Forum Replies Created
Your new lender will have a document for you to sign that they will forward to the old lender to ask to release the mortgage to them.
You should have to do very little.
Cheers,
Simon Macks
Residential and Commercial Finance Broker
***NODOC @ 7.15% to 70% LVR***
[email protected]
0425 228 985Comments may not be relevant to individual circumstances. If you intend making any investment, financial or taxation decision you should consult a professional adviser.
Grant,
This depends on your current loan. Some are portable some not.
Why can’t you top up existing loans to release a cash deposit which you can then take to a lender and get an 80% lend?
Swapping security seems to be adding an extra layer of complexity into the equation and I am not sure why you need to do it.
Short answer – call a broker!
Cheers,
Simon Macks
Residential and Commercial Finance Broker
***NODOC @ 7.15% to 70% LVR***
[email protected]
0425 228 985Comments may not be relevant to individual circumstances. If you intend making any investment, financial or taxation decision you should consult a professional adviser.
There is just not enough specific info to give any advice.
If she has decided that she can keep it then I suggest she contact her lender or broker ASAP and get it sorted.
Cheers,
Simon Macks
Residential and Commercial Finance Broker
***NODOC @ 7.15% to 70% LVR***
[email protected]
0425 228 985Comments may not be relevant to individual circumstances. If you intend making any investment, financial or taxation decision you should consult a professional adviser.
Originally posted by Nat R:I think you will find that AISC pushed that guy for more information and he flatly refused to give them anything or even respond with sensible answers (I doubt he had anything to give) and they did the right thing and shut him down.
Nat did you speak to ASIC?
They told me they didn’t shut him down, nor did they even try. They seemed as mystified as the rest of us.
Simon Macks
Residential and Commercial Finance Broker
***NODOC @ 7.15% to 70% LVR***
[email protected]
0425 228 985Comments may not be relevant to individual circumstances. If you intend making any investment, financial or taxation decision you should consult a professional adviser.
Anita,
What does this rate revert to after the first year?
I suspect it is 7.32% and you will be locked in for several years.
Do your sums and determine whether a basic variable on 0.5% less is a better deal over your timeframe without the honeymoon rate for year one.
A Choice Package may do even better.
If your broker has good contacts in the NAB he should be able to get a little bit more shaved off the rate.
Simon Macks
Residential and Commercial Finance Broker
***NODOC @ 7.15% to 70% LVR***
[email protected]
0425 228 985Comments may not be relevant to individual circumstances. If you intend making any investment, financial or taxation decision you should consult a professional adviser.
Anita,
That sounds like a plan to me.
I would warn you against using lenders like Wizard too often. Because they are securitised lenders they mortgage insure everything – even tho you only pay LMI over 80%.
This means you are raising your exposure to the LMI companies.
Eventually they will start to say no – and LMI, when you really really need it, can be a vital tool.
So when you choose the new lenders for the 80% lends try and pick the major banks.
Does this make sense?
Simon Macks
Residential and Commercial Finance Broker
***NODOC @ 7.15% to 70% LVR***
[email protected]
0425 228 985Comments may not be relevant to individual circumstances. If you intend making any investment, financial or taxation decision you should consult a professional adviser.
That is certainly what Derivex claimed happened. But in hindsight I don’t know whether it was ever going to fly.
However, I also don’t know the CEO motivation for all the effort he put into it either. He certainly wasn’t trying to get money from the public. Even the application cheques weren’t cashed.
Cheers,
Simon Macks
Residential and Commercial Finance Broker
***NODOC @ 7.15% to 70% LVR***
[email protected]
0425 228 985Comments may not be relevant to individual circumstances. If you intend making any investment, financial or taxation decision you should consult a professional adviser.
Originally posted by yack:Whtaever happened to derivex eh
[exhappy]
I doubt anyone knows for sure. You will get plenty of speculation though none of it founded on anything but emotion and wishful thinking.
I don’t even know myself and I was involved for a bit.
Cheers,
Simon Macks
Residential and Commercial Finance Broker
***NODOC @ 7.15% to 70% LVR***
[email protected]
0425 228 985Comments may not be relevant to individual circumstances. If you intend making any investment, financial or taxation decision you should consult a professional adviser.
Anita,
Looks like you have a couple of brokers not after a piece of anything right here.
