Forum Replies Created
I will leave this for Derek to answer because I didn’t read the post. I was just replying for Derek to provide you with an idea of what I think. For example, if you said… “I need investors, here are my contact details” then I would have deleted it. However, if your post was a question about how to attract and find investors then that would be ok (in my opinion).
Cheers
Stu
Hi Calron
Advertising opportunities or properties is not allowed. This also extends to looking for money partners/investors. It is against the forum rules. No one else advertises like this (and if they do the posts are deleted). This forum is here to swap information only.
Steve has made this decision (probably due to the legalities). Also, I can imagine that the forum would turn into http://www.realestate.com.au if we let people advertise.
Cheers
Stu
Stu,Hi!! So I gather from our past discussions and what you have posted here, when it comes to events in your financial history, lenders only ever look at the last 6 months. Am I correct in saying this?
In terms of credit enquiries, yes the past 6 months is the most relevant to the lenders.
Cheers
Stu
NAB are fine with all structure and re-valuations as long as you push and speak with the right people.
If anything I find them more flexible.
Cheers
Stu
Hi Seb
The problems arise where someone has a lot of credit enquiries within a short amount of time. It raises the mortgage insurers/lenders attention and could be due to a borrower “shopping” an application around (e.g. getting declined and going to the next lender).
If you can explain the enquiries (e.g. pre-approval, purchase, etc) then they don’t normally cause any problems.
They normally on focus on the last 6 months only (for enquiries that is).
Cheers
Stu
Thanks for your comments Kay.
I have uploaded a copy onto my website.
See http://www.prosolution.com.au/articles/unlimited.pdf
Cheers
Stu
AFG were unprofessional and disorganised. They couldn’t arrange anything. Their commission processing was poor as well. Overall, a very poorly run business. They are more concerned with getting more business rather than quality (hence the difference in admission quality). They’ll take anyone!
Cheers
Stu
I use PLAN. They are great. I would strongly recommend them. When you are starting out look for the one that is professional and will help you.
I have used AFG and they were crap!
Cheers
Stu
Yes. From 1 July 2004 mortgage stamp duty does not exist for anyone in Vic!
Cheers
Stu
In some States you have to pay mortgage stamp duty again (QLD) – there is no exemption. However, there are some concessions for home loans.
If the borrowers or security to the loan change then you may not be entitled to any exemption.
In Victoria there is no more mortgage stamp duty as of tomorrow.
Don’t rely on your broker – call the state revenue office for a reliable answer (MA has kindly posted links to the relevant websites on the sticky in the finance section).
Cheers
Stu
Hi, just a couple of questions regarding mortgage insurance.Is mortgage insurance a one off payment only?
Yes, it can be added to the loan.As if you own a house for $100k, you paid 10k deposit, after 2 years you have paid off another 30k, can you re-draw back up to your limit (90%) for a deposit on an IP, and not have to pay mortgage insurance again?
Yes, if you change the loan they will have to change the mortgage insurance contract. If you stay with the same lender they might be able to do a variation (so you only pay the price differential.
If so can you do this a couple of times?Does it differ if you are doing this on an IP? Say a LOC set up for 90% (already paid mortgage insurance), can you re-draw back up to that set amount at any time for deposits on further IP’s?
Yes, you can redraw back up to the dollar limit only (i.e. you cannot draw up to 90%).As I’m weighing up the options of paying mortgage insurance and getting into the market sooner, or waiting till I have the 20% deposit and therefore paying a bit extra for the IP, as had to wait a bit longer to purchase.
For the pros and cons of this see – http://www.prosolution.com.au/gear.pdfCheers
Stu
Kay, My comment was that Steve had a thread on the forum advertising his finance section. I had a problem with this because advertising is against the forum rules. I know he is the owner but I think its best to maintain the integrity of the forum (and moderators spend many hours doing this).
I have no problems what so ever with Steve advertising any service on his website (including finance). My concern was with the forum only and it appears that Steve agreed (because he deleted the thread, not the service).
Cheers
Stu
Welcome NZ Mortgage Broker
So this post isn’t construed as advertising why don’t you tell us more about the product (rates, fees, etc)?
Cheers
Stu
And just for the record (to back up the people that referred me), I am a Chartered Accountant and ProSolution holds a Australian Financial Services License (from ASIC) and we are licensed to provide general product advice (refer to our website).
(I am not stating this to advertise. I just want to back myself up.)
That said, I do not provide any specific financial planning advice.
Cheers
Stu
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] [] [] [] Please… (thanks for the compliments)… and welcome back AD.Cheers
Stu
Correct. They must give you a Comparison Rate Schedule… but not for line of credits, investment loans and pro packs.
I.e. only for home loans.
Cheers
Stu
Wouldn’t that cover off loans with a short term of 1 to 2 years? Ie. maturity date is normally 30 years away so it wouldn’t affect most loans.
Cheers
Stu
Firstly Rob (or iambored), I don’t think you should be posting lenders manuals in a public environment. I’m sure St George would not be happy.
Secondly, there is DEFINATELY post code restrictions with the 100% loan. I know this from experience.
Apartments with greater than 3 levels and apartments is certain post codes are out also.
Email me if you want the post code list!
Cheers
Stu
I have hardly had any problems with NAB vals.
Yes, they have some weird standard policies but they will do the same LVR’s as other lenders (i.e. they will generally ignore internal policy).
I think they changed max LVR for invt from 80% to 75%.
Cheers
Stu
Yes, this arrangement is yet to be contested by the ATO (as far as I am aware).
Cheers
Stu
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