I am sure each State is different but in Qld a copy of the stamped transfer and full copy of the executed instalment contract would be sufficient.

In addition a copy of the loan statement and a stat declaration answering a couple of questions is required by the OSR.

Depends on which State you are in.

In Qld there is no Stamp Duty for FHB upto $500K so really the entry amounts are not much.

You could then use some of your savings to purchase a new IP where you will need funds to cover the acquisition costs etc.

David

My apologies yes indeed i did misread the CAR as with so many products found the website rather confusing.

Whilst many Propack products do in fact charge an Annual Fee the borrower is aware that his loan will be with that institution and not be part of a securitised package.

Do SCMC require all of their loans irrespective of the LVR to be mortgage insured or only those over an 80% LVR ?
I appreciate with most Non Bank Lenders that the LMI premium is paid for by the funder just need to clarify the situation as this has a dramatic on a client borrowing capacity long term.

This is for all off you who are holidaying in Arizona as the last advert was when it was held in Vegas and was for those of you who were passing by at the time and wanted to pop.

Unfortunately doesnt do you any good at all if you have an mortgage in Australia but could beneficial for all of those US mortgage holders amongst us.

Ideal i guess if you want a non bank lender but for 93% of mortgage applications taken out within the last  8 months they prefered the security of a  Bank lender security.

Also if you look at the interest rates lets just say you would never want to fix the rate or need the loan under lodoc as they are probably one of the highest rates i have seen around.

GOM make a good point about the DEF which unfortunately is charged if the loan is repaid in full in the first 5 years but the amount is regretfully not quoted on their website. 

Also a standard home loan with a $330 Annual fee and no real  features certainly adds a margin onto the interest rate.

On that point before you jump and take David up on his offer of becoming a customer you might like to compare the comparison rate which reflects the true interest rate after taking into account the fees and charges incurred throughout the term of the loan.

For a $250K loan over 25 Years.

Anz Bank Simplicity           5.25% CAR
CBA Economiser               5.36% CAR
Westpac First Option        5.26% CAR
NAB Base Rate                  5.57% CAR

State Custodians Mortgage Company – 6.41%

Now call me old fashion but remember not all that glistens is gold

Hi Rudra

Good to hear that you had a good experience.

This entire post started when clients of mine signed a contract on a property they were selling on undertaking a valuation found that the property was significantly overpriced mainly due to the amount of commission the developer was paying Premium Finance.

I would  use the minimum of your savings as i have mentioned and look at a 95% LVR with 100% offset A/c.

Yes subject to the increased valuation meaning the amount you pull out is above the lenders minimum loan then you will be ok.
I.e if increased valuation of 20K and you wanted 95% and that was below the lenders minimum loan you would have an issue.

Remember not all lenders allow valuations to be done within the first 12 months many do others dont.

On a separate note one of the majors launched legal action against one of the discount brokers mentioned above and they are no longer taking business from this particular channel.

Sure Terry and I now certainly myself have no lenders who will not deal with us … wonder why.

Really on total lodoc.

Max we can do on a standalone basis is 80% of GR.

i get 3/4 deals like this a week so many we should chat. I have a nice 55 unit site now where clients want 90% of Gross Realisation on Lodoc at $5.8M. Funding will be 125% of cost but there is a good margin in the deal.

What details do you need to get an indicative approval.

Hi Watson

Firstly welcome to the forum and I hope you enjoy your time with us.

Yes as long as you have payslips and evidence of a good repayment history then you should be ok.

Remember at a 90% lend the loan will normally require mortgage insurance so lenders may ask what the funds are to be used for. The old days of having a line of credit without any form of verification have almost been and gone.

Your mortgage broker should be able to assist in this respect.

No dramas Zig just if you ever rent the current property out or look to buy another IP and use SGB that is when you will have issues.

As i say i like the product if they would only remove the X collateralising clause from their Letter of Offer and Mortgage Docs.