ANZ have good products. I just find there service at application frustrating. I suggest you stick with them if you can.
Try a major lender rather than Wizard is my advice – but I don’t really know your situation enough for anything meaningfull.
Cheers,
Simon Macks
Residential and Commercial Finance Broker
***NODOC @ 7.15% to 70% LVR***
[email protected]
0425 228 985Comments may not be relevant to individual circumstances. If you intend making any investment, financial or taxation decision you should consult a professional adviser.
I agree with the others.
I just say I am after yield and price isn’t such an issue if the returns are there. they are so used to people with smaller goals of a home or an IP.
I do usually give a range as we all know the higher yields are usually in a certain bracket but I also make it clear I can go higher if something special comes up.
In todays market I doubt they will let you go too quickly.
Cheers,
Simon Macks
Residential and Commercial Finance Broker
***NODOC @ 7.15% to 70% LVR***
[email protected]
0425 228 985Comments may not be relevant to individual circumstances. If you intend making any investment, financial or taxation decision you should consult a professional adviser.
If she is happy to finance you then you can get the ball rolling. She should be confident she understands any risk tho. She should speak to her accountant/solicitor before comitting any funds.
I would not let her be your guarantor. This will make her responsible for your actions.
Rather she should borrow enough to get you started against her own home and then simply gift/lend it to you. This limits her downside to the actual amount should you dissappear or bankrupt etc.
You then use this money for deposits. If you have an ABN with your business then 20% deposits should be enough. ie with a loan of $100K you can buy $500K of property (I didn’t factor in costs in this simple example).
You should aim to get to a point where the growth in equity funds the additional deposits for further purchases.
This is a very simple example – not a financial plan of any description.
Cheers,
Simon Macks
Residential and Commercial Finance Broker
***NODOC @ 7.15% to 70% LVR***
[email protected]
0425 228 985Comments may not be relevant to individual circumstances. If you intend making any investment, financial or taxation decision you should consult a professional adviser.
Mods – please don’t delete. I need admin to see this tomorrow.
Simon Macks
Residential and Commercial Finance Broker
***NODOC @ 7.15% to 70% LVR***
[email protected]
0425 228 985Comments may not be relevant to individual circumstances. If you intend making any investment, financial or taxation decision you should consult a professional adviser.
Michael,
If attitude was enough then you are there.
But it isn’t.
You either need a substantial deposit 20-30% or a demonstrable income stream to service the loans so as to use a conventional lender.
Can you continue to run your business with a partner? Would free up time. Also seems a shame to walk away from something so valuable.
Can it be sold?
You could do something with partners but in all honesty you will find the 6 months building the portfolio and then managing it to be as busy as your business – especially if you are relying on third parties to help finance it (and take their cut too). If it is time you need then I can’t see it coming this way.
Sorry I cannot be of more help.
Simon Macks
Residential and Commercial Finance Broker
***NODOC @ 7.15% to 70% LVR***
[email protected]
0425 228 985Comments may not be relevant to individual circumstances. If you intend making any investment, financial or taxation decision you should consult a professional adviser.
Originally posted by Badgers_R_Us:All you need to get on in Australia is half a brain and you’re guaranteed a job for life. Why, because most of the buggers out there are doing a half-assed job, if they are doing a job at all.
I am advertising for a receptionist. Of 30 applicants (most of which I would not trust to get off the toilet without spraying the walls with something or other) I chose 3 to interview. Of the 3, one turned up and complained about the location of the office, the other did not show and the 3rd, get this, called in sick!!
The problem is we all accept mediocrity, and less. I think we should brand these people. Put some kind of sticker on their foreheads so we can all avoid them, or kick them really hard as we encounter them!!
I spend half my day dealing with dimwits. They are pervasive and they are taking over. No one wants to work, and those that do have their heads up their @r$es. Ask any youngster what they want to be and I bet you not one of them would say I want to work hard, get good grades and work my way up from the bottom. No, they all want to be CEOs by the time they leave school, or own their own business.
What’s this got to do with property investing? Nothing, other than we’re all obsessed with wealth. The old values such as hard work, responsibility, loyalty and all the other things that give a person integrity and purpose are seen as a burden on the short-cut to fame and/or fortune. The problem is that 90% of the wannabe’s will end up being waste-of-space failures, which is fine so long as they don’t apply for jobs at my company ,or come into contact with me in any way shape or form.
