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Major banks slash interest rates out of cycle, and ease LVRs to lure more property investors; Mortgage War: CBA reduces investor mortgage rates by 40 basis points
Topic Started: 24 May 2016, 12:01 PM (7,454 Views)
Ex BP Golly
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Khaderbhai
5 Jun 2016, 09:03 PM
This should keep the boom ticking along nicely.
Even the banks recognise its all or nothing.

We are now in the go for broke stage.
WHAT WOULD EDDIE DO? MAAAATE!
Share a cot with Milton?
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Chris
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Rufus
24 May 2016, 01:20 PM
When APRA brought in their new investor guidelines, lenders took a pace back and re-evaluated their exposure to investors. Seasoned investors rarely use 90% loans, that's what new investors of FHB investors use.

This is just the market coming to terms with the new guidelines.

You can't just make stuff up Peter, if what you say is true then the number of properties being NG would diminish YOY. Most if not all investors I know, including family, NG as it is financially beneficial to do so. NG is a tax minimising gift why would you waste that by contributing more deposit to reduce or remove your ability to minimise your tax bill.

You say that 'seasoned' investors rarely use 90% loans but I think you have made that statement with little or no facts other than it's your opinion and you believe it to be true.
Bardon
5 Jun 2016, 12:55 PM
Just finalised my construction loan yesterday, now its time to get my broker negotiating for a better deal for my portfolio in this borrowers market.
It doesn't bode well for your image if you have a 'broker' organising your loans. It probably suggests you are one of the people who would otherwise be rejected going direct. How many fibs on your borrowing history Bardon? It's virtually impossible to know but a tantalising morsel none the less. Brokers are such an unnecessary cog in the market, why do you need the e tra cost in today's age of information. Brokers will be the biggest focus of any royal commission, that's the part the banks are desperate to keep eyes offs.


Khaderbhai
5 Jun 2016, 09:03 PM
This should keep the boom ticking along nicely.
I'm tipping your right, timed beautifully as well.
Edited by Chris, 17 Oct 2016, 05:38 PM.
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zaph
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Chris
17 Oct 2016, 05:30 PM
You can't just make stuff up Peter, if what you say is true then the number of properties being NG would diminish YOY. Most if not all investors I know, including family, NG as it is financially beneficial to do so. NG is a tax minimising gift why would you waste that by contributing more deposit to reduce or remove your ability to minimise your tax bill.

You say that 'seasoned' investors rarely use 90% loans but I think you have made that statement with little or no facts other than it's your opinion and you believe it to be true.

It doesn't bode well for your image if you have a 'broker' organising your loans. It probably suggests you are one of the people who would otherwise be rejected going direct. How many fibs on your borrowing history Bardon? It's virtually impossible to know but a tantalising morsel none the less. Brokers are such an unnecessary cog in the market, why do you need the e tra cost in today's age of information. Brokers will be the biggest focus of any royal commission, that's the part the banks are desperate to keep eyes offs.



I'm tipping your right, timed beautifully as well.
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Bardon
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Chris
17 Oct 2016, 05:30 PM
It doesn't bode well for your image if you have a 'broker' organising your loans. It probably suggests you are one of the people who would otherwise be rejected going direct. How many fibs on your borrowing history Bardon? It's virtually impossible to know but a tantalising morsel none the less. Brokers are such an unnecessary cog in the market, why do you need the e tra cost in today's age of information. Brokers will be the biggest focus of any royal commission, that's the part the banks are desperate to keep eyes offs.
I think you are barking up the wrong tree here.

When I first started to use this broker about ten years ago i twas because the banks loan officer was f***ing things up, getting offers wrong, being late, making me and my wife drive around to obscure bank locations to sign documents at the last minute. My managers actually told me that I would be better getting a broker. I ahve stuck to mostly the one bank for all my finance, i bank with them, everything goes through them so there is not really any room for porkies anyway. Plus the f***ers are still tight, they only let you use 75% of your rent, have tiny negative gearing allowance and also put my whole portfolio through a 25 year 7.25% P&I scenario for serviceability.

My broker is good and he is as straight as die.

Like I said barking up the wrong tree.
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Rufus
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Bardon
17 Oct 2016, 06:34 PM
I think you are barking up the wrong tree here.

When I first started to use this broker about ten years ago i twas because the banks loan officer was f***ing things up, getting offers wrong, being late, making me and my wife drive around to obscure bank locations to sign documents at the last minute. My managers actually told me that I would be better getting a broker. I ahve stuck to mostly the one bank for all my finance, i bank with them, everything goes through them so there is not really any room for porkies anyway. Plus the f***ers are still tight, they only let you use 75% of your rent, have tiny negative gearing allowance and also put my whole portfolio through a 25 year 7.25% P&I scenario for serviceability.

My broker is good and he is as straight as die.

Like I said barking up the wrong tree.
That was inevitable. The banks got rid of their experienced staff, who then all went out and became brokers taking business away from the banks, who then mostly were left with untrained lenders at the local branch level.

Banks still have some first class lenders, but you won't see them at a branch. In fact you won't see them at all. When you walk into a bank branch with maybe 12 people all working away, only about 2 will be full time staff.

Take risks - if you win you will become wealthy, if you lose you will become wise
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Bardon
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Rufus
17 Oct 2016, 08:04 PM
That was inevitable. The banks got rid of their experienced staff, who then all went out and became brokers taking business away from the banks, who then mostly were left with untrained lenders at the local branch level.

Banks still have some first class lenders, but you won't see them at a branch. In fact you won't see them at all. When you walk into a bank branch with maybe 12 people all working away, only about 2 will be full time staff.
Either way the serviceability requirements that the banks have set are very steep, steeper than anything i can remember in the past and using a broker doesn't circumvent this.
Edited by Bardon, 18 Oct 2016, 09:47 AM.
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