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Lizzy
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@lizzy
Join Date: 2004
Post Count: 230
April 18, 2005 - 5:39 am
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
Lizzy
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@lizzy
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Post Count: 230
March 31, 2005 - 8:13 am
MANY many times. I’ve even provided their legal department with the caveat relating to this from the NSW Law Society.
I can only hope the legal adviser is not a complete ignoramous – which so far is the case.
Sad isn’t it
Liz
Mortgage Lender
1300 780 826
Lizzy
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@lizzy
Join Date: 2004
Post Count: 230
March 30, 2005 - 11:55 pm
The BDM has informed me that their risk department are well aware that nobody in SA will sign the doc. Also the SA Law Society cannot offer anybody either.
They’ve basically made it impossible.
As for NSW I cannot find anyone either, even people the NSW Law Society have suggested won’t do it. Apparently they can only witness a stat dec…
Liz
Mortgage Lender
1300 780 826
Lizzy
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@lizzy
Join Date: 2004
Post Count: 230
March 16, 2005 - 10:32 am
Hi All,
Thanks so much for your ideas it’s so helpful!
Yes I Luuurve chapel street, vegie cafe yum yum yum.
Thanks again,
lizzy
Liz
Mortgage Lender
1300 780 826
Lizzy
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@lizzy
Join Date: 2004
Post Count: 230
March 15, 2005 - 1:32 pm
Woodsman,
I don’t dabble in commercial much so straight up I would say it is treated commercially at 70% max lvr…
However, I do remember speaking to Bankwest about a commercial property where they were considering financing my client at 80% lvr only so long as the client could service the loan without the commercial rent. This also meant residential rates for the client – sweet []
This was a long time ago though, and I’m sure some other brokers might be more clued up then me but let me know if you want me to check it out, I can make the phone call. I would expect that if this is still the case they would accept the rental income from the residential portion of the premises, which would be beneficial.
Do you know what the rental is for each?
Liz
Mortgage Lender
1300 780 826
Lizzy
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@lizzy
Join Date: 2004
Post Count: 230
March 6, 2005 - 2:51 pm
Hmm you got me thinking! I did a google and got this from a NZ website;
Section 80A(2) of the Property Law Act 1952 permits a mortgage to specify a maximum amount up to which advances made under the mortgage shall rank in priority to any subsequent mortgage. This amount is commonly called the “priority amount” or “priority sum”. By contrast, the “amount secured” by the mortgage is the amount owing at any particular time, the repayment of which is secured by the registered mortgage. This amount may or may not be the same as the priority amount at any particular time.
The phrases “amount secured” and “priority amount” are used distinctly from one another in the legislation and are clearly not synonymous.
Does this help you? I have had a few glasses of red … but it sounds like it just means the max amount you can borrow in future? Possibly within the loan term?
Never heard of it before now though [blink]
Liz
Mortgage Lender
1300 780 826
Lizzy
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@lizzy
Join Date: 2004
Post Count: 230
March 6, 2005 - 1:48 am
Thank you!
This little snippet comes just at the right time!
Thanks Brahms [cheesy]
Liz
Mortgage Lender
1300 780 826
Lizzy
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@lizzy
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Post Count: 230
March 5, 2005 - 11:41 am
Read the FRONT PAGE of the FHOGS application found at this link http://www.osr.nsw.gov.au/pls/portal/docs/page/downloads/other/oda012.pdf
Yes I realize it is not black and white but I am trying to dismiss the belief that if I, as a first home buyer, bought an investment today, I could not get the FHOG later, which is untrue, I could.
The rules also cover your spouse/de facto i.e. they are treated as the same entity as yourself.
Basically what you are trying to say, bar the nonesense and bullet points, is that if you owned a property prior to July 1 2000 regardless if it was investment or not you are not eligible. After this date if you owned AND OCCUPIED the property you are not eligle. So technially if you owned but did not occupy the property you could still get the FHOG. This information is much clearer on the front page of the application.
First home plus is different matter not to be confused with this one.
I’m not re-iterating this information again!!! Please search for my previous multiple postings in multiple threads on this subject or just read the form from OSR and stop being misinformed.
Sometimes even the people at the OSR don’t get it. But it’s all there, clear as day, in the wording….
Liz
Mortgage Lender
1300 780 826
Lizzy
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@lizzy
Join Date: 2004
Post Count: 230
March 5, 2005 - 10:26 am
Chris-Syd,
Colonials annual fee for Mortgage Advantage is $300. The $495 is for the Mortgage Advantage PLATINUM, with slight variances, but none regarding interest rate.
Liz
Mortgage Lender
Lizzy
Member
@lizzy
Join Date: 2004
Post Count: 230
March 5, 2005 - 10:23 am
Yes, this notion of paying off your credit card as a sign of good credit is a few generations old.
If you are good with credit then you won’t have a credit card is how they look at it now.
Brahms – I’ll be checking this with the ING!
Liz
Mortgage Lender
Lizzy
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@lizzy
Join Date: 2004
Post Count: 230
March 5, 2005 - 10:14 am
Oh yeah, in answer to your personal loan question.
Personal loans are a WHOLE different kettle of fish. Lenders use many different methods of ‘credit scoring’ to assess an individuals capacity to repay. Personal loans are unsecured and very different in nature.
I would assume that your ‘friend’ had told the bank he would close down his credit card on getting the personal loan finance, and then didn’t?
Or his income is just regular and stable and if he has no defaults (which he wouldn’t cos they gave him the loan) then the bank is more then happy to make bucks out of him. You have to remember a personal loan amortizes in about 5 to 7 years the bank charges a lot of interest and are happy about it.
