Peter Span & loan question

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From: Anonymous


Hello everybody,

I'm another newbie! It is nice to start conversing with you all. I have 2 questions:

1: The Peter Span property investment seminar - for those who have attended, was it worthwhile? I am interested in attending and would like to hear the pros and cons of the course.

2: I am researching financing and was wondering who is lending 95% or greater LVR at the moment? What are your recommended lenders for this?

Thanks, and I look forward to your reply.

Regards,

Sarah
 
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Reply: 1
From: Rolf Latham


Hi Sarah

Long term project or one off ?

If you are considering financing more than one project or indeed a series of project then it would be recommended that you seek the services of a good independent mortgage broker.

Of the larger lenders ANZ will do what is effectively a 97 % i/o loan.

Homepath will do an ~ 95 % and there is a smattering of others.

Cross-collateralised, (yuk) any lender will lend you 105 % + x, with x being a compnent of your built up equity and serviceability

Ta

Rolf
Rolf
 
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Reply: 2
From: Shane .


I've been lurking for a while and I can actually answer a question!! Soooo exciting!

I've just recently done a Spann workshop (in Brisbane)..

A few comments:

I have a mate who was considering doing the workshop with me. It was a one day (9am till 11pm) workshop. He decided against doing it because of a) the cost, and b) because he already has an investment property and is fairly well versed in the lingo and ideas.

I on the other hand, haven't had any hands on experience, and have read a few books, chatted to a few people etc.. so I decided to pay the $780 and go along.

I'm hoping people remember me from my "decisions for a newbie" post a while back and realize I'm not pushing Peter's barrow!!

I learnt a lot of good information. I'm still not convinced that I'll recoup my $780 straight away, but I know for sure that I will over the next year or two. Actually, I learnt a few things that my mate didn't :)

So my advice on the Peter Spann workshops:

Do it if you are new to the game and either need some assistance with getting your head around becoming wealthy (motivational, life type stuff), or need some help with some of the basic concepts. This isn't to say that an experienced investor wouldn't get anything out of it. Being a newbie, my head is still full with all of the new info...

And just for the record, he does 'sell' (albeit very mildly) some parts of his company, but on the whole it is independent advice...

Of course, the same spiel came out of the Spann workshop as all the wonderful people on this forum - just do it!! It is so true, and the only way to really learn..

Hope this helps.
Shane
 
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Reply: 3
From: Victor Mann


Most lenders will go to 95% of the property value,some will capitalize mortgage insurance effectively giving you 97%. But costs ie stamp duties, legals and application fees you will need to find either out of your own pocket or from equity in other properties. Costs can be any where between 4-6% of purchase price as a rough guide.

Serviceability will also determine what amount you will be able to borrow as well.

Some brokers (i e myself are offering the costs of application fees back as a rebate.this could save you up to 1000 dollars depending on the loan size.)If you need a good broker in your area let me know i can forward you the name of a few to choose.

Good hunting.....

Victor
 
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Reply: 4
From: Michael G


Check,

www.ninemsn.com.au (search for moneyfinder).

or go to

www.yourmortgage.com.au

Both provide lists with LVRs

Michael
 
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Reply: 4.1
From: Sarah Payne


Thanks guys for your notes.
I am tickled pink with the responses.

I have booked myself in for the $780 workshop with Peter Span - I need to know more - as I have no life experience in IP.
I am just jumping to 'do it'. Hopefully his information will fill in blanks that I have not thought of.

I am a junkie for IP knowledge & want to take some action - so thanks to you all for replying.

I would love to have contacts for independent mortgage brokers (in Sydney) who can help me structure loans and get my head around the financing side.

Cheers

Sarah
 
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