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Robbie B
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April 26, 2005 - 9:34 am
Make sure you can afford the repayments or it is goodbye house!!!
No doc loans usually attract substantially higher interest rates and must be for investment purposes so you will not have the protection of the Uniform Consumer Credit Code.
Robert Bou-Hamdan
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Robbie B
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April 26, 2005 - 9:29 am
There are actually a few 95% low doc products on the market. They are usually very expensive but the one Kerri is referring to is one of the best I am aware of.
Robert Bou-Hamdan
Mortgage Adviser
[email protected]
Investor Links
Robbie B
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January 18, 2005 - 5:16 am
No. It is all about credit policy. They do not consider where you grew up. They consider your ability to complete a transaction and to repay debt. They also place heavy emphasis on the saleability of property in the event of default. That is why they don’t like rural or small towns. The population is not high and investors come and go.
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The forumite formally known as Big Rob
Robbie B
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January 18, 2005 - 4:58 am
I would disclose it to the lender when I was ready to wrap it. I thought you were settling long before wrapping.
Just on having the loan ‘called in’. I am still yet to see this happen to anyone who makes all their mortgage payments on a loan secured by residential security and NOT a Line Of Credit.
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The forumite formally known as Big Rob
Robbie B
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January 18, 2005 - 2:34 am
The loan should have nothing to do with the wrap. Just get yourself the cheapest loan possible. Should be around 6.5% or less if you have serviceability.
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The forumite formally known as Big Rob
Robbie B
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January 17, 2005 - 5:45 pm
I sat down with Paul tonight. I am signing with IFHL tomorrow. Things are looking very good. There have been a few admin issues though which we are trying to get through.
One big problem is Professional Indemnity insurance. Membership to organisations such as the MIAA is usually reqiured. With the MIAA being so vocal about IFHL, we believe we will not be welcomed members for very much longer and will need special PI cover.
I believe we will also face sanctions from the major lenders if we sign with IFHL. Will jump that bridge when it collapses!
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The forumite formally known as Big Rob
Robbie B
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January 17, 2005 - 5:29 pm
Teachers have it easy. All those paid holidays!!!
Kwilko, can you let me know when they book you in?
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The forumite formally known as Big Rob
Robbie B
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January 17, 2005 - 5:24 pm
I like all these letters you guys are using. Some of us do not know what they mean.
Regarding your problem, if an agreed price existed, I would be contacting fair trading. I believe in WA you have DOCEP – Department of Consumer and Employment Protection (whom I detest) but they are worth something in situations like this. A well worded complaint should see this matter resolved promptly. Tell Minister Kobelke I sent you!
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The forumite formally known as Big Rob
Robbie B
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January 17, 2005 - 5:18 pm
Scremin, I will come when it is snowing.
Kwilko, did he indicate any date or time?
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The forumite formally known as Big Rob
Robbie B
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January 17, 2005 - 5:07 pm
How is the application going? Have you heard anything?
Did you hear that the effect of today’s bad publicity was a massive inflow of new applicants?
I hope your CV is impressive!
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The forumite formally known as Big Rob
Robbie B
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January 17, 2005 - 4:59 pm
Hehehehe…. More like a night rat.
I am half-insomniac. I rarely sleep more than 5 hours out of every 24.
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The forumite formally known as Big Rob
Robbie B
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January 17, 2005 - 4:44 pm
And STOP picking on me for airing my views!!!!
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The forumite formally known as Big Rob
Robbie B
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January 17, 2005 - 4:41 pm
That is what I am talking about Sonja!!!
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The forumite formally known as Big Rob
Robbie B
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January 17, 2005 - 4:39 pm
Where is the summary?
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The forumite formally known as Big Rob
Robbie B
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January 17, 2005 - 4:33 pm
I consult professionals such as solicitors and accountants and financial planners when I need their advice.
If I want a property, I go to real estate agents. I certainly don’t depend on people who call themselves “bird dogs” unless they hold a qualification to do what they do.
I also do a LOT of research and learn things I am interested in or contact the source and discuss the ins and outs with them before I consider what position I may want to take.
Regarding making my decision, I do that myself. All I seek from professionals is information. If I make a mistake based on the information I collected, I cannot blame anyone else.
The ‘sheep’ don’t usually consult any professionals. They do things that they read in a paper or on a property website or a friend or unqualified person told them.
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The forumite formally known as Big Rob
Robbie B
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January 17, 2005 - 4:25 pm
Henry, my post did not call it a pyramid scheme. When I initially looked at the funding model, which I did not understand at the time, I said it looked LIKE a complicated pyramid structure.
Further investigation and discussion with the people at Derivex and IFHL addressed many of my concerns and I tried to relay the message. If this was a property investment, you guys would call it “due diligence”.
<edited>I have helped heaps of people from this website on and off the forums. I have been inundated off the forums and I never tell them to come to me for finance.
I challenge you to find a single person on this forum that I have pitched a sale to. I have no intention of writing any loans from people who contact me through this forum. <edited>
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The forumite formally known as Big Rob
Robbie B
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January 17, 2005 - 4:09 pm
It is easy to get a loan for this property if it is zoned residential and the town has 10,000 people. No mortgage insurance will apply if you have a substantial deposit. I would still like to know how much deposit you have before I can tell you which product is available.
I did a low doc, rural zoning, 48 acre property recently and that went through fine. If this can be done, your’s certainly can be. I don’t the whole story has been presented yet. It is a house isn’t it?
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The forumite formally known as Big Rob
Robbie B
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January 17, 2005 - 3:54 pm
Brahms,
You sound a bit upset… Take it easy mate!
Do you know what the result of the AFR and MIAA stories today?
IFHL was inundated with applications from brokers to become accredited. Any publicity is good publicity and bad publicity is FREE!!!
What have I implied that you made up?
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The forumite formally known as Big Rob
Robbie B
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January 17, 2005 - 3:49 pm
Mortgage insurance may be unavoidable but early repayment fees can certainly be avoided.
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The forumite formally known as Big Rob
Robbie B
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January 17, 2005 - 9:44 am
Brahms, I am also an MIAA member. I also regularly attend the NSW Originators Committee meetings so I think I know what MIAA stands for. I have also argued the lack of broker representation in the MIAA for some time now. I have also asked for comment by Phil Naylor who responded.
What do these comments by the MIAA tell you Brahms? They tell me that they are being pressured by the members they actually listen to – THE LENDERS! They are not being impartial here.
In case you missed it, they said “There does not appear to be a clear and satisfactory demonstration from the company’s website as to how a mortgage could be interest free”. This clearly indicates to me that they have had no face to face discussion so they know less about this product than I do. That is a disgrace seeing they are our industry representative body.
I asked them for information over a month ago but I am a mere broker. They had plenty of time to talk to the parties involved yet have apparently not done this.
From your response, I must assume that you do not have access to interest free products so you cannot offer your clients a full range of products.
Good luck.
PS: HomeSide recently came out with 80% LVR Low Docs at standard rates and no-one batted an eyelid. This was unheard of at this LVR and rate before this. Brokers cheered when it was announced.
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The forumite formally known as Big Rob