I’m not talking about large companies, a lot of which have been around for a long time. I’m not talking about the companies that provide for the infrastructure of our economy, and I’m not talking about international companies that operate in Australia.

The inference was that we are talking about individuals going into business. I learnt at…[Read more]

HB Well my biggest concern is how do you suppose that in your first scenario Mitchy comes up with 100k for plant and equipment???

Commercial loans require 25% deposit, for a premises… if you propose someone is eligible for a 100k business loan could you please tell me how to acquire such a loan as I have a lot of interested clients? (seriously,…[Read more]

My thoughts exactly Mitchy…[wink2]

Liz

Mortgage Lender
1300 780 826

Gee HB – HARSH![angry2]

Ok you have a point, and let me start by saying to Mitchy that in my professional opinion, you are talking about extending your own home LVR to 95%, then buying another investment at 95%, most banks will get a little jumpy about this, unless you can show VERY good servicing ability (income/incomings) you are going to have…[Read more]

There are a lot of new products on the market including 95% investment loans. 100% is available too however it comes at a premium interest rate although it’s usually worth considering if the capital growth will outweight the interest rate right?

Suzie Q a deposit bond will only cover you between exchange and settlement, the deposit still needs to…[Read more]

Hi Cabo Wabo (love the name)…

But don’t you find it difficult to generalize this one boss and his actions, to a whole institution? And if so, perhaps you didn’t think that ALL banks put terrible amounts of pressure on personal bankers and lenders and tellers to perform?

I mean I used to work for a big bank, and I understand their hard nosed…[Read more]

L&S,

No, nobody I’ve asked has come up with anything better.

Recurring or mortgage stamp duties??? There is only upstamping to think of. I always warn clients in refinance situations of the full mortgage duty payable, as they are quite often out of pocket until the rebate from OSR comes. I can’t see how Mortgage Duty would leave a mortgage…[Read more]

As it turns out, he didn’t seem to realise that ALL properties were investment, ALL loans were investment. Why this wasn’t blatantly obvious is beyond me still.

Never mind, the good news is, the customer comes to me, even though they have negotiated the rates with the bank already. Now that was a nice compliment!

Liz

Mortgage Lender
1300 780 826

Well I have reverted to calling the employee lazy
and so have a few others, and that’s all opinion and could easily be considered slander.

Besides, I don’t want to inflict negative connotations on an institution, which has thousands of representatives, not just the one that seems to have created the confusion. I’m certain that a more competent…[Read more]

Tell me about it… I used to work in one. The morale is all time low, the turnover is high, tellers NEVER balance (and people say they prefer humans to ATM’s!!!) and nobody knows anything!!!

Don’t get me started on why I became a broker… in a nutshell, can’t stand the banks and their antiquated ways…

Liz

Mortgage Lender
1300 780 826

Well it was a lending advisor at one of the major banks branches but I’m never too keen to slander anybody in public forum!

I think it was more a personal issue rather then an institutional one. As you’ve all implicated yourselves, my first assumption also, was that he was lazy, but I don’t like jumping to conclusions wihtout second or third…[Read more]

Well now my suspicions are confirmed….

Liz

Mortgage Lender
1300 780 826

Hi Guys,

Thanks so much for your help!

Much appreciated Steve PM received.

This place is so resourceful, I’ll let you know how I get on…

Liz

Mortgage Lender
1300 780 826

OK I have the new Heritage rate. 3 years 6.89% very flexible product too…

Liz

Mortgage Lender
1300 780 826

Yeah me too Stu…

Usually all of the ‘creating’ comes from the clients!

How do you propose to cover your own living costs + a mortgage if a bank only considers 75% of rental income?

I think what people are implying is you might need a larger deposit so that you qualify for a ‘lo doc’ product, meaning a self-declaration of an income… which…[Read more]

You don’t really have any equity in the land. Depending on your postcode, and I’m guessing by property price you are rural, you may be able to borrow up to 90% of your current property, so an additional 65k in your home loan, and then get a further construction loan for the land. You would need to access the 65k or thereabouts in your house to…[Read more]

Yeah pretty standard stuff, take it out if you want to access it in the next year. Remember break costs are payable in fixed rates if you want to get out of them. It’s no surprise to us brokers the one year rate is lower then a 3 year, as fixed rates are indicative of what the longer term market will be doing.

Heritage building society offer…[Read more]

Hi Damian,

Anything over $1,000 is going to be hard to push through. What LVR are you seeking?

You really don’t have much chance if it is unpaid, however you are saying it does not relate to you. I would be contesting it asap and keeping all documentation, you could provide that to the bank to prove that you are actively trying to pursue it and…[Read more]

Or alternatively if you do not want to declare an income you could try a NO doc option up to 65% lvr. You just need to have an ABN for at least a day…

Liz

Mortgage Lender
1300 780 826

Mr VIP – how much is the default for and what company is it from? If it’s not that big and you are happy to pay it, it might not be a problem.

Otherwise a place called DR Capital Credit Repair specialize in removing contestable credit defaults. The fee to remove one default is $1,595 but it should be contestable.

Liz

Mortgage Lender
1300 780 826