Hi Tony

to answer your questions ……

YES wraps have been great for us …..3.5 years and 60 plus in Victoria.

Great cashflow ……..but if you want to be in property for the long haul then do a mix of stuff .

We now build houses in Brisbane and leave the wrapping up there to Richard ……..

His knowlege and experience are well known …

And finally, you have to decide whether you want a full time business or just a supplement to you day job ?????

seeya

Wes

Hi Robert …..

The bank I use want me to do two things …..first 80/20 loans , secondly P.I. to me and to my wrapee

They are happy with this risk wise so I am happy to comply ……

I now have another bank outside the big 4 which will do I.O loans and again I will only do 80/20 loans.

I realise this is not tricky or smart re LVR however I am old fashioned and when I deal with the BIG Conservative banks I just give them what they want and they in return lend me lots of $$$$$

I am at 3 Mill plus at the moment and there is no restriction or an upper limit …….all my deals are CF+ and as long as 20% is my cash ( hurt money ) they are happy ……

As a broker you know …… it’s all about risk ….

I do not disclose the banks involved as I consider my dealings private …
The best advice I can give newbies is to do the hard yards and after you get 5 or 6 under your belt then the doors WILL start to open …..

I spent 12 months bashing my head against this finance problem ……The wrap pack didn’t tell me about this little stopper….[biggrin]

but I stuck with it and now 18 months down the track I have 2 Banks on board and wrap 3 house a month

Regards

Wes

As a wrapper with many deals in the last 12 months I have been looking at this issue from a Customer point of view.

I have finally done the following to solve this problem ……hopefully all those knockers will now see that there is a right way to protect our customers ?????

We buy on 80 /20 loan so if we buy a 100K house then our PI loan is 80K
Wrap at 125K with12 deposit = loan of 113K also PI

If I default, go broke or I am delcared bankrupt then our Bank offers OUR MOrtgage of in this case 80K to our customer …..

Banks is happy , wrapee is happy and I am out of business ……. SIMPLE

We use one of the BIG banks and they are doing the paperwork for this NOW

At the end of the day I am going to run an eficient business like all wrappers should ……therefore I sure as hell WILL NOT go broke

[cap]

seeya
Wes

look outside the square and you can find an answer

Hi Lozza

we use the direct debit method ……works for our customers …

seeya

Wes[specool]

Hi Terry …
should have tried the complains route myself ….

Had 6 loand thru ANZ via a broker ……They refused to speak with me and said I should only deal through broker …..

Broker was hopeless as they did not know the ANZ policies and procedures…..

Result :—- Nobody would talk to the customer …

I walked ….so stuff the ANZ ……( this was the business banking section ) bloody hopeless ….

Thank goodness other banks do listen …am now very happy with Bendigo bank and over 20 mortgages …..

Regards
wes[biggrin]

Hi MM

Thanks for the web site info …..
appreciated

Regards
Wes