Hi Yule7575,

Yes that’s right. If you know what you want or don’t want it should be fairly easy to choose by having a bit of a chat. The first question I would ask is do they deal with investor a lot (they will all say yes I suppose) but then drill down and ask about whether they recommend putting all business with the same lender and cross…[Read more]

It’s a matter of degrees. I’m happy to have a chat to anyone or meet with them and do some preliminary calculations/ scenarios for them but they need to decide after that if we are going to work together. Too much paperwork to muck around with for all parties at that point.

Hi Dave,

The problem you have is if you want to use company profit then you would need the other shareholder director to guarantee you. Stupid I know but the logic is the bank doesn’t want to rely on income that your business partner could withhold.

Your only shot is to supply interim financials prepared by an accountant for this year supported…[Read more]

Jeez, They seem a bit inflexible to me. I would push for the revaluation of the IP immediately so you know where you stand with them. If they wont allow perhaps its worth trying a valuation through their broker channel Homeside which any broker can order upfront. That is on the basis that Nab will accept the Homeside ordered val which I am not…[Read more]

I had Nab on a commercial deal want to trust to be a guarantor for this very reason. I think its not required in practicaity ie if the beneficiaries are giving personal guarantees why should the bank care about the trust not distributing the income. At the end of the day they are lending the person the money really not the trust otherwise why…[Read more]

Problem here is every state is different. Jenni in most states you don't cross things out on the contract as part of negotiations, this is only in WA from what I have seen.  You could drop your offer into the vendors property (if they live there) if you think the agent isn't passing on your offer I suppose.

JacM wrote:
Sounds like your broker wasn't doing a very good job.  He/she should have checked what was on your credit file and decided which lenders it was possible to approach without your record being a problem.  Sack your broker.  Get Richard (Qlds007), Jamie (Jamie M) or Terry (Terryw) from these forums to take care of you.

Not fair at…[Read more]

It wont be $87 stamp duty for the new purchaser though? Not new once transferred once I would have thought.

Have you tried other lenders?

I would be doing this as well as talking to a solicitor about on-selling.

If you are talking from your own personal experience with each lender I dont think that really qualifies you to comment on banks credit policies in general.

CBA conservative? I think most brokers would disagree with you there. They do all sorts of lending that others wouldn’t. Perhaps not great with serviceability so that is perhaps where you are…[Read more]

Pat007 wrote:
Also like alot of times in business you need to remind yourself that a business is made of people, and with a large corporation you may hit a roadblock simply by speaking to someone who is technically correct, but unhelpfull or lacking in knowledge about what they can do for you.Try getting a meeting with a branch manager, if they…[Read more]

Your problem I think is that someone at the bank told you a furphy ie thet they can use the valuation over purchase price to give you instant equity….that is clearly not policy. It has always been policy to take the lower of the two when calcultiing the LVR.Therfore you are going to have to pay lemders mortgage insurance (LMI) or have 20% d…[Read more]

Keep saving

Some bad advice in amongst some good..for mine.

Borrowing via a p/l is very rarely a good idea. Crossing to boot. AVOID.

vucko84 wrote:
1) We discussed that if I lodge Tax11/12 before October 2012 – I will have a lump sum tax payment due in May 2013 ($50k) and go into PAYG instalments for 2012/13 based on this financial year income, correct? 2) If I withhold lodging Tax11/12 until May 2013 – I will have a lump sum tax payment due straight away ($50k)? And then…[Read more]

Hi Tiggie,Firstly sorry for your break up.My advice is your situation is not sustainable long term, therefore you are going to need to acquire an ongoing income even if it is part time or casual work to strat with.  It may also be an opportunity to get out of the house and meet some new people. I would leave everything as is for the moment and tak…[Read more]

I was wondering how you make a living too.

According to the SMH article you are a self funded retiree at 35. Jealous.

The OP would not be complaining if rates had moved in his favour.

It would be nice if the ban included break costs on fixed rates but the commercial reality is if that happend the fixed rates would have to be higher to allow for this.I also take umbridge to the fact that this is confusing to borrowers. I always make sure clients are FULLY aware that break costs are possible when taking a fixed rate loan. To be s…[Read more]