[Stuart WemyssMember@stuart-wemyssJoin Date: 2003Post Count: 598]

January 12, 2004 - 7:46 am

The lenders that offer 100% loans include:

– St George
– Homeloans Ltd
– Tonto
– Pepper

I haven’t had a lot to do with these loans. Some require genuine savings and some don’t. Some investor clients of mine use these loans as a way of increasing leverage.

Cheers

Stu

[Stuart WemyssMember@stuart-wemyssJoin Date: 2003Post Count: 598]

November 6, 2003 - 9:41 am

Richo

Here is a great government website http://www.businessaccess.vic.gov.au/web/sbv/sbvsite.nsf/pages/sbvhome

Cheers

Stu

[Stuart WemyssMember@stuart-wemyssJoin Date: 2003Post Count: 598]

November 4, 2003 - 5:57 am

I agree with the Mortgage Hunter. There are some lazy brokers out there.

Make sure they compare at least 3 lenders (the comparison is good to get in writing). Ask them how they have gone about selecting the right lender. Ask them about the top 3 lenders for your situation.

They have all the information so just ask them questions and probe them a little.

If you feel they have a bias or aren’t acting in your best interest then move on.

Also make sure they disclose all their commissions (from every lender on their panel).

Cheers

Stu

[Stuart WemyssMember@stuart-wemyssJoin Date: 2003Post Count: 598]

October 25, 2003 - 6:06 am

Thanks Richard – I’m pleased you found it useful.

Cheers

Stu

[Stuart WemyssMember@stuart-wemyssJoin Date: 2003Post Count: 598]

October 25, 2003 - 12:42 am

Rolf – I have been able to get ANZ, Westpac, CBA (standard) and NAB to discount their fixed rates… just ask and negotiate.

Jim – NAB will discount their LOC (but its not standard).

6.12% is a bit high for a LOC (watch out for my next article on LOC’s in API Dec/Jan issue).

ANZ has the lowest LOC at the moment 5.97% (if loan is over $250,000). However, I agree with Terry & Rolf – their service is terrible. I have drafted 2 complaint letters for clients in the last week or so. It’s probably not worth refinancing to save 0.15%. The question you should ask yourself is: do I really need a LOC?

Cheers

Stu

[Stuart WemyssMember@stuart-wemyssJoin Date: 2003Post Count: 598]

October 24, 2003 - 2:40 am

Mike

I think Leigh is referring to gov fees such as title search, mortgage registration and deregistration, stamp duties, etc.

The NAB package entitles you to an unlimited number of mortgages, transaction accounts and credit cards for one annual fee of $375. Non negotiation required – that’s their standard offer.

Cheers

Stu

[Stuart WemyssMember@stuart-wemyssJoin Date: 2003Post Count: 598]

October 23, 2003 - 1:50 am

On the most part discounts are based on total loans with the bank. As an indication the discount should be as follows:

$150 – $249k = 0.50% off (therefore 6.07%)
$250k – $499k = 0.60% off (therefore 5.96%)
$500K – $999k = 0.75% off (therefore 5.81%)
> $1m = 0.85% off (therefore 5.71%)
> $1.5m = 0.95% off (therefore 5.61%)

Generally the best pro packs are offered by ANZ, CBA, Westpac, NAB and St George.

Most of these lenders will also discount fixed rates (the maximum fixed rate discount is normally 0.25%).

There are some significant differences between all these packages.

ANZ
– They measure discounts based on individual product size (not total lending)
– Package includes up to 5 mortgages.
St George
– They still charge application and ongoing fees per loan. Also its products have break fees for 3 years.
CBA
– They don’t really have an offset account (not like the other banks)
– Package includes unlimited number of mortgages
NAB
– They are very good but they can be low on the borrowing capacity side of things.
– Package includes unlimited number of mortgages
Westpac
– Owner occupy and investment interest rates are different. LOC rate is too high. They have some good products.
– Package includes up to 5 mortgages.

Cheers

Stu

http://www.prosolution.com.au

[Stuart WemyssMember@stuart-wemyssJoin Date: 2003Post Count: 598]

October 22, 2003 - 7:56 am

Not really – splitting the loan gives you the best of both worlds.

