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According to the latest issue of the Australia Broker magazine: “The NAB has provided an example of how important it is to direct a focus on the way lenders act. “Australian Broker has sighted documents that show the bank has made demands for immediate repayment of at least three mortgages...

I too will be most interested to read how NormH goes in his enquiries with this group. I think the adage "If it looks too good to be true, it probably is" will probably hold here, but I'd be delighted to be wrong. Some more research into this outfit is definitely warranted. I note their...

I've got quite a large shares portfolio. It began life quite highly leveraged, but I concentrated on stocks with reasonably reliable dividend streams, and stayed neutrally geared. Now I'm way in front, with a very nice positive cashflow. But a friend of mine, forever looking for a "quick...

Hi Mark For a rough calculation, look up Westpac's current fixed rate for the term remaining on your loan - eg if you are 2 years into a 5 year term, check out their 3 year rate. Subtract one from the other, and apply to your loan amount, remembering to multiply this by the years of the...

The other issue that might prove to be a "gotcha" is converting your current PPOR into an IP - I think the ATO will disallow interest deductions in this scenario! Unless the rules have changed, the ATO doesn't accept this.

The other reason was that a staggering percentage of them had no insurance at all! I can't remember the percentage, but it could have been a third?

No Deposit - No Savings Required I should have mentioned too, that one lender is offering 100% financing without any "genuine savings" requirement. You'd still need funds for costs, although if you're a First Home Buyer, the amount you need is minimal. HTH!

Actually, as the loan is interest free, AND if you're not required to make set repayments (my assumption), it should not affect serviceability, ie, your ability to service a loan. If you are receiving dividends from the shares, it may be worth hunting out the few lenders who will take into...

Hi Rolf Thanks, tried Interstar, but don't have req'd 4 years in the industry. What's a "balance sheet lender" please? MTIA

We recently had negotiations with a mortgage wholesaler to become an originator/manager fall over when the principal decided his back office couldn't cope. Can anyone suggest any wholesalers that I could approach? (My apologies if this is considered inappropriate on this forum, but there...

Thanks Rolf Must get hold of, and read, more contracts myself... To put these issues into perspective, do you know of any instances where these provisions have been enforced? If so, were they unjustified in your opinion? Personally, I would feel that when I enter into a loan...

Rolf, I would have thought that a lender can't retro an LVR, because to do that would involve a demand to repay a portion of the loan - something I'd think could only be done if you're in breach of the contract? You certainly can't do that in regulated loans because of the UCCC, but what...

Hi Simon Mind sharing who the 6.35% NO Doc is with? Does the client have to pay LMI? Max Hugen www.alphafinancial.com.au

I think X-colls are a *** rip-off! It gives the lender the right to sell off whichever property they want if things go wrong... and if you've tied in your home, Murphy's law says that's the one that will head for the fire sale! ANZ offer one of the lowest rates for LOCs, at 6.47, although...

"There is actually no Mortgage Insurance payable however St George charge a Loan Extension Fee of 2.5% of the loan amount"... isn't that Loan Extension Fee more tham Mortgage Insurance? It's a very hefty fee!

Banks won't negotiate... well, unless you're Kerry Packer! Beware of fixing, it's quite a gamble. Also, you can't reduce principal usually, although there are a couple of exceptions.