Forum Replies Created
Andy, Ive emailed the Sydney brokers details as you requested.
Good luck
Rod
i’d say 4 or 5 would be too many as you would end up just getting confused with all the info. 2 or 3 maybe
what area of brisbane Jason?
Tim , You can restructure the loans and split the current loan amount into two separate loans but the borrowers on each loan would have to be in the same names. YOu cant have a loan in your name and a loan in your wifes name as the property is in joint names im assuming.
You just take control of payments on your half and likewise for your wife. Although the bank will still hold you jointly responsible for both loans.Rod
Hi again Andy,
I have a contact for a broker in the Sydney area. He won an award for salesperson of the year at the 2004 Australian Mortgage Awards which is like the logies for brokers !!
You wont get much better than him , would you like his contact details?Rod
I know a broker in your area. His name is Eric Williams and his number is 0404034683. He knows his stuff.
give him a try.
best of luck
Rodwhat area of Melbourne are you in Brad?
Northern suburbs, Eastern, Southern ?Rod
Andy re question 1. Most banks will only lock or hold an Interest rate for you for up to a period of 60 – 90 days depending on the bank. So this wont help with your September settlement.
Some lenders will go to 95% of property valuation to a maximum loan amount of $500k. This will depend on propety location and title zoning, type of title (ie strata title, stratum title etc)Where is property located ?
Regards
Rod Spalding
Australian Mortgage Brokers
0438112939ive seen situations where the builder or developer may offer stamp duty concessions where they might pay the difference themselves out of their own profits. Have you got a particular example for us to look at? Although youd have to talk to the developer and find out how they came to that result.
Hi joek,
As i work in the mortgage broking industry i can advise you of the following:Whether you seek a pre approval (finance before you purchase) or full approval (after youve found the property) most banks will require a valuation to be carried out on the property to ensure it is suitable for them to take a mortgage over. This may entail such things as property value, location, property zoning etc.
From time to time banks may not require a valuation depending on the level of borrowings against that property ie how much equity you are providing yourself from savings or equity in another property. But lets just assume that the bank will do a valuation.
There isnt really such a thing as unconditional approval until valuations have been carried out and the Bank (& Mortgage Insurer if less than 20% equity being provided) is satisfied with the results.
People do make unconditional offers on properties usually when they are certain of being in a safe position to do so ie having at least 10% or 15% equity which may allow for any valuation discrepancy and researching the market in that area to get an idea as to what prices similar properties have sold for. But they do this at their own risk.
You might want to visit some open for insection properties and see what they sell for to get a good feel for the market.The Banks can give an indicative approval subject to a suitable valuation but thats as far as they can go in most cases.
Unconditional contracts of sale are usuallly done because the agent wants to get the sale finalised and doesnt want to wait a week for finance to be sorted. This is fair enough but you are the one taking the risk not them. If you arent comfortable doing so then dont do it. There are plenty of properties that ive assisted buyers with that have had finance clauses on them and if the agent wants the sale he’ll wait. Unless its an auction propety and its too close to auction day.
Regards
Rod
