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  1. #1

    Default Non reviewable loans

    Has anyone had any experience with these? I understand they are big in Australia but almost unheard of in NZ.

    I have been told that your borrow the money and the lender can not demand repayment. So if they change their mind about what LVR they are comfortable with they can't mess you around. I also assume that if you don't pay or don't meet your side of the agreement they can cancel.

  2. #2
    Join Date
    Sep 2003
    Location
    Global
    Posts
    277

    Default What's in it for the lender

    Are their rates higher to start with?

    Do they have higher fees?

    If not then what's in it for the lender?

  3. #3

    Default

    Hi inzvestor, these are all good questions. I was hoping someone out there had experience with these loans and could answer for us.

    They way it has been promoted to me the costs seem about the same, I assume it's a way for the lender to obtain my business and to make the offer better than what the other lenders are offering.

    I guess if nobody here knows I will find out early next year when we try to get one of these non-reviewable loans and I can update this posting with the answers.

  4. #4
    Join Date
    Jul 2003
    Location
    Kapiti in New Zealand
    Posts
    4,031

    Default

    Hi all,

    Just emailed Rae - if she is around she can help us!

    Best Regards

    Marc

  5. #5
    Join Date
    Oct 2003
    Location
    Wellington, New Zealand
    Posts
    23

    Default

    Hi all,

    Non reviewable loans to me spell revolving credit facilities, please correct me if this is the wrong end of the stick however as a broker this is what the term means to me.

    The banks are not fussed with the term as long as interest payments are made on the facility - it used to be reviewable loans were reviewed to make sure principle payments were made and this was done once a year.
    This then changed.

    Non reviewable loans do not attract any higher interest rates, it's just the floating rate any lender has to offer.

    Rae


 

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