Forum Replies Created
- Originally posted by terryw:
Many banks accept a second mortgage for the deposit. You must be able to service both loans tho!!!
And usually you will not be asked for proof of funds to complete at an 80% LVR.
Terryw
Discover Home Loans
Mortgage Broker
North Sydney
Click below to email meI thought we were talking about BANKS. I don’t know why???[blink]
Robert Bou-Hamdan
Mortgage Adviser
http://www.mortgagepackaging.com.auFREE Finance-Related Newsletter – Click Here
Comments made are of a general nature and should not be construed as individual advice.
© 2004 Mortgage Packaging Pty LtdLike you said Terry, that is an OLD loan document. I have not seen clauses like that since the UCCC kicked in to protect borrowers. Most non-coded loans use the same format as coded loans just to ensure the lender is covered.
Robert Bou-Hamdan
Mortgage Adviser
http://www.mortgagepackaging.com.auFREE Finance-Related Newsletter – Click Here
Comments made are of a general nature and should not be construed as individual advice.
© 2004 Mortgage Packaging Pty LtdIt sounds like this can be structured pretty easily. If you went ahead now, it looks like you will be up for some mortgage insurance. Some people do not mind paying this if it is a means to an end.
You can find information regarding mortgage insurance here…
http://www.mortgagepackaging.com.au/index_files/mortgage_insurance.htmRobert Bou-Hamdan
Mortgage Adviser
http://www.mortgagepackaging.com.auFREE Finance-Related Newsletter – Click Here
Comments made are of a general nature and should not be construed as individual advice.
© 2004 Mortgage Packaging Pty LtdSounds like a title to a new seminar to me!
Robert Bou-Hamdan
Mortgage Adviser
http://www.mortgagepackaging.com.auFREE Finance-Related Newsletter – Click Here
Comments made are of a general nature and should not be construed as individual advice.
© 2004 Mortgage Packaging Pty LtdThis might help…
http://www.mortgagepackaging.com.au/comparison_rates.pdfRobert Bou-Hamdan
Mortgage Adviser
http://www.mortgagepackaging.com.auFREE Finance-Related Newsletter – Click Here
Comments made are of a general nature and should not be construed as individual advice.
© 2004 Mortgage Packaging Pty LtdI am going to post separately about the FHOG. Look for it.
Robert Bou-Hamdan
Mortgage Adviser
http://www.mortgagepackaging.com.auFREE Finance-Related Newsletter – Click Here
Comments made are of a general nature and should not be construed as individual advice.
© 2004 Mortgage Packaging Pty LtdI tell you what, I have not got to GST yet, but studying Accounting is the most boring thing I have ever done!!!! All you accountants out there are ‘special’ people!
Robert Bou-Hamdan
Mortgage Adviser
http://www.mortgagepackaging.com.auFREE Finance-Related Newsletter – Click Here
Comments made are of a general nature and should not be construed as individual advice.
© 2004 Mortgage Packaging Pty LtdWayne,
We just had a heated debate. I enjoyed it.
I think you must have missed the little battle.
<edited>
It was hilarious!!!
Robert Bou-Hamdan
Mortgage Adviser
http://www.mortgagepackaging.com.auFREE Finance-Related Newsletter – Click Here
Comments made are of a general nature and should not be construed as individual advice.
© 2004 Mortgage Packaging Pty LtdNo problems at all. Pity you could not do that early this morning before Positive and Jet had something to play with.
Have fun.
Robert Bou-Hamdan
Mortgage Adviser
http://www.mortgagepackaging.com.auFREE Finance-Related Newsletter – Click Here
Comments made are of a general nature and should not be construed as individual advice.
© 2004 Mortgage Packaging Pty LtdYour street must be living in a bubble and the bubble just burst – this is old news!
Robert Bou-Hamdan
Mortgage Adviser
http://www.mortgagepackaging.com.auFREE Finance-Related Newsletter – Click Here
Comments made are of a general nature and should not be construed as individual advice.
© 2004 Mortgage Packaging Pty LtdI take back the Shares Section request. It will cause too many arguments.
Robert Bou-Hamdan
Mortgage Adviser
http://www.mortgagepackaging.com.auFREE Finance-Related Newsletter – Click Here
Comments made are of a general nature and should not be construed as individual advice.
© 2004 Mortgage Packaging Pty LtdOriginally posted by Kerri-67:*a letter from my credit union to say that my visa was a debit card only, even though I supplied 12 months worth of statements which clearly showed there was no overdraft on the card
The broker could have directed them to the non-existen ‘available credit’ limit on the statements if it was not a credit card.
*a medicare card to prove that I had no dependants, which I could not supply as I am in the defence force and don’t have a medicare card. I had to go to work and get them to find something that stated my status and MWOD (Member WithOut Dependants), and explained what that meant.
I would guess this loan was with St George 100%. This is part of their standard documents and the broker would have known this.
*a ‘letter of employment’, even though they already had a letter describing me as MWOD.
I don’t see the point of this either especially if you provided income verification as well as the MWOD letter.
…each time I asked the broker if anything else would be needed, and he would say that was everything now.
I think this explains a lot.
Something really ridiculous was a fax I received from the lender, with the subject line of “Notice of Final Approval”. The special conditions were that the mortgage insurers required, prior to instructing solicitors to prepare documents, a signed contract of sale for purchase of property, to be submitted with my FHOG application. At the bottom of the fax though, they said that this is not a formal offer, and that I should not sign any contract until their solicitors had sent the unconditional approval documents to my solicitor.
The loan offer documents can be issued without the FHOG application. The signed contract of sale is a Government requirement to be eligble for the FHOG. All lenders I deal with will process a loan and settle as long as the completed FHOG application gets there before they book settlement.
