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  • Profile photo of tom123tom123
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    March 29, 2014 - 11:59 pm

    Hi PLC,

    That's really interesting, Is there any other documents you might have to blacken out? and when you email them to the lender, which department would you email them to / contact?

    Cheers, Tom

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    March 29, 2014 - 4:18 am

    oh ok, thanks Jamie!

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    March 29, 2014 - 2:08 am

    Also how do you normally submit the documentation to the lender in an appropriate manner to protect client confidentiality? 

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    March 29, 2014 - 2:02 am

    HI Jamie thanks for your reply i was wondering when you said that they compile their documents is this as in getting a pre-approval ready for you? or is that something different?

    Also when you write the application do you mean you just fill in a application from the specified bank that you're trying to get the loan from or is there universal application forms you can use?

    Cheers, Tom

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    December 19, 2013 - 8:03 am

    Thanks guys. much appreciated. ANZ was just for etc. in general was asking about all banks. basically i want to be in a position where i have a pre-approval (for 400k etc) and then go to a house i like, and get a bank panel valuer to do a valuation on it (the same bank panel valuer from the same bank I'm get the loan from) and then give this to my broker with my pre-approval and ask to get a unconditional approval (for 400k value of the house). so i can make a unconditional offer / be able to buy it there and then as a negotiating technique. 

    i did speak to 1 broker and he said that this was not possible. any advice as to how i could maybe word it better to a broker such as your self's? 

    Profile photo of tom123tom123
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    November 26, 2013 - 9:02 am

    hey gobi,

    you can go to the banks external dispute resolution scheme. which would either be..

    http://www.cosl.com.au

    http://www.fos.org.au

    hoped this helped.

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    November 4, 2013 - 11:50 pm

    Hi Qld,

    Thanks a heap for clearing that up for me, i had that idea on my mind for a bit.

    ok well could i use a JV and vendor finance? for etc. 100% equity deal i sign a jv with the home owner. and then use vendor finance strategies to on sell to a buyer?

    so i would be the joint venturer with the credit license, the home owner would have the property and 100% equity. together using a JV we would on sell it using vendor finance terms?

    sorry Qlds for so many questions you've been a big help at answering a lot of these questions i've had. I've recently moved from Queensland to victoria where you can't do lease options (well you have to pay stamp duty up front) and also stamp duty here is more then in qld for etc 400k house in qld is like 13k stamp duty here it is like 20k.

    Thanks a lot, Tom

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    November 4, 2013 - 10:27 am

    so i would be wrong to think that if i had a credit license and there was a house with 100% equity that i using my license could arrange a loan application as them loaning me the money?

    i was thinking maybe it could work both ways :s

    Cheers, Tom

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    November 4, 2013 - 8:02 am

    Adding to that as well, me getting a credit license with my position now. couldn't i use it as a way to buy into properties? with 100% equity deals?

    so maybe me not so much using vf for incoming buyers but more of a way for me to get into houses cheaply? 

    Profile photo of tom123tom123
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    November 4, 2013 - 7:36 am

    Hi qld,

    Thanks for your insightful advice, much appreciated. when you say

    Also remember you need income outside of installment contract returns as lenders wont accept that without 2 years

    do you just mean 2 years employment / income? excluding installment contracts.

    and also my MAIN question which no one really answered yet. is do you have to be in a company to get a credit license ?

    and also i was thinking that if i got a credit license then i could for etc go to a home owner who has 100% equity and get financed into the property. could i do this? even know the home owner didn't have a credit license but i did?

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    November 1, 2013 - 8:36 am

    Thanks Fms, yea i've been to the page on acis website. just wasn't to sure if i had to be in a company or not

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    November 1, 2013 - 8:35 am

    hi QLD, I've been wanting to get into second mortgage carry back deals where i could buy and then on sell so the person coming into the house doesn't need the deposit.

    my main question was really did i have to be in a company to get the credit license.

    I'm not trying to finance the hole property to someone.

    and your question to how many i could afford. i personally have only 25k. but I'd wanting to use wraps. so i would use as least of my own money as possible.

    and my dad has a line of credit out on his house which is 160k

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    September 12, 2013 - 10:37 am

    Interesting read, I couldn't access the rick ottton's one.

    Profile photo of tom123tom123
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    September 10, 2013 - 4:38 am

    Hi guys, thanks for the replies.

    ok so in that case i'd have my dad on the title i might be a caveat on the title. my idea is just to make low ball offers and then when i get a offer accepted to act quickly.

    any tips on how i can do this with finance to make the "getting a loan" process faster? this is first time investing in property / buying a house. 

    Profile photo of tom123tom123
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    July 18, 2013 - 11:02 am

    whys that?

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    July 18, 2013 - 10:54 am

    i see, cause my orginal idea was to go buy houses by baby sitting a loan strategy so i wouldn't need to pay stamp duty or a deposit. then rent it out as a buy and hold and just keep doing that. 

    would you say it's more of a short term strategy then?

    Cheers, Tom

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    July 18, 2013 - 9:54 am

    Hi Terry,

    with baby sitting a loan, could i do this as a buy and hold stategy? also what are the disadvantages for the vendor by letting me do this with their loan?

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    July 15, 2013 - 7:12 am

    hmm i see thanks guys!

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    July 14, 2013 - 12:12 am

    Hi Paul,

    I'm quite new to property investing and was wanting to know what is the difference between RP data, Pricefinder an APM?

    do they all do the same thing?

    Thanks, Tom

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    July 2, 2013 - 11:04 am

    thanks lefty! curious as to how much does it cost yearly?

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