Forum Replies Created
Hi Steve, good to see you up and about at this hour!!!
Originally posted by allymac:I have loans with westpac, interstar, Adelaide bank and Nationwide.
I would be moving the lot. Excluding Westpac, your lenders are not competitive on rate regarding fully documented loans.
I have tried to get a loan with HSBC and St George but they are telling me no because I am too rental reliant.I would like to see HSBC knock you back using a broker. They actively market their willingness to take 100% of rental income into account for servicing and how much they love investors. St George is much tougher on servicing.
I earn 30,000 more in rents than what my wage is. all my loans conbined are geared positive, (just!).I guess it would also depend on the security types and their locations. Positive usually indicates low LVRs. I don’t know why this would be a problem for a lender.
Is my next option to go for low doc etc. any suggestions!Sorry Pete, not all Low Doc loans are higher. You can get great rates on low docs these days and it might be a good option for you as you would be one of the few that can declare a REAL income instead of the usual ‘LIE’ Doc application.
Steve, I am a little confused. Don’t you think that a package (MAV) might be perfect here? Maximum exposure issues should not kick in until about $5,000,000 depending on the security offered and deductibility is considered allowing more borrowing. A good rate of 6.62 or 6.72 may also apply (depending on total limits) for a cheap $300 a year with no other upfront and ongoing fees and charges. ??????
Robert Bou-Hamdan
Mortgage AdviserThe 61 means it is an Aussie number. Just ring it and check it out. It could be one of those ‘Hot Sex’ SMS services you subscribe to and forgot to cancel!!!
Robert Bou-Hamdan
Mortgage AdviserHi Red,
In my honest opinion, I think newcomers should stay right away from organisations like this. They portray themselves as those helping others but it is so clear to those who know that they would not be wasting their time if they were not making a lot of money.
The ‘Support Member’ structure is of interest to me as I expect they get a ‘cut’ (commission) from all sales made to those they ‘support’. This means that some properties would pay a profit to the developer, a commission to the listing agent, a chunk to The Investors Club and some more to the Support Member. This whole structure also resembles a multi-level marketing structure with the various levels.
Regarding The Investors Club being the “better of the bunch”, this doesn’t say much to me. Imagine you were looking for an accountant and you had a choice of 4 people. 3 of them embezzled more than 1 million dollars each and the 4th only embezzled $100,000. Would you choose the 4th because they are the “better of the bunch”?
Please note that I am in no way suggesting The Investors Club is embezzling anything!!!
I would love to attend a few meetings myself but I am concerned that a brawl may ensue if I challenge their ideals in front of prospective ‘suckers’… I mean ‘members’. As for being called ‘members’, this is also ridiculous. They are just clients or customers like anyone buying a property through a real estate agent (albeit an unlicensed one).
Now that the “reactive” is out of the way
, time for some “proactive”.I believe newcomers would be much better served participating in forums like this, meeting with the various FREE groups that are around, reading informative books (not the ‘Get Rich Quick’ crap), reading through the very informative and FREE Government support websites and finding themselves a good ‘Support Team’ to support them which would include an Accountant, a Financial Planner, a Solicitor, a Mortgage Adviser and other related, licensed and sometimes required support personnel.
Take this forum for example… do a search on almost any topic and you will most likely find numerous hits. Some of those may be incorrect and some may be spot on. I would suggest a newcomer print off anything that catches their eye and then take it to their ‘Support Team’ for verification and suitability checks.
There are also numerous people here willing to help others without expectation of payment or other benefit. All anyone has to do is ASK. If you never ASK, you will never know!!!
I would like to see a new section created on this website just for newbies and those who enjoy helping them. This would end the ongoing criticism that newbies face when asking what some perceive as a silly quesiton or one that has already been asked. It may also shake off the fear of criticism that many newbies experience. Those who get annoyed should just stay out of the NEWBIE SECTION!
I hope this post was ‘reactive’ and ‘proactive’ enough. I like to mix it up a little!!!
))Robert Bou-Hamdan
Mortgage Adviser
