I have a wrap client who has been a fantastic client ,never missed a payment date over the 2 year period over the vendor finance (wrap)contract,never once gave me any trouble.he now wants to refinance and pay me out.
he approached ANZ and they are not interested.i told him to try the other banks.
Are there any mortgage brokers out there interested in helping him out.
Or anyone else have any ideas in refinancing solutions.regards Terry[builder]
I am happy to talk to him or yourself and see what I can suggest.
Call me.
Simon Macks
Mortgage Broker
http://www.mortgagehunter.com.au
0425 228 985NODOC Loan – 65% Loan – No questions asked! 6.85% Rate!!
Comments may not be relevant to individual circumstances. If you intend making any investment, financial or taxation decision you should consult a professional adviser.
A few years ago I refinanced a wrap client out and had no problems. A month later I went to the same bank and it was a different story. The LMI people would not consider a ‘wrap’ to be a genuine purchase as of the date of the cotnract – 2 years earlier. So despite the property having grown considerably, they would only take the contract price and not the current value. Because they paid a 20% premium when they purchased they would hoping for a 90% LVR loan on value. Then bank was willing to do it without LMI at 80%, but couldn’t get it higher than this.
So in the end I could not do the deal, and later heard that they went to another broker who did it, by issuing a new contract with new ‘price’ on it. ie they tricked the lender.
Terryw
Discover Home Loans
North Sydney
[email protected]Terryw | Structuring Lawyers Pty Ltd / Loan Structuring Pty Ltd
http://www.Structuring.com.au
Email MeLawyer, Mortgage Broker and Tax Advisor (Sydney based but advising Aust wide) http://www.Structuring.com.au
And paid a higher stamp duty too I bet.
I won’t be involved with tricking my lenders. The secret is having a lender who will use it as a 12 mnth+ contract similar to an OTP.
Cheers,
Simon Macks
Mortgage Broker
http://www.mortgagehunter.com.au
0425 228 985NODOC Loan – 65% Loan – No questions asked! 6.85% Rate!!
Comments may not be relevant to individual circumstances. If you intend making any investment, financial or taxation decision you should consult a professional adviser.
Hi Simon
In NSW, stamp duty is payable within 3 months of contract exchange with wraps. So I don’t know how they got away with it.
The mortgage insurer that i used was PMI, and it was more than a year ago now – maybe 2, so maybe their policy has changed.
Terryw
Discover Home Loans
North Sydney
[email protected]Terryw | Structuring Lawyers Pty Ltd / Loan Structuring Pty Ltd
http://www.Structuring.com.au
Email MeLawyer, Mortgage Broker and Tax Advisor (Sydney based but advising Aust wide) http://www.Structuring.com.au
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