Kenneth
Dont know if I would say doubts, its just a lack of information. I'll be the first to admit you probably know more about them than i do.
had a look at the website...
http://www.redilend.com.au/
if you click on 'industry and press' on the right hand side
theres an article about an interview
think in it they discuss using bluestone as a lender.
noting also on the FAQ hyperlink looks like they're a mortgage manager.
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Dear Lukentel,
1. Personally, I do believe that Redilend Australia is a sort of "Mortgage manager" too.... but what does this truly mean, then?
2. I've previously dealt with one such mortgage manager, by the name of Jamal Salih, who has claimed his Agency to be managing some sort of superannuation funds by providing the most cost-effective mortgage homeloans to its clients.
3. Jamal further claimed that his Agency was able to provide us with some 85%-90%LVR loan for our lands purchase, even though we have not officially achieved our Australian Permenant Residency Status back then during the May-August 2007 period when the loan application was being processed.
4. Although Jamal and his Agency have claimed that it made its own decisions independantly, when deciding to approve a loan for their clients or not, yet our own previous experience and dealing with Jamal and his Agency seemed to suggest that the Agency actually needs to go through Genworth for its homeloans LMI insurance + credit approval first before it will finally decide on our own credit worthiness and give us the loan.
5. Again what this agency initially promised to provide the required loan to us, eventually, it failed to deliver fully on its own promise.
6. However, even then, the loan which Jamal and his Agency were finally giving us, was charged at a higher interest rate than what it initially promised to charge us, having reviewed our entire loan application and financial circumstances previously.
7. What was even more "disturbing" is that the loan that was finally given to us, only amounted to 70%LVR of the purchase price, which was also "insufficient" for us to settle on our land purchase, without being supplemented by some additional short term loan funds. Yet Jamal and his Agency was also charging us LMI insurance for the 70%LVR loan offered.
8. Thus, we sort of suspected that the given loan shortfall was "deliberate" so that we would be "forced" to take up some additional short term loans at very high interest rate with one of his end funders, at the last minute, in order to properly settle on the land purchase.
9. Consequently, we managed to get the full 80%LVR required loan from La Trobe Homeloans to quickly settle on the land purchase at the very last minute basis.
10. Again the same pattern seemed to repeat itself:- what Jamal and his Agency has failed to deliver, La Trobe Homeloans was able to give us the required 80%LVR homeloans at the last minute again, though our loan applications details and financil circumstances have remainined largely the same, in these cases.
11. Again some of the lessons which we have learnt froim our previous experience dealing with Jamal Salih and his agency, is that some of these lenders or/and MBs are "greedy" and operating like a loan shark;- they actually wanted to re-finance my entire property portfolio with itself or one of its end loan funders, without being upfront about their their own ulterior motives, from day one.
12. This is despite we having telling them that we do not want of our properties to be cross-collaterised in the first place.
13. It seems to me that some MBs and lenders also tend to "over-promise" their clients initially and once some fees are pre-collected, they would start to be "evasive" in their replies and eventually they would either under-performed or/and failed to perform on their initial promises totally.
14. If you look at Relilend Australia's website at url]http://www.redilend.com.au/[/url] , as far as its official loan processing procedure is concerned, there was also no mention of a need for the clients to separately sign a Finance Brokering Agreement with itself.
15. For your further comments and discussion, please.
16. Thank you.
Cheers,
Kenneth KOH
