Finance Tips

[The_Husband]

Hello Gurus

I owuld like to hear people's tips for getting the most out of financial institutions. Ie ways to maximise borrowings etc.

My tips would be for a husband and wife to buy property in their separate names, not jointly. This way when you go for the next laon, serviceability is easier. If both were on the same loan each person is liable for the lot!

Any others?!?

Husband, The

 

[Rolf Latham]

Hiya

Use lenders that take into account the tax deductions associated with IP loans.

For eg, St George. Adelaide Bank, Origin amongst others.

Also, using an independent broker is not a bad idea, much coverage of most lenders :O)

Ta

rolf

 

[watto]

I would heed the RolfMiesters advice and go with a broker...

Had a really good experience late last year going direct to bank, managed to secure a really good deal on a multi unit complex....

So i decided to go back direct this time with a commercial deal and sad to say i have been shafted big time....

An expensive lesson learnt.....

Brokers only for me from this point forward....


cheers
watto

 

[SEASON]

my tip is about CRAA (your credit file).

Making sure you don't get an unnecessary credit inquiry appearing on your file only to discover that you're not a suitable applicant for that lender's loan.

1 always be updated on the details of your credit file, order a copy of it from www.baycorpadvantage.com (free)

2 when applying for a loan, ask the lender (or broker) whether they can asses your suitability without you signing the Privacy Concent part of the application (that concent allows lenders to check your CRAA and you get an inquiry appearing on the file). This way, if you do not pass this lender's criteria forwhatever reason, you can move on to another without unnecessary CRAA "hits".

3 if you pass their criteria, you can ask for an approval "subject to CRAA check".

4 to get the lender to agree to do that, you have to be prepared to give something in return. This can be a hard copy of your credit file (that you've obtained previously). Always be honest about your credit history, even if there's a default, otherwise you'll be wasting your and the lender's time.

the above tips only comes from my experience and it might not suit others

 

[SEASON]

i want to correct point 3 in my post.

i meant that if you pass the lender's criteria, you can go ahead and sign the Privacy Consent (getting unconditional approval);

"Subject to CRAA check" approval can be used under different sircumstances. Mine was when seeking a loan pre-approval.

i hope this is useful

 

[XBenX]

going on from what Season mentioned

getting a dodgy broker can mean plenty of hits on your CRAA (as can lots of online applications)

so just be careful (and get yourself a good broker)