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  • Profile photo of Richard TaylorRichard Taylor
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    October 19, 2008 - 9:43 am

    Hi there

    Simple answer is NO. it is only available for contracts entered into after the 20th October.

    Richard Taylor | Australia's leading private lender

    Profile photo of Richard TaylorRichard Taylor
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    October 19, 2008 - 9:43 am

    No suprise there.

    GE attract their funds from the US and the credit crunch is showing now sign of abating there.

    Wonder how all those Wizard franchises are doing now.

    Richard Taylor | Australia's leading private lender

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    October 19, 2008 - 12:24 am

    Hi there

    I am assuming that you also had your name on the Title of the property (especially when you mention about Transferring your entitlement back to them) and if this is the case unfortunately the answer is NO.

    Richard Taylor | Australia's leading private lender

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    October 18, 2008 - 6:31 am

    Ajay

    Think you can drop that size down to around 30 square metres but it all comes to supply and demand if the lender ever has to reposess.

    As long as it has 1 bedroom you should be ok.

    Richard Taylor | Australia's leading private lender

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    October 18, 2008 - 6:29 am

    In a previous post Dean was trying to sell a property in South Africa.

    Richard Taylor | Australia's leading private lender

    Profile photo of Richard TaylorRichard Taylor
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    October 18, 2008 - 6:27 am

    It is based on Contract date however will be subject to which one you intend to classify as your PPOR.

    Richard Taylor | Australia's leading private lender

    Profile photo of Richard TaylorRichard Taylor
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    October 18, 2008 - 6:26 am

    Yes the old fashioned bridging finance has come along way since the 80's when it was just that.

    Many modern day products cater for clients who are buying one property prior to selling the other one with relocation loans where the interest is charged at standard rates and rolled up for say 6 months to give you chance to sell the property.

    Personally i would avoid where possible short term loans as these are usually charged at a per month rate.

    Richard Taylor | Australia's leading private lender

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    October 18, 2008 - 6:22 am

    No but i would rather have access to cash as per Terry's suggestion.

    Richard Taylor | Australia's leading private lender

    Profile photo of Richard TaylorRichard Taylor
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    October 18, 2008 - 6:21 am

    Henry it is based on the date of the purchse contract not the settlement date.

    Richard Taylor | Australia's leading private lender

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    October 18, 2008 - 12:20 am

    ummester that is correct as long as it hasnt been occupied previiously you will qualify for 21K.

    Richard Taylor | Australia's leading private lender

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    October 17, 2008 - 10:58 pm

    Hi Elka

    Anz actually cut their discount around 6 months ago on lodoc and CBA followed suit.

    Not so much of a crystal ball but a reality check from the majors that they have no need to offer such a product as their non bank competitors are even in the ball game.

    When i started in the industry in the UK some 20+ years ago every deal was rated on risk i.e if you were first home buyer maybe an extra 0.1% a refinance for cash out extra 0.5%, no income proof maybe an extra 1%. I just have a feeling we are going to start to go down that track again. Rating for risk it just makes so much sense.

    Richard Taylor | Australia's leading private lender

    Profile photo of Richard TaylorRichard Taylor
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    October 17, 2008 - 12:25 pm

    Try Steve Hodgkinson at the Gold Business Group at Southport on the GC.

    Steve has been my Accoutant for 12 years and is an expert on property structures.

    I have referred dozens of forum clients to him and have heard nothing but on happy they have been with his service and advce.

    His contact number is 55322855.

    Tell him i sent you as he is not taking on new clients other than by referral.

    Richard Taylor | Australia's leading private lender

    Profile photo of Richard TaylorRichard Taylor
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    October 17, 2008 - 12:19 pm

    Terry heard it on the 4pm news otherwise with daylight savings you miight have got there first lol

    Richard Taylor | Australia's leading private lender

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    October 17, 2008 - 11:59 am

    Henry

    I agree with Terry as long as you comply with the conditions of the FHOG then purchasing off the plan will be fine.
    '
    Not sure when settlement is to be on the property you are looking at in WA however you need to ensure at this stage the Contract is dated prior to the 30 June 2009.

    Richard Taylor | Australia's leading private lender

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    October 17, 2008 - 11:57 am

    SS

    You would only pay the minimum monthly interest amount into the loan and the rest would remain in the Anz One A/c.

    If you are eligible to qualify for the Breakfree Package then their is NO monthly fee on the A/c and you will receive a discount off the variable rate (Of upto 0.7%).

    Richard Taylor | Australia's leading private lender

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    October 17, 2008 - 9:43 am

    Hi richie

    Regretfully without a decent asset backing of around 20% of the purchase price i think you have very little chance at this stage.

    Richard Taylor | Australia's leading private lender

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    October 17, 2008 - 8:32 am

    Thanks Greg very good opening post.

    And what par in his sales staff do you play. 

    Richard Taylor | Australia's leading private lender

    Profile photo of Richard TaylorRichard Taylor
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    October 17, 2008 - 7:20 am

    Wow for a full doc deal you would be looking at around 7.55% variable or 6.99% fixed !!!!

    Richard Taylor | Australia's leading private lender

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    October 17, 2008 - 6:57 am

    Susie

    One of the Australian major Banks has announced a further 0.25% reduction in their variable rate this afternoon due to an easing in credit markets.

    Funny that GE dont access their funds from the same market so dont expect them to drop again.

    9.55% is a ridiculous rate so would definately be shopping around. Is it a lodoc deal ?

    Richard Taylor | Australia's leading private lender

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    October 17, 2008 - 6:54 am

    Yes almost as good as South Africa.

    Richard Taylor | Australia's leading private lender

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