Forum Replies Created
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 finance extensions cost purchasers money through solicitors charging them, so it's no wonder banks are asking for 21 days. Anyway in this real world you just take it as it comes. Nearly all of my files with the banks have been 'escalated' through all of the departments, it would be a massive relief to everybody to have 42 day settlements and 21 day finance clauses but r/e agents seem to like to get paid quicker and vendors are usually obligated elsewhere so what can you do? Take as it comes honey's…
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 knows GREAT service and KNOWS their products – rather then go for a place that offers the best 'deal' on the outside. If you want to be a great broker that makes lots of money spend 12-24 months learning the ropes from a master.
To answer your questions
Hours? When I started I did 4 hours a day, now I work 15 hours a day sometimes, minimum of 9 sometimes 6 day weeks too
Training? Get your MFAA course Fin Cert IV or something like that, pick up the phone and call them
Income PA? Depends how hard you work – how long is a ball of string, are you on retainer + commission. If you go straight into commission you may earn nothing if you are on your own. You see a lot of brokers not survive the first 12 mths. Eventually if you do well you will have income past your desires.
Ammout of Comms per loan? Banks pay around -.65% of the loan amount, again, your head agreement can take between 10 to 50% of this depending on your comission. There is trail comission too though.
How many leads do you get if you work for say Aussie? I would say dont work for Aussie. How would I know anyway I don't work for them.
Anything Else? If you're out for a quick buck don't become a mortgage broker. If you want to help people get great service you will become a great broker earning a lot of money in a few years, but the first year or two could be very difficult. Take my advice and learn from someone positive, energetic, knowledgeable and well connected – find that person and work for them – nothing else will get you as far as this.Argh – what a load of 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 to bluddy fix it as STAND ALONE SECURITIES. It really shouldn't be a problem in this day and age, might require some time for new documents but this can be escalated.
Good luck, looks like delayed settlement for thhe 28th of May for you, if you get penalised make your bank pay those costs.
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, as loan premiums are tiered on total lender per deal, therefore if you have uncrossed, two deals under $300k say, you will pay a lot less then one total loan crossed over $300k.
Ask the MB what the benefit of it to you is (and watch squirm?) – as far as I can tell it’s only a benefit to the bank.
The only time I have used two securities for one mortgage where I didn’t have to was because I knew a partial release of mortgage woud be required…
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 though – appreciate all your help. Hopefully I can get the 7.73% rate to fly with Mac!
You guys must do a lot of no docs. I’m interested to find out more about the Citibank one…
Feel pretty wierd asking them to register an ABN, what is behind that exactly – registered for one day is fine but what diff does it make to the bank? Is it linked to some kind of regulation under UCCC?
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 broker) would definately choose the mortgage insured product as opposed to the equity share, seeing as it’s 40% later… though, it could be a good investing tool…
No I don’t know – it’s good, I wouldn’t take it myself… It’s going to go off like a rocket tommorrow I reckon!!![thumbsup2]
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 figures and they come up better.
Admittedly I do a lot of maintenance in office here but our local branch helps us out wherever possible.
We are also getting higher negotiated discounts there too. You don’t know this broker is bad, it’s the BANK SERVICE that is bad, the product is fine AND I HAVE NEVER BEEN FORCED TO CROSS COLLATORIZE A DEAL WITH THEM – even on some very tricky max lvr trust deals….
GET A BETTER BDM!!![blink]
Nevertheless I still love St G and Westpac but if you ask me ANZ don’t do me any favours…
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 826Mark,
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 Insurance capitalized.
For future reference use a good broker, I find banks don’t even know their own policies half the time….
Good luck!
Liz
Mortgage Lender
The opinions expressed in this public forum should not be construed as professional advice of any nature.
1300 780 826Yeah 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 give you a ‘written’ response which I find useful with more ownership
2. Fax all information to their number TWICE despite the new unique ID fax they send you they still lose them
3. Make sure any deals submitted to them are tracked daily
4. Yes – Breathe….
5. KISS YOUR BDM’s ARSE!!!Liz
Mortgage Lender
The opinions expressed in this public forum should not be construed as professional advice of any nature.
