All Topics / Finance / Is there a better deal out there?

Viewing 2 posts - 41 through 42 (of 42 total)
1 2 3
  • Profile photo of Gary78Gary78
    Member
    @gary78
    Join Date: 2010
    Post Count: 13
    June 3, 2010 - 7:31 am
    Banker wrote:
    How much is the security worth and how much do you want to borrow?

    Property purchased for $540k.  Deposit of $220k.  Loan of $350k to cover all stamp duty and related costs. 

    Profile photo of TerrywTerryw
    Participant
    @terryw
    Join Date: 2001
    Post Count: 16,213
    June 3, 2010 - 9:10 am
    Gary78 wrote:
    Terryw wrote:
    Just ask all those who took out loans with RAMS or GE. I think they assumed something similar.

    Am I wrong in believing the reason they are currently in a bad position is that the exit fees on those loans are outlandishly expensive? Won't this scenario be removed with the legislation being brought in on July 1?  I'm trying to read and learn as much as I can on all of this so if I have the wrong understanding it'd be nice to be corrected.

    I think the exit fees are only part of the reason. I think there was a rate increase and then many wanted to get out – but were stuck with the fees. There are a few threads on this forum re this.

    I haven't looked at the new legislation, but would doubt that there would be anything to prevent rate increases.

    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

Viewing 2 posts - 41 through 42 (of 42 total)
1 2 3

You must be logged in to reply to this topic. If you don't have an account, you can register here.