Wrap Finance
- Thread starter stuart
- Start date
Hiya
If the loan is > than 80 %, none will if you provide full disclosure to the mortgage insurer.
Many of the smaller origination companies like Mortgage House, and many wholesalers will take it on.
Ta
rolf
If the loan is > than 80 %, none will if you provide full disclosure to the mortgage insurer.
Many of the smaller origination companies like Mortgage House, and many wholesalers will take it on.
Ta
rolf
Thanks Rolf,
I need to give full disclosure to the lender. The deal will be $980k secured by $1.250mil (80% LVR). Will these smaller originators have a problem with wrapping when they know what the customer is doing?
Stuart
If the loan is > than 80 %, none will if you provide full disclosure to the mortgage insurer.
Many of the smaller origination companies like Mortgage House, and many wholesalers will take it on.
Ta
rolf [/B][/QUOTE]
I need to give full disclosure to the lender. The deal will be $980k secured by $1.250mil (80% LVR). Will these smaller originators have a problem with wrapping when they know what the customer is doing?
Stuart
If the loan is > than 80 %, none will if you provide full disclosure to the mortgage insurer.
Many of the smaller origination companies like Mortgage House, and many wholesalers will take it on.
Ta
rolf [/B][/QUOTE]
Hiya
Thats a pretty big chunk.
Many of the smaller guys would might gag at such a lareg volume. Generally anything > 500 k gets looked at twice over.
I would give Origin a punt
ta
Rolf
Thats a pretty big chunk.
Many of the smaller guys would might gag at such a lareg volume. Generally anything > 500 k gets looked at twice over.
I would give Origin a punt
ta
Rolf
Tony,
You're under a duty to disclose whatever your Loan Agreement tells you you must disclose.. A lot expressly include the Granting of an Option or a Lease that exceeds 2 yrs and rightly so, any such grant of a long lease or an option reduces the value of the security to the Bank.
Duncan.
Stuart
talk to your solicitor about your disclosure. Many new wrappers sit and explain a wrap (with wrap jargon) to a bank flunky. This seldom works as it scares the willies (and henrys) out of them.
One of my disclosures was in appropriate legal jargon and not a hiccup from the bank.
Regards
Paul Zag
Dreamspinner
talk to your solicitor about your disclosure. Many new wrappers sit and explain a wrap (with wrap jargon) to a bank flunky. This seldom works as it scares the willies (and henrys) out of them.
One of my disclosures was in appropriate legal jargon and not a hiccup from the bank.
Regards
Paul Zag
Dreamspinner
Hi all,
I was going to ask the same question as this thread asks myself!!
I have had one wrap go through AXA , with 10% deposit - without the need to use cross-security on my PPOR.
6.24%, pretty reasonable, with $900 get out fee. This one was under my name before I set up the Hybrid Trust.
Now I am on my 2nd wrap, and I am trying the following:
-5% deposit with no cross security
-purchase under the name of my Hybrid Trust.
I have not been able to find anyone who will do this - so it looks as though AXA again with 10% dep (as long as they OK the Hybrid Trust on contract and doing the loan under the Hybrid Trust name - cannot do it under my name I understand without cross-security against my LOC).
Apparently serviceability could be an issue in the future ( I do not know how, as wrap's are essentially in "profit").
Anyway, does anyone know of a better lender that does all of the above?
I was going to ask the same question as this thread asks myself!!
I have had one wrap go through AXA , with 10% deposit - without the need to use cross-security on my PPOR.
6.24%, pretty reasonable, with $900 get out fee. This one was under my name before I set up the Hybrid Trust.
Now I am on my 2nd wrap, and I am trying the following:
-5% deposit with no cross security
-purchase under the name of my Hybrid Trust.
I have not been able to find anyone who will do this - so it looks as though AXA again with 10% dep (as long as they OK the Hybrid Trust on contract and doing the loan under the Hybrid Trust name - cannot do it under my name I understand without cross-security against my LOC).
Apparently serviceability could be an issue in the future ( I do not know how, as wrap's are essentially in "profit").
Anyway, does anyone know of a better lender that does all of the above?
I have tried Wide Bay Capricorn Building society and they will do wraps. They also offer a 95% lend and they have their own LMI company. ie they self insure their own loans.
TH
TH
Hi All
The concept of self insurance is limited to a few risk tolerant lenders - I would have thought a CU/BS was anything but.
Mostly they are joint ventures between the lender and the LMI provider.
In rare circumstances like the STG so called 100 % loan it may be self insured.
Ta
rolf
The concept of self insurance is limited to a few risk tolerant lenders - I would have thought a CU/BS was anything but.
Mostly they are joint ventures between the lender and the LMI provider.
In rare circumstances like the STG so called 100 % loan it may be self insured.
Ta
rolf
