Finding finance when haveing a HDT Trust. Who is providing the funds?

[agent007]

Hi there,

Does anyone know of a Bank/Financial institution that is lending when using HDT?. My broker had tried with HomeSide, ANZ, Adelaide Bank and they all had denied the loan on the bases that they won't lend when there is a HDT trust providing the guarantee. At the begining they all say yes we'll do it but then, half way through they say know. It looks to me that the staff in front office don't speak to the staff at the back. It also looks that there has been recently changes in policy.

Thank you.

 

[Rolf Latham]

Homeside and CBA are direct policy exclusions

Adelaide Bank wont do them direct but most mortgage managers can slide them through

ANZ are usually ok at 80 %

Heritage BS will do them , but only where the rental doesnt need to be used for servicing.

St George Bank are ok as are a few others. But without knowing the details we cant really help too much

Might be an idea to seek the services of an independent broker before u deep fry your CRAA beyond repair ?


ta
rol

 

[Propertunity]

....At the begining they all say yes we'll do it but then, half way through they say know.

Ahh, it looks like you are up with Barbara from the non-ANZ bank saying 'no' with a silent 'k', as in, "you may not know about their fees"

 

[agent007]

Homeside and CBA are direct policy exclusions

Adelaide Bank wont do them direct but most mortgage managers can slide them through

ANZ are usually ok at 80 %

Heritage BS will do them , but only where the rental doesnt need to be used for servicing.

St George Bank are ok as are a few others. But without knowing the details we cant really help too much

Might be an idea to seek the services of an independent broker before u deep fry your CRAA beyond repair ?


ta
rol

Hi Rol, thank you for your input. Some more info:

I'm doing this with an independent broker who's had done my loans for years. This is the first time we hit this wall. We went to ADL Bank through Pioneer. The interesting thing is that they already has the mortgage on the land. They said that because they don't like the HDT anymore they are not prepare to lend more money. The loan proposed is at 80% LVR.

 

[StuartW]

NAB (not HomeSide) will also do them.

 

[mja]

RAMS will do them.

 

[Rolf Latham]

RAMS often want the mirror structure though

ta
rolf

 

[agent007]

RAMS often want the mirror structure though

ta
rolf

Hi Rolf, what does the mirror structure mean?
Thanks

 

[wealth]

What are mortgage managers? Are they the same as mortgage brokers?

 

[Peter_Tersteeg]

RAMS often want to structure the loan incorrectly to allow tax deductions.

Mortgage managers are lenders who have funds available from one or more sources. They manage the loan including approval, ongoing management, etc on the funders behalf. The loan is usually rebranded by the mortgage manager.

Homeloans Ltd is one of the better known mortgage managers, as is RAMS. Aussie was once a mortgage manager before deciding their product was no longer compeditive, so they become a mortgage broker.

 

[Rolf Latham]

mirror means the borrower must mirror the entity on title

not always possible with most HDTs

As youd know, most HDTS require personal borrowings with a guarantee from the trustee

In your case if the trustee is personal, WBC resi will do them.


ta
rolf

 

[bawatkins]

AMP is another that will still do a HDT to 80%.

 

[Evachange]

Not sure if AMP will do them? Last time I asked they said no.

According to the info I have the following lenders will do them. (I would comfirm this however)

Choicelend
ING
Liberty??
St George
WBC

There would be more I am sure.

Good luck.

 

[Rolf Latham]

AMP do do them, but they dont read their own policy manuals which say they dont, odd but true

ta
rolf

 

[Evachange]

AMP, so the error I made was asking the BDM!!

 

[Qlds007]

Yes Alex lets face it never ask a BDM about his credit policy you should know that by now.

 

[Evachange]

Yes, has happend a few times where I have been given incorrect info.

More fool me! Lol.