Interesting subject Pisces – speaking of which, why don’t you have an avatar?

I think Kay’s subconsciously reminded me of a character from a childrens book, so I think she is wise and friendly… and comes across this way.

I like Monopoly’s too – it is very feminine and “cool” and I think that reflects in her posts…

What do you think my…[Read more]

Yes Kay I agree with bottom line statistics…

If I hadn’t gotten my degree I would never have gotten a graduate job with the Commonwealth Bank, and would never have got the training I need to become a broker. Therefore I am where I am because of my degree. As for the brokers out there without an education in lending… I don’t think the success…[Read more]

You do have a good point in Adelaide banks policy. I’d say they are ahead if the client had a genuine need for this product…

but for good rates… the big H [smug]

I did not quote comparison rates for Heritage. Most rates will look ugly if you look at the short term comparison rate, skewing the rate upwards with applicaitn fees etc, in all…[Read more]

It looks to me like the best you could get is the SVR with a 12mth discount at 7.06% (comparison rate), but that converts to the SVR not a discounted rate of 6.54% like you said.

I thought that it may have been misleading to quote the rates in the same sentence as the product says you cannot switch to the 6.54% product, you can only change to the…[Read more]

Iambored… Regarding your post on Adelaide bank… you are posting intro rates that revert to the SVR.

These intro rates (lasting for 6 or 12 months) CANNOT be taken in conjunction with the greatsaver rate of 6.54% that you quote. YES it can be taken in conjunction with the 6.69% fixed rate you quote, but that is a 1 year fixed…[Read more]

Thanks Stu,

Silly me I thought it meant the loans 1 year from date of inception.

Not many 1 or 2 year loans out there I imagine.

Liz

Mortgage Lender

I think so…

at settlement.

Will check at a more conveinient hour of the day [dazed]

Liz

Mortgage Lender

Hey lil man,

I too, had it drilled into me that university is an absolute MUST and I would be disowned from the family if I didn’t go! So I went, and ultimately it paid off!

Mum is right in saying that you really should have a degree these days, you can still get by without one, and sometimes quite well, but a degree is something to fall back…[Read more]

[cool4] Direct quote from GE – LMI underwriting guidelines:

We should be advised by the lender as soon as the loan has been fully repaid so that we can cancel the loan from our system and calculate any refund due. We require your lender’s reference number, GEMIS LMI reference number, borrower’s name and the date of the final payment. See bel…[Read more]

Originally posted by iamborediambored:
You can still get 90% pretty easily in the Eastern States and 100% for owner occupied inner city units.

Iambored… are you sure 100% finance for o/o inner city?

My reference says that for no deposit home loans there are geographic restrictions for Sydney Metro (amongst others)

Liz

Mortgage Lender

I’m feeling quite naughty… so I’m going to burst a few brokers bubbles here…

How delightful [laugh]

There are a few bridging loans out there, but this one is my new favourite – check it out…

Heritage have a new product (introduced 1st May), it is good if you have an end debt, as you can borrow 72% of the property to be sold, but up to 95%…[Read more]

Newgen,

Being an ex-cba lender I *may* be able to give you a few hints…

1) They usually keep the same val if it’s under 12 months… but you should be able to request a new one… but like Kay said, be wary it is worth your money

2) CBA policy is to NOT disclose the val, although I used to get around this by telling my client that “I can’t…[Read more]

Alf,

Check that they weren’t referring to a particular postcode i.e. inner city.

Iambored – 100% finance inner city units?? was that a typo?

Liz

Mortgage Lender

Pisces,

I tend to explain the process of a credit check to my clients… this has been working for me.

I heard of a broker that charged $250 to take onboard every enquiry, and if the loan was approved he would give them the $250 back. It saved him the time of dealing with tyre-kickers and ensured he was making money for his time.

An interesting…[Read more]

I think one of my friends was involved in that! If I remember correctly you can’t sms using them! I said NO THANKS!

But they had excellent phone rates.

Liz

Mortgage Lender

Hee hee,

well lied to about income! I’ve been lied to about CRA reports, thats normal though and there is no recourse for us brokers!

I wish I was a mindreader though, then I could save alot of time for legitimate clients!

Liz

Mortgage Lender

Still, I worry about the broker who is misinformed by their client. How are we meant to protect ourselves? If a client wants a lo doc and tell me they earn $100K per year, what more can I do? As a broker I should do the loan – but how do I really know if it’s going to bite me on the behind or not? I am at the mercy of the client…. makes me very…[Read more]

[offtopic]
This thread is about a calculator – keep it real!
[rolleyes4][rolleyes4][rolleyes4][rolleyes4][rolleyes4]

Liz

Mortgage Lender

[uneasy]

I hate to hear all this doomsday talk looming about lo docs… what do you think it means for us brokers??

Lucky me I only have two lo-docs on my books (both unregulated), but I have since found that one of them is DEFINATELY an inflation of figures…. not that I knew at the time!

Who do you think is going to cop the blame??

It seems…[Read more]

Hi Fullout,

A lot of lenders will let you take out a loan with them and then do a “top up” loan after a few months, but they must be willing to actually get a new valuation if you think that the value has increased. I would be very conservative in your estimations of the value if it’s only been a few months, just in case you don’t get the val you…[Read more]