Just thought I would get some feedback from fellow forum members about the demand for a new limited deposit product we are looking at launching.
Over the years we have helped hundreds of investor clients build their property portfolios but one of the biggest hurdles for many has always been the fact of accessing equity to come up with new deposits for each property purchase.
In many cases our clients have had good income but either the higher servicing rates of lenders or the lack of equity / cost of LMI has stopped them in their tracks.
We are now looking at lauching a new 100% loan style product as part of BA service or a 90% No LMI product for buyers in a SMSF.
Anyone care to comment on whether wuch a product would help them get into the investment market or help them increase the portfolio either individual or inside their SMSF.
Cheers
Yours in Finance
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This topic was modified 5 years, 2 months ago by
Richard Taylor.
Richard Taylor | Australia's leading private lender
I would be interested to know more about your product.
I am early in my property investing journey so have no preconceived ideas of what is best/right so am prepared to look at all options.
My only concerns are that every thing is legally above board in the eyes of the ATO.As always the devil is in the detail :)
Thanks
I think many would be interested. It is not just the cost of LMI that stops people, but the LMI company rejecting the loan for a variety of reasons.
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
Terry you are correct as we all now that the slightest hiccup means LMI delcine the deal as they dont need an excuse
We have been piloting both the SMSF product & No deposit for investors for the last 3 months and certainly picking up momentum.
Cheers
Yours in Finance
Richard Taylor | Australia's leading private lender
We are now looking at lauching a new 100% loan style product as part of BA service or a 90% No LMI product for buyers in a SMSF.
Anyone care to comment on whether wuch a product would help them get into the investment market or help them increase the portfolio either individual or inside their SMSF.
I have no idea how the 100% product is linked to a BA service – I would have lots of questions about that (including whether both products were genuine and independent of each other) however I would think that a 90% no LMI product for SMSF purchases would be a game-changer and very popular. I have a lot of SMSF clients who have slowed down or stopped purchasing in their SMSF because of few lenders, lower LVR and various other restrictions limited their ability to leverage.
BuyersAgent | Precium
http://www.precium.com.au
Email Me | Phone MeSouth Coast NSW Independent Buyers Agent - Wollongong to Batemans Bay and Regional NSW. DOWNLOAD OUR FREE 14 POINT PROPERTY BUYER'S CHEATSHEET to avoid painful mistakes at precium.com.au
We have been offering our 90% NO LMI SMSF product for the last 3 months and setted over 20 deals so far with another dozen + in the pipeline. At the monment we only offer it thru Finsure Brokers one of the Aggregators we are on the panel of. It is also only offered in Qld, NSW and ACT.
They also have our No Deposit investment loan (Qld brokers only) and again has been a game changer.
The SMSF is a nodoc product and doesnt fall under NCCP.
Cheers
Yours in Finance
Richard Taylor | Australia's leading private lender
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This topic was modified 5 years, 2 months ago by
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