What’s eating you?
That sounds really tough Badger. Must be frustrating sometimes to be self empoyed.
Cheers,
Simon Macks
Residential and Commercial Finance Broker
***NODOC @ 7.15% to 70% LVR***
[email protected]
0425 228 985Comments may not be relevant to individual circumstances. If you intend making any investment, financial or taxation decision you should consult a professional adviser.
I really did meant to help – perhaps in whinge mode you were not reading as I meant it.
I apologise from the heart of my bottom.
I have this frustrating habit of trying to solve peoples problems and have only just learnt that some folks don’t want their problem solved, they just wish to vent. This is particularly true of women in general according to the Mars and Venus type books. (No slur meant there to you or to women).
Very particularly true of my wife who likes to come home and dump her day on me – a few listening noises is now all I need to get through instead of trying to solve her issues.
Once again all the best to you. Lets hear everyone’s whinges and I wont try to help in my awkward way. Just a few “mmmm’s” and the odd “that sounds terrible”
Cheers,
Simon Macks
Residential and Commercial Finance Broker
***NODOC @ 7.15% to 70% LVR***
[email protected]
0425 228 985Comments may not be relevant to individual circumstances. If you intend making any investment, financial or taxation decision you should consult a professional adviser.
Sorry mate – just trying to help and I get that in return.
I am just glad I didn’t apply for the job.
Good luck with attracting good people into your business.
Simon Macks
Residential and Commercial Finance Broker
***NODOC @ 7.15% to 70% LVR***
[email protected]
0425 228 985Comments may not be relevant to individual circumstances. If you intend making any investment, financial or taxation decision you should consult a professional adviser.
I don’t mean to be flippant here but maybe you are not attracting the best people to apply to work for you? You certainly don’t come accross as tolerant and friendly to employees [blush2], though I am sure your post, born of frustration, doesn’t reflect your outward attitude you display to your staff.
Lets work through this logically.
I suggest you rethink your advertising approach to filling this position.
I have just let an IP to medical students. I took the first ones that applied as they were all very impressive young men and women. My point is that they are out there.
Now clearly you are not looking for medical students but you need to figure out how to put your position in front of the best.
Is this a job that really bright people would enjoy? Does it lead up to better things?
Where are you located? What sort of industry is it? Perhaps one of our members knows someone looking for a position such as yours?
All the best,
Simon Macks
Residential and Commercial Finance Broker
***NODOC @ 7.15% to 70% LVR***
[email protected]
0425 228 985Comments may not be relevant to individual circumstances. If you intend making any investment, financial or taxation decision you should consult a professional adviser.
Originally posted by bardon:Post from another forum
Is the current prices decline temporary or not?
You are asking on an Australian Forum? I suspect you couldn’t find a market further from our experience [blush2]
Al lthe best,
Simon Macks
Residential and Commercial Finance Broker
***NODOC @ 7.15% to 70% LVR***
[email protected]
0425 228 985Comments may not be relevant to individual circumstances. If you intend making any investment, financial or taxation decision you should consult a professional adviser.
Anita,
Did your Broker recommend Wizard? Wizard are a securitised lender so even if you are not paying LMI – you have increased your exposure to them. I doubt I would have chosen them for you but then I don’t know your situation at all.
If you don’t wish to offer up your PPOR to them (and they will take everything they can get from you) just topup the PPOR loan by enough to find a 20% deposit plus costs from it. If it has no loan against it then open an LOC.
If avoiding xcoll is very important to you I suggest you take your PPOR to a third lender so this cannot happen under any circumstance.
All the best,
Simon Macks
Residential and Commercial Finance Broker
***NODOC @ 7.15% to 70% LVR***
[email protected]
0425 228 985Comments may not be relevant to individual circumstances. If you intend making any investment, financial or taxation decision you should consult a professional adviser.
$50K is more than most people start off with.
Speak to someone like Richard to get some idea on borrowing power etc. It is based on several factors as he suggested.
Cheers,
Simon Macks
Residential and Commercial Finance Broker
***NODOC @ 7.15% to 70% LVR***
[email protected]
0425 228 985Comments may not be relevant to individual circumstances. If you intend making any investment, financial or taxation decision you should consult a professional adviser.
