APRA created drought causing Non banks to run out of funds ?

Discussion in 'Loans & Mortgage Brokers' started by Rolf Latham, 24th Aug, 2015.

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  1. Rolf Latham

    Rolf Latham Inciteful (sic) Staff Member Business Plus Member

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    The below from Homeloans Ltd BDM this am

    Dont be very surprised if Firstmac go a similar dodo longer term, though they have a a much larger funding base.

    ta
    rolf

    I regret to advise that the Classic product has unexpectedly been withdrawn effective immediately. I have managed to cancel the attached upfront val request.
     
    Rolf Latham, 24th Aug, 2015
    #1
  2. tobe

    tobe Well-Known Member

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    disappointing
     
    tobe, 24th Aug, 2015
    #2
  3. Terry_w

    Terry_w Lawyer, Tax Adviser and Mortgage broker in Sydney Business Member

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    can it get any worse?
     
    Terry_w, 24th Aug, 2015
    #3
  4. Redom

    Redom Mortgage Broker Business Plus Member

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    Thanks for sharing Rolf - can see why, they'd likely have seen a massive pick up in business in a very short time period.
     
    Redom, 24th Aug, 2015
    #4
  5. RetireRich101

    RetireRich101 Well-Known Member

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    We're now looking forward to innovative Broker's Plan C...

    else

    we will unregister our pchat membership :p
     
    RetireRich101, 24th Aug, 2015
    #5
    Redom likes this.
  6. Jamie Moore

    Jamie Moore MORTGAGE BROKER - AUSTRALIA WIDE Business Member

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    Wow. I've got quite a few in the pipeline. Not how I wanted to start the week. I haven't heard from them yet though.....

    Cheers

    Jamie
     
    Jamie Moore, 24th Aug, 2015
    #6
  7. Redom

    Redom Mortgage Broker Business Plus Member

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    Haha solid RetireRich.

    Neither - i heard late last week that new pricing will be applied from today to slow the growth.
     
    Redom, 24th Aug, 2015
    #7
  8. Coota9

    Coota9 Well-Known Member

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    And than depression set in!!!

    I picked a great month to stop drinking..

    Looks like my Saturday's will be at the local footy ground collecting empty aluminium cans to raise capitial to continue my property investment journey..sigh..
     
    Coota9, 24th Aug, 2015
    #8
    Eric Wu and Terry_w like this.
  9. albanga

    albanga Well-Known Member

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    @Peter_Tersteeg does this derail the plan you are working on that was mentioned in previous posts?
     
    albanga, 24th Aug, 2015
    #9
  10. Peter_Tersteeg

    Peter_Tersteeg Mortgage Broker Business Member

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    No. What I'm putting together is not reliant on any particular lender, but I am still working out which lenders will work with it.
     
    Peter_Tersteeg, 24th Aug, 2015
    #10
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  11. Steven Ryan

    Steven Ryan Well-Known Member

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    Anyone want to start work on a crowd-based peer-to-peer lending solution?

    ;)
     
    Steven Ryan, 24th Aug, 2015
    #11
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  12. Coota9

    Coota9 Well-Known Member

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    PropertyChat Bank of sorts...
     
    Coota9, 24th Aug, 2015
    #12
  13. Rixter

    Rixter Well-Known Member

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    That's the way of the future...it's already here in Australia
     
    Rixter, 24th Aug, 2015
    #13
  14. albanga

    albanga Well-Known Member

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    There could potentially be enough funds and definitely wisdom on the forums to get something started.
     
    albanga, 24th Aug, 2015
    #14
  15. Shahin_Afarin

    Shahin_Afarin Residential and Commercial Broker Business Member

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    Brokers can still write the Classic product until COB 31st Aug. They have the Accelerate Prime product, for the deals which require generous serviceability but it does cost a bit more.

    They have released a new product today which is the Flexichoice funded by Resimac. That doesn't have the servicing like the other products but does have some strengths namely:

    1. No credit scoring on apps up to 85% LVR
    2. No LMI on 85% LVR
    3. No Genuine Savings option
    4. Sharp rates (for the time being) on investment loans
     
    Shahin_Afarin, 24th Aug, 2015
    #15
  16. Marty McDonald

    Marty McDonald Mortgage broker Business Member

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    Thought that might happen. damn. Firstmac tick tock
     
    Marty McDonald, 24th Aug, 2015
    #16
  17. Azazel

    Azazel Well-Known Member

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    Hey Shahin, is that for IP's or only PPOR?
     
    Azazel, 24th Aug, 2015
    #17
  18. Coota9

    Coota9 Well-Known Member

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    So what Bank has the best product with 88% LVR +Cap LMI?
     
    Coota9, 24th Aug, 2015
    #18
  19. See Change

    See Change Well-Known Member

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    Five so far with first mac , though just waiting for the vals to come back on last three ...

    Cliff
     
    See Change, 24th Aug, 2015
    #19
  20. Shahin_Afarin

    Shahin_Afarin Residential and Commercial Broker Business Member

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    It can be for either owner occupied or investment.

    And either P&I or IO repayments.
     
    Shahin_Afarin, 24th Aug, 2015
    #20
    Azazel likes this.
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