When I know the banks are busy or the clients are interestate I ask for 21 days. It's possible sometimes in a week but that is rare. I work with all parties to make sure they're happy and a happy medium can be found. Yes, if ONLY my clients all got pre-approvals, but they don't, they come screaming in with a signed contract from 3 days ago – and…[Read more]

And you do you have any lending experience?  I get a lot of clients go to Aussie and then come to be saying they are atrocious, so if you go there make sure you get some decent training. Find a broker you respect and learn from them on commission only. For someone who has been a broker for 5 years your biggest step up is to learn from someone who…[Read more]

Argh – what a load of <a href="mailto:cr@p“>cr@p! I wish banks would stop cross collatorizing securities it causes so much trouble. Anyway it's their fault, they should know better, the first thing I look at is the contract of sale to see when settlement is. It would stand out like a sore thumb if two contracts settle on different dates.Tell them…[Read more]

I think everybody is agreed DON’T CROSS!

Just tell the MB you want a seperate loan to against property 1 (which has the equity) and take out the remainder on the rest. If he/she is any good they will work out the best LVR’s to do this at to lower the LMI.

Which is YET ANOTHER reason not to cross, the mortgage insurance premiums are much lower,…[Read more]

Macquarie Saver Special 7.73% – NO LMI and only need to have had ABN for one day. Check PMI for acceptable locations.

Thanks guys! Found my solution at Macquarie (I hope) – have had problems with postcode acceptability but x’ed fingers and the deal will fly for the client.

Failing that will try FirstMac, used them years ago but couldn’t for the life of me remember their name as they are not with my new aggregator…

Those solutions are great to have handy…[Read more]

Well it’s not a bad product. You could argue the pro’s and con’s of this product versus the popuar 100% home loan extensively – but overall anything that offers more choice to a consumer is a good thing, and this seems like an almost fair trade off…

I can’t imagine the target market. If I had no deposit for example, or even 10%, I myself (as a…[Read more]

I’m not sure I’m following what it is you’re trying to say?

Derivex ‘blamed’? No… Derivex director charged – very different…

For those of you interested in more visit:

http://www.asic.gov.au/fido/fido.nsf/byid/1637FC182FB5C6D6CA257273001BE116?opendocument

OY! What is bluddy wrong with MAV???

I have such smooth sailing with the Which Bank these days (yes unheard of – but true in a relative sense). I’m regional too and they will do a lo doc any postcode for us which is a saviour for my clients.

Not to mention the low fixed rates they’ve had, including decent rate locking fees. Overall I crunch the…[Read more]

Pick up the phone and call Simon above. Or Stuary Wemyss. You will do yourself a great service if you do.

Liz

Mortgage Lender
The opinions expressed in this public forum should not be construed as professional advice of any nature.
1300 780 826

Mark,

For normal residential lending, one of the big four will lend to any postcode in Australia, (provided the security fits their acceptable type) even mortgage insured stuff, and provided you keep it within their ‘delegated underwriting authority’, a good broker can help you with this. Meaning you can borrow up to 95%, 96.5% even with Mortgage…[Read more]

Yeah tell me about it Josh – enough to give a broker a heart attack. 9 out of 10 errors they send me are incorrect. I could spend about a week explaining the depth and breadth of the F*** ups they’ve made me deal with for the last months deals – it’s driving us ALL nuts –

Some tips to deal with them
1. Use email – instead of logging calls, they…[Read more]

You’ve always got to find out what the client plans to do in the next 12 months with a lo doc. With one major bank you can declare an income one year, but the next year’s declaration can be no more then 20% higher.

On an interesting side-note, one of the other big fours tells me with their lo doc there is no ACTUAL FORM to fill in, you just plug…[Read more]

CBA have told me they do resort apartments to 95% + LMI call them.

Liz

Mortgage Lender
The opinions expressed in this public forum should not be construed as professional advice of any nature.
1300 780 826

Hi Mitchy,

Don’t be so hard on yourself! The fact that you are planning ahead, researching, writing on this forum… means that you are WELL ahead of most people.

Give yourself a little time and a bit of practice and you will know how it all works and it will seem a lot less daunting then.

I think people are more afraid to TRY then they are to…[Read more]

In most cases the lender will not consider your income if you are on probation. If you can negotiate the contract so that there is no probationary period you may be in with a chance. All the contractors I’ve known going into new roles have been on probation though. Also are you presently working in the IT field in your PAYG job? If you are that is…[Read more]

Quote from Residex newsletter – John Edwards

“As you can see, while all cities are still currently going through the slow period, nonetheless, Sydney has produced three months of positive growth, unlike Melbourne and Brisbane. This is a good sign for the Sydney market, and indicates that a lot of the negative press is just sensationalism. (The…[Read more]

HB you have probably made a point here worth noting. Most people are too ignorant to read the terms of use of this website, or too ignorant to realise that this is a public forum of debate about personal opinion, and not a place to find professional advice.

Backing up my earlier statement, LEARN the answers, READ the information, find out the…[Read more]

HB

I find it hard not to take offence at the presumptions you keep making about me.

I never give my clients advice on what they should do or what products they should take over another. I don’t even tell them if they should fix their rates, I just tell them what is available, fiscally what is a cheaper option taking into account factors A B and…[Read more]

Oh and please don’t spout another set of statistics at me, I see what you are trying to prove but every picture has another facet to explore. The more you try to generalize a topic the less interesting it becomes for those of us who want to intellectualize and add value to the conversation.

My argument is simply that generalizing that one answer…[Read more]