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  • Profile photo of Robbie BRobbie B
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    @robbie-b
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    Post Count: 2,493
    January 6, 2005 - 4:26 pm

    Do you really believe that a bank is going to give you their cheapest product? The staff are also on commission but they call it a ‘bonus’. If I had a dollar for the amount of loans I have seen at higher rates because someone went direct to one lender instead of using a broker or looking around, I would be rich!

    Robert Bou-Hamdan
    Mortgage Adviser
    http://www.mortgagepackaging.com.au

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    Comments made are of a general nature and should not be construed as individual advice.
    © 2004 Mortgage Packaging Pty Ltd

    Profile photo of Robbie BRobbie B
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    @robbie-b
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    Post Count: 2,493
    January 6, 2005 - 4:21 pm

    I would have staked my knowledge of the industry and my judgement on no increases this year until Derivex came along. I think their product will cause a massive demand on properties Australia wide which may cause the Reserve Bank to respond. But then again, there is no interest so it will not stop the rush on properties if they raise the rate. I guess the property market will go back on the boil in the next few months and may even go out of control.

    It is hard to say now with these interest free loans gaining momentum!!!

    My concern will shift towards inflation.

    Robert Bou-Hamdan
    Mortgage Adviser
    http://www.mortgagepackaging.com.au

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    Comments made are of a general nature and should not be construed as individual advice.
    © 2004 Mortgage Packaging Pty Ltd

    Profile photo of Robbie BRobbie B
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    @robbie-b
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    January 6, 2005 - 8:30 am

    I think it would be nicer if your margin was 1.5% or less as it is unlikely that interest rates will go beyond 10% before they pay you out (assuming less than 5 years).

    Robert Bou-Hamdan
    Mortgage Adviser
    http://www.mortgagepackaging.com.au

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    Comments made are of a general nature and should not be construed as individual advice.
    © 2004 Mortgage Packaging Pty Ltd

    Profile photo of Robbie BRobbie B
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    @robbie-b
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    January 6, 2005 - 8:27 am

    If it was your first purchase and the lender saw you using a personal loan for the deposit, I don’t think they would like it very much unless you had very strong serviceability. In this case, I think it would be cheaper to borrow 97% against the property, put in some of your own money and pay mortgage insurance and a much lower ongoing interest rate.

    Each to their own I suppose but I would certainly never advise anyone to use an unsecured (high interest) loan to purchase property. I believe it is a good recipe for disaster. It is not just about getting in – it also has to be affordable. This is the third thing I tell my clients when looking at their loan structuring….

    1. Funds Position – can I complete the transaction?
    2. Serviceability – can I make the repayments?
    3. Comfort – am I comfortable with this level of debt?

    If you answer yes to all three using high interest loans, go for it. I wish you the very best.

    Robert Bou-Hamdan
    Mortgage Adviser
    http://www.mortgagepackaging.com.au

    FREE Finance-Related Newsletter – Click Here

    Comments made are of a general nature and should not be construed as individual advice.
    © 2004 Mortgage Packaging Pty Ltd

    Profile photo of Robbie BRobbie B
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    @robbie-b
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    January 6, 2005 - 7:53 am

    But that loan is 12.2%! Not 8% or within 1% of a normal loan. That is expensive finance for a lot of people.

    Robert Bou-Hamdan
    Mortgage Adviser
    http://www.mortgagepackaging.com.au

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    Comments made are of a general nature and should not be construed as individual advice.
    © 2004 Mortgage Packaging Pty Ltd

    Profile photo of Robbie BRobbie B
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    @robbie-b
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    January 6, 2005 - 7:47 am

    You can get an upfront payment with a lease option as well. You call it the option fee!

    Robert Bou-Hamdan
    Mortgage Adviser
    http://www.mortgagepackaging.com.au

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    Comments made are of a general nature and should not be construed as individual advice.
    © 2004 Mortgage Packaging Pty Ltd

    Profile photo of Robbie BRobbie B
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    @robbie-b
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    January 6, 2005 - 7:27 am

    It all comes down to structuring. The wrappee could lose the lot. It is possible they could lose the property after 20 years but they would deserve to lose the home because they would be crazy wrapping for so long!

    In any case, there are a lot of posts about this. Do a search for “wrap”. Go to the drop down box at the bottom right hand side of the page and click on ‘search page’.

    Good luck.