There is a lender (Heritage Building Society) – they allow unlimited extra repayments on their fixed loans so this might be an option for you. http://www.heritageonline.com.au

Cheers

Stu

[Stuart WemyssMember@stuart-wemyssJoin Date: 2003Post Count: 598]

October 22, 2003 - 12:36 am

Try http://www.smsloans.com.au

Cheers

Stu

[Stuart WemyssMember@stuart-wemyssJoin Date: 2003Post Count: 598]

October 21, 2003 - 12:02 pm

Sapphire Mortgages has a comparison rate of 5.88% (interest rate of 5.85%).

http://www.sapphiremortgageservices.com.au/crs_banksia.asp

Cheers

Stu

[Stuart WemyssMember@stuart-wemyssJoin Date: 2003Post Count: 598]

October 21, 2003 - 11:59 am

It’s a bit like property investing. You need to know what you’re after and then go and look for it. By that you need to define the type of loan you are looking for. 9 times out of 10 people make the wrong loan product choice rather than choosing the wrong lender. Do you want:
– Basic variable
– Fixed rate
– LOC

Then ask the broker for their best “XXXX” product.

This is a much better approach as then you are comparing apples with apples (rather than comparing a LOC with a basic variable).

Spend just as much time on choosing the best product type as you do finding the right lender.

Cheers

Stu

[Stuart WemyssMember@stuart-wemyssJoin Date: 2003Post Count: 598]

October 21, 2003 - 4:20 am

X-collateralisation is not “bad” per say… it’s just not optimal.

The advantages of not x-collateralising are:

1. Properties are not tied to one bank.
2. Doesn’t give the lender access to all security.
3. Deling with one property does affect other loans/properties.

Cheers

Stu

[Stuart WemyssMember@stuart-wemyssJoin Date: 2003Post Count: 598]

October 21, 2003 - 2:06 am

Hi James

I think HomeSide has a product that has an 18 year term on P&I that does not charge mortgage insurance.

Alternatively, a Big 4 lender may lend you say 85% and waive mortgage insurance so long as you agree to be placed on an accelerated repayment program (i.e. pay down the loan below 80% within 2 – 3 years).

Other than these examples I am not aware of any ways of the lender not charging the premium.

Cheers

Stu

[Stuart WemyssMember@stuart-wemyssJoin Date: 2003Post Count: 598]

October 17, 2003 - 5:29 am

Most IO loans allow regular principle repayments so why not go for IO and you can have it both ways?

Cheers

Stu

[Stuart WemyssMember@stuart-wemyssJoin Date: 2003Post Count: 598]

October 17, 2003 - 3:19 am

I think the articles in API are excellent. They are written by very professional and knowledgeable people… especially that guy by the name of Stuart Wemyss… he really knows his stuff. [][][]

Cheers

Stu

[Stuart WemyssMember@stuart-wemyssJoin Date: 2003Post Count: 598]

October 14, 2003 - 3:34 am

Hi Steve

I refer to “gurus” generally with no particular person/s in mind. (really just a name for lack of a better word)

I have personally attended a number of seminars where presenters have talked about unlimited finance. I also discussed the concepts with investors and educated mortgage brokers.

Why do you ask Steve? Do you feel that there is something that I’ve missed?

Cheers

Stu

[Stuart WemyssMember@stuart-wemyssJoin Date: 2003Post Count: 598]

October 10, 2003 - 5:12 am

Do you know how disheartening it is for us Victorian’s to know that Banana Benders and Crow Eaters are coming down here to feed on our (or at least Steve’s) brains…

Cheers

Stu

[Stuart WemyssMember@stuart-wemyssJoin Date: 2003Post Count: 598]

October 4, 2003 - 10:17 am

I agree. I think Richmond should throw in the towel!!!

… oh! I thought we were talking about the footy club – sorry.

Cheers

Stu

[Stuart WemyssMember@stuart-wemyssJoin Date: 2003Post Count: 598]

October 4, 2003 - 10:14 am

I think only morons and fortune tellers would predict interest rates to rise to 10% in 3 years.

I would prefer to listen to Henry Kaye…. (well that’s taking it a bit far)

Interest rates react to expectations and uncertainty. If is very difficult to forecast 3 months forward (let alone 3 years!!!)… and often 3 month forecasts are wrong.

I think you are better off variable unless:
1. You lose sleep at night worrying about potential rises; and/or
2. You have a significant debt exposure and a 1% or 2% interest rate rise would adversely impact you.

Fixed rates are like buying insurance. You may pay more in the end but you are limiting the downside.

Just my 2 cents.

Cheers

Stu

[Stuart WemyssMember@stuart-wemyssJoin Date: 2003Post Count: 598]

October 4, 2003 - 9:55 am

=MIN(A1:A6)
=MAX(A1:A6)

Obviously you have to enter the cell range that contains the numbers.

Cheers

Stu