Forum Replies Created
GF, you have some serious issues.
When have I called a bank a nice “people”.
It is interesting to see you focus in on one little comment about the clients being ‘nice’. It was provided as background regarding the clients. It may be irrelevant in the strict business sense, but I wouldn’t want to deal with a “mongrel” regardless how much money they had.
In reality, how a person deals with others is very important. Your attitude and your credit history would certainly be reasons why I would also decline any loan you applied for through me if I was a lender.
As for banks being rational, I don’t recall saying this either. Everyone makes mistakes and errors in judgement including banks. In YOUR case though, I think they are spot on!
The Mortgage Adviser
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Essential LinksYou are in for a shock if you think it is YOUR company. Your wife owns half of it at the very least. Probably more!!!
What are your terms by the way? Do you just want the money for FREE and unsecured?
The Mortgage Adviser
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Essential LinksCapital gains are only legitimate to the owner of the land.
Are you suggesting the Government or owners of the land with illegal housing located on it will just give the land to the squatters?
The Mortgage Adviser
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Essential LinksFirstly, I find it very difficult for people who kill defenseless animals and call it sport!
Secondly, I think you will have problems securing a mortgage if most of the properties are illegal.
Finally, it sounds like a third world country or very poorly developed one to say they lease and I can’t see a majority being able to service any loans.
The Mortgage Adviser
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Essential LinksThe CFDX website is still going. I wonder when he will just step back!!!
The Mortgage Adviser
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Essential LinksIt is poor management. Derivex and IFHL are just names of companies. The idea is certainly not dead by any means.
The Mortgage Adviser
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Essential LinksAs soon as I get it all up and running.
Regarding hosting, I can do that as a reseller to a large organisation so won’t have to incur the costs of servers. I think the quality, storage space and speed would be much better this way.
The Mortgage Adviser
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Essential LinksI don’t know about this Council. Sorry.
The Mortgage Adviser
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Essential LinksSlow is not the word. This thing dragged on and they didn’t even need to order valuations. I have lost all confidence in BankWest!!!
The Mortgage Adviser
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Essential LinksIt doesn’t work that way. Everything is based on the property prices.
If you have 80k owing on a 120k property, you could use only 16k of the equity (more if paying mortgage insurance). I have outlined this above.
Assuming you don’t want to pay mortgage insurance, your ‘useable’ equity is only 16k.
If you don’t have any other money, you would only be able to buy a new property for around 70k. This is 14k deposit to avoid mortgage insurance and allows only 2k for closing costs. You may need a bit more. The loan on this property would be 56k.
To summarise:
80k Existing Loan
16k Equity Draw Down
56k New Loan152k TOTAL
190k Total PropertyThe best thing to do is sit down with a mortgage adviser / broker and go through the figures properly so they relate to your situation.
The Mortgage Adviser
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Essential LinksI don’t think Heritage is that bad Terry. I find them pretty good. Check out the post I am just about to write about BankWest. They are the pits!!!
The Mortgage Adviser
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Essential LinksTo answer your question, what happens to the town if the mine closes down?
I would consider mining towns as short-term investments unless the details of the mine itself support a solid company and long-term mining operations.
The Mortgage Adviser
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Essential LinksDan, thanks mate. I am considering the Xbox and PS but I might leave them until after operations start or I think it will be too much at once.
I like the competitions idea. Instead of re-inventing the wheel, do you know if it is possible to hook up with the existing competition organisers?
Regardig the HQ idea, unfortunately, the premises is very small (15 – 16 people max including staff). If I can take over a unit upstairs when we start making money or renovate the disgusting basement, this would be a definate goer!!!
The Mortgage Adviser
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Essential LinksNigel, you wrote the same thing. Where are you getting $200,000 from a property worth $120,000.???
The Mortgage Adviser
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Essential LinksBut with additional security, the LVR would not be 86% – 90%.
The Mortgage Adviser
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Essential LinksIt is only strict Muslims who have a problem with interest. Australian Muslims generally don’t tend to be so strict. I even know some who eat Pork.
The Mortgage Adviser
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Essential LinksYou could also email Richard who posts on this site. Qlds007 is his user name. You can look him up in the member search area. There are others here experienced with wrapping.
The Mortgage Adviser
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Essential LinksOriginally posted by upandcoming:The compan has trade figures and assets.It also has credit references from a very large international shipping company .
A company with less than two years history is still considered a start-up by most lenders. Until you lodge those two returns and they show sufficient tax being paid, they will not touch the company. As Low Doc and other loans are usually mortgage insured, you cannot get this finance either as they will not do a bankrupt at any time. You can get finance from a non-conforming lender (who does not mortgage insure) but get ready to pay for it.
As for references from a shipping company, what purpose does this serve? You have to pay these guys or you don’t get your stock off the wharf. They don’t sell you your products, they just transport it. Where are the references from your suppliers?
Yet my wife who has no income apart from what I give here,no assets apart from $8000 in the bank has just been sent a form to upgrade her cc to a gold card.A Gold credit card is only a $5,000 or $7,500 limit depending where you go. As your wife has $8,000 in cash in the bank, I would also give her a Gold credit card. This is no big deal.
By the way, she also owns at least half of everything you own and is not a past bankrupt. She does not appear to be a risk.
Now I have on average now a million bucks a year (probably closer to 1.5 at this stage)going through my account,no debt,and very few overheads and working on a decent margin and can get no help from anyone to expand.1.5 million ‘going through your account’ does not mean anything. It is the ‘net’ profit that is important. As for not being able to get anyone to help you, this is rubbish. Any non-conforming lender will help you if you are telling the truth about your situation. Like I said earlier, you will have to pay for it with higher rates and fees though.
They are alienating me.I think you are alienating yourself.
As I said we cannot do business.With the information you have given us, I think they will do business with you but not on YOUR unreasonable terms.
By the way I can import from USA.It isnt all that expensive and taxes are not high.Changes to the vehicle are the only real extra.The care will end up costing more than a car bought here. With the exchange rate, transport, import taxes and conversion to left hand drive, it is a crazy idea for a single standard vehicle import.
Good luck with it.
The Mortgage Adviser
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Essential LinksThere is ‘real’ equity and ‘useable’ equity. In your example, the $40,000 is ‘real’ equity. In reality, you would not be able to use the whole lot. Many lenders will do 90% and the odd one will go to 95% but I do not know any who will let you use the whole 100%.
To avoid mortgage insurance on your current property and a new purchase, you could only borrow $16,000 (80% LVR) on the current property. This would need to pay for 20% deposit and costs on the new property. If you had the costs, you could buy a new property for $80,000. This would be less if you had not cash.
Some of your figures have thrown me off though as they do not make sense. I hope the above helps.
The Mortgage Adviser
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Essential LinksWhat suburb is it in?
The Mortgage Adviser
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Essential Links