    Robert Bou-Hamdan
    Mortgage Adviser
    http://www.mortgagepackaging.com.au

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    Comments made are of a general nature and should not be construed as individual advice.
    © 2004 Mortgage Packaging Pty Ltd

    Profile photo of Robbie BRobbie B
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    @robbie-b
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    January 6, 2005 - 7:24 am

    Personal Loan, Line Of Credit and Overdraft are all totally different things. Are you getting an unsecured Line Of Credit???? If so, I would love to know which lender does those! :)

    Robert Bou-Hamdan
    Mortgage Adviser
    http://www.mortgagepackaging.com.au

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    Comments made are of a general nature and should not be construed as individual advice.
    © 2004 Mortgage Packaging Pty Ltd

    Profile photo of Robbie BRobbie B
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    @robbie-b
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    Post Count: 2,493
    January 6, 2005 - 7:17 am
    Originally posted by Alexander2:

    1. Personal Loan is just as competitive as home loan int rate as I work for the bank, probably 1% difference. This then allows me to have the main part of the home loan as a st var, I/O or P&I, while maintaining the overdarft as the source of deposits.

    I have never seen an unsecured loan personal loan (or overdraft as you said earlier) at such low rates. They are usually in excess of 10% per annum. You would be better off using a Line Of Credit but you can do the same thing with an interest only loan that has an offset account attached. You should have an overall interest rate of about 6.5% or less.

    2.Having the money paid off the home via the personal loan allows me to free up equity for the next property if there was a lack of deposit for instance…

    It is not equity that is going to get you the next loan. It is SERVICEABILITY (your ability to repay debt). Having a more expensive liability means you can not borrow as much as you could if it was cheaper. The best way to do it is to use the equity you have in your property for the deposits.

    Does that make sense, is there a better way to go about it without a surplus of funds as deposit?

    A surplus of funds is a good thing to have. You let it sit in an offset account reducing your expenses until you need it again or pay it into a property if you don’t want to use it.

    Robert Bou-Hamdan
    Mortgage Adviser
    http://www.mortgagepackaging.com.au

    FREE Finance-Related Newsletter – Click Here

    Comments made are of a general nature and should not be construed as individual advice.
    © 2004 Mortgage Packaging Pty Ltd

    Profile photo of Robbie BRobbie B
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    @robbie-b
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    Post Count: 2,493
    January 6, 2005 - 6:57 am

    I would be going for lease-options as well. Less onerous in my opinion and pretty much the same result.

    Robert Bou-Hamdan
    Mortgage Adviser
    http://www.mortgagepackaging.com.au

    FREE Finance-Related Newsletter – Click Here

    Comments made are of a general nature and should not be construed as individual advice.
    © 2004 Mortgage Packaging Pty Ltd

    Profile photo of Robbie BRobbie B
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    @robbie-b
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    Post Count: 2,493
    January 6, 2005 - 6:56 am

    Why would you want to pay more for money that you can get cheaper by using your equity? Why do you want to “free up” equity?

    Robert Bou-Hamdan
    Mortgage Adviser
    http://www.mortgagepackaging.com.au

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    Comments made are of a general nature and should not be construed as individual advice.
    © 2004 Mortgage Packaging Pty Ltd

    Profile photo of Robbie BRobbie B
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    @robbie-b
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    January 6, 2005 - 5:59 am

    I am interested in knowing how you have $90,000 in equity if you do not own any property yet?

    How much cash do you have available to put into the deal?

    How much will you be asking to borrow?

    Robert Bou-Hamdan
    Mortgage Adviser
    http://www.mortgagepackaging.com.au

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    Comments made are of a general nature and should not be construed as individual advice.
    © 2004 Mortgage Packaging Pty Ltd

    Profile photo of Robbie BRobbie B
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    @robbie-b
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    January 6, 2005 - 4:40 am

    Hey Calvin,

    I just got through to Gabriella (not Georgina :)) and she said she remembered you.

    Anyway, she gave me what I think is a fantastic price to settle on two properties. She quoted me as one settlement and then discounted it because it was a referral.

    THANK YOU VERY MUCH!!!

    If there is anything I can ever help you with, please let me know.

