Forum Replies Created
Agree with Richard. Max lend 75%.
Hi Newgen
Substitution of security is fairly standard accross lenders. The issue will be simultaneous settlement. You will need to settle on your property sale the same day you settle on the new purcahse. This can often be difficult.
Agree
You shall have no problems obtaining a home loan. Your history is easily explainable.
The only instance I can imagine it having impact is in relation to personal loans where some lenders may record this as a negative in their credit scoring system. Again quite easily explainable.
I would expect in consolidating the three different accounts to one account there would be variation costs involved. I would expect such efforts may be short lived.
Correct
I have had up to 15 brokers at any one time working as contractors under my banner. There is a lot of time and effort that needs to be put into these relationships. The majority of the time I have found the investment to bear minimal return as most "brokers" reach a certain level of competancy and decide to go down their own path. The better the mentor the quicker you learn and the faster you leave the nest. I guess it is natural progression.
If you can seriously bring in 2-3 loans a week then that is a great start. Perhaps you can just refer the business to someone you trust until you have met the various educational requirements. Then perhaps you can contract to them until your ready to fly the nest.
If you can clearly afford the repayments associated with a mortgage of this nature then it is a good alternative considering the current cost of renting.
My organisation would be happy to assist should you not have already found a suitable candidate.
Regards
It seems there is quite a bit of information you are trying to get the answers for. I would be more than happy to assist. I would suggest verbal communication may be easiest.
Regards
I would suggest approximately 4 x Gross Annual Income for a rough serviceability guide subject to any other liabilities you may have.
Low Doc loans should be exactly that with no financials required. In most cases you are able to borrow up to 80% of a properties value under these type of loans at standard "Full Doc" interest rates.
I would be glad to help.Regards
To mind BankWest utilises the services of PMI for mortgage insurance purposes. The other major mortgage insurer in the industry is Genworth. The majority of lenders use one or both of these. Outside of this both St George Bank and Westpac both self-insure.
I am surprised your broker is unable to offer a solution.
Regards
Be careful. Short term funds can be very expensive. Particularly in the current market.
Hi Tanjaa
Are you positive you are unable to borrow the funds needed to build?
Regards
It all comes down to what suburb, the type of property and subsequent zoning. Lenders will look at each of these aspects more closely when you are borrowing at 95 and particularly 100%. If you were able to identify location, type and zoning then specifying what you may be able to achieve would be a lot easier.
The good thing about interest only repayments is that your minimum monthly/fortnightly or weekly commitment is reduced freeing up cas flow.
If you have a variable rate facility you can generally make additional repayments at any time without penalty. If you have a fixed rate facility you can generally repay up to $10K per annum as a rule without penalty.
Therefore when you have additional funds to pay down the loan you can, if you dont at the time you dont have to
. Shaun Smith | Managing Director | CDS Financial Services
Direct: +612 9153 0333 |O: 1300 888 366 | F: 1300 732 388 | M: 0419 330 778 | E: [email protected] | W: http://www.cdsfinancial.com.auI would personally suggest St George Bank – Flexible Deposit Home Loan. St George are self-insured and provide more flexibiltiy than the majority of lenders offering products under either PMI or Genworth.
Further, their LMI premium to mind is lower than PMI & Genworth.
Regards
Shaun Smith | Managing Director | CDS Financial Services
Direct: +612 9153 0333 |O: 1300 888 366 | F: 1300 732 388 | M: 0419 330 778 | E: [email protected] | W: http://www.cdsfinancial.com.auHi there
I would suggest you shall be able to find a builder that will complete in less than two years however in your costing I would budget for a 2 year build so as to provide a wosrt case ROI. If the development still works on that basis then fantastic.
From a finance perspective you have two real options. The first shall be institutional funds where the majority of banks for instance will lend 80% of hard costs. The other being 2nd tier lenders that at a higher rate and fee structure can offer up to 70% of on completion value. A lot of developers prefer the second option even though the cost of funds is higher as the 70% of on completion can reduce their equity contribution dramatically.
Regards
Shaun Smith | Managing Director | CDS Financial Services
Direct: +612 9153 0333 |O: 1300 888 366 | F: 1300 732 388 | M: 0419 330 778 | E: [email protected] | W: http://www.cdsfinancial.com.auCarl
Deposit Bonds are easily obtainable once you have achieved Formal Approval on your investment loan. I am generally able to turn these around for my clients the same day the approval is granted.
The only issue you seem to have therefore is convincing the bank you have funds to complete the purchase. I would suggest a statutory declaration from your parents stating they are gifting you the 20% would be sufficient. You can obtain stat dec forms cheaply from any post office.
Regards
Shaun Smith | Managing Director | CDS Financial Services
Direct: +612 9153 0333 |O: 1300 888 366 | F: 1300 732 388 | M: 0419 330 778 | E: [email protected] | W: http://www.cdsfinancial.com.au
