Loan Servicing: Many cannot Qualify for what they have

Did you just call the people on this forum turkeys?

Okay, let's go with that then. As I continue to mention, Eagle finance and Turkey finance are two very different things, and yet you keep telling 'turkeys' all about your eagle finance like it's possible for the lessor resourced bird when it's not.

PS - pretty sure most people don't appreciate being referred to as turkeys.

 

Hats off to you @sash you're doing well by the sounds.

This forum is extremely broker focused as though they're the be all and end all it's not the case.
I know there are more and more options out there that aren't available to them.

But at the same time what you're achieving is far from realistic for the general forum.
So whilst I say well done to you, I would also suggest you keep in mind that not all can do what you're doing.
You have runs on the board...

 

Sash can I get the servicing rate you get as well? Is there a net worth or borrowing amount/income to be able to get that assessed rate of 6.89?

 

take it how you want....this is not an emotional argument...some are just not as good.

as someone else..i think it was @Brady ...pointed out there are other lenders...

 

yep there are other options....question is why are they promoting some of these products?

i get that i am not the norm....

 

not really...i am also very detailed in how i presenty postion:

1. detailed assets and liabilites with loan amounts..interest rates...io period left...time left on loan...loan amount ...date property bought ....equity....fixed period etc.....and asset name


2. also provide a net cf statement detailing amount left over aftwr interest and expenses

 

What's the detailed info you give though - because that's what standard applications require?

 

so you actually go down to this detailed Corey...yep ....i have some high growth Davoren Park property to sell ya then....

 

Dude you do yourself no favours.... Fancy telling readers (or at the very least, implying to readers) that assessment rates of 6.89% are available via NAB. Its just not correct - see NAB policy below. And even if it were true- which it clearly isnt unless some sort of exception is made (such as for a high net worth borrower) you have also failed to account for LTI ratios introduced in recent months.

So while it may be the case that you are treated as an exception due to your status as a HNW borrower, please do get yourself accredited to write loans and then please do try getting that malarkey over the line for any of the regular mum and dad investors reading these forums .... you know, the ones who read your stuff and think its something they can apply to their circumstances.

 

• Most people don't need $100k in retirement. I'd need some serious lifestyle inflation to warrant that
• There are probably hundreds of thousands of people who will have $100k+ retirements. $2.5m at 4% should conservatively do that. Its a sizable chunk of change & more than I will probably bother accumulating before cashing out, but its not an impossible target. Over extend into an inner Sydney property, sit on it for a decade or two, done.

 

If it was only that simple!

Most people are downsizing from say a $2m property to a $1.5m apartment. The gap between a house and 2-3 bedroom unit has closed significantly.

Most have about 500k in super. plus say another 200k in other investments...that leaves about 1.2m....and they are drawing down at 60k per year if they are lucky.

These people would be in the top 10% of retirees....

 

That would be me! Sell a property that has had significant CG, replace it with something interstate that hasn't grown yet, and that rents out for a similar $ amount....add the cream from the NRAS on top for a few years. Then the excess from the sale goes into an offset gives the financial equivalent of a free house.

Why thankyou Sash. Does this apply equally to Westies?

I suppose it all depends on your priorities, I guess, and whether or not you are debt free. Overseas holidays, car payments & mortgages can be expensive & some would eat through that $100k & say they are struggling.

We have no non-deductable debt, but we do like a good holiday. There's more coming in than we can spend at the moment, & that's not a bad place to be.

 

Yep...especially Westies.............don't ya luv it...nutin like a good bluey...