• Login:
Welcome, Register Here
follow PropertyTalk on facebook follow PropertyTalk on twitter Newsletter follow PropertyTalk on LinkedIn follow PropertyTalk on facebook
Page 2 of 12 FirstFirst 1 2 3 4 ... LastLast
Results 11 to 20 of 113
  1. #11
    Join Date
    Apr 2016
    Posts
    2,343

    Default

    I assumed they meant insurance in even to of default by the lender.....

  2. #12
    Join Date
    Aug 2009
    Location
    All of New Zealand
    Posts
    788

    Default

    Quote Originally Posted by Bobsyouruncle View Post
    I assumed they meant insurance in even to of default by the lender.....
    One Accountant, who is known, said to a Client that if it did not say XXX Bank it could not be trusted!
    www.ilender.co.nz
    Financial Paramedics

  3. #13

    Default

    Quote Originally Posted by brokerman View Post
    RANT. As the Banks tighten up more people are using non Bank sources for funds. Would the Lawyers and Accountants stick to their jobs and stop advising that a non Bank solution 'carries a greater risk' than the Bank. B*ll*cks! Rant over, as you where!
    Not sure how this works. The lender of the funds is the one taking the risk. If you're borrowing you are the risk.

  4. #14

    Default

    Quote Originally Posted by sidinz View Post
    That's just nuts. Maybe some overly-bureaucratic pen-pusher who can't think for themselves?
    Nope. A lot of this stuff is coming down the line from the Reserve Bank. The banks are being 'prudent' to avoid debt-to-income limits coming in. Full assessments on rollover of facilities are becoming much more common.

  5. #15
    Join Date
    Sep 2008
    Posts
    7,056

    Default

    Quote Originally Posted by Wellington Broker View Post
    Not sure how this works. The lender of the funds is the one taking the risk. If you're borrowing you are the risk.
    the "risk" for the borrower

    isn't that no one will want the money back, someone always wants that!

    the risk is that the loan that banks won't touch won't be rolled over at the end of its term

    and as we don't have 30yr mortgagees here most loans need to be rolled over at least 3? times over their life and through 3? recessions

    ie a new non-bank lender decides to start up in nz

    let's call it "pyramid loans"

    having been turned away from the regular banks in nz for a million at 5%

    pyramid lend you a million at 5.2% fixed for 3 years

    18 months later the world economy slides, pyramid collapses and its loans are bought by "ruthless capital" of the cayman islands

    6 months before your loan is due ruthless send you a letter saying they will not be renewing your loan so please have the million ready so they don't have to fire sale your properties...

    of course all the banks can do this but try very hard not to as it looks bad to their other customers + gov.

    gov. also tries hard to keep bank mortgagee sales down as it's a bad look for their command of the economy

    ruthless + the gov. don't care if you bit off more than you could chew

    heck, ruthless probably even set up a new operation to attend the nz mortgagee sales and try and pick up your houses at 80 cents on the dollar
    Last edited by eri; 16-07-2017 at 09:05 AM.
    have you defeated them?
    your demons

  6. #16

    Default

    I see this sometimes with non-investor specialists weighing in. We had a sale fall over once because an Auckland based broker talked a buyer in Christchurch out of an area based by what it was like when he was in high school 15 years ago. I guess he thought he was being helpful but it was a case of the butcher weighing in on property as an investment.

  7. #17
    Join Date
    Sep 2007
    Location
    Auckland
    Posts
    7,556

    Default

    Quote Originally Posted by Nick G View Post
    I see this sometimes with non-investor specialists weighing in. We had a sale fall over once because an Auckland based broker talked a buyer in Christchurch out of an area based by what it was like when he was in high school 15 years ago. I guess he thought he was being helpful but it was a case of the butcher weighing in on property as an investment.
    When I was an agent, the main people who would kill a deal were the purchaser's accountant or the purchaser's solicitor. Both intent on protecting their client from buying a 'risky' property. And thus protecting them from making millions in capital gain

    9/10 times if someone went away to check with their accountant, it was all over.

  8. #18

    Default

    This chap bought two weeks later and will do very well, so a happy ending. Last night someone was asking me for an opinion on a site in Auckland with Terraced housing potential, I answered him with "I don't know, but here are the questions I would be asking myself".
    Free online Property Investment Course from iFindProperty, a residential investment property agency.

  9. #19

    Default

    I was aware that banks have their own panel of valuers for property valuations. However I heard that the BNZ recently instituted a policy that the bank must select the valuer in undertaking the property valuation for lending purposes. The BNZ does not allow the borrower to select the valuer from the approved valuer list. (it was allowed to before this policy was instituted). Is this the same for all other banks now?

  10. #20

    Default

    I'm pretty sure BNZ is instituting the same policy as ANZ - I'm told there had been some people moving between banks at senior levels bringing their processes.

    It is is possible for your banker at BNZ to request a valuation and your preferred valuer come up.

    I personally find the valuation process majorly flawed.


 

Thread Information

Users Browsing this Thread

There are currently 1 users browsing this thread. (0 members and 1 guests)

Tags for this Thread

Posting Permissions

  • You may not post new threads
  • You may not post replies
  • You may not post attachments
  • You may not edit your posts
  •