Hi Huey,

My two cents on the Canberra property market is that it has peaked like Sydney… I’d say it will slow as some areas of Sydney will.

I lived there during the boom and those that rode it came out well, it all seemed to happen around the same time as Sydney.

Good luck with it all…

Liz Wilson

Mortgage Lender

Derek,

I agree, from a management background I have done a few courses on the ways different people learn. I’m a doer – I have to do it to learn, some people have to see someone else do it, and some have to read instructions carefully to understand, it’s interesting how different people are, and how much it helps to learn about how your collegues work.

Still I am resigned to the belief that ultimately our subconsious works with pictures, and they just seem to gel when we use them for helping our memory… see what I’m saying? Maybe it’s good for this, but ultimately we need to absorb the information to start with by audio, visual etc, whatever works for you. For storage purposes it’s alot easier to remember with pictures – trust me on this one if you havn’t discovered it yourself yet!

Jaffa – yes you’d get away with it [tongue] – what does this calculator calculate? (before I download [hmmm])

Um sort of on the peg thing. They are like permanent memory starting points. Like 1 is a bun, 2 is a shoe, 3 is a tree. You can always refer to the Bun to start off concept no. 1 that you were trying to remember… the bun is attached to the first picture somehow…

I did a search for “mnemonics” on google. I swear by google – what engine you using?

Liz Wilson

Mortgage Lender

Hi Jaffa,

Late at night in my uni days I would watch bad late night TV like that guy who uses mneumonics… as I was poor I decided to figure it out myself rather then spend money on his videos! hee hee. My techniques are probably simpler but they work.

There IS something about pictures, WHY? Because our subconscious only works in pictures, and not words, anything we see goes into the subconscious, thats why changing concepts and information into pictures STICKS alot better then words.

Try to get some books at a library about it… you basically have to create an outlandish picture story in your mind, so that you can go through all the steps of the concept one by one where each has it’s own picture that connect to another picture through an action. The more it moves, and the crazier it is, the easier it is to remember, hence the fun part.

Try to create some memory pegs in your mind to.. these are where you can start the mneumonic stories… OK this is digressing… do you have AnY idea what I am saying? [blink]

Liz Wilson

Mortgage Lender

Yes it’s an interesting point you make. Once you get into the mindset of running your life (not just your finances) as a business you tend to become alot more results focused. It makes a lot more sense, I thouroughly agree with your point.

Liz Wilson

Mortgage Lender

Tom,

You be careful in the kitchen, didn’t you hear what happened to Jamie the Naked Chef with his todger?? [crying]

hee hee hee

Liz Wilson

Mortgage Lender

Sometimes what the lenders do is hedge the risk between both Mortgage Insurers, so $272,500 each. Let me know if you still need any help I have a lender who should be able to do this for you.

Cheers

Liz Wilson

Mortgage Lender

Ez,

Sounds good… but 1% is alot for an application fee, so they sound like a boutique lender.

Negotiate the fee down if you can, I mean if the rate negates to the standard anyway they should charge standard application fees.

$4,000 is way too much, and smells suspicious. Do an ABN search on them to see how long they have been in business. Ask if they are accredited with MIAA or similar, ask who their funders are… you know, drill them for answers so you feel confident you are dealing with a trustworthy established lender, then play hardball for a better estab fee (at least HALF that!).

Hold on… brainwave…[blink] check that the estab fee is not just the “brokers” fee, some broker still charge to make money, ask if the fee would be on the schedule of fees for the loan.

Liz Wilson

Mortgage Lender

Hi Skip,

My understanding is that at settlement the title to the property is transferred to your name. Your conveyancer actually writes up the title transfer doc doesn’t he? So he should know ALL about it. (what are you paying him for hee hee)

With some banks it doesnt happen straight away, as they need to go to the Land Titles Office and get it changed (I think). But it does happen in the course of settlement, you should not have to do anything.

Although with some banks (who shall remain anon) I would reccomend you do your own title search a month or two after settlement to ensure that they have done their job and got your name on the title! I have seen disasters where the bank didn’t have it’s butt in gear and some titles slipped through the cracks… VERY BAD PRACTICE.

I’m not a conveyancer though, and have only attended a few settlements so my knowledge is a little restricted. Hope it helps though.

Liz Wilson

Mortgage Lender

Hi Oztexs,

So you are foregoing $80 to $110 per week to live where you want to… fair enough, quality of life is important.

One question though… why don’t you use the equity in either your PPOR or the IP to put down the deposit on the new PPOR that you want? Then your channelling your “rent” money to pay off the loan… Why rent now and forego that $300-$330 per week when you can be using it to pay off a loan (instead of trying to save ontop of paying rent).

Does this line of logic appeal to you? If you want me to run the figures to see if it’s feasible from a lending point of view it takes me 2 minutes[suave2]

Liz Wilson

Mortgage Lender

Brahms you darling sweet thing!

Never been lied to before by a client?

Tell the bank (a) he forgot and they will understand! In my experience they do not question your integrity, they know clients lie! Go to GE or Bluestone and good luck.

Somedays a broker should just…

a) call it a day[weird]
b) Have a brain explosion[wacko]
c) drink a whole bottle of wine[tongue]
d) cry[worried]
e) all of the above[upsidedown]

Liz Wilson

Mortgage Lender