1300 780 826You’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 it into the online system – now that is GREAT news for our lo doc clients….
Liz
Mortgage Lender
The opinions expressed in this public forum should not be construed as professional advice of any nature.
1300 780 826CBA 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 826Hi 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 Fail, simply because they fail even in the trying phase??!
Like they say, do your due diligence, cover your backside with insurance, make a weighted decision, seek professional advice where unsure and then you can ask yourself – how high is this risk? Have I calculated in all of the factors?
My philosophy on risk is that if I have a ‘bad gut feeling’ about anything, it means I’m uncertain, or uneducated, and it’s never until I’ve done my research or insured the risk or removed it, that I am comfortable again – simple right?
Keep learning! And Chin UP![biggrin]
Liz
Mortgage Lender
The opinions expressed in this public forum should not be construed as professional advice of any nature.
1300 780 826In 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 favourable.
If you could tell us 1) what the LVR is and 2) what lender your pre-approval is, we could have a lot more insight into the situation.
It’s a case by case situation and disagree with Richard that it is all up to the broker, until we have more information.
Liz
Mortgage Lender
The opinions expressed in this public forum should not be construed as professional advice of any nature.
1300 780 826Quote 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 latest example of this which occurred just a week ago, was a front page story claiming that the number of loan defaults in 2005 was the highest recorded for a number of years. However, what the article failed to mention was that the number of loans is also one of the highest recorded as well. When you actually looked at the actual percentage of those loans that had defaulted, the default rate is extremely low at the end of a housing cycle – approximately 0.17% of loans outstanding – compared with previous default rates of higher than 2% at the end of other housing cycles.)”
Funny how statistics can be used to support an argument both ways, depending on how you look at it. [blink]
Liz
Mortgage Lender
The opinions expressed in this public forum should not be construed as professional advice of any nature.
1300 780 826HB 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 knowledge for yourself and yes wherever available seek the advice of a professional to save yourself, in my personal experience I have found that any cost in professional advice has saved me over tenfold in costs if I hadn’t sought it.
Anyway, just so we are clear, if there is every any confusion over the nature of my posts please see my footer.
Now if you want to get into a debate about the benefits of 100% home loans, based on completely PERSONAL opinions, lets perhaps take it to another thread as I would be more then happy to discuss the pros and cons with you for the interest of this forum.
Liz
Mortgage Lender
The opinions expressed in this public forum should not be construed as professional advice of any nature.
1300 780 826HB
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 C. When asked for advice I simply tell them I’m not qualified to give advice.
My quip about the premium rate on 100% loans was just that it was worth considering, and was posted in a public forum for discussion. Even so it offered an avenue for debate, and was ended in a question mark to note that it was ‘worth considering’. Everything is worth considering, if my clients ask me if they should fix a rate, I say ‘it’s worth considering’ then give them the figures so that they can consider it – simple right?
Anybody who hasn’t read the terms of use for this site probably should, namely you HB, before you go pointing the finger from up there on that big horse of yours…
https://www.propertyinvesting.com/tnc.htm#7 namely specific terms of use of content.
I must inform you that I’ve never once received work from this website, a few enquiries, but the biggest time wasters I’ve ever come across. In fact I’ve left this site so many times for months on end until the same people posting the same questions leave, as it literally drives me to insanity. I visit here only for personal interest, and to talk or see what other brokers are talking about. Or to provide a helping hand. My number is only here so people can see that I am proud enough to back up any comments I have with the integrity of my phone number. I could just as easily post here under an alias, but I choose not to.
Thanks for the information about the briefing papers, I am more then aware of the changes in regulations of my industry, and more then happy to see the changes come about. Many of the people I know in the industry are simply not even qualified enough to know how to adequately inform clients of their choices…
Anyway I’m tiring of your assualts, if you have any more gripes about me feel free to call me on my toll free number.
In summary, no, I’m not an idiot. When someone questions the integrity of my business, yes, I do get upset.
Liz
Mortgage Lender
1300 780 826Oh 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 is not always the best answer for everybody.
You must have realized I agree with going into business for yourself when I wrote earlier that I have my own company and run my own profitable business??[blink]
Liz
Mortgage Lender
1300 780 826
