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If Mortgage Hunter has no luck.
Drop us a email
My company is not only a brokerage firm, but also has it’s own home loan. Which means we get to speak to LMI directly.
Post code would assist
I don’t see why you can’t get an investment loan if you intend on investing.
There are a few loans that you could fit into.
They would mainly be assest lend loans. You can borrow up to 65%LVR – 85%LVR depending on your preffered interest rate.If you are looking to wrap this will decrease the available lenders.
Only to happy to assistLike previously mentioned, need more info.
Post code of land
Size of land
Are you self employed, do you have an ABN?afghangirl
If, by chance, Mortgage Hunter is unable to assist, drop us a line.
Specialize in the hard loans.
Only to happy to help out.
Mortgage Hunter
I’m sorry,as you seem like a great guy, but about St George I believe you are incorrect.
The 2.5% genuine savings needed is to cover LMI, which is 2.5%.
Also, you can use your FHOG instead of genuine savings. You just have to service at a higher rate, meaning less borrowing power.
There is another 100% product just released, where you don’t need genuine savings, no min income, no min assest.
They also accept FHOG to cover costs. LMI 2.5%
They generally lend a fair bit higher than St george, but rate is higher too, 7.9%.Also this product is available for 100% REFINANCE as well.
[email protected]Mortgage Hunter
I’m sorry,as you seem like a great guy, but about St George I believe you are incorrect.
The 2.5% genuine savings needed is to cover LMI, which is 2.5%.
Also, you can use your FHOG instead of genuine savings. You just have to service at a higher rate, meaning less borrowing power.
There is another 100% product just released, where you don’t need genuine savings, no min income, no min assest.
They also accept FHOG to cover costs. LMI 2.5%
They generally lend a fair bit higher than St george, but rate is higher too, 7.9%.If worst came to worst. Do an assest lend. As stuart mentioned on another post an assest lend of 85%max LVR, but interest rate is high. 9.5% by memory.
Assest lends LVR’s are generally 65 -75%
If you have had a ABN for 2 yrs no problem like Mortgage Hunter said. If you’ve had it for 1 yr still no problem, just higher interest rate.
But there is a loan where it is designed for people who are starting buisness. You only need to be applying for an ABN. You must have ABN by settlement. The max LVR is 85%. The interest rate is higher than normal, due to the risk. It also depends on location of property.
Just like Mortgage Hunter said.
Call a broker to see if you really are on the best deal.
There is the perception out there that you’ve been with your bank for so long and they will look after me, well, not totally true, when it comes to home loans.
There is probably better loans and rates etc.. So, worth while talking to a broker, just to see.
When it comes to home loans in most cases, the final call is up to Mortgage Insurance. This is where your bank can’t do much if it is declined by them. That’s when a lot of people try brokers.
I doubt that they can stop you using your equity. For example; what if you went and got a second mortgage with another bank, they can’t stop that.
I would,Refinance and draw your equity out for the deposit etc… for your IP. But like Mortgage Hunter said when your ready to buy.
There are better rates etc.. than your current loan. So refinance, so your properties are on better rates anyway.
You might be referring to one of the posts I posted to Sushi03, where sushi03 went to five different brokers before someone could assist. If it wasn’t this posting my mistake.
In this posting I simply suggested that why she went through five different brokers is because, some brokers specialize in A Lends and some in Non-Conforming. If you go to a broker who deals a lot in A lends 90% chance they don’t know the ins and outs of the non-conforming market, therefore not getting you the best deal or even knowing the best lenders and rates of that market is. And visa versa. The key is balance.
If you know have defaults or different circumstances see a broker that specializes in that area.
Also ask,
How many non-conforming lenders is the broker accreditated with? Are they originators with these lenders?
Why are you recommending this loan?I spoke to the State Revenue QLD, about two months ago. They stated; there is no set time frame you must live in the property, however you must live in it within 12 months of settlement date.
But if they are looking into it, that’s good. It’s designed to assist people to purchase their first home, people who generally need it, especially now with the increase in the property market,not investors.
If people took this approach and they investigate, the govt, (and sounds like they are), it will stuff it up for everyone who could realy use it.
Why don’t you try methods like non-refundable gifts from the vendor or approaching the vendors to leave equity in the property, maybe as a loan to you.
If you have one lender for your PPOR (maybe a mortgage and a line of credit for deposits), this lender can not touch your IP’s if something was to go wrong and visa versa. If you use this strategy the lenders with the Investment properties can’t touch your home, if something was to go wrong.
If they are all together and let’s say your PPOR is valued at $400000 with a mortgage of $100000 and your IP is valued at $200000 with a mortgage of $150000, which property would you take?
If you have your PPOR seperate it’s safe.
Hi,
Only to happy to assist.Just send us some details. Purchase Price, Post Code etc…
I cover QLD and Some NSW[email protected]
ph: 1300 137 107The reason you went through five brokers would be because they were brokers that don’t specialize in the non- conforming market. If you went to a broker who mainly deals with A Lends (ie major banks etc..) they generally don’t have a clue about the non-conforming loans.
I’m an orginator with most of the non-conforming and the A lenders. These means I can negotiate terms and rates with the lenders. As opposed to others who would just be accredited with an aggregator. What these means is most brokers have to put loans through an aggregator to get to the lenders, when you are an originator you go directly to the lender, therefore having more negotiation ability with the lenders.
sushi03
Drop us an email. With, what and how much the default is for. And where the property is (just postcode is fine) Could get you a better rate.
sushi03
If you don’t mind me asking what rate are you on?
If it is your first home loan, why aren’t you taking advantage of the FHOG and buying a property for yourself?
Then when the equity grows and your loan decreases taping into that, to start your IP’s.
Anyway, you should generraly only allow 2 or 3 properties to one lender.
Get an ABN. This will allow you to access Lo Doc loans. Meaning you can self-certify your income, although you need 20% deposit.
With out any other details that’s about it.
There are lenders who will assist you.
What rate you end up on depends on your credit history and deposit.If you have 20% and a couple of defaults, no problem. Rate would be about 6.6%. The defaults would have to be paid by settlement though.
If you have worse than this, to get the same rate you would need a higher deposit.Also if you have minor defaults paid over 6 months nearly all lenders will accept.
If you don’t have that much of a deposit and your credit history is unpaid defaults, telco defaults over $500 or worse, the lenders rates would start at about 8.2%. generally you would need min 10% deposit.
Keep your PPOR loan seperate from your IP loan, another words use two different lenders.
I’m not Newcastle, but quite free to drop me a line.
