Recent content by VIC Lender

Thought I should reply to a few... I'm not trying to drum up business. I've never given a number or put a signiture on my posts. I've not replied to any private messages. Only reply in posts. Thats the way a real forum should be! Open and Honest! For future reference I am happy to...

You all have some good points. In my opinion. Moving the industry to a trail only commission would have the following effects almost instantly; • no more deferred establishment fees (lenders won't be starting with the original loss) • no more claw back required • big incentive for...

No. You are incorrect. Net wage via Regular salary is acceptable not only by the major 4 ; but as far as I am aware BOQ, Suncorp, Bendigo and no doubt some others. Just as neg gearing is allowed and within policy. So is using net income. If a deal is tight you can also use this and send to...

Hi Christine, Thanks for the feedback. I've actually been in the industry almost 15 years ( I keep telling people 11 but I've being saying that for 3 years). Ive worked in commercial credit, retail credit, as a BDM and credit training manager. Have also been a broker and get round 80K p/a...

Nice to see I am not the only nerd talking NCCP at 130am. Re 1,2 and 3 I think a few people are looking too far in to the legislation. 1 - Single female. Under NCCP you need to have the conversation and most importantly document your conversation. If someone says they are going to...

The concept relates to what has been described as "hyper competition" as was seen in the US and also to some extent Australia before the GFC. More specifically:- as more lenders enterred the market many non banks focused on areas where the banks would not approve loans. Examples include high...

In terms of on the spot approval:- Anything that has residential security and meets servicing. If there is a policy breach - e.g. Unpaid Default over $500, Shortfall in servicing, Or bad conduct on accounts, the file needs to go to a credit manager. They usually come back the same day or at...

CBA don't have a min term current employment and the LMI is automatically approved (only goes to the insurer when over $1M).

Think about swapping it to an IO loan with offset. Then there is no grey area. Which bank? Most major are currently letting you switch for free. Therefore no need to refinance and no cost to change it.

By the sounds of things you have not borrowed the money yet for the IP. You can't pay off the loan before you draw it down. If you repay to nil and then draw 50k for the IP it is only payments to the principle after it has been drawn for the IP that are relivant . Make sure you speak to an...

The purpose of the existing 5k debt is "investment in shares" therefore if you pay this off the tax deduction is gone. If you then re-borrow for "purchase of an investment property" the money owed relates to the new purpose (in this example it is still deductable). If you borrowed 50k...

If you read between the lines; the government is forcing the small dodgy non bank lenders out of the market whilst trying to elevate the more credible Credit Unions to a level where they can compete with the Banks. This will result in less lenders in total. But a better range of tier 1...

A little too easy to make assumptions with the info provided. In business banking even a start up businesses can still raise funds - it just gets a bit harder. How long has the other income been coming in? Can you provide interim financials (YTD P+L / current BSheet)? Business plan and...

I think you will find they are only proposals at this stage. Swan is going for browny points at this stage by announcing reforms however they still need to be studied, go through parliament, get supported and be introduced. Sounds like they are aiming for mid 2011 however will not include...

Are you going via a broker or direct with a bank? Who is the lender? Depending on the lender - you might be able to have finance unconditional faster than doing anything about the contract. E.g. If they can use the contract and RP data for the valuation it could be unconditional with 10...