So, on the one hand, they would not draw up the documents until I had signed the contract, and on the other hand, they were saying not to sign the contract until I had received the documents.
I think this is a misinterpretation.
The broker told me to just sign the document with any old date, that it didn’t matter. When I was unsure about doing that with a legal document, he scoffed, and said something to the effect of “Surely you’re not going to throw this all away because of some silly date on a piece of paper?”. Still feeling unsure, I rang the office of state revenue and found out that they did require a copy of a legally exchanged contract, and not just a copy of the contract signed with any old date, as the broker had suggested. So that was when I went to my solicitor, and he added the ‘subject to finance’ clause to the contract and we exchanged.
As you found out, it was a Government requirement to have a signed contract for the FHOG.
I really think that if the broker had been worth the fee I paid(which above mentioned fax said was not payable), he would have done a lot more to smooth the way for me, and would certainly not have tried to get me to falsify documents.
You would have most likely paid the “fee” even if you went direct. If it came out of the application fee, I take back my guess of it being St George as they certainly do not do this.
I know brokers are supposed to make life easier, and have access to more resources than me, but I will be extremely cagey about ever using one again.
Many brokers are useless! GOOD BROKERS are what you should look for. You will learn to tell them apart if you speak to more than one until you find one you are comfortable with and who you know will go into battle for you!
Kez
Robert Bou-Hamdan
Mortgage Adviser
http://www.mortgagepackaging.com.auFREE Finance-Related Newsletter – Click Here
Comments made are of a general nature and should not be construed as individual advice.
© 2004 Mortgage Packaging Pty LtdI was of the understanding that completed homes were being sold. If it is a land sale, you are right.
Robert Bou-Hamdan
Mortgage Adviser
http://www.mortgagepackaging.com.auFREE Finance-Related Newsletter – Click Here
Comments made are of a general nature and should not be construed as individual advice.
© 2004 Mortgage Packaging Pty LtdI am not “slapping” anything. I just say it how I see it. My advice is sound and in HER best interest.
Robert Bou-Hamdan
Mortgage Adviser
http://www.mortgagepackaging.com.auFREE Finance-Related Newsletter – Click Here
Comments made are of a general nature and should not be construed as individual advice.
© 2004 Mortgage Packaging Pty LtdTHIS WAS ON A WEBSITE ABOUT HIM….
Gordon Green a real estate multi-millionaire, author of Real Money Real Estate, and the founder & CEO of Profitable Business Concepts Pty Ltd,
As well, Gordon is the CEO of Conquest Property Developments Pty Ltd, a development company established for his personal portfolio. He is also the mentor behind Appreciating Realty, a Queensland based real estate company set up to provide a buying agency.
Coming from an Accounting background with 30 years experience as a Business and Investment consultant, extensive knowledge of Business Restructuring, Marketing and Management, Investment Strategies, Personal Development and Team Building.
Over Gordon’s lifetime he’s bought, built and sold more than 50 million dollars worth of property.
HIS WEBSITE CAN BE FOUND AT…
http://www.realinvestors.com.au/
I wouldn’t pay that much for this guy. Sounds like he is just selling his own investments to suckers!
Robert Bou-Hamdan
Mortgage Adviser
http://www.mortgagepackaging.com.auFREE Finance-Related Newsletter – Click Here
Comments made are of a general nature and should not be construed as individual advice.
© 2004 Mortgage Packaging Pty LtdThis is the problem with reliance on charts and statistical data. Times have changed. The world is becoming a single market place. Policies change and Government can manipulate market conditions. I would not give much wait to past data and concentrate on current policy and economic conditions both Nationally and Internationally.
Robert Bou-Hamdan
Mortgage Adviser
http://www.mortgagepackaging.com.auFREE Finance-Related Newsletter – Click Here
Comments made are of a general nature and should not be construed as individual advice.
© 2004 Mortgage Packaging Pty LtdI would not touch it either. They will use your home to sell the new ones which may in turn devalue your home as the new ones come onto the market – possibly an oversupply!
Then they leave and you have to find a tenant when there are a heap of newer properties available next door.
Robert Bou-Hamdan
Mortgage Adviser
http://www.mortgagepackaging.com.auFREE Finance-Related Newsletter – Click Here
Comments made are of a general nature and should not be construed as individual advice.
© 2004 Mortgage Packaging Pty LtdI would advise you to get your daughter to seek her own advice instead of you asking and advising her. Regarding the deposit, give her as much as you can. It is your daughter! Why restrict her future investing by giving her a minimal deposit?
Robert Bou-Hamdan
Mortgage Adviser
http://www.mortgagepackaging.com.auFREE Finance-Related Newsletter – Click Here
Comments made are of a general nature and should not be construed as individual advice.
© 2004 Mortgage Packaging Pty LtdI wish I could tell some horror stories about borrowers. It is not always the broker or lender’s fault. Some times, once the checks commence, it is the borrower who has done things or not diclosed things which may be discovered and cause delays.
Kez, in you case though, I would have requested everything in writing. We all know the answers with hindsight!
Robert Bou-Hamdan
Mortgage Adviser
http://www.mortgagepackaging.com.auFREE Finance-Related Newsletter – Click Here
Comments made are of a general nature and should not be construed as individual advice.
© 2004 Mortgage Packaging Pty LtdI just think you should sit down with someone and discuss various options before dumping an asset (or liability in this case that could be turned into an asset).
Maybe if you asked the forum about ways of making this investment a positive cashflow investmenet or very close to it.
Why is it not rented and why has it been empty for so long?
Robert Bou-Hamdan
Mortgage Adviser
http://www.mortgagepackaging.com.auFREE 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
