Glenn

Yes it would be very hard to start out on your own without any knowledge of the industry. Getting some experience inside a lender will help you later on when you become a broker, as you will know what they look for and how to get loans passed. So i sugest that route initially. Then maybe join a bigger firm to get the experience and training. Eventually you could go out on your own.

Terryw
Discover Home Loans
Mortgage Broker
North Sydney
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Yes there are people wrapping in Sydney.

There are plenty of people who cannot qualify for low docs – most don’t have the 20% deposit. 35% is usually needed for No docs.

And there are 95% low docs out there, but the rates are over 10% and there is about 3% worth of LMI to be paid, so compared to these wraps can be competetive.

There is also a whoe market out there wrapping to investors who have maxed out, or can’t get a loan.

Terryw
Discover Home Loans
Mortgage Broker
North Sydney
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A client of mine just purchased a 3 bedroom house in a Sydney suburb for $210,000!

Terryw
Discover Home Loans
Mortgage Broker
North Sydney
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Hugo

There won’t be $13,000 cause the trust will have to pay the $20,000 in interest, so there would be a $7,000 loss.

Terryw
Discover Home Loans
Mortgage Broker
North Sydney
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Thats when you take up a lease option on the house and then do the same thing, you sell an option at a higher price on the same property for slightly more and you charge a slightly higher rent.

The result is a option fee an option fee to you and a margin on the rent.

Sounds good in theory, but may be hard to do – but not impossible.

Terryw
Discover Home Loans
Mortgage Broker
North Sydney
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It will be hard, too, with your short employment record. I think most of the 100% loans need the applicant to be in their job for at least 12 months before applying.

Terryw
Discover Home Loans
Mortgage Broker
North Sydney
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When I did a course in Japanese business in about 1993, I thought now may be a good time to buy some shares (have been dropping since 1990 too when the bubble burst). Luckily I didn’t as they have been still falling since.

But, yes it could be a good time to get in now, but you must know the market well, speak the language and know the rules and customs over there.

Terryw
Discover Home Loans
Mortgage Broker
North Sydney
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Lenders need a buffer in case they have to foreclose. Usually forclosing takes many months, and itnerest could be building up during this time as well as various legal costs. And then when they sell, they may not be able to get what it initially valued at. So a buffer is needed.

Terryw
Discover Home Loans
Mortgage Broker
North Sydney
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Japan is a whole different ball game to Australia. Properties have been falling since 1990, depsite it being cheaper to pay a mortgage than to rent. There are other problems such as foreign ownership rules, and finance. You probably wouldn’t be able to finance there unless you were working there.

Stick with an area you know.

Terryw
Discover Home Loans
Mortgage Broker
North Sydney
[email protected]

Thank you everybody. You are too kind!

And sorry to all the people I have given ‘bum drum’ to!

Terryw
Discover Home Loans
Mortgage Broker
North Sydney
[email protected]