    Robert Bou-Hamdan
    Mortgage Adviser
    http://www.mortgagepackaging.com.au

    FREE Finance-Related Newsletter – Click Here

    Comments made are of a general nature and should not be construed as individual advice.
    © 2004 Mortgage Packaging Pty Ltd

    Profile photo of Robbie BRobbie B
    Member
    @robbie-b
    Join Date: 2004
    Post Count: 2,493
    January 6, 2005 - 2:56 am

    Thanks Calvin. I will ring them later today. I tried this morning but forgot they are a bit slow in WA – about 3 hours slow! :)

    Robert Bou-Hamdan
    Mortgage Adviser
    http://www.mortgagepackaging.com.au

    FREE Finance-Related Newsletter – Click Here

    Comments made are of a general nature and should not be construed as individual advice.
    © 2004 Mortgage Packaging Pty Ltd

    Profile photo of Robbie BRobbie B
    Member
    @robbie-b
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    Post Count: 2,493
    January 6, 2005 - 2:51 am

    The problem with the “independent” current affairs shows is that good news does not sell advertising space. They predominantly preach the doom and gloom and you rarely see a good broker story on TV. In fact, I have never seen one!

    I guess if you think about it from a different perspective, if your broker HAS NOT been on TV, then they are doing the right thing! :)

    Robert Bou-Hamdan
    Mortgage Adviser
    http://www.mortgagepackaging.com.au

    FREE Finance-Related Newsletter – Click Here

    Comments made are of a general nature and should not be construed as individual advice.
    © 2004 Mortgage Packaging Pty Ltd

    Profile photo of Robbie BRobbie B
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    @robbie-b
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    January 5, 2005 - 2:24 pm

    Ian, it depends on when oldchick’s partner owned the property and the purpose of it. If it was before 1 July 2000, there is no hope of getting it in either name regardless of use unless done fraudulently and we wouldn’t want that. :)

    Robert Bou-Hamdan
    Mortgage Adviser
    http://www.mortgagepackaging.com.au

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    Comments made are of a general nature and should not be construed as individual advice.
    © 2004 Mortgage Packaging Pty Ltd

    Profile photo of Robbie BRobbie B
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    @robbie-b
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    January 5, 2005 - 11:58 am

    Director’s personal funds earned from wages from the trading company and other income sources.

    Robert Bou-Hamdan
    Mortgage Adviser
    http://www.mortgagepackaging.com.au

    FREE Finance-Related Newsletter – Click Here

    Comments made are of a general nature and should not be construed as individual advice.
    © 2004 Mortgage Packaging Pty Ltd

    Profile photo of Robbie BRobbie B
    Member
    @robbie-b
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    Post Count: 2,493
    January 5, 2005 - 11:50 am
    Originally posted by Oldtimer:

    Mortgage Adviser there is no breach at all as I NEVER called. They called ME. The clients that is.

    It goes like this. Broker gets approached by client. Client applies for finance on a house they are keen on. Broker can’t get them finance. Broker suggests they call me. They call. I buy house with loan from broker. I wrap house to client. Everybody happy.

    MA I have formed the opinion after seeing a lot of your posts that you may be a few neurons short in the bowling ball department.

    You dont seem to pick up on a lot of stuff that is blatently obvious. I’m not 100% sure yet but if you continue to make assumptions without getting the facts then I am sure the indictment will soon be made. Maybe an ignore button would be a useful addition to this site?

    Monahan, the brokers get paid exactly the same as if they had organised a normal loan, as in fact, that is what they are doing.

    Oldtimer,

    Thanks for your comments.

    I will give your comments the treatment they deserve.

    By the way, I think you have also misinterpreted a whole chunk of this thread mate.

    Have a HAPPY LIFE!

    Robert Bou-Hamdan
    Mortgage Adviser
    http://www.mortgagepackaging.com.au

    FREE Finance-Related Newsletter – Click Here

    Comments made are of a general nature and should not be construed as individual advice.
    © 2004 Mortgage Packaging Pty Ltd

    Profile photo of Robbie BRobbie B
    Member
    @robbie-b
    Join Date: 2004
    Post Count: 2,493
    January 5, 2005 - 11:40 am

    I apologise.

    Robert Bou-Hamdan
    Mortgage Adviser
    http://www.mortgagepackaging.com.au

    FREE Finance-Related Newsletter – Click Here

    Comments made are of a general nature and should not be construed as individual advice.
    © 2004 Mortgage Packaging Pty Ltd

    Profile photo of Robbie BRobbie B
    Member
    @robbie-b
    Join Date: 2004
    Post Count: 2,493
    January 5, 2005 - 11:38 am

    So what would happen if you went and opened your account in Tweed?

    Robert Bou-Hamdan
    Mortgage Adviser
    http://www.mortgagepackaging.com.au

    FREE Finance-Related Newsletter – Click Here

    Comments made are of a general nature and should not be construed as individual advice.
    © 2004 Mortgage Packaging Pty Ltd

Viewing 20 posts - 1,801 through 1,820 (of 2,435 total)
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