Financing Out

Viewing 7 posts - 1 through 7 (of 7 total)

Paul Dobson
Participant
@pauldobson
Join Date: 2003
Post Count: 1,196
March 4, 2005 - 2:23 am
Hi All
Karen and I are just about to roll our first wrappees out of our Instalment Contract into a “traditional” mortgage. We would appreciate your ideas regarding which lender accomplishes this with the minimum amount of fuss
Cheers, Paul
Paul Dobson | Vendor Finance Institute
http://www.vendorfinanceinstitute.com.au
Email Me | Phone Me
An alternative way to finance your home.
Mortgage Hunter
Participant
@mortgage-hunter
Join Date: 2003
Post Count: 3,781
March 4, 2005 - 3:14 am
Depends a lot on the client. I suggest you see a broker.
Cheers,
Simon Macks
Finance Broker
[email protected]
0425 228 985
Comments may not be relevant to individual circumstances. If you intend making any investment, financial or taxation decision you should consult a professional adviser.
Paul Dobson
Participant
@pauldobson
Join Date: 2003
Post Count: 1,196
March 4, 2005 - 7:30 am
Hi Simon
Thanks for that. I was a broker up until awhile ago and still do the odd application.
What I’ve heard is that a lot of lenders have real problems refinancing clients out of an Instalment Contract. I’ve also heard that a few or a couple (I’m not sure) don’t have a problem with this. I’m looking for those few so that I don’t have to waist my time with the others.
Thanks, Paul
Paul Dobson | Vendor Finance Institute
http://www.vendorfinanceinstitute.com.au
Email Me | Phone Me
An alternative way to finance your home.
Richard Taylor
Participant
@qlds007
Join Date: 2003
Post Count: 12,024
March 4, 2005 - 8:44 am
Paul
I have sent you a PM in answer to your question.
Cheers Richard
richard at castlewhite.com.au
Email me for details of our Qld wrap service.
Richard Taylor | Australia's leading private lender
Terryw
Participant
@terryw
Join Date: 2001
Post Count: 16,213
March 4, 2005 - 11:06 am
I have done two refinances. The first went through ok, with the lender and mortgage insurer treating it as a normal refinance. A few months later I tried again, with the same lender, but the mortgage insurer (PMI) had changed their opinion on wraps and would not treat it as a refinance. They would only lend based on contract – depsite around 2 years passing since they signed it and values having increase dramatically. In the end, i couldn’t get them finance. They ended up going to another broker who aparently did up a dummy contract at a higher amount that got them through.
This was about 2 years ago and things may have changed.
Terryw
Discover Home Loans
Mortgage Broker
North Sydney
[email protected]
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
terry.s
Member
@terry.s
Join Date: 2002
Post Count: 15
March 6, 2005 - 12:40 pm
my clients (in country NSW )just did a refinance last week through the Comm bank in Sydney
Regards Terry S
Paul Dobson
Participant
@pauldobson
Join Date: 2003
Post Count: 1,196
March 6, 2005 - 1:24 pm
Hi
Many thanks to all of the above for your help. Much appreciated.
Cheers, Paul
Paul Dobson | Vendor Finance Institute
http://www.vendorfinanceinstitute.com.au
Email Me | Phone Me
An alternative way to finance your home.