Let’s not be too sensitive. Its a fair question to ask if someone is licensed or not… If only more people asked Henry Kaye…

I know of Western and no one was ever having a dig at him.

What people should be looking for (in my opinion) is a good mix of personal experience and formal qualifications/license.

Cheers

Stu

Nat,

You do not need to be licensed to provide advice on property or credit products (loans). However, if you want to sell $10 of Telstra shares you need to be licensed to the eyeballs! Anyone can give advice to invest $1 million in property!

It is an absolute joke!!! Pathetic government and States!

Cheers

Stu

If you are interested in this topic look out for a article that I wrote which will appear in the next issue of API (April). There are heaps of issues to consider.

Cheers

Stu

5.87% is a very low rate. It’s 1.45% below the standard variable rate. There are some restrictions with these cheap loans so they’re not for everyone.

1. Only for purchase of owner occupier property (no refinance or investment).

2. Can only make monthly P&I repayments. This is a big downside because making fortnightly repayments can save…[Read more]

Yes, no more news to date. We are still waiting for the ASIC announcement.

Cheers

Stu

Read this article about borrowing capacity – http://www.prosolution.com.au/articles/unlimited.pdf

Cheers

Stu

You need to find out what the break/early repayment/exit fees are for each loan. Without this information it is impossible to make an educated decision. For example, if lender 1 has no exist fees and lender 2 has large exist fees then I would lean towards lender 1. Find out what these fees are.

Cheers

Stu

Fair enough. Brokers are not the be all and end all. However, there are some good brokers out there that can get borrowers better deals… sometimes better than what borrowers would be offerred directly. I guess it works both ways.

Cheers

Stu

Hi Dazzling

If you haven’t used a broker for over 10 years then how do you know what you are getting now is better than a broker?

The best rate (as a broker) that I have negoiated is 1.15% off the standard variable rate for the life of the loan. Are your rates better than that?

Cheers

Stu

BankWest normally charge normal application fee and ongoing fees. However, the trick with BankWest is to have a small line of credit (say $50k) and then you pay an annual fee of $300. However, this allows you to apply for unlimited mortgages without paying for any additional upfront or ongoing fees.

So, in short, the cost is $300 p.a.

Based on a…[Read more]

Well its my understanding that the mortgage insurers will not touch anyone that has not completed their probationary period. I have helped people in a probationary period where the LVR is under 80% and LMI not involved. If you need to borrow more than 80% then I would be careful.

Just make sure you purchase “suject to finance” so that if things…[Read more]

We are traveling over old ground. How about we leave it there. Thanks.

Cheers

Stu

Happy to help if I can.

Cheers

Stu

St George, CBA and NAB do. Westpac do not.

Cheers

Stu

Thanks a lot guys. Stu – regarding my being considered a non-resident, I talked to an accountant about this and he said that I can be considered either a resident or a non-resident, it depends which way I want to play it. I have a visa that allows me to work in the UK indefinitely if I want but I was born and raised here, so according to him my…[Read more]

They should be able to give you a pre-approval that is only subject to valuation so certainly pressure them to confirm the 90% LVR before you pay anything.

To be honest, I don’t think any mortgage insurer will approve this.

No one that is classified as a non-resident can borrow more than 80%. Most of the big banks should lend 80% (e.g. CBA &…[Read more]

Get in touch with:

http://www.mortgage-mart.com.au (they do lots of low docs – not sure able commercial) and/or
http://www.balmainnb.com.au/index2.php

They should be able to assist.

Cheers

Stu

In my experince, the Big 4 banks are best for non-residents. I just did one with St George and it was painful! Try CBA or NAB.

Cheers

Stu

Yep, there are others:

http://www.peachhomeloans.com.au
http://www.rebatehomeloans.com.au

Like everything in life, you get what you pay for.

Cheers

Stu

Yes, there are many lenders that do this. Westpac is just the most recent lender to offer this (policy changed last week). 97% LVR up to a maximum loan amount of $500,000.

Cheers

Stu