Forum Replies Created
Pisces… I guess there was a few seconds of thought given to mine.. but it was slightly nonchalant. She is blonde, like me, young, like me and I thought she looked sort of smart but sassy… I’m not sure how smart I really am though, do you know I did an IQ test and it said that I was “smart enough to convince others I am a genius” but NOT a genius, I like that!!! [laugh](probably an overestimation still though)
Monopoly – it’s funny I always thought you picked that name because you were planning to buy up all of the real estate in Australia – so it was all your big RE monopoly. Isn’t it wierd what we think. Hope one day you will challenge me to a game! (NET monopoly!)
Pisces – can I pick an avatar for you! hee hee.
I think Pisces is too serious for an avatar [tongue4]
Liz
Mortgage Lender
Scott, it is human nature to generalise (not to mention that I did take a pre-emptive strike in BOLDING my statement when I said MOST)… as you can see yourself doing it in your post “Experience comes first” – and I don’t fully agree with you either but I am able to refrain myself from vicously calling your statement “Crud”!!
Try not to see my (and other posters) endorsements of a university degree as an attack on those without a degree my friend! YES I realise that you can still be successful WITHOUT a degree – maybe even outside of sales! I still think you’d agree that is a minority group.
Here is another generalisation for you – I hope you like it!
I think it all comes down to YOUR ATTITUDE, YOUR DEDICATION, YOUR DRIVE, YOUR BLOOD SWEAT AND TEARS…. What you put in = what you get out.
This is why I see alot of successful people in sales, who have no degree, but are happy, driven and well off. Sorry if I can’t see any examples of people outside of sales, I simply don’t know them. I have lots of successful of relatives, friends, associates, they all have Degrees!! [shocked]
I will continue to endorse a university education or likewise. Not everyone is capable of doing what your friend did, and I stand by the statistics.
I think anybody with half a mind realises that a degree doesn’t mean a job will fall into your hands, but these days it will certainly HELP you… look in the paper under job classifieds and see how often it reads “degree qualified”.
Liz
Mortgage Lender
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 avatar conjures up?
Liz
Mortgage Lender
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 rate would be so high, it is a hard job, but degree not necessary.
My theory is that most people who do not have a degree that still make alot of money are generally in a position involving sales. This is a generalization I know and I can’t back it up with statistics… but I am going on life experience and what I have seen.
So unless you are supercalafragalistic salesperson… get a bloody degree!!!!!!!!!![grad]
Liz
Mortgage Lender
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 fairness I try to take 25yr $250K comparison rate as the avg loan in Sydney is $250K. Splitting hairs really, and I bet most people don’t even know what we are talking about anyway!!![bomb]
Lower end? You mean small loans?
Are you implying that for a $350 switch fee you can revert from an intro rate with Adelaide to the greatsaver? or from SvR to greatsaver, with the bridging product? What are you saying here I am only a blondie remember!
Forgive me if I don’t respond here for a while I’m going back out to the real world.
Liz
Mortgage Lender
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 Homebuyer Power (NOT Greatsaver 6.54%). Re: Switching to other products are allowed… yes true, but restricted.
No Adelaide don’t require to refinance your original loan, so it’s good if the time taken to sell (1 to 6 months max) allows you to escape a payout fee. So they are competitive in that respect, and ratewise they are OK.
However, for the lowest rate, Heritage has the best I have seen so far. The product is interesting as you can take 95% of the new security, and 72% of the old one (plus capitalized interest for up to 6 months).
What do you mean by easiest policy?? That could mean anything my friend! Outside normal NSR is ok, but that comes with most bridging loans…
Ben… I don’t see any other ways around it. Bridging finance can seem expensive but in essence the banks are lending you money you could not usually afford to pay off. Just make sure your pal looks at all the rates and fees so there are no nasty surprises!
If you can’t see it in writing it isn’t true [wink2]
Liz
Mortgage Lender
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 rate.
Go-Between Loans are not available with Greatsaver or HomeBuyer Power, although at the end of the Go-Between period you may request to convert to HomeBuyer Power.
HomeBuyer Power comparison rates start from 7.25% – ew! Thats with an intro rate.
I’d still be sticking with Heritage if I wanted the best rate…[wiseguy]
Liz
Mortgage Lender
Iambored… we are talking about “Sydney METRO” here, not rural areas, my reference is to “restrictions apply for Sydney Metro”.
My guess is they treat it on the strength of the application overall, i.e. building type, location, storeys, no. in complex etc and perhaps whether the client is blue chip or not would have some bearing.
It would really surprise me if they just took security in inner city postcodes at 100% lends for just about anything provided it serviced…
That would be crazy!
Liz
Mortgage Lender
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 on, and she has your best interests at heart. Trust me you will NEVER be able to convince her otherwise because she is your MOTHER (that is all she needs to be to be right) !!! You know what lil man, it is hard being young as nobody takes you seriously, but to gain your mothers respect for your ideas, you must show respect for hers also, and your friendship can grow from there.
As for property investing GOOD ON YOU!!! So much drive so young – well done [
]Still, go to uni though, its good fun!! You may want to have 20 properties, but you still need something to do with your life for satisfaction! Perhaps you can study business and open up a real estate with such a budding passion for property??
Best wishes to you young man!
Liz
Mortgage Lender
[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 below for current refund rate table, which is subject to change from time to time.
Period of insurance 1 yr or less, refund payable 40%
Period of insurance over 1 year to 2 yrs, refund payable 20%
No refund is payable where:
§ The loan is repaid within one year of the maturity date of the mortgage; or
§ The amount payable is less than $150; or
§ A loss has eventuated; or
§ The loan has been reported to have had recent arrears;
§ The lender does not notify GEMIS within 3 months of the loan being fully repaid.My question is, how come they have a refund of 40% if the period of insurance is 1 yr or less, however they also state that no refund is payable if the loan is repaid within one year of the maturity date of the mortgage? [blink]
Liz
Mortgage Lender
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% of the property to be bought, like a normal loan product. How interesting! This means on the bridging finance he could get 6.83% and on the residual loan he could get 6.48% a discounted product if he liked (I’m assuming this OK as I havn’t done one yet)…
Still, I am pretty sure that is how it works!
<I hate quoting rates on the forum, please not that they are not comparison rates>
Liz
Mortgage Lender
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 tell you the valuation… but I can tell you what 80% of the valuation is as… and then you can divide that by .8 and you’ll have your valuation” You see they have to tell you the mark (80%) where you start going into LMI (full disclosure of fees). Its a bit stupid really, but in essence we ALWAYS made sure we told them when the val was LOWER then the purchase price (rare, but did happen).
3) Don’t be surprised if the val is the same as the purchase price… seems to be what most valuers do in my experience.
Let me know if you can’t get your hands on the val, I have some contacts and MAY be able to help, but you should really be able to use point 2 to get what you want.
Good luck!
Liz
Liz
Mortgage Lender
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 approach… but my services will continue to be fee-free.
Liz
Mortgage Lender
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 very nervous as I have already been lied to once… [uneasy]
Liz
Mortgage Lender
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