Forum Replies Created
Hey Rob.
Whats the difference between a reducing LOC and a Loan with a offset account?
Mobile: 0425 358 293
Do you need finance to complete the purchase? If so motels are seen as specialised securities, which means there is a very limited number of lenders that will provide finance and your lvr will be very low mainly around the 40 – 60% mark.
Mobile: 0425 358 293
Are you after a loan or do you have some questions?
If you have questions, feel free to email me as my name says I’m not a broker anymore but I am a state manager for a Mortgage Manager and will be able to answer any questions you have and point you in the right direction.
Mobile: 0425 358 293
Steven- I’ll send you a product matrix as soon as it is released.
I will also post the relevant details regarding the product on here.
Mobile: 0425 358 293
There is already one out there now, but there will be a new one hitting the market in the next couple of weeks.
If the product is similar to the 90% lo doc they have, there will be no mortgage insurance, but a settlement fee. The 90% product has a 1% settlement fee, payable on settlement.
Mobile: 0425 358 293
I have emailed you with a lender that will definately do it. I spoke to them today about your situation.
Mobile: 0425 358 293
It really depends on the current rate you are paying on your p&i loans and you may also be able to increase the loan amounts with you current lender. You would probably have to do a construction loan on the land before you start building. How many units are you looking at building and have you run what you want to do with your current lender?
There is also some great loc’s out there. The one that won Money Magazines Best equity line of credit has no ongoing fees and I think the rate is around 7.09%
Mobile: 0425 358 293
Do the 2 smaller flats have kitchens?
I’d have to ring a funder tomorrow to see if they will do under 45m2.
What postcode are the properties in and are you looking for full doc or lo doc?
Contracts need to be done by solicitors and any deposit from the purchaser needs to be taken by the solicitor and placed in their trust account.
You would probably have to do it as a construction loan as there is no certificate of occupancy and most lenders are very vary of this as it can put them in a bad situation if they were to lend you the whole amount, the property settles and then you don’t do the renos and then default on your loan. It would leave them with a property that was not completed and they would have difficulty selling it. What I’ve just said is the worst possible case scenario and you have to have that in mind when dealer with the lender.
What is the postcode?
Sounds like you need help fast. If you want to email me the figures and postcodes etc. I can ring a couple of funders and mortgage insurers and see what I can do. I am a state manager for a mortgage manager and deal with brokers but I have direct access to credit departments of funders and can then point you in the right direction with what broker to use. That deals with the funder that you need.
You will find that the most that a mortgage insurer will do is 4 units on one title. I had a scenario this week where a brokers client had 4 units on one title and 6 units on another title. The most the mortgage insurers would do was 4 on one title full doc and this was talking to the mortgage insurers underwriters and getting a decision on it before the loan was submitted.
I even spoke to the non conforming funder that we use,(I am not a broker but I am a state manager for a mortgage manager which has a lot of pull in the industry) and I was told that the most they would do lo doc was 4 units on one title and there was virtually no chance of getting funding for anything above 4 units let alone lo doc.
I then spoke to another funder that told me that they will look at anything above 4 units on 1 title, as long as it was 70% lvr or less and it was a full doc loan.
Hope this helps
I work for a wholesale mortgage manager and looking through the 5 funders that we use, most are able to do this deal. If you want to email me I can let you know what lender will do it.
We do not deal with retail clients, we only deal with brokers and I also have direct access to funders credit departments, so I can also check with them if I need to.
I work for a mortgage manager and our 90% lodoc loan indicative rate is 10.30%
There is no mortgage insurance but there is a 1% settlement fee due on settlement of property.
Prahran is also an acceptable postcode.
One of the cheapest lo doc on the market is around 6.9% to 7.2% and thats at 80% lvr. With lo doc loans you really have to look across the whole market as the interest rates & deals can vary considerably. 60% lvr sounds like one of the banks, which are pretty inflexible with lo docs and do very low lvrs.
I do know of a few lenders that will do this.
If you want to message me I will give you the lenders names. As my username says I am not a broker any more. I’m now a state manager for a Wholesale funder which deals directly with brokers/introducers.
What sort of rate are you looking for?
I may be able to point you in the right direction.
Regards
Kerri
Lenders can’t discriminate on age. There is no set retirement age in australia, so they cannot say that your retirement age is 65 so therefore they cannot let you have a loan term that goes over this. I would be going back to them and telling them this and also if they don’t give you the longer term, you wil be taking all your business elsewhere. Then contact a broker, who will find you a lender that will do the loan for the term you want.
C/C Is really the lenders looking after their own interests.
I had someone contact me recently who had all his loans with one of the banks. He did a Low Doc with them at 60% lvr and they told them he had to bring all his loans to their bank otherwise they wouldn’t give him the funds, Which he did. Now he is stuffed as they have cross coll. 10 properties, they won’t lend him any more funds and have made it virtually impossible to refinance even just 1 or 2 properties to another lender.
Hi wilko.
With that user name you surname wouldn’t be Wilkinson would it.If it is my surname is wilkinson also. So we could be related. Anyway you really don’t need a broker that is close by as everything can be don by fax or phone, as long as your feel comfortable with the broker that you deal with it doesn’t matter whereaouts in australia they are located. You will find most of the broker on here have heaps of experience.
Forgive me if you find heaps of spelling mistakes as I’ve been at the pub since 7.00 pm celebrating St Pats Day as my hubby is Irish.
Regards
Kerri
Financial Wellbeing Coach
W: http://www.pfsfinance.com.au
E:[email protected]
E:[email protected]Development Finance Specialist
