Wrap finance with a Hybrid trust at better than 20% deposit, is it possible??

[perky29]

Hi Guys,
I wrote out a long story before but lost it due to timeout.
So I will make this short and sweet.
Is there anybody out there who does wraps - and uses either a Hybrid trust or Discretionary trust....
Do you have problems beating 20% deposit for each of these wraps - or who is your financer (bank , building society etc) and
what is their deposit needed and interest rate.
I am having problems with this at the moment.
Surely there is a creative way around it (such as revalue after settlement and "borrow back" into the trust as other threads in this forum have suggested can be done with Hybrid Trusts)???
Can anyone help?

 

[Rolf Latham]

Hi Perky

Three strikes

1. Wrap
2. Hybrid
3. Getting a mortgage insurer to understand that a trust protects them

I wish you well :O), some of the creative value adds post settlement will work.

Why use a hybrid for positive cashflow stock ? A normal discretionary can get 90 % lend.

ta

rolf


ta
rolf

 

[perky29]

That confused me too.
So even though I have set up a Hybrid Trust i.e
Company name pty ltd as trustee for family trust - I don't
need to do it that way - I can just purchase under family trust without the need for company to be used at all (and make loan in my name)
Which financers will do this? Are there some who do 5% deposit with good interest rates and no cross-security needed on current ppor and IP's?

 

[Rolf Latham]

Hiya

many will do 90, but if you go for the proper disclosure NO LMI provider will touch it.

There are many Origin and ING wholesalers that will do what you want.

ta

rolf

 

[perky29]

Rolf,
Thanks for the feedback, I will advise my broker.
Pardon me, but what do you mean by origin wholesaler?

 

[Rolf Latham]

Hi Perky

Origin is a div of the ANZ. Your broker will know

Ta

rolf

 

[perky29]

Thanks again Rolf,
I got an answer to the same question on another post in the forums - advising that Wide Bay capricorn building society did 95% lend on wraps and they use their own LMI.
I just got their number in Brissie , 1300 138 831 and left a msg, also have sent an email to my broker.
Will be interested to see how they stack up.....fingers crossed.