Forum Replies Created
- Didnt take RAMS long
Please be advised that RAMS has introduced the following changes to its credit policy for the broker channel:
• The maximum LVR available will now be 90% (previously 95% LVR)
• All loans where mortgage insured, will become "standard" loan applications requiring a deposit of 5% minimum genuine savings
• Mortgage Insurance premium capitalisation is to a maximum LVR of 92% for fully documented loans (90% LVR + 2% LMI) and 82% for low doc loans (80% LVR + 2% LMI)
What is classified as genuine savings?
Where the LVR exceeds 80%, a 5% minimum deposit is now required which is sourced from the borrower’s genuine savings and must be verified with satisfactory evidence.Examples of genuine savings could include:
• Personal savings accounts or term deposit accounts
• Real estate equity
• Tax refunds
• Bonuses and dividends
• Accessible superannuation (non-preserved portion)
• Historical Rental Statements (New)
• Value of Excess loan repayments (New)Richard Taylor | Australia's leading private lender
Hi Jads
Yes you are not required to utilise all of your savings as a deposit.
Many lenders have now cut back their maximum loan to 90% however still a few doing 95% LVR.
You would be better of to look at a 100% offset account where you would get the best of both world being immediate access to your funds as well as an interest saving on your loan.
Richard Taylor | Australia's leading private lender
Get your original broker to lodge a further application and subject to everything it should be fine.
Richard Taylor | Australia's leading private lender
Another overpriced debt reduction mob charging an arm and a leg for something your average mortgage broker does for nothing.
No never heard of them but if you wait then one of their employees should join the forum under an alias and tell you how wonderful they are and that they used them and they saved them 000's.
Richard Taylor | Australia's leading private lender
Another overpriced debt reduction mob charging an arm and a leg for something your average mortgage broker does for nothing.
No never heard of them but if you wait then one of their employees should join the forum under an alias and tell you how wonderful they are and that they used them and they saved them 000's.
Richard Taylor | Australia's leading private lender
Up until 2 weeks you could have got 100% but those days have passed.
There are many lenders away from the majors but they are still limited in lvr.
Richard Taylor | Australia's leading private lender
Ajay
Nothing you can say or do will encourage the Banks to lend you 100% of the purchase price / valuation as they simply cannot get mortgage insurance cover on the deal.
You can negotiate all you like with the 2 mortgage insurers and if you crack them let me now as i could give them dozens of deals a week. As i say even at 95% LVR you are pushing it uphill with most now.
Richard Taylor | Australia's leading private lender
As SNM has mentioned 100% loans are a thing of the past.
In fact bar the odd lender 95% loans are also a dying breed.
Thing the days of funding it with NMD have been and gone for the near future unless you have cash or equity to gear against.
Richard Taylor | Australia's leading private lender
I dont believe legally they can regulate what lenders charge for exiting a loan and even if they tried to lenders would incorporate it in some other way.
Hardly going to make a loss on a fixed rate loan or similar where the cost of funds has changed and the lender has to bear the cost.
Richard Taylor | Australia's leading private lender
Agree with SNM as you wont find a traditional lender or mez provider offer such terms in the current climate.
Your Broker may have investor clients who are after a deal if the terms are right.
Richard Taylor | Australia's leading private lender
Hi Mick
Regretfully no way of avoid LMI on a 90% lend with a traditional style lender and more importantly will they even fund the deal irrepespective of the LVR.
You would probably look to use either a Unit Trust with a Corporate Trustee or a DFT with same.
3 out of the big 4 Banks will not lend to Unit Trusts so they are out of you use that structure however could certainly be the easiest to manage and most constructive when it comes to flexibility.
When you mention multi unit dwellings i am assuming you are referring to more than 2 and that could be your next problem. If you are looking at construction then you maybe limited to circa 66% – 70% lvr or if you are looking at buying them whole maybe 70% – 75%. Again not a domain of the Big 4 lenders.
Richard Taylor | Australia's leading private lender
Not without the sellers consent and if i was wrapping it to you then i would certainly never give you consent.
Will depend on the individual Contract terms but very unlikely.
Richard Taylor | Australia's leading private lender
Hi Bren
No refinancing under lodoc is still just about an option as it is only one of the mortgage insurers QBE PMI that has decided not to provide cover on lodoc refinances.
In saying this it will depend on the amount of "cash out" you are requesting and the other factors behind the deal i.e your stated occupation, property location etc etc
Also forget the best interest rate just a matter of getting it done.
Richard Taylor | Australia's leading private lender
Wow does sound like a lot of work.
In the current market i would be wanting to have got the property for a complete steal to be undertaking such work for 10% less than the purchase price.
I think i would be getting your Solicitor to say that given the work (and you can always provide them with a copy of the Building Inspection) you will make a new offer of XYZ or terminate the contract.
If the Vendor has been desparate to sell then he will listen to new offers.
Every other buyer is going to be in the same position on receipt of their Building Inspection.
Richard Taylor | Australia's leading private lender
KY
Why would the contrubution be undeducted ?
Unless Mr M has made the maximum contribution for the year it wouldnt be.
Richard Taylor | Australia's leading private lender
Most of my properties in the west which is where i am. Indooroopilly,
Toowong and Taringa are suburbs i own a few properties in.
Richard Taylor | Australia's leading private lender
Hi blueheeler
I am assuming that you mean self employed for 10 months as if you actually meant employed i can think of a dozen lenders all else being equal that would have considered the application.
I cant comment on Loanmarket but as a competitor you get will get as good information and advice as the person who owns the franchise. Like every organisation there is good and bad.
Richard Taylor | Australia's leading private lender
CUA are classic when it comes to Cross collateralisation.
Stay put and you will be digger yourself a bigger grave for the future.
Richard Taylor | Australia's leading private lender
Depends now if you can go full doc.
If lodoc is a must you can discount any lender that insures with QBE PMI as they have stopped providing cover on refinances.
With Gemworth they require last 2 BAS with most lenders.Richard Taylor | Australia's leading private lender
Sounds like they may have cross collateralised the loans across the 2 properties.
Not sure i would be doing that.
I would be telling them to take the new property as sole security and lend against this or you will take your business elsewhere.
Richard Taylor | Australia's leading private lender
