Finance for 1st wrap deal

Viewing 9 posts - 1 through 9 (of 9 total)

jcls79
Member
@jcls79
Join Date: 2004
Post Count: 88
January 18, 2005 - 12:41 am
[biggrin]
Just put down a written offer and its likely to be accepted. I shall be wrapping this property 3 months later, after I’ve found a qualifed wrappee. Just wondering is there any mortgage brokers that can provide a good investment loan that is wrap friendly. I am purchasing the property for 100K and I’ve got enough to cover the 20% deposit and settlement cost.
Cheers
john
Want to join financial independence before 31 years old, currently 25
Robbie B
Member
@robbie-b
Join Date: 2004
Post Count: 2,493
January 18, 2005 - 2:34 am
The loan should have nothing to do with the wrap. Just get yourself the cheapest loan possible. Should be around 6.5% or less if you have serviceability.
_____________________________________________
[withstupid]
The forumite formally known as Big Rob
Alistair Perry
Participant
@aperry
Join Date: 2004
Post Count: 891
January 18, 2005 - 3:57 am
Rob,
My understanding is that many lenders will call in the loan if they find out it is for a wrap. Is this correct?
Regards
Alistair
Mortgage Hunter
Participant
@mortgage-hunter
Join Date: 2003
Post Count: 3,781
January 18, 2005 - 4:20 am
You should disclose it to the lender, especially if you wish to do more than one.
You will need a wrap friendly lender and a wrap experienced broker. Someone here should be able to make a recommendation.
Simon Macks
Interest Free Home Loan Agent
[email protected]
0425 228 985
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Robbie B
Member
@robbie-b
Join Date: 2004
Post Count: 2,493
January 18, 2005 - 4:58 am
I would disclose it to the lender when I was ready to wrap it. I thought you were settling long before wrapping.
Just on having the loan ‘called in’. I am still yet to see this happen to anyone who makes all their mortgage payments on a loan secured by residential security and NOT a Line Of Credit.
_____________________________________________
[withstupid]
The forumite formally known as Big Rob
Mortgageman
Participant
@mortgageman
Join Date: 2004
Post Count: 164
January 18, 2005 - 5:57 am
We have a lender who will lend for wraps. They are the only one that I know of after having spoken to a large number of lenders. Most lenders won’t go near them and are even hostile towards the suggestion.
Mortgageman
Terryw
Participant
@terryw
Join Date: 2001
Post Count: 16,213
January 18, 2005 - 8:21 am
It is very hard to find wrap friendly finance. So Give the Mortgageman a call and see what he has to offer.
Terryw
Discover Home Loans
Mortgage Broker
North Sydney
Click below to email me
Terryw | Structuring Lawyers Pty Ltd / Loan Structuring Pty Ltd
http://www.Structuring.com.au
Email Me
Lawyer, Mortgage Broker and Tax Advisor (Sydney based but advising Aust wide) http://www.Structuring.com.au
anzion
Participant
@anzion
Join Date: 2003
Post Count: 9
January 19, 2005 - 1:55 am
Hi
I used Avibe for financing a property I was wrapping. The recommendation came from Rick Otton’s office:
Danielle McMahon
Ph: 1800 284 230
Email: [email protected]
http://www.avibe.com.au
My rate is 6.9% for fixed IO loan and 7% for LOC.
Good Luck – I hope it all goes well for you.
Regards
Anzion [biggrin]
Mortgageman
Participant
@mortgageman
Join Date: 2004
Post Count: 164
January 19, 2005 - 5:53 am
Hi Anzion,
Our best fixed rate is 6.75% for a wrap friendly lender at the moment, feel free to email me for any more information.
Cheers,
Mortgageman