Lending Clinic

26/09/2022

LMI waiver now available to registered nurses from Westpac and St.George. Who's a registered nurse here?

25/08/2021

It's important to have a finance cooling-off period. A pre-approval can fail at the last minute.

https://youtu.be/oGpi-lwm9c0

Let's look at Glady's home loan drama:

Hello Glady, how are you?

I am good, staying at home, you know... had to put my mask on when buying takeaway coffee... I got caught last time...

OK good good good... Listen Glady, I have bad news for you. Your home loan application got declined.

Why? Is it becoz I forgot to put my mask on?

No no no. They like you and everything, but they don't like the property you are buying. Apparently they already have a lot of loans in this high-rise building. Not your loan of course. Other people's loans... stupid people's loans...

But I had a fully assessed pre-approval, didn't I?

Yeah but that's just pre-approval for you, for you as a person. Not for the property.

OK so is there another bank who can do this property?

Yea... but... they don't like you not wearing a mask last time...

Takeaway:
It's important to have a finance cooling-off period when purchasing a property. Unless your broker tells you that you have a lot of lender options for the specific transaction (borrow $xx to buy YY property priced at $zz).

It's important to have a finance cooling-off period. A pre-approval can fail at the last minute.Let's look at Glady's home loan drama:Hello Glady, how are yo...

24/08/2021

Questions I get asked as a trainee broker...

https://youtu.be/fl-VF3f21ow

Do customers need to pay me?
No, I'm a trainee broker (and can't speak English).

What's the best bank?
I don't know, it depends on what you want.

Can I get your loan approved?
No, but my owner can...

Questions I get asked as a trainee broker...Do customers need to pay me?No, I'm a trainee broker (and can't speak English).What's the best bank?I don't know,...

24/08/2021

Did you know that you can walk on a treadmill, but a little piggy cannot walk on a treadmill?

That's because the piggy walks too slow.

https://youtu.be/4z9WlxHokNY

Did you know that when you save for your first home deposit, you can get there if you save $500 a week... but you may not be successful if you save $100 a week?

That's because it takes too long and the property price would have gone up by the time you have enough savings... and then you will need to increase your savings... and by the time you have reached the higher savings amount, the property price will have gone up even higher...

To successfully purchase your first home, you gotta create a momentum for yourself, live with your parents if you have to, so you can run and save $500 a week.

Let's run together :)

23/08/2021

A home loan (mortgage) is the easiest way to get rich.

https://youtu.be/tnyeAzk1FYc

Did you know that a lot of Australians pay their bills on time, but not many of them invest their money in the stock market or property market?

That's because a bill is compulsory to be paid.

What's important is to invest in something, and create a commitment. You can even invest in your own home. It doesn't need to be an investment property. By purchasing your own home, you create a commitment to pay off the mortgage within 30 years. It's different from renting, where there's no commitment to create anything.

Renters have a spend spend spend mentality. Home owners have a mentality of accumulating wealth. Each month they pay down the mortgage, to make sure they can retire with a fully owned home.

You don't have to be a mortgage holder. You can rent, save and invest in the stock market. But it takes more discipline to invest, instead of paying down your mortgage, because a mortgage is like a bill, but a stock market investment is not a bill.

A home loan (mortgage) is the easiest way to invest and build wealth & passive income for Australians.Did you know that a lot of Australians pay their bills ...

20/08/2021

Safe way to build wealth and get rich through properties... How average Australians can retire easily...

https://youtu.be/EYHrzzGIXC8

Did you know that you can go to school by bus?

But you cannot go to school by plane?

This is because a plane moves too fast.

Did you know that you can become rich by buying 1 property every 5 years?

But you cannot become rich by buying 1 property every month?

This is because you buy too quickly, you buy the wrong properties and you will have too much debt.

Safe way to build wealth and get rich through properties... How average Australians can retire easily...Did you know that you can go to school by bus? ...

18/08/2021

Why Sydney property investors can borrow more by paying higher interest (why being ripped off is OK)

https://youtu.be/L4lBszN6mpg

Mummy Glady, my broker told me that if I go to a lender who charges a 3% interest rate, I can get a bigger loan. But but... if I go to the bank with a 2% interest rate, the loan is much smaller.

> What's your question?

If I can afford 3% interest rate, I should be able to afford 2% interest rate, no?

> Hmm but they are from 2 different finance companies.

But the monthly repayment is bigger on the more expensive loan.

> But they are from 2 different finance companies.

But the monthly repayment is bigger.

> The other company charges more because they know the bank won't do it. Go with the bank if you don't want to feel ripped off.

But the loan amount is not enough.

> I have a solution for you. Sell the property you have before buying another one.

No thanks, I am going to be a property mogul. Not selling... I will go with the loan shark. Property goes up 10% per year.

ADVERTISEMENT:
We have an expensive lender who can give a bigger loan, likely to be double if it's for your second/subsequent property.

Why Sydney property investors can borrow more by paying higher interest (why being ripped off is OK) ...

18/08/2021

How to win an auction? How to win against competition when buying first home or property? Smart way.

https://youtu.be/gF-lOJ6sQwk

How to win an auction? How to win against competition when buying first home or property? Smart way. ...

17/08/2021

Buying a home or investment property during lockdown be like...

Don't buy before you watch this... How Australians can take calculated risks during lockdown...

https://youtu.be/Tcu8e_-IOuU

Don't buy a property during lockdown before you see this. How investors can take calculated risks.---Referral Codes/Links:- Patreon: https://www.patreon.com/...

15/08/2021

Hey, I heard you can become financially free by having 2 investment properties.

Oh yea? How does the scam work?

It's super simple. Buy 2 properties which cost $500k each, and rent out for $350 per week each. You get $700 rental income each week. Set the loans to Principal & Interest, the loans will be fully paid off within 30 years and you can even pay extra into the loans to get rid of them quicker.

So it's not a scam?

I think it works. You need 1 more property which is the home you live in. The loan for this one will be paid off within 30 years as well. So each year after that, both of us get a total rental income of $700 a week, or $36k a year.

Can we live on $36k a year?

Yeah that's the next ingredient of this formula. We need to control our expenses. Also we must be disciplined and not access our equity to spend on stupid things. A lot of Australians see hundreds of thousands of equity and use it to buy a brand new car every year. Then the loan will never be paid off.

https://youtu.be/MX8wNfNlAYs

How Australians can retire with only 2 investment properties? 2 x $500k + another $500k modest home. ...