Still with RHG-ERF's are 2% until July 2009 then 1.5%.
I took out an 85% lvr lo doc loan with former RAMS in July 2007. Variable interest rate currently 8.48%
mine were also 2% until July 09 but just moved across, it made sense to switch to 5.69% instead of mid 7's. Lo Docs are max 80% at Rams now / 6.29% currently under s/e pro pack…
let me know when you're moving across and can help you out…there is a rebate you can get also
Ajax wrote:Still with RHG-ERF's are 2% until July 2009 then 1.5%.I took out an 85% lvr lo doc loan with former RAMS in July 2007. Variable interest rate currently 8.48%
85% LVR low docs where very rare back then (extinct now i think) and the rate was very low compared to another high LVR loans. So to console yourself think of the interest savings you received since then.
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
What rebate are they talkin about and how much I am stuck until Sept 09 and got to pay about $12k all up if i leave. hmmm what to do!
PosEnterprises wrote:What rebate are they talkin about and how much I am stuck until Sept 09 and got to pay about $12k all up if i leave. hmmm what to do!if your ERF's are around $12k, i'm thinking your loan amount is around $500k ish? Sept 09 does it revert to 1.5% or 1% for ERF's? you need to figure if it's worth waiting to pay lower ERF's compared to what you save in interest payments.
here is the rebate scale:
<$300k Rate Relief product $500, all other $1500
$300- $500k RR $1000, other $1500
$500k – $1mil $3k all products
$1mil + $5k all products
let me know if you need help
Raymond,
assuming stated income over 75k (about double that) on a RAMS SE Pro pack lo doc what period of gst registration will the mortgage insureer require? Have ABN for 9 years, gst registration for 1.5 years. Last time I applied for RAMS loan GE wanted letter from accountant explaining why gst registration was so recent…this request would probably still be on file with GE.
yes the rate goes down to 1.5% this year now. I am not sure if i should sit out and wait until end of Sep 09 before i refinance again. But hoping that i won't miss out on the lower fixed rates so i can fix for 5 years.
Ajax
Rams still going strong with low doc and have no immediate plans to change policy. Actually policy has relaxed a little now not using GE for mortgage insurer. So short-term anyway no changes I have heard. No restrictions on equity release either as long as stated purpose, whereas with GE as mortgage insurer it was very limited.
GST registration of 1.5 years will not be a problem whatsoever, as long as GST registration is not in proximinty to loan application ie. 2 or 3 weeks prior, then it's fine. ABN for 2 years over 70% LVR is a must and 12 months for under 70%. No problem with being on file as GE is no longer used and meets current policy.
Hope this helps
Ajax wrote:Raymond,assuming stated income over 75k (about double that) on a RAMS SE Pro pack lo doc what period of gst registration will the mortgage insureer require? Have ABN for 9 years, gst registration for 1.5 years. Last time I applied for RAMS loan GE wanted letter from accountant explaining why gst registration was so recent…this request would probably still be on file with GE.
PosEnterprises wrote:yes the rate goes down to 1.5% this year now. I am not sure if i should sit out and wait until end of Sep 09 before i refinance again. But hoping that i won't miss out on the lower fixed rates so i can fix for 5 years.Pos
have you run all the figures? that should give you your answer one way or the other…
No I will have to get the latest cuts from RHG and then run the figures again to see if it is worth it. Do i still get a rebate if i leave RHG and go to Westpac or RAMS?
What are the current rates for pro pack discounts anyway? I am currently paying 7.79% for IP and waiting to hear about the discount which maybe .65% but not sure yet.
Pro pack discounts vary depending on whether the deal is full doc or lodoc.
Normally for borrowings over 250K it is 0.7% discount so around 6.15 – 6.25%.
Richard Taylor | Australia's leading private lender
PosEnterprises wrote:No I will have to get the latest cuts from RHG and then run the figures again to see if it is worth it. Do i still get a rebate if i leave RHG and go to Westpac or RAMS?Rams yes, Westpac no
PosEnterprises wrote:What are the current rates for pro pack discounts anyway? I am currently paying 7.79% for IP and waiting to hear about the discount which maybe .65% but not sure yet.over $500k 6.19% currently for both full & low doc
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