Happy with your bank?

Hi all,

I have a few queations about commercial property finance and general business finance. I work in the industry and am pretty big on continuous improvement, so I'm asking the questions to help me understand my customer base a little better.

I know there are a few different questions, so feel free to answer any or all of them.

Lastly, I am happy to answer any queries that anyone may have regarding business/property finance - I will also let you know if the queries are outside of my level of expertise, and will chase up the answers elsewhere.

- Has your bank or other financier increased your interest rates (independently of any RBA increases) in the last 12 months?
- Do you feel that you are now paying an unfair or overly expensive rate compared with the general market?
- Are you considering moving to another lender?
- Has the level of service you are being provided dropped in the recent past?

As above guys, I am happy to answer any questions that may be generated by the discussion, so fire away if you wish.

Oh and btw... I am not a broker :)

Cheers,
YI.

Regards,
YI

"Knowledge is Power"

Hi YI,

I am a 30 y.old with a young family. Just want some advice as i am struggling to get started with investing as to be honest i work in the lending industry and my wife has been on maternity leave returning in the next few months. My situation is the following:

PPOR - EMV: $440K (Debt: $210K) in TRARALGON VIC (Owned by my wife and me)
IP - EMV: $300K (Debt: $145K) in TRARALGON VIC. (Owned by my wife and her brother) - Positive Geared with rent easily covering the mortgage repayments. Wifes brother wants to sell and we do not. Good investment returning well.

My wifes grandmother is looking to move from PARKDALE VIC (in Melbourne) to the IP. We want the grandmother to payout the mortgage and retain in our names to avoid costs and retain the PARKDALE VIC property - EMV: $550K (No debt). Has development potential as a large block and we would like her to retain as we would like to potentially develop in the future..

Any suggestions would be appreciated.

Kind Regards

AM

Hi Cubman,

I actually have 3 properties in Parkdale (including PPOR) so I know the area you are referring to.

Just an initial questio, does the grandmother have the cash to pay out the $145k on the IP?

Cheers,
YI.

Regards,
YI

"Knowledge is Power"

Hi YI,

Parkdale VIC you live. Yes, she does have the cash. A large inheritance from a friend covers this. How can we get into more property investing. I am a bit stuck in a rut with the new family.

Kind Regards,

AM

YI,

I'm with NAB Business Banking, have been since March this year.

I'm overall happy with the bank.  They've allowed me to slip in under the family and create a new personal account, and have allowed me to joing NAB Health Business Banking without being in the industry.  Big plus from my point of view, even if it cost's me $400 a year.

I've found that having a personal bank manager and associate is beneficial, it's great being able to just phone someone direct who know's your situation and can offer help/advice.

NAB's been pretty good with the interest rate rises of late, I'm currently paying 5.89% on my first home loan, equalling a happy customer who's not looking to move.

My only negitive comment is in regards to how fast things happen, or don't happen.  I find that the only way to get things done is to continually hound them for it (may just be my bank manager tho).  I know I'm one of the 'small fish' in their books right now but the plan i've put infront of them clearly demonstrates the win-win we'll both encounter.

I'm aware i've got to 'do my time' with them before things get a little easier - after all, I only entered the property market this year.

Hope this helps.

Cheers,

Darren

Banks are only thinking of their profit just like other lenders are thinking. That's business. How can they earn if they do not think of the profit they will get after lending you. That is called business. And every banks are the same no matter how high or low the interest they give you.

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banks will always have financial bearing on you with the interests you have to cover. that is given. the best way for you to manage you finances is to make sure that the risks are minimized to have positive cash flow. titled ownership with surveyed property bounderies, capital appreciation, and equity build up are just among the means to keep the boat floating. the trick will lie in the ability to juggle your investments

ricky

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