anyone used Collins securities?
- Thread starter gooroo
- Start date
Some of my early mortgages where with them. Nothing wrong with them.
Can i ask why you were looking at them.
If was the interest rate you can do a lot better for a lodoc loan that the rate you quoted. Was it other features ?
Collins is a non bank lender whose funds are raised through a mix of AAA rated mortgage bonds and mortgage backed loan programs. With the obvious issues surrounding such methods of funding i think you will find the have priced themselves out of the market.
If was the interest rate you can do a lot better for a lodoc loan that the rate you quoted. Was it other features ?
Collins is a non bank lender whose funds are raised through a mix of AAA rated mortgage bonds and mortgage backed loan programs. With the obvious issues surrounding such methods of funding i think you will find the have priced themselves out of the market.
I am a mortgage broker with many years experience in lending.
Does it have to be lo-doc, often you can find away around verifying serviceability, this eliminates lo-doc & you can get a much more competitive interest rate & more cost effective in set-up.
I have dealings with a few banks and they will use p&l's & forecasts.
I am more than happy to further discuss you situation with you.
Does it have to be lo-doc, often you can find away around verifying serviceability, this eliminates lo-doc & you can get a much more competitive interest rate & more cost effective in set-up.
I have dealings with a few banks and they will use p&l's & forecasts.
I am more than happy to further discuss you situation with you.
Hiya Richard
As youd know, And to add to the "obvious" issues at the moment, AAA rating is hard when the many of the mortgage insurers have been downgraded...........to less than that, so the challenges a get more so with this style of funding.
ta
rolf
As youd know, And to add to the "obvious" issues at the moment, AAA rating is hard when the many of the mortgage insurers have been downgraded...........to less than that, so the challenges a get more so with this style of funding.
ta
rolf
Hiya Goo
Me too
.............only been doing this or 10 years, and I learn something new at least every week.
Id recommend at the moment to stick with a mainstream bank at the moment ........most banks are doing sub 9s for lo doc loans over 250 k.........
You might have less risk of sudden rate rises.
ta
rolf
Me too
.............only been doing this or 10 years, and I learn something new at least every week.Id recommend at the moment to stick with a mainstream bank at the moment ........most banks are doing sub 9s for lo doc loans over 250 k.........
You might have less risk of sudden rate rises.
ta
rolf
Any brokers here tap the credit unions? Or are they mainly interested in mums and dads with one credit card, stable job, no previous loan history and only borrowing 60% LVR on full docs?
We all know the non-banks have shut up shop to us property investors, wonder when the banks will run out of funding or credit rules a line over low and no-doc lending. Interesting times for us investors. Any sugar daddies or sovereign funds want to earn 9% fixed return? I'm good for it...
We all know the non-banks have shut up shop to us property investors, wonder when the banks will run out of funding or credit rules a line over low and no-doc lending. Interesting times for us investors. Any sugar daddies or sovereign funds want to earn 9% fixed return? I'm good for it...
I must admit i have always found the Credit Unions a very conservative bunch to deal with and as asdf mentions unless you are whiter than white they really dont want to know you.
When they do they are not offering anything special.
In saying this 3 CU recently withdrew from the MB market due to cost issues and as a consequence then put up their rates of interest ..... ironic isnt it.
As Rolf mentioned when you get sub 9% from a Bank why would you look to risk future interest rate increases on a wholesale lender.
When they do they are not offering anything special.
In saying this 3 CU recently withdrew from the MB market due to cost issues and as a consequence then put up their rates of interest ..... ironic isnt it.
As Rolf mentioned when you get sub 9% from a Bank why would you look to risk future interest rate increases on a wholesale lender.
gooroo
If you have your ABN & GST reg for > 2 years and the security is a standard residential property you are looking at a rate of around 8.77% variable at the moment.
Anything over 60% normally requires LMI but this can be added to the loan in most cases. Max advance would normally be 80% at these sorts of rates.
If you have your ABN & GST reg for > 2 years and the security is a standard residential property you are looking at a rate of around 8.77% variable at the moment.
Anything over 60% normally requires LMI but this can be added to the loan in most cases. Max advance would normally be 80% at these sorts of rates.
Good point but I'm sure the Gooroo meant to say they were split for investment and Pnl purposes
The Big 4/5 are sooooo busy at the moment, you better tap them all now cos in another 6 months time, things could take another turn in the resi lending market. They are starting to move some of the paper but none of the domestic investors are picking them up, mainly foreign and even then bank issuances have to pay 150 over the 5 year swap for stuff that they got away with just 15 over a year ago. I heard this is not going to change for at least 12-18 months time. Even then, we will never see the levels like we did pre crunch. Bring back the oligopoly of the 90s. Liquidity, the new bad word.
they were split bw PPOR loan and a business loan, the PPOR was used to secure the business loan. I am able to identify the percentage split portions, so that is not a problem.Good point but I'm sure the Gooroo meant to say they were split for investment and Pnl purposes
True, some lenders won't look at the deal, Qlds007
