putting all the eggs in one basket

[yadeh]

Hi all

I read in this forum once that borrowing just from one lender is not a good idea. That is why I want to refinance one of my two loans with another lender and borrow for the third one from them.
I should add that my other reason for this refinancing is that : my current lender has not got he facility of LOC which is easier to borrow more or use it for property expenses during the year.

Are these two good reasons for one to go to another lender? Thanks for any comment.
Yadeh

[Mark Laszczuk]

Yadeh,

I would strongly recommend seeing a mortgage broker. There are a few from Melbourne that post here. Medine Simmons and Peter Tersteeg (apologies if I spelt that incorrectly Peter) are two that I know personally and would use myself. Rolf Schaefer is also from Melbourne, but I haven't met him yet. *Unfortunately* Yadeh I don't have contact details for Medine or Peter on hand.

Mark

[Qlds007]

Hi Yadeh

Borrowing from the same lender is not necessarily a bad thing it is just the way that it I structured is important.

Most lenders taking 2 or more securities try and X collaratise the securities which is a big NO NO.


I assume that you are referring to a LOC for your investment expenses and deposits for future properties. This is the start of the loan planning exercise.

Feel free to email me if you require some further information.

[Mike F]

Are these two good reasons for one to go to another lender?
Yadeh

Sous like good enough reasons to me. I agree with the others...see a broker who can discuss your options

Cheers
Mike F

[Rolf Latham]

Hiya

Possibly refinancing may not be required

contacts for the melbourne people quoted by Mark L

medine@mfsimmons.com.au

rolf@rjafinance.com.a

petert@ptbfinance.com.au

ta

Rolf (L)

[Kristine..]

Hello yadeh

Today I went and bought some snazzy new clothes to wear to my daughter’s 21st Birthday party on Saturday evening.

I saw a jacket thingy I liked, and asked the assistant the size. ‘Oh, that comes in only one size, one size fits all’. ‘So that’s great’ I said ‘That means I can wear it and my skinny little size 8 daughter can wear it, too!’

‘Well, not really’ she replied ‘It really is for about size 14 people, it would look a bit saggy on a size 8 person, and would probably be too tight and lose it’s style on anyone more than about size 16’. So was the jacket really ‘one size fits all’ or ‘one size fits some’? Or ws it size 14 without a label?

If you ‘read on this forum once’ whatever opinion that was, does that make that comment, plan or strategy the right one for you?

And what makes you think that having a Line of Credit facility means you can ‘borrow more’, when most lines of credit actually mean you can borrow less?

Maybe the lender you are currently with is the best lender for you and will lend you the greatest amount of money with the least expense and the most flexibility. Maybe another lender entirely would be more suitable, maybe a bit of a tweak, maybe a total overhaul.

It is your total strategy which counts, not loan products or lenders. They are almost incidental to the plot, they are the tools and the oil on the wheels, not the machinery itself.

Your own personality and your own plans, goals and ambitions are what counts, not gimmicks or what someone else said.

From what you have said, your reasons would not be sufficient to go to another lender. You have not said what is limiting about the lender you currently have except that they do not offer line of credit facilities.

Property investing is about Zen. Where do you want to be in your future, start there and work backwards rather than focussing on the trivial detail of the now.

Yadeh, this forum is a great resource but it is a smorgasbord, not a chef cooked dinner. Most of the recipes contain meat, wheat and dairy products, msg and gluten. If you react badly to any of these ingredients then make sure you read the label before you swallow.

Speak with your current lender first to inform yourself fully before you look further afield.

Cheers

Kristine

[yadeh]

Hi Yadeh

Borrowing from the same lender is not necessarily a bad thing it is just the way that it I structured is important.

Most lenders taking 2 or more securities try and X collaratise the securities which is a big NO NO.


I assume that you are referring to a LOC for your investment expenses and deposits for future properties. This is the start of the loan planning exercise.

Feel free to email me if you require some further information.

Hi Qlds007

Thanks for this. Yes, my current lender wants to collaratise hte securities. And I want LOC for investment expenses and future properties, as you said.
Yadeh

[yadeh]

Mark & Mike F

Thanks for the advice. As you said I will try to contact one of these brokers to get help.

Rolf

Thanks for the contacts. I will get in touch with one of them.

And thank Christine for the wise advice.
yadeh