money
Good Luck.
Hi Azalia,
A few years ago I was considering buying a property in Gunnedah, well this was all pre-Miranda Kerr and so i had no idea about the place and neither did those around me. One good resource for me was contacting council, they have very diverse information that they can send on the area, and the best thing is you can be upfront about the kind of information that you are looking for.
If that fails you can always try local valuers, I have yet to meet a valuer who is not prepared to be conservative and this can sometimes be very helpful in balancing the opinion of the real estate agents.
Good Luck!
Hi Fuel80
Considering that the new place would be your second property ontop of the natural legal fees and bank fees (however tiny those may be if procured by the brokers above) your stamp duty alone would be close to $13000 so if your broker is telling you that you will need to pay LMI i dont think its because he has little or no knowledge it could just be that he is trying to make you aware of the worst case scenario.
Firstly he is right you avsolutely cannot refinance up to 100% on your current property to take out the equity and even if you could you would then need to pay LMI on that property (LVR > 80%)
Now if you are considering doing that then i assume you need the money for a deposit & or to cover the costs of your purchase.
If you wish to avoid LMI all together then you can refinance your home up to 80%, assuming that with your present loan it would cost you nothing to do so this would give you $18,000 extra.
Lets say that you spend $13,000 on stamp duty and $2000 on the costs of your new purchase including legals etc this would leave you with $3000. To avoid LMI on the new property you will now need $71,000. If you have this amount then it is more than possible to avoid LMI. If you dont have it, i would assume you may need to pay LMI.
I do think though you should speak to Richard, if there are "a few options when it comes to this" you should definately check it out theres no such thing as to much informatio when it comes to these things.
All the Best!
Hello Bigmark.
Its true Wizard dont have an offset loan they have a homeloan with a mastercard attached (thats got some MASSIVE fees once you actually use it) and unfortunately its not true that they are separate from GE. They are actually not managed by AFIG, AFIG was bought by GE just as WIZARD was and the GE MONEY customer service line is the same number as the WIZARD customer service line (bar one digit) and the same people answer those phones and answer your enquiries. I am less than impressed with them as they are still struggling with the transition from pre-GE to presently GE so i personally wouldnt be confident of the performance post – GE.
All the best.
Hi Smain,
Personally i love bankwest, but if you cant go through the banks try Widebay they have no problem with high density loans.
Good Luck
Hi Daniel
I cant comment on the advantages or disadvantages im sure that both yourself and your wife have thought that through. In terms of legality she can transfer the property to your name for the consideration price of $1.00 irrespective of what the value is.
Make sure you involve a solicitor though before you go any further.All the best.
