In the current lending climate, it is very difficult to find a conventional lender to provide development finance with a credit default. Even with no default there are quite a few hurdles to jump. Post covid, as everyone knows thew construction sector has some issues. As every week we are hearing about construction businesses closing. Therefore, i…[Read more]

In the current lending climate, it is very difficult to find a conventional lender to provide development finance with a credit default. Even with no default there are quite a few hurdles to jump. Post covid, as everyone knows thew construction sector has some issues. As every week we are hearing about construction businesses closing. Therefore, i…[Read more]

In the current lending climate, it is very difficult to find a conventional lender to provide development finance with a credit default. Even with no default there are quite a few hurdles to jump. Post covid, as everyone knows thew construction sector has some issues. As every week we are hearing about construction businesses closing. Therefore, i…[Read more]

Hi Nat,
How much is the fixed price contract? Minus the additional 40k?

Regards
Colin Kidd
Loan Saver Network
http://www.loansaver.com.au
http://www.loansaver.net.au
When the Banks say “no”. We say GO!
m: 0404 362 262

Yes, this would be viewed as a car loan/ lease. There would generally be no property or land that a mortgage could be held over. Even if it could the property would most likely be unsuitable for a lender to take as security as the house could simply be towed away… reducing the value of lenders security.

Regards
Colin Kidd
Loan Saver…[Read more]

I must re inforce the word contestable, which mean it is contestable if it is another parties fault. Ie the lender, or business who initially put it there. I have successfully been involved in transactions where the CRAA default was removed. But again this default was listed and acknowledged as a mistake by the business who listed it. Which was…[Read more]

Hi,
Yes it is not impossible to have a CRAA default removed. But to take your case to Baycorp you will really need to have substantiated evidence showing you that were not at cause of the default. Moving house, not recieving statement etc will generally not be acceptable. There is a company that does deal in removing contestable CRAA defaults. But…[Read more]

Just be aware there are different regulations for broking in WA than the rest of the country. They will need to have a WA Brokers licence to write your loans. Occasionally i get the odd referral from clients in Perth, but i refer them on to a WA firm for this very reason.

Regards
Colin Kidd
Loan Saver Network
http://www.loansaver.com.au
m: 0404 362 262

And/or Nominees is something you put on the contract if you want to have the option to nominate or add another party as a purchaser.
For example- the contract would be signed as:
John Smith and/or nominees

This would allow you to nominate or include another party in the contract of sale, change the purchaser completely to (example): Jan Smith. Or…[Read more]

There are a few conditions to think about including:
-Subject to finance: This should be at least 2 week subject to finance clause from the date of final signature.
-Subject to vacant possesion. (if tenanted and you wish to occupy, or if you don’t want the tenents)
– Subject to building inspection.
– Subject to fittings and fixtures remaining.
-…[Read more]

This all sounds good. Just remember to run it all past your accountant, and i gather your having problems with obtaining a financial planner suited to you.

Regards
Colin Kidd
Loan Saver Network
http://www.loansaver.com.au
m: 0404 362 262

Hi Celeste,
Yes, you can do that, but it is what a bank calls a construction loan. There are some benefits and disadvantages of one of these that can push someone out of qualifying.
1. Lender requires the property to be complete (no walls missing etc) prior to starting.
2. Construction must be on a fixed price building contract
3. Difficult for…[Read more]

Just keep in mind… i did not provide a full needs analysis and it might unveil unforeseen issues. Don’t take what i said as a full approval or indication of such… this can only be provided once a full loan application is submitted, and LMI has looked over the deal…. be aware, some lenders use an indicative as a means of removing you from the…[Read more]

The funds to complete purchase can vary from lender to lender, as each lender can have a different agreement with a mortgage insurer. For example the two main LMI competitors are GE and PMI, then there are some lenders who can self insure their loans. A Mortgage Insurer may provide a higher level of service and better rates to a particular lender,…[Read more]

Just to ad to the last comment. You will usually require 10-20% deposit for a line of Credit product. Where you can find 100% offset products around for 100% LVR lends. If you were wishing to capitalise the loan payments to the loan itself, in any of these cases the capitalisation with only be the funds you have remaining from the purchase. As you…[Read more]