Forum Replies Created
Mike in the case of a Commercial property then as long as the yield is sufficient you will be ok from a servicing perspective.
It is not serviceability but lvr will be an issue here.
Richard Taylor | Australia's leading private lender
Terry is correct and i think this provides some of the answers to the question i raised in the finance section.
PMI QBE are not even providing cover for lodoc refinance so that will count out all those lenders who use them as their mortgage insurer. Gemworth as Terry has pointed out limit the amount of cash out and also require BAS so again you would be limited here.
Also if it is construction loan or you are purchasing in anything but your own personal name several lenders will not do these anymore under lodoc
Might have to look at cross collateralising the securities and biting the bullet on time.
Richard Taylor | Australia's leading private lender
A week i think he or she is optimistic.
Will depend on a numorous factors such as purchase or refinance, property location, lvr, loan amount, the list goes on.
Have had 2 lodoc loans approved in 2/3 days this week however in saying that have one with Rams which is 21 business days and still going.
Depends on so many factors.
Richard Taylor | Australia's leading private lender
Admitedly Anz credit policies have tightened (Even yesterday they amended servcieability criteria again) but this is the case with most of the majors.
Must admit i think you must have just been dealing with the wrong person at Anz as I am sure if credit or the local State Manager new they were going to loose the deal they would have allowed the loan to roll over again to IO.
Certainly agree with you about interest rates with the ANZ.
Richard Taylor | Australia's leading private lender
Hi Mr M
Yes you are now able to borrow in your SMSF to purchase both residential and commercial property and subject to normal commercial arrangements are able to lease the commercial property from your fund. (Please note this is not the case with residential property).
In saying this for a commercial lend you are limited to circa 70% lvr meaning you still need to come up with the 30% balance plus acqusition costs (Some lenders will max out the loan at 66% for a commercial security).
Certainly makes financial sense and I do just that in my SMSF.
Richard Taylor | Australia's leading private lender
Certainly Bond Rates have started to move back up the curve hence fixed rates have started to rise.
Richard Taylor | Australia's leading private lender
Well i must admit Phil Anderson did retire a year younger from property than me so i will give that to him.
And great first post volitans will you be contributing any more or are you the Lifecorp plant who wqas sent in to make your first post.
Thankfully you have no knowledge of me or my business or otherwise you wouldnt make such comments.
Richard Taylor | Australia's leading private lender
Your combined incomes have no impact on the level of lvr that you could obtain only the total amount you can borrow.
Richard Taylor | Australia's leading private lender
Hi Heath
Unfortunately you will not find any lender in the current climate lend more than 95% of the purchase price / valuation which means you need to come up with the 5% deposit plus acquisition costs.
Even the number of 95% lenders is becoming a thing of the past as most are moving back to 90% LVR.
Richard Taylor | Australia's leading private lender
No problems Slacker.
Let us now if we can help further.
Richard Taylor | Australia's leading private lender
Hi Jenny
Depending on the to whom they were in favour of and the number of defaults you may find getting a loan in your name harder than you think so Yes if they are prepared to allow you to utilise the equity in their property this would be a good idea.
You may even require more than 20% deposit depending on the information above so they way it would normally be structured would be that they would take out a loan and gift to you the deposit and acqusition costs.
You would use then use these funds to purchase the property and the balance would be done with a loan in your name secured against the property you will be purchasing.
Your mortgage broker should be able to provide you with options once you ascertain the extent of the credit defaults.
Richard Taylor | Australia's leading private lender
Yes you can arrange a Line of Credit with Adelaide Bank although must admit the interest rates arent too flash.
What you would do is get them to give you a LOC to say 90% of the property valuation and then use these funds to cover the deposit and acquisition costs on your new IP. You would obtain this loan from a separate lender.
There are still a couple of lenders doing 95% LVR for investment so get your mortgage broker to investigate the options for you.
Hope this helps.
Richard Taylor | Australia's leading private lender
2C if the property is transferred into Trust you will pay Stamp Duty on the date of Transfer and not again unless the property is transferred to another entity.
If paid now and you keep the property for 10 years and then sell it you only pay it once.
Richard Taylor | Australia's leading private lender
95% Plus LMI is still around also although it is not
Richard Taylor | Australia's leading private lender
95% Plus LMI is still around also although
Richard Taylor | Australia's leading private lender
95% Plus LMI is still around also although it
Richard Taylor | Australia's leading private lender
95% Plus LMI is still around also although it is
Richard Taylor | Australia's leading private lender
95% Plus LMI is still around also
Richard Taylor | Australia's leading private lender
Now certainly is not the word on the street or even the guidance on the RBA website.
I think your friend is way off the mark and regretfully has little understanding on financial markets.
Richard Taylor | Australia's leading private lender
Pwinne
Hate to disgaree with you my friend but Westpac are just as tight on underwriting if not even tighter.
Certainly wont consider 3 paid defaults especially where 1 is in favour of finance by way of a credit card.
Also Westpac wont do more than 80% LVR for an expat where as Anz will still go to 90%.
Each lender and mortgage insurer has its own policy in regards to defaults however given the number and amount it is unlikely either of the main mortgage insurers will touch it.
For Raymonds benefit RAMS have already decline the deal on running it past their credit department.
Richard Taylor | Australia's leading private lender
