WhatIfWeFinance replied to the topic revaluation and drawing funds for next loan in the forum Help Needed! 11 years, 3 months ago
Without knowing your income details it's hard to determine whether the broker is giving you the best deal.
Self employed lending means you need to approach a lender that is more sympathetic to your needs and that is the value that a broker should bring. Provided you have the right information it should be relatjvely straight forward to…[Read more]
WhatIfWeFinance replied to the topic RBA reduces rates by 25 points in the forum Heads Up! 11 years, 3 months ago
Looks like most of the banks will go 25 basis points. Will be interesting to see how the housing market reacts if at all.
WhatIfWeFinance replied to the topic checking if bank charges the interest correctly? in the forum Finance 11 years, 4 months ago
I have found some clients have had issues with offset accounts in the past and it never hurts to check
WhatIfWeFinance replied to the topic newly self employed – wanting investment property can it be done in the forum Finance 11 years, 4 months ago
Stu
As Richard said it boils down to the deal and this means LVR and also you employment history. We have done numerous deals where people are newly self employed and have got finance approved.
Just a matter of picking the right lender.
WhatIfWeFinance replied to the topic Financing – discretionary trust income in the forum One thing that has always 11 years, 4 months ago
One thing that has always concerned me is the level of knowledge or lack of knowledge amongst bank staff when it comes to investments and trusts.
Like Richard and co have said i would always use a broker in this instance to ensure you get the correct advice or opinion
WhatIfWeFinance replied to the topic You get what you pay for in the forum Finance 11 years, 4 months ago
Unfortunately Richard and Terry all too common and I find with refinancing people tend to focus just on rate and will meet with you see what you can get and then go to their bank to match it. But I still find the good side of the industry outweighs the bad which is a good thing
WhatIfWeFinance replied to the topic Interest rates on hold in the forum Interesting. Out of 11 years, 5 months ago
Interesting. Out of interest what do we think the next interest rate move will be?
WhatIfWeFinance replied to the topic ANZ Loans disconnect with their customers. in the forum Finance 11 years, 6 months ago
Personally I find the best strategy is to use a number of lenders. They have different credit policies and different rules and depending on the cirtcumstances you deal with the appropriate lenders. They all have their good and bad points and they all do things which can be frustrating
WhatIfWeFinance replied to the topic Desktop Valuation in the forum Finance 12 years, 3 months ago
For non LMI deals ANZ have done desktop vals’ or what they call modelled vals. But it really depends on the property, suburb and also do they have sufficient price history
WhatIfWeFinance replied to the topic Thoughts on which way is the best to go to get a loan in the forum Finance 12 years, 3 months ago
Mark
Just a few thoughts that you need to consider:
a. A Mobile Lender eg from ANZ is limited to ANZ Products and by default that means you need to fit in to ANZ Credit Policy
b. The advantage of a Mortgage Broker is they will find the product that is best suited to your needs. Depending on your circumstances ANZ may or may not be a good fit…[Read more]
WhatIfWeFinance replied to the topic Accessing equity after buying BMV in the forum As Terry pointed out you 12 years, 4 months ago
As Terry pointed out you need to be careful and do you your homework with comparable sales etc because the valuer may value at market price.
Also different lenders have different policies. My view (leaving lender policy aside) is to revalue once you believe house prices have increased based on facts and evidence you have collected,
WhatIfWeFinance replied to the topic Bank Revalue? in the forum Finance 12 years, 4 months ago
Normally no. Sometimes yes for commercial or special circumstances and when you increase lending yes as well
WhatIfWeFinance replied to the topic preparing for the worst – economic meltdown in the forum Finance 13 years, 3 months ago
Just out of interest what do you regard as a depression? I know you need to plan for the worst but do you really think we will hit an economic depression?
Technically economists regard a depression as rare form of recession comprising of (1) a decline in real GDP exceeding 10%, or (2) a recession lasting 2 or more years.
WhatIfWeFinance replied to the topic 2013 Off-Plan Settlement – Should I buy a PPOR before then? in the forum Finance 13 years, 11 months ago
Spot on Terry and good advice.
WhatIfWeFinance replied to the topic ANZ Low Doc Changes in the forum Richard think ANZ is live 13 years, 11 months ago
Richard think ANZ is live 13/12 so we have until then.
WhatIfWeFinance replied to the topic What value IP could we purchase? in the forum Really depends on the loan 13 years, 11 months ago
Really depends on the loan to value ratio you are after. If you want an LVR of 80% and do not want to pay LMI then:
$460,000 x 0.80 then you can draw up to $368,000 against present property which means you have $25k available
Assuming you borrow 80% of new property you have $25k equity contribute. You would need to cover fees BUT $25k as a 20%…[Read more]
WhatIfWeFinance replied to the topic COST OF SOURCE CAPITAL FOR BANKS in the forum Finance 13 years, 12 months ago
Alot of it is just spin. Funding costs may be going up but also the banks are using this in my opinion as an opportunity to recover lost profit margin. Think about the fact that if you were an overseas lender would you lend to a usa bank or a an australian bank with a government guarantee?
The fact remains there is so much complexity in bank…[Read more]
WhatIfWeFinance replied to the topic COST OF SOURCE CAPITAL FOR BANKS in the forum Finance 13 years, 12 months ago
What nobody seems to have answered is bank funding costs go up and down and in addition they still have a relatively large pool of low interest deposit funds to draw on from. So whether their true funding costs have gone up will depend on the funding profile of the bank
The question I have is when their “funding pressure” subsides I assume they…[Read more]
WhatIfWeFinance replied to the topic Are mortgage brokers ‘Region Specific’ in the forum As outlined above technology 13 years, 12 months ago
As outlined above technology means it should not matter where you are located. I service existing clients from all parts of the world and also when I am in the USA. So long as the broker is competent, understands your needs and all compliance issues are dealt with it should not matter. That being said I have one or two clients who insist…[Read more]
WhatIfWeFinance replied to the topic overseas cash at low interest rates in the forum Finance 13 years, 12 months ago
The strategy above probably will not work because exchange rates adjust for interest differentials as well and also you expose yourself to currency risk!
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