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I am on the gold coast and are more than happy to be a mentor. If anyone is interested.
State Manager
0425 358 293Wholesale Mortgage Lender that deals only with brokers.
20 years in Finance Industry
If any of you brokers needs a fantastic contact at nab, let me know. She’s based on the Gold Coast, but will deal with brokers all over australia.
State Manager
0425 358 293Wholesale Mortgage Lender that deals only with brokers.
20 years in Finance Industry
I remember dealing with a Commercial BDM and ended up not using him because you could never get him on the phone and if you left a message, if he did actually return the call, it would be a bout a week later. So guess who didn’t use the BDM after putting up with that a couple of times.
I have a fortnightly calling program and sometimes if I’m near their office, I will just pop into say hello. The brokers that I look after who are interstate, get a call from me at least once a fortnight. If there are any product changes/updates, I email my brokers straight away to let them know.
State Manager
0425 358 293Wholesale Mortgage Lender that deals only with brokers.
20 years in Finance Industry
I have a friend who is a broker in perth. She reckons it’s a nightmare over there for licensing.
State Manager
Wholesale Mortgage Lender that deals only with brokers.
20 years in Finance Industry
Hi Rob
Got your email, fowarding on tomorrow.
I hope I’m in the 10% favourable BDM’s, anyway my brokers love me. How many BDM’s will answer their phone late at night and help a broker who’s with a client with a scenario. I often receive scenario’s by email out of business hours and will answer them straight away.
I reckon BDM’s need to have been a broker, so they can understand what a broker’s business is about and a brokers needs.
Service, contactability, fast approvals and fast turnaround times are the key for a BDm to be successful.
There are still plenty of jobs up here, if you wanted to move
State Manager
Wholesale Mortgage Lender that deals only with brokers.
20 years in Finance Industry
You also might want to check whether the loans have “Loan/security portability”. Where the loan may be transferred to another security property, saving on loan stamp duty, early repayment fees and establishment costs. This is for if you are looking at buying another property when/if you sell this one.
State Manager
Wholesale Mortgage Lender that deals only with brokers.
20 years in Finance Industry
All the lo docs I have access to have 1.2% early repayment fees for the first 5 years.
You would need to look at the total costing including entry fees, interest rate, whether LMI is payable and the exit fees and compare the products that way to find the product most suitable for your needs.
State Manager
Wholesale Mortgage Lender that deals only with brokers.
20 years in Finance Industry
Hi Resi Wealth
Have to agree with you about ipswich etc.
Would you mind sending me a copy of the report. It would be much appreciated.
State Manager
Wholesale Mortgage Lender that deals only with brokers.
20 years in Finance Industry
Motels are what they call specialised securities and normally you can only get around a 60% LVR and there are not many lenders that will even look at them.
Maybe you could refinance your existing properties and pull out what you can to put towards the freehold, getting whatever loan amount you can and see if the vendor will vendor finance the rest.
State Manager
Wholesale Mortgage Lender that deals only with brokers.
20 years in Finance Industry
Are you putting any funds into the purchase?
What is the postcode and are the units on one title?
With your bad craa, have the debts been paid or are they unpaid defaults.
There is virtually no chance in obtaining a unsecured p/loan with a bad craa. I’d need to know a bit more info before I could let you know of some options.
State Manager
Wholesale Mortgage Lender that deals only with brokers.
20 years in Finance Industry
Been doing a bit of research today. Yes Home Loans has one 7.09% minimum $50,000. Can have up to 4 splits. no monthly or annual fees. App fee $395
State Manager
Wholesale Mortgage Lender that deals only with brokers.
20 years in Finance Industry
Hey Rob, Thanks for the explanation.
Another question. How do Margin Lenders work out what shares are okay to lend against. What if somebody had $3mil worth of shares in a company thats share price is around the 0.60c mark would lenders look at this even with a really low lvr (20% mark).
Thanks
State Manager
Wholesale Mortgage Lender that deals only with brokers.
20 years in Finance Industry
They actually purchase the property and give the people living there tenancy for life. They will give the person a lump sum and then pay the rest of the funds owing on the purchase contract over an agreed term.
State Manager
Wholesale Mortgage Lender that deals only with brokers.
