Recent content by Mick C

  1. Mick C

    Finance on smaller block of units

    Block of 4 at 1.5M -- 80% LVR ~4.20% - 4.39% Variable rate Block of 4 at 1.5M -- 70-% LVR ~4.15% - 4.30% Variable rate Range of banks including some credit union + your STG ( STG rate will be in the middle)
  2. Mick C

    Six figure deposit and want to get into Sydney property market

    DO IT!! Buy when you can afford it ( No such thing as good timing)...EVERYONE goes through this stage... you simply bite the bullet. Today you pay $30,000 over... tomorrow your $30,000 ahead. "Market correct" what does this even mean??? You expect prices to go BELOW today's value?? i dont...
  3. Mick C

    Interest prepayments with Macbank and AMP, too late?

    Macq - Simply call and it;s done within days ( But your to late as they still need 2 weeks- Send out confirmation letter + you pay before 30/6) AMp - New app..to late.
  4. Mick C

    Western Sydney Meetup - Wednesday 22/7/15

    Im hoping this meet up with still go ahead ( given the sad news about SS)...
  5. Mick C

    95% + lmi

    At the high LVR ...they will take 7.55% at P.I for own and OFI
  6. Mick C

    End of an Era

    Ohh no, who and what is going to fill my boredom at the middle of the night now... Thank you Jan & Ian Somers for kindly providing this awesome forum for us all to learn and share the world of property investment.
  7. Mick C

    95% + lmi

    Liberty has 4-5 product line i think and each one with it's own policy..so it's confusing...even My BDM gets confused btw the product and policy sometimes lol
  8. Mick C

    95% + lmi

    With Liberty you dont need the extra 10% equity...as they have a inhouse Risk fee product ( ie in house LMI) So 95% + Risk fee ( LMI) Conditions - Cat 1 and 2 location - Full time perm for Over 2 years in same company or 2 years full tax return for self employed with Min 3 years ABN -...
  9. Mick C

    Western Sydney Meetup - Wednesday 22/7/15

    I should be able to make it to this one. Thanks Skater!
  10. Mick C

    Best variable interest rate???

    Nope....it's only for IP..and they not "scrapping the package" they are just not giving discount above the ADVERTISED special....for IP only... Without any knowledge of their future goals and no planning. on rate only... INg- 4.13% - P/I SUncorp - 4.15% - P/I also The Big 4 - 4.15-...
  11. Mick C

    Changing lending climates - How will the brokers reinvent themselves?

    we have been preparing for this "sow down" for the last 1 year...anything that goes up must come down.... Can't rely on just the top 9 banks ( Big 4 + macq + Suncorp + St George etc..) ..there's over 80+ banks in Aus ( Authorized Deposit-taking Institutions (ADIs) ) - a big chuck are...
  12. Mick C

    high rental yield does it mean anything with banks?

    1. Most Bank will cap the RY at 6.5% ( 7% for some) ....so even if you buy at 10% RY...they will cal based on their val report OR max 6.5% either way. 2. 80% of total rent taken. 3. Side note, 10% yield sounds like a service apartment/ studio or a very small regional town. Becareful...
  13. Mick C

    Changes / tightening on servicing for investors

    only 3 banks has stopped lending over 80%....there's still like 55+ banks still doing lending in the 90-95% IP space... With Private banking, that is true to a point...as private bankers and business bankers can do the deal under their Commerial books at resi rates. APRA rules is targeting...
  14. Mick C

    SMSF Resi Finance lender help needed!!

    When you write a post with no substance and ask for advice ...all we can give you is a "list of lenders" but a goggle search can give you that answer...there's absolutely no advice when a list is given.... No point suggesting a lender when the client might not be eligible or the features...
  15. Mick C

    SMSF Resi Finance lender help needed!!

    Liberty - they can drop the fee down to $300...just need to ask. AMP - OK lender for SMSF. AFM- It's a "re-wrap" of other lender...not sure which one as i dont use AFm.. St George - Good for their offset + Cheap fix rate ( Lowest)..but no offset for fixed Macq- Decent variable rate + Ok...
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