Forum Replies Created
You wouldn’t be able to get 100% being ex bankrupt.
Are you a discharged bankrupt?
The best I have ever done for a discharged bankrupt was 90% and managed to get Lenders Mortgage Insurance through a major lender. The client had been discharged for 3 years.
Finance Industry for over 20 years
0424 600 249
With you being on a probation period of 3 months yo would have to wait for the 3 months to finish. The main problem that you will have is with the Mortgage Insurers with their strict policies. You can normally get around not being with the same employer for less than 12 months if the new position is in the same industry and you can show stable employment history in the past.
Finance Industry for over 20 years
0424 600 249
I would be interested in helping to get one started.
General Manager
Private Lender & Property Developer0424 600 249
Sounds like you need some real creative financing.
What sort of commercial deal is it?
State Manager
0425 358 293Wholesale Mortgage Lender that deals only with brokers.
20 years in Finance Industry
You will find it is actually the Mortgage Insurers that won’t allow a 95% refinance. The most the Mortgage insurers allow is 90%
State Manager
0425 358 293Wholesale Mortgage Lender that deals only with brokers.
20 years in Finance Industry
I’m on the Gold Coast also and would love to meet up for coffee.
State Manager
0425 358 293Wholesale Mortgage Lender that deals only with brokers.
20 years in Finance Industry
I have previously used Fintrack, AFG and then PLAN, wasn’t happy with any of them.
I have come across a great aggregator in QLD which are expanding into the other states that pays upto 120% of commission from the lender and they pay it within 5 days of settlement.
State Manager
0425 358 293Wholesale Mortgage Lender that deals only with brokers.
20 years in Finance Industry
A lot of the funders haven’t increased their maximum loan amounts to match the mortgage insurers yet, but it will be done of the next couple of weeks.
State Manager
0425 358 293Wholesale Mortgage Lender that deals only with brokers.
20 years in Finance Industry
There are other ways to get into the industry.
Mark if you want to send me an email.
I might be able to point you in the right direction.
Kerri
State Manager
0425 358 293Wholesale Mortgage Lender that deals only with brokers.
20 years in Finance Industry
I know a great aggregator that you should be able to get on board with.
What state are you in?
Have you been able to obtain MIAA membership?
Kerri
State Manager
0425 358 293Wholesale Mortgage Lender that deals only with brokers.
20 years in Finance Industry
There are a couple of lenders around that will go on Valuation price not purchase price, but rates can be higher.
With off the plan purchases where the contracts are over 12 months old, some lenders will go on the valuation not the purchase price.
State Manager
0425 358 293Wholesale Mortgage Lender that deals only with brokers.
20 years in Finance Industry
To make it worth while over the long term, the loan would have to be P & I, so at least you debt would be reducing because you wouldn’t want it interest only, if there is not much chance of capital growth over the long term.
Do you have debt on your own home?
State Manager
0425 358 293Wholesale Mortgage Lender that deals only with brokers.
20 years in Finance Industry
You don’t need your employer to agree to it.
Once you complete the “1515” form from the tax office, you then forward it to the tax office who then inform your employer to adjust the with-holding tax payable.
State Manager
0425 358 293Wholesale Mortgage Lender that deals only with brokers.
20 years in Finance Industry
After many years of research, these days I actually rent as I find I am financially better off by doing this. The property I have been renting for the past 18 months, would cost me approx $1,050- per week if I was buying this property and that’s interest only. I am only paying $410- per week in rent, so I’m saving $640- a week plus all the normal expenses you normally have with owning a property.
You have to be very careful though and make sure you are investing the funds that you are saving by renting as it is easy to blow the money if you don’t have a plan and goals set for the future.
State Manager
0425 358 293Wholesale Mortgage Lender that deals only with brokers.
20 years in Finance Industry
I’d have to agree with you there, but as I have family there and a few i/p’s I still have to go there twice a year.
State Manager
0425 358 293Wholesale Mortgage Lender that deals only with brokers.
20 years in Finance Industry
The only good thing about Melbourne is the footy.
State Manager
0425 358 293Wholesale Mortgage Lender that deals only with brokers.
20 years in Finance Industry
Lived in Melbourne for many years, moved from there 2 years ago.
These are some suburbs I know had a bad reputation don’t know what its like these days.
Broadmeadows
Westal
Dandenong
Doveton
Parts of Cranbourne
Parts of Endeavour Hills
Springvale
Noble Park
State Manager
0425 358 293Wholesale Mortgage Lender that deals only with brokers.
20 years in Finance Industry
The Credit funded dream lifestyle is alive and kicking.
The availability of credit and poor financial education is to blame.
Life skills should be taught in all schools especially how to save, budgeting, investing and how finance and credit works and what happens if can’t pay you debts and how it can effect your whole future. There is many 19 year olds around with collection companies chasing them for large mobile phone bills and unpaid credit cards.
The worst case I’ve ever seen with credit cards is a guy who had 15 of them and they were all at or above there limits.
I started a Finance Help Line (free community service) about 12 months ago and the amount of bad cases I’ve seen due to too much credit being available and poor financial management are mind blowing. All I do is give people their options and point them in the right direction.
I had someone ask me about 106% loans and I told him to put his head down and start saving. I am totally against loans for the purchase price and costs as it puts people on the back foot to start with.
State Manager
0425 358 293Wholesale Mortgage Lender that deals only with brokers.
20 years in Finance Industry
The problem you have with 4 units on one title as most lenders see it as unacceptable security. Mortgage insurers wont touch them, so if you are purchasing security such as this, the maximum loan amount is 80% and you must use a lender that doesn’t securitise (where all loans, no matter what the amount are mortgage insured). This sought of property can’t be used as security for a lo doc loan. Some lenders will also see it as a commercial loan.
State Manager
0425 358 293Wholesale Mortgage Lender that deals only with brokers.
20 years in Finance Industry
Jewel-
Normally during the day is the best time to call.
State Manager
0425 358 293Wholesale Mortgage Lender that deals only with brokers.
20 years in Finance Industry
