Margin Loans Margin Loan application

Discussion in 'Sharemarket Investing Platforms, Tools & Services' started by dreamland, 6th Oct, 2005.

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  1. dreamland

    dreamland Member

    Joined:
    1st Jul, 2015
    Posts:
    5
    HI

    I am all set up with BT for a margin loan, but am unsure of the process now.

    I Have units with Navra direct and this will be transferred to BT as security for
    the new units.

    I was told to complete a general notice of mortgage for a transfer, but I have
    since been told this is incorrect.

    I have now sent off the standard transfer form as per their new request.

    My question is once this is processed what paperwork do I need to complete
    to buy the new units via margin lending.

    I was told yesterday all BT needs is a Navrainvest application form filled in
    and sent to them.

    Is this all there is or is there another form that needs to be filled in.

    Your advice would be appreciated.

    thanks.
     
    dreamland, 6th Oct, 2005
    #1
  2. Simon

    Simon Well-Known Member

    Joined:
    23rd Jun, 2015
    Posts:
    507
    Location:
    Newcastle
    I use LE but imagine the method is similar.

    I simply sent the completed application to LE with a covering letter asking them to issue a cheque and forward the cheque and application to NavraInvest. I also asked them to take security over the new investment.

    Simple as that.
     
    Simon, 6th Oct, 2005
    #2
  3. Bob__

    Bob__ Well-Known Member

    Joined:
    1st Jul, 2015
    Posts:
    112
    margin loans

    I'm still in awe at the difference in purchasing a property and the few bits of paper you need to sign to obtain a margin loan. I'm with LE after a bit of a hiccup.

    Bob
     
    Bob__, 6th Oct, 2005
    #3
  4. Simon

    Simon Well-Known Member

    Joined:
    23rd Jun, 2015
    Posts:
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    Location:
    Newcastle
    One of the big differences is the UCCC is not involved. In addition it is a pure lend against a very liquid asset.

    I can do a NODOC property loan to 70% of a property value which has hardly any paperwork either and no questions are asked as to income or employment!

    This isn't an ad - just an example.

    Cheers,
     
    Simon, 6th Oct, 2005
    #4
  5. Bob__

    Bob__ Well-Known Member

    Joined:
    1st Jul, 2015
    Posts:
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    Simon,

    At what interest rate??

    Bob
     
    Bob__, 6th Oct, 2005
    #5
  6. Simon

    Simon Well-Known Member

    Joined:
    23rd Jun, 2015
    Posts:
    507
    Location:
    Newcastle
    Less than I am paying with LE to tell the truth - currently 7.15%.

    Cheers,
     
    Simon, 6th Oct, 2005
    #6
  7. Andrew__

    Andrew__ Member

    Joined:
    1st Jul, 2015
    Posts:
    24
    Location:
    Moonee Ponds
    Any LMI on that Simon?

    andy
     
    Andrew__, 6th Oct, 2005
    #7
  8. Nigel Ward

    Nigel Ward Well-Known Member

    Joined:
    1st Jul, 2015
    Posts:
    989
    Hi Dreamland

    BT process was as Simon says :D

    N.
     
    Nigel Ward, 6th Oct, 2005
    #8
  9. Simon

    Simon Well-Known Member

    Joined:
    23rd Jun, 2015
    Posts:
    507
    Location:
    Newcastle
    Yes there is LMI - but because of the LVR is can often be quite low - my last deal was $200. There are also early payout penalties as there are with most of these nonconforming loans.

    I didn't post that example to try to tout my wares and would rather take questions offline - am a little embarrassed with the direction this is taking ..... :eek:

    Cheers,
     
    Simon, 6th Oct, 2005
    #9