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Yes what a great thread/call it turned out to be.
So what is the general feeling/consensus on purchasing atm? Should people currently looking to buy hold off any immediate thoughts of purchasing in the hope of less competition and a softening of prices in the months to come?
Brilliant and very relevant post Redom.
I must say in the short time you have been on these forums, you have really proven yourself to be ahead of the game and very willing to share your knowledge and expertise, a huge kudos to you.
Keep up the good work!
Excluding some of the non-banks from the equation, this could mean that investors have only two weeks to 'take your money' out. The following circumstances are most urgent:
1. Equity releases:
Wow.. You were talking about this issue back in Jan. I simply ignored it at that time. Excellent market knowledge Redom!
I did read your post few months ago, and have decided to heed the warning. I just completed the reno and contacted my broker to order a valuation (now waiting for valuator to call me to schedule a time).
You think I might have just missed the 'deadline'? What are the implications? With ANZ.
ANZ's serviceability was always quite conservative, i haven't heard about them making changes to it. Your equity release procedure should be OK as the changes i was talking about with that post was in reference to the more generous lender calculators being brought back in line towards something similar to ANZ's.
Cheers,
Redom
Macquarie changes confirmed from Monday. Using a buffered OFI mortgage debt approach - which makes their serviceability calculator from one of the most generous to something similar to where everyone else is for investors with large debt holdings.
All applications with them will need to be submitted within the next 24 hours to be assessed at current policy - not very long.
Cheers,
Redom
What's OFI?
Other Financial Institution.
It means that any mortgage debt you have will be assessed at 7% P&I over 30 year terms.
They used to take actual repayments on your debts held with other banks. This fact meant that you could switch to Macquarie down the track after borrowing as much as possible from other banks and continue your borrowing. No more of that with Macq.
Cheers,
Redom
Macquarie changes confirmed from Monday. Using a buffered OFI mortgage debt approach - which makes their serviceability calculator from one of the most generous to something similar to where everyone else is for investors with large debt holdings.
All applications with them will need to be submitted within the next 24 hours to be assessed at current policy - not very long.
Cheers,
Redom