20 years in Finance Industry
I couple of people I know were working for DNA when the company 1st started. I actually went to 1 of their first seminars to give the people I know a bit of support.
They didn’t excite me. I think they are a glorified property marketer.
State Manager
Wholesale Mortgage Lender that deals only with brokers.
20 years in Finance Industry
I’d be sitting down with another broker and get a second opinion on your borrowing capacity and the way your loans are structured.
State Manager
Wholesale Mortgage Lender that deals only with brokers.
20 years in Finance Industry
Information sheet on Bankruptcy.
BANKRUPTCY
Bankruptcy has very serious consequences for the rest of you life. Do not take this step without speaking to a Financial Councilor to see if there are other options available to you. If you are in debt and are considering bankruptcy, you should know bankruptcy is your last resort. Once bankrupt it is difficult and expensive to undo if you change your mind.
WHAT IS BANKRUPTCY?
Bankruptcy is a process where people, who cannot pay their debts or come to a satisfactory arrangement with their creditors, receive the protection of the Bankruptcy Act, 1966. Its purpose is to provide an orderly finalization of the financial affairs of people who are unable to pay their debts.
WHY GO BANKRUPT?
Bankruptcy protects your essential assets and income, and stops your creditors from hounding you. It releases you from your debts ensuring that you have no further obligations to your creditors. By becoming bankrupt, you enable your creditors to claim under their debt insurance policies.
HOW DO I BECOME BANKRUPT?
You can become bankrupt voluntarily or you can become bankrupt on the actions of creditors.
You can apply to be made bankrupt by completing both a Debtor’s Petition and a Declaration of Financial Position, known as a statement of affairs and lodge them with a Bankruptcy Trustee.
WILL I LOSE EVERYTHING?
Bankruptcy actually protects essential assets and income.
The following property cannot be given to creditors:
• Necessary apparel and household items, including furnishings.
• Interest in a motor vehicle to a market value of $5,650 per person.
• Tools of trade to a maximum re-sale value of $$2,900.
• Life assurance or endowment policies. (subject to some limitations)
• Superannuation payments (subject to certain limitations).
• Certain damages and compensation payments.Property subject to securities, for example land under mortgage, car under a Bill of sale, are also unlikely to be available f there is little or no value in them allowing for the payout of the security.
The Trustee will determine what is “necessary†but it is certain that collectables, artworks, antiques, etc, will be sold for the benefit of creditors.
Bankruptcy has very serious consequences for the rest of you life. Do not take this step without speaking to a Financial Councilor to see if there are other options available to you. If you are in debt and are considering bankruptcy, you should know bankruptcy is your last resort. Once bankrupt it is difficult and expensive to undo if you change your mind.
State Manager
Wholesale Mortgage Lender that deals only with brokers.
20 years in Finance Industry
I’ve just done an example of 2 different lenders, just to show that there are differences in premiums between lenders.
State Manager
Wholesale Mortgage Lender that deals only with brokers.
20 years in Finance Industry
Lmi premiums also differ between Owner occupied loans & Investment Loans, P & I Loans & interest only loans, Non-Genuine savings & Genuine Savings and there can be different rates again if you are are a First home buyer . Gemico is normally cheaper then PMI and Gemico is normally the preferred insurer because of the difference in premiums. Gemico is normally a bit easier for approvals also.
Example $400,000- Loan 95% premiums for 2 different lenders for
PMI
Owner Occupied Investment
Lender 1 2.28% 2.85%Lender 2 2.56% 3.00%
Gemico
Owner Occupied Investment
Lender 1 2.11% 2.64%
Lender 2 2.43% 3.03%
State Stamp Duties Payable for LMI:
NSW = 0%
VIC,ACT, WA & NT = 10%
SA = 11%
TAS = 8%
QLD = 8.5% Investment
QLD = 5% First PurchaseState Manager
Wholesale Mortgage Lender that deals only with brokers.
20 years in Finance Industry
The problem you might come across when you go to settle on these properties is that you might only be able to get finance on the contract price and not the valuation price.
Wholesale Mortgage Lender that deals only with brokers.
The Gold Coast isn’t just a Holiday rental market. There is a permanent rental market up here as well.
It really depends if you are looking at being able to use the property for your own holidays or whether you just want to rent it out permanently.
Wholesale Mortgage Lender that deals only with brokers.
