Peter T replied to the topic What lenders use what mortgage insurers? in the forum Finance 18 years, 7 months ago
The two main mortgage insurers are GE & PMI, but there are plenty of others as already mentioned.
Some lenders to not mortgage insure, but instead have a ‘loan equalisation fee’ which for all intensive purposes is a similar beast.
I’m curious why you’re asking. A good broker should be able to navigate MI requirements are part of the process of…[Read more]
Peter T replied to the topic signing contract “SUBJECT TO FINANCE” in the forum General Property 18 years, 7 months ago
In your finance clause, specify the amount and the lender.
“Subject to finance for $300,000 from Westpac”.
Make sure you specify a due date for the fiance (at least 2 weeks, preferably 3 if they’ll accept it). If you don’t have finace by the due date, or you want to pull out, you much communicate this prior to the cut off.
Peter T replied to the topic How do you find out rental demand? in the forum No Subject 18 years, 7 months ago
The easiest way to figure out what’s in demand is to ask a few rental agents ‘What sort of property can’t you get enough of?’. This has always produced great information for me.
Peter T replied to the topic Do you have to pay 10% deposit before settlement? in the forum Help Needed! 19 years, 6 months ago
In NSW I beleive that you are required to put down a 10% deposit by law, otherwise the contract is not binding and the agent can sell the property to another party.
In Vic and WA it’s definitly negotiable.