Browse Forums Home Finance 1 Mar 27, 2009 9:36 pm Ok, RAMS just told me that they are no longer doing 100% loans. That leaves NO 100% lenders if I am correct. (St George have announced 100% are closing up soon) I was Pre-Approved by rams for a 100% loan. They RAMS Franchise seems to think I *Sholuld* be OK, if I submit a contract for approval now. What do you think? Will RAMS still honour pre-approvals, or will they just make up some excuse to decline the app, now that 100% loans are gone. Oh well, with the grant ending soon, and 100% loans gone, it looks like I will be renting for another 5 years!!! Blog: http://house.jay.net.au/ Re: RAMS 100% loans FINISHED 2Mar 28, 2009 9:34 am If it's pre-approved then it's already in the system and it isn't a new application so it should go through, but do be careful 'A bottle of wine contains more philosophy than all the books in the world.' Louis Pasteur Vegie garden: viewtopic.php?f=19&t=27637&start=0 My Backyard Adventure Re: RAMS 100% loans FINISHED 3Mar 28, 2009 12:20 pm Thanks Lisanne, What do you suggest we be carfeul of? The 100% loan in general as being a risky venutre? Blog: http://house.jay.net.au/ Re: RAMS 100% loans FINISHED 4Mar 28, 2009 12:26 pm jaytyn1 Thanks Lisanne, What do you suggest we be carfeul of? The 100% loan in general as being a risky venutre? All the above 'A bottle of wine contains more philosophy than all the books in the world.' Louis Pasteur Vegie garden: viewtopic.php?f=19&t=27637&start=0 My Backyard Adventure RAMS 100% loans FINISHED 5Mar 30, 2009 3:06 pm RAMS stopped the 100% home loans for the broker channel first and then recently announced that they are stopping them also through their franchise channel soon. Re: RAMS 100% loans FINISHED 6Mar 31, 2009 12:30 pm Can I get a few suggestions on the institutions that do loans with a Guarantor using owned homes as security and FHOG being used as deposit. Applicant 1 & 2 full time income earners with secure jobs. Re: RAMS 100% loans FINISHED 7Mar 31, 2009 12:44 pm gilese as far as I am aware you CAN'T under any circumstances use the FHOG as a deposit anymore. The new criteria with all banks now is you need to be able to show genuine savings, although I think that % changes from bank to bank. Good-Luck, it's even harder now to get into your own place. Building Thread viewtopic.php?f=31&t=13002 Site start: 8th July 2009 Handover: 11/12/2009! 5 months total build time. 40 sqs of luxuary...Bliss! Re: RAMS 100% loans FINISHED 8Mar 31, 2009 2:18 pm gilese find a good mortgage broker. Our broker and builder have agreements which has helped us allot, for $150 the builder will pay the deposit till stage 1 is complete (where FHOG is paid and bank pays them) and our broker is going through bank west which will give us the best deal it seems. Brokers should know all the lenders eligability so its a matter of going through your situation and finding the one that best suites. The brokers all get paid by the bank and all the same (~.3% of loan amount, was a bit over $1000 for our broker from what we signed) so unless they are a crap broker they should get you a good deal Re: RAMS 100% loans FINISHED 9Mar 31, 2009 3:20 pm gilese Can I get a few suggestions on the institutions that do loans with a Guarantor using owned homes as security and FHOG being used as deposit. Applicant 1 & 2 full time income earners with secure jobs. gilese, first I thought it was a deja vu, then I remembered we discussed this one before viewtopic.php?f=9&t=15291&start=20 choosing a mortgage broker 11Mar 31, 2009 5:04 pm gilese thanks thlo. Can anyone give me some details of a good mortgage broker in sydney western suburbs? Ask Nav and stevep79, they had some experiences with brokers in Sydney Western suburbs. Re: RAMS 100% loans FINISHED 12Mar 31, 2009 5:49 pm Nav and stevep79 interested in your experiences. I actually just got a call from a Mortgage Choice Consultant only about two hours after I submitted an enquiry on the website. I see good things if the customer service is to go by the first initial call. She confirmed that all 100% loans are finished but because I have a Guarantor the options open up far wider than not having a guarantor so I am . Looking forward to getting some indications from the consultant. Is there any thing that says we must go with something they offer? Or totally based on what you want, are their fees associated with using a broker and then not going with one of their options? Re: RAMS 100% loans FINISHED 13Mar 31, 2009 6:01 pm gilese Nav and stevep79 interested in your experiences. I actually just got a call from a Mortgage Choice Consultant only about two hours after I submitted an enquiry on the website. I see good things if the customer service is to go by the first initial call. She confirmed that all 100% loans are finished but because I have a Guarantor the options open up far wider than not having a guarantor so I am . Looking forward to getting some indications from the consultant. Is there any thing that says we must go with something they offer? Or totally based on what you want, are their fees associated with using a broker and then not going with one of their options? No fees, they get a commission from the bank instead. You can choose what you want but they suggest what they feel is best for you normally. Choosing a Mortgage Broker 14Mar 31, 2009 8:23 pm gilese She confirmed that all 100% loans are finished Actually 100% home loans have not finished. St George will accept applications for this product up until midnight Thursday 9 April 2009. gilese are there fees associated with using a broker No, Certified Mortgage Brokers with Full Membership of the MFAA should not charge any fees to the applicants. That way you get a professional to serve you free of charge. Re: RAMS 100% loans FINISHED 16Mar 31, 2009 8:31 pm Thank you. Where abouts in Western Sydney are you? Choosing a mortgage broker in West Sydney 17Mar 31, 2009 8:38 pm pinkfairymagic gilese as far as I am aware you CAN'T under any circumstances use the FHOG as a deposit anymore. The new criteria with all banks now is you need to be able to show genuine savings, although I think that % changes from bank to bank. Good-Luck, it's even harder now to get into your own place. Oops, I only noticed this now. Yes you can use the FHOG (First Home Owners Grant) as a deposit using a selection of bank and non bank lenders. Don't believe everything you hear. Just find an experienced mortgage broker who can inform you correctly on these issues. That sucks! Hope it all works out. Good to move away from steel anyway for all your reasons, but it's also thermally poor. 16 17875 As is per usual for many of the past failed RWH regulations, it is probably traceable to a bureaucrat who's ego overrode the need to seek the appropriate expert… 1 1015 interesting situation what happened after builder issued final invoice? did you list as defect or not does the building surveyor have any responsibility? ie. issuing… 13 46960 |