You’d be surprised though Spanky, I can get home loans for people that can’t get personal loans, to be quiet honest home loans are easier to get in a lot of cases…
Liz
Mortgage Lender
Lizzy
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@lizzy
Join Date: 2004
Post Count: 230
March 5, 2005 - 10:09 am
Spanky,
The only issue for you is your employment, have you been there for long? You must not be on probation if you havn’t. Your income is sufficient to service 125K. The deposit you have seems more then large enough as ANZ only requires 5% of the purchase price – but what is the purchase price? I’m assuming about $146K and is it for owner occupied? Your broker should be able to work out your servicability and eligibility for this loan and give you an indicative, although the mortgage insurers have final say.
I would indicate that you are eligible.
Ezy – are you even a broker?? If so then why would you suggest the lender is more interested in an investment? Mortgage Insurers typically ask for lower LVR’s for investment purposes, also spanky here would have to then include in servicing rent he/she pays to live and only 80% of rent for investment would be included. Not to mention he forgoes the First Home Plus stamp duty exemption and FHOG which are no doubt helping him/her to offset LMI fees and other costs.
ALSO I have re-iterated a million times over on this d@mn website and I’ll SAY IT AGAIN. If you purchase an investment you DO NOT RELINQUISH The FHOG. You can still purchase an owner occupied property and get the FHOG later, as long as you do not reside in the investment. READ THE WORDING ON THE APPLICATION – IT IS AS CLEAR AS DAY!!!!!!! (just so there is no confusion again regarding this matter…)
Spanky I don’t know why this broker impresses you, they should be keeping you informed to the point where you don’t have to rely on the advice of non-professionals posting to your responses…
???[blink]???
Liz
Mortgage Lender
Lizzy
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@lizzy
Join Date: 2004
Post Count: 230
March 5, 2005 - 9:50 am
St George offers no deposit home loans at fixed rates. You can get a 3 year fixed at 6.95%. You pay a 2.5% Loan Extension Fee (2.5% of the purchase price) it equates to be around what you’d pay in mortgage insurance anyway. High payout penalties to discharge within 3 years. It’s a good product if you can qualify for it.
Stamp duty charges are completely irrelevant to what sort of home loan you get. For exemptions see the Office of State Revenue website or state your purchase price, State of purchase and whether you are a first home buyer or not.
Liz
Mortgage Lender
Lizzy
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@lizzy
Join Date: 2004
Post Count: 230
December 28, 2004 - 11:14 am
Doesn’t OTEN do that too? If not i’m not sure sorry. Let me know if you find a good one!
Liz
Mortgage Lender
Lizzy
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@lizzy
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December 28, 2004 - 10:28 am
NSW course by correspondence through TAFE. Go to http://www.oten.edu.au
I think its about $350, the info is very up-to-date. You’ll have the course finished in a few weeks if you are dedicated! 3 assignments and one exam to sit.
Recommended if you want to know more about what the agents are obliged to tell you etc.
Liz
Mortgage Lender
Lizzy
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@lizzy
Join Date: 2004
Post Count: 230
December 28, 2004 - 10:22 am
Thanks guys for all of your input.
Liz
Mortgage Lender
Lizzy
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@lizzy
Join Date: 2004
Post Count: 230
December 27, 2004 - 2:17 pm
It’s not really the compensation matter she is worried about, as the two most likely routes will be going over the land it will have to bought from her. I dont think there is an option to refuse either!
What we really need to do is get them to choose option b over option c as both cut into her land, with one going 100m from the house, and the other well away. The option close to the house will also destroy the homes of lots of natural wildlife, even threatened species. The option further away runs along a higher ridge with more hard dry scrubland not so condusive the wildlife that is unique or rare. I guess we are looking for ideas for how best to reason with them. We’ve put forward social, environmental and rural/residential impacts thus far, which are quite extensive and very real. Thanks Milzy will get her to contact the environmentalists – it is a rather green community up that way so I’m sure they will be aplenty.
Yes Rob, it is part of the pacific highway upgrade that is for sure. A nice four lane freeway, maybe next time you drive up there you’ll be able to wave to my mum from the road. I am sure she will provide you with a begrudging counter-wave.[bomb]
Liz
Mortgage Lender
Lizzy
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@lizzy
Join Date: 2004
Post Count: 230
December 27, 2004 - 8:39 am
Hi Rob,
She lives in Raleigh, near Urunga, which is near Coffs Harbour… North Coast… NSW…
At least because it runs through her land she will be compensated and not just get to look at it!
Liz
Mortgage Lender
Lizzy
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@lizzy
Join Date: 2004
Post Count: 230
November 5, 2004 - 1:38 pm
Ciaralin,
There are a few brokers (myself included) on this site who can help you identify a few lenders. However you’re going to have to provide more information AND post it in the finance section.
Try providing all of your incomings, is the 41K Gross and excluding super, what is the expected rental. What liabilities do you have, i.e. rent payable, credit card limits, personal loans, car loans, what are repayments for these. What deposit do you have available.
Post this sort of information in the Finance section and you are bound to get some very qualified help, if you’re not comfortable disclosing all of this post a similar topic on Finance, wait for the help then PM, email or phone those who want to help you.
Good luck![]
Liz
Mortgage Lender
Lizzy
Member
@lizzy
Join Date: 2004
Post Count: 230
October 27, 2004 - 11:24 pm
This is turning into a love fest! [blush2]
Liz
Mortgage Lender