Hey, George
After the last couple day's drubbing on this Forum I could do with some new friends!
And guess what!!
Today, while I was amusing myself ringing twenty lenders to source a deal (anyone for mud brick out in the regionals?), out of the blue, one of the BDM said 'By the way, we take defaults, too!'
'Do you?' says I 'Tell me more!'
He said:
Defaults are OK
Full Doc loans
Default must have been paid at least six months prior to the Application
No more than $1,000
Borrower must have 5% Genuine Savings
How does that sound?
This lender will go to 95% inc LMI for any customer, not just existing customers
Good rate, discounted SVR or some fixed options (I know you like fixed rates!*!)
Good set up costs, modest $1,500 DEF (I think he said up to 5 years ... can't read my own handwriting!)
Anyway, email me if this sounds interesting to you. I have never dealt with this lender before (tell a lie, I refinanced a customer away from them about two years ago) but the BDM and I discovered we had about 15 common acquaintances including the salesman who I dealt with when I built my exec rental ten years ago and who went on to become State Sales Manager for a very high profile builder in Melbourne.
So if the BDM eats toast and vegemite he must be an OK bloke, right?
Cheers
Kristine
Yeh, right!
Thank you for doing this research. It looks good. Looks like I'll have to sit it out for 6 months though, as that is the only condition I'm not yet meeting (paid both defaults late July 2009). If I recall, this was the issue with Genworth(less) too. Anyway, they're crazy and history.
Can you please explain SVR and DEF?
SVR = Servicability Ratio? What do you mean by discounted? Their calculations aren't as tight?
Gg