So I just finished talking to NAB for 2 hours ...

Banks are very cautious now. Which is good for you, so you don't get into trouble.

 

I've had several non-forum brokers, and have just started with a forum broker - hopefully for the long haul. The previous brokers (except the last two) were right for me at the time, but lacked a big picture focus. Almost universally the brokers on here sound better than all the ones I'd previously used.

I like my strategy. Spend enough time on somersoft/propertychat until you can glean who you can most emulate. Then steal their team. That's what I'm doing Funnily enough, most of those I had ticked as successful are using the same team.

 

I think I'll make you wear the Dunce's hat.

 

Was this post hostile? BS priviledge member to be here? i dont feel priviledge today. It Was such an innocent post. Broker i had was not from here. He doesnt know this forum exist neither does he read english, now you understand why i had to check and tripple check to sort out the wheat from the chuff. Few posts and all of you worked me out.

Skater i thought you were gold but i think your are getting cocky, telling me to shut the door. I know you have a great following but i dont know why you take upon yourself to bark me off in this thread. I must have step on your raw spot. Which part of my post is hostile. Did i put caps in my post swear words to evidence hostility?

no i wont be going to the wenty any time. I am not interested in that area, nor am i interested in growing wealth like most of you do. I come here occasiionally, but i dont know who is regular or not and i dont know who is knowledgeable or who i can trust or not. Yes i could use some advice, a few did help answer my questions. Thank for those who had compassion on me.

I dont know why some take offence to me checking out my broker as i said he is not from this forum.

Skater no matter how astute investor you are you have lost my following. Hope i dont ever need you but i think you will keep posting even though you might think it will benefit me. So skater have a good day, my hostile post was not meant for you nor anyone just reaponding to Gockie.

 

Well, in a post you may have called me an idiot.... (it has been moderated out...) but just more recently some of the stuff like... you said... "wow! really?" You might think it's nothing or a small thing but it is an attack on another person. Don't resort to calling people names here... show respect or else why should anybody show respect back to you if you don't?

You are still welcome to go to Skater's meetup... we are not bad people in person. We wanna help.

Anyway, please continue to listen to others on the forum and realise that Skater is a good person under her comments. She has a lot to contribute.
Finally... as lots of people have said, most brokers on the forum are excellent. Read what they post. I had a couple of brokers before using one on the forum, one of them (before I reached out to one on the forum) stuffed me around big time... completely uncommunicative... lost me 2 deals... including a house in Doonside that would have more than doubled within 5 years... anyway... thankfully I have moved on and have built a portfolio I am happy with. Yes, there isn't just one deal in a lifetime.

If I hadn't been part of this community sure I probably would have still had success in property investing, but i'm pretty sure I would not be in a position I am today.

Gotta keep reading, participating and learning.

 

I have not sighted any of your post until today, let alone call you idiot. Come on. Get it right.
Wow really! You are made of egg shells? I am over this. I am shutting the door skater. Bye bye!

 

Maybe hostile was the wrong word to use. More a lack of respect! Not for me, as such, although the latest post is a definate lack of respect for both myself & Gockie, but a lack of respect for what the forum provides, as well as a lack of respect for your current Broker.

 

To be fair @skater yours probably seemed the more hostile of the 2 (hardly a hanging offence, ive certainly been worse at times). I can understand some of the frustration of going around in circles, particularly when someone is asking for advice but the last thing we want is to scare off PC newcomers.

 

Perhaps I was a bit harsh....but there was a big smiley at the end, indicating the comment was tongue-in-cheek. I never for a moment thought it would be taken so literally.

 

You'd be amazed how few brokers know their way around servicing calculators... the brokers who post on here are the exception to the rule. For starters, they work with investors all the time and invest themselves, so they know how to use lenders in the right order, to avoid being snookered.


And to the OP... NAB will be assessing your existing debt at 7.4% and the new debt you apply for at 7.4% ... you can likely get far better capacity elsewhere. Speak to one of the many skilled brokers here and ask them to look at Pepper or Liberty for you ....if the door is still open

 

random question my friend works for nab and said that income from shares can be counted towards serviceability as long as you can show a minimum of 3 months of having them i guess? i always thought for shares it was 2 years?before the banks counted it as income

is this correct? being u only need to have them for 3 months before you can count the income?

 

Most lenders won't use share income. Some will use a deeming rate for some of the larger managed funds and stocks. Some will use share income once it's in your tax return, usually for two years.

If your friend can use them after 3 months that's great.

 

How did you find choicelend? Rates etc.

 

A big misunderstanding is servicing versus equity.
Doesn't matter how much equity you have, or if you have 5mil in home contents, if you do not have the income to service a loan then they won't lend you the money.

 

Myeh, they're alright, haven't been with them long.
They don't have an offset which would have been nice - broker should have known better, but that was when they were putting in more lending restrictions : /

 

Choicelend have a fantastic policy set to be honest. Some of their niches:

• 3 on 1 construction up to 95% LVR
• high level servicing for mature portfolios
• Service - upfront vals, fast turnarounds on deals
• 250k cashouts no questions asked up to 80% LVR
• Will lend to unit trusts AND understand structuring the debt in personal name, with the trust as guarantor to allow for negative gearing benefits

Overall they have quite a nice policy set for those who have a few properties under their belt and want to keep growing. As mentioned above, they don't have any offset accounts but realistically if you have a number of properties already, you'll have offset accounts with other lenders that you can utilise as necessary.

Rates are OK, fairly middle of the pack with the occasional competitive fixed rates (~4.14-4.34% fixed rate for investment, 3.94% fixed rates for PPOR etc)

 

I have a share portfolio made up of my own funds and a margin loan. From my knowledge CBA is a lender who will disregard the margin loan as part of my servicing however, I don't think the income is counted either.

 

interesting, any brokers know about this?

 

It's true.

 

most lenders disregard margin loans like this.