Finding a lender

From: Steve B


I just got back from Wizard Home Loans to arrange a loan for IP No.2
My first IP loan is with them. The lending manager said theoretically i can borrow $350.000.
But their criteria will only allow me a loan of $80.000.Should I take his advise and sit tight for a few years, or can anybody give me some advice on what to do, or advise a mortgage broker etc. I'm in Sydney Liverpool) area.
Thank you
Steve
 
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Reply: 1
From: Astro Boy


Rolf is a great broker I have dealt with - hes always around the forum.

not hard to track down - just yell and he will usually hear.

 
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Reply: 2
From: Steve B


BTW my first IP was settled in January 2002
I don't know if that had anything to do with his decision. maybe he thinks it's too soon for No.2
Steve
 
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Reply: 2.1
From: Gail H


Hi,

I have had my home loan (ie. on residential home) for a number of years with Wizard, and have just arranged to refinance it with one of the bigger banks. My problem is that I'm newly self-employed and Wizard wouldn't even contemplate giving me more money. Because they are a smaller lender, they have to have all their loans cleared by mortgage insurers. The bigger banks insure their own loans, so they are able to dance to their own tune a little more.

I am in the process of buying 2 IPs at the same time, and it doesn't seem to be a problem. Of course it all depends on your circumstances, but I found Wizard to be too inflexible for me.

Gail
 
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Reply: 2.1.1
From: Tibor Bode


Hi everyone who is having a problem with loan. I have been stuffed around by Wizard (took them 5 weeks to say no on based on information was available in day 2 for them), then my broker tried with RAMS (4 weeks same result, on the same basis then Wizard), then Rolf mentioned on this forum about Frank Shead.
His contact number is 02) 9412 2326 M 0408 165 215. He got the loan for me in 2 weeks!!
I am looking at purchasing at least another 3. Gave him details yesterday around 10ish,
got back to me 3 hours later that it is OK.
I know, who's services I am going to use and recommend to other people. I am self employed, maxed out, have minor credit impairment and collecting properties like they would go out of fashion. I need someone like him. Just a thought.

Tibor
 
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Reply: 2.1.1.1
From: W W


Never listen to Banks

Years ago I applied for my first loan with NAB and was knocked back because I was casual. I just gave up. Little did I know I could have quailified at another bank. It took me about 2 years before I tried again. Now I wonder how many more properties I would have if I went to another bank and got that loan appoved.

My advise is go to a broker. I can recomend one if you email me.
 
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Reply: 2.1.1.2
From: Rolf Latham


Hiya

Frankies very good. Ive known him for near on 4 years. He is very patient and has excellent connections where the loans dont fit the normal box. Go Franky !

Ta

Rolf
 
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