Forum Replies Created
I agree with Richard and co anybody can become a broker. Infact Certificate IV is a "Clayton's Qualification" and teaches you very little about lending and the things you need to be aware of.
Standards must be harder! You do not go to the accountant and decide I can do this and next week become an accountant!
Assuming you have an interest only facility, $300k in an offset account with 100% interest offest means you pay no interest. The loan is not closed and you can deposit or withdraw from your offset account.
If you are on P&I you may still be required to pay the minimum monthly repayment but there will be no interest and you are paying off principal only.
Agree with Banker on this….
FYI is there an correlation between advertising in a particular publication and the winning of awards?
Folks how much innovation is there really in financial markets eg especially mortgages. Interested to see 3 truely original ideas in home loans for the past 5 years?
Typically for purchases valuers are given the contract of sale. Which means they should know the sales price. Also when conducting a valuation they will loook at recent sales of properties in the area. A valuer would argue by looking at that information they are infact forming an objective view.
I have had valuations come in short (typically around construction) and by showing a vauler comparable sales etc they ahve reconisdered.
In the end though i strongly believe valuations are an art rather than a science.
I have done deals like this before. But it all depends on your income, assests and liabilities. Probably need a little more detail
Question is will the property market slow down and is the RBA trying to break the property bubble? RBA are no record saying they do not like price bubbles?
Number one rule of marketing pick your market .so you do not look like a
In my experience a lender can finance this as 2 individual titles provided the block is already subdivided. If it is not subdivided then they will see it as one title one deal.
The next thing you need to consider here are what the lender is likely to value the sub divided property at. Remember bank valuations at times can be a little "flakey" so you need to be armed with enough information – comparable sales etc
Regards
CBA have moved first and passed on 0.25% pa. Here are the details….
Change to Interest Rates as from Friday 9 April 2010
Today, the Group announced it would be increasing the interest rate on its standard variable rate home loans by 25 basis points following the increase in the official cash rate made by the Reserve Bank of Australia (RBA). The Group's new standard variable rate is 7.11% per annum.As Australia's largest home lender, we are committed to remaining competitive in the mortgage market and will continue to offer competitive pricing, policy and processes that can be relied upon. The interest rates changes are effective Friday 9 April 2010.Note: Interest rates remain unchanged for any products not listed below.Interest rates for the following lending products (new and existing borrowings, unless indicated otherwise) will change from Friday 9 April 2010:Product New Rate (p.a.) Change Assessment Rate Comparison Rate Effective Date (p.a.) (p.a.) (p.a.) Variable Rates Home/Investment Home Loans Standard Variable Rate (including Low Doc) 7.11% 0.25% 8.61% 7.24% 9 April 2010 12 Month Discounted Variable Rate 6.41% 0.25% 8.61% 7.16% 9 April 2010 Base Variable Rate (Rate Saver) (including Low Doc) 6.60% 0.25% 8.10% 6.73% 9 April 2010 Base Variable Rate (3 Year Special Rate Saver) 6.43% 0.25% 8.10% 6.59% 9 April 2010 Lines of Credit LOC – Residential Equity Rate (including Low Doc) 7.21% 0.25% 8.71% N/A 9 April 2010 Equity Unlock Loan for Seniors 8.21% 0.25% N/A 8.30% 9 April 2010 LOC – Excess Drawing Rate 17.24% 0.25% N/A N/A 9 April 2010 MISA MISA Standard Variable Rate 7.11% 0.25% N/A N/A 9 April 2010 MISA – 12 mth Discounted Variable Rate 6.41% 0.25% N/A N/A 9 April 2010 Note: Only the Comparison Rates and Assessment Rates have changed for Fixed Rate Home Loan/Investment Home Loan.
Product New Rate (p.a.) Change Assessment Rate Comparison Rate Effective Date (p.a.) (p.a.) (p.a.) Fixed Rates Home/Investment Home Loans 1 Year Guaranteed Rate 6.49% 0.00% 8.61% 7.17% 19 October 2009 1 Year Fixed Rate 6.64% 0.00% 8.61% 7.19% 19 October 2009 2 Year Fixed Rate 7.34% 0.00% 8.61% 7.29% 19 October 2009 3 Year Fixed Rate 7.74% 0.00% 8.61% 7.43% 19 October 2009 4 Year Fixed Rate 7.94% 0.00% 8.61% 7.56% 19 October 2009 5 Year Fixed Rate 8.04% 0.00% 8.61% 7.67% 19 October 2009 7 Year Fixed Rate 8.29% 0.00% 8.61% 7.94% 10 August 2009 10 Year Fixed Rate 8.39% 0.00% 8.61% 8.20% 10 August 2009 15 Year Fixed Rate 8.44% 0.00% 8.61% 8.44% 10 August 2009 MISA MISA – 1 Year Guaranteed Rate 6.49% 0.00% N/A N/A 19 October 2009 Fixed Rates Home/Investment Home Loans (MAV) 1 Year Fixed Rate 6.49% 0.00% 8.61% 7.04% 19 October 2009 2 Year Fixed Rate 7.19% 0.00% 8.61% 7.13% 19 October 2009 3 Year Fixed Rate 7.59% 0.00% 8.61% 7.25% 19 October 2009 4 Year Fixed Rate 7.79% 0.00% 8.61% 7.37% 19 October 2009 5 Year Fixed Rate 7.89% 0.00% 8.61% 7.47% 19 October 2009 7 Year Fixed Rate 8.14% 0.00% 8.61% 7.72% 10 August 2009 10 Year Fixed Rate 8.24% 0.00% 8.61% 7.95% 10 August 2009 15 Year Fixed Rate 8.29% 0.00% 8.61% 8.18% 10 August 2009 Is this spam
Mortgage Innovator is a CBA Mobile Lender effectively. They onlys ell CBA products and work on commission only
I completed their online course
http://www.financeinstitute.com.au/mortgageconsultant.html
Thought it was okMichael that number is 3 to 4 years old and is the duration of a home loan quoted by a major bank that I worked for.
Michael that number is 3 to 4 years old and is the duration of a home loan quoted by a major bank that I worked for.
The 3.5 year figure quoted is a slightly dated figure which was the average duration of a bank's home loan portfolio. Subsequently banks introduced Deferred Establishment Fees and this has increased. Banks were quoting this as a justification for DEF's and suprise sprise the average DEF is on 4 years. Bank profitability models for Home Loans show that a big chunk of the profit on their home loan portfolio being earned in the first 4 years so hence DEF's…
The recent credit crisis has seen some segment of the market go down to 2 years (those on high rates) and some blow out.
My portfolio is approx 5.1 years for what its worth.
The reality is though bank's tend to love you when you want to borrow and then forget you once you are a customer and you find given the way house prices trend people tend to refinance to unlock equity, find a better rate and also out of frustration with their lender.
It really depends on a number of factors the rate as I assume this is commercial? But I have been placing these anywahere from 7.8% and above on commercial deals.
Just be careful I have never seen a property purchase where the bank values more than the property purchase price. They will argue that is the price a willing buyer and seller are prepared to exchange the property for hence the valuation.
Question is it arm's length transaction?
or become a doctor and anz will waive lmi…..
