Yep, give them a buzz and tell them that you're refinancing – you just want to give them the opportunity to match first. Don't bother with going into a branch – they're not too interested in making sure you have the lowest rate.

Cheers

Jamie

I know of conveyancers that do an excellent job and their fees would be considered cheaper than others.

Cheers

Jamie

Are you increasing your borrowings with them or just after a rate deduction?

If the latter, tell them that your broker is suggesting you refi to x lender at x interest rate but wanted to give them the opportunity to match before you jump ship. This won't result in a hit to your file.

Cheers

Jamie

Hi Sam

I've got a spreadsheet on my website that might help.

Cheers

Jamie

Avoid shopping – it will probably result in excess hits to your credit file as each branchie submits a preapproval.

Broker channel has access to the same pricing discounts and refi promos. 

Cheers

Jamie

Depends on the lender and the initial LVR

cheers

Jamie

Hiya

Banks will go off the lower amount – whether it be the val or purchase price.

Cheers

Jamie

Just had ANZ do 5.44% on similar numbers.

Cheers

Jamie

Hiya Sundance

I hope things are going well.

I'm not a legal person but I'd assume that they'd have to forfeit the deposit to you if they're unable to proceed with the purchase.

There's heaps of reasons why settlements are delayed – and it's usually due to minor issues that delay it by a few days rather than major issues that stop it from…[Read more]

It's a bit of a pain – HSL/NAB have been good for investors from a servicing point of view due to taking other financial institutions liabilities at their actual repayments rather than inflated repayments based on P&I, a higher rate or a combination of both.

There's some merit behind their decision when it comes to certain mining towns that could…[Read more]

lsta5487 wrote:

2. ok, if rates is not as important, then what is?

Ability to access equity for future purchases is a big one. 

What's the point of using a no frills type lender who's going to save you $20 per month on loan repayments but not be willing to allow you to access equity for you next IP purchase? Sure you've saved a few…[Read more]

Hi Blue Toffee

You need to factor in another 5% to cover purchase costs – these are generally stamp duty, legal fees, building/pest inspection and a few the minor expenses at settlement.

In terms of releasing equity – some lenders will allow you to borrow up to 90% against the properties value.

So if you purchased a $200k property using a 10%…[Read more]

Hi and welcome aboard

Congrats on saving $200k at such a young age!

1. Is it ideal for you? You need to speak with a professional about this before jumping in to a complex structure that may or may not benefit you. If you decide to set up a trust, don't do it online.

2. Don't shop on rate. Rate is one of the less important aspects of a loan for…[Read more]

Seems pretty steep.

$1k to $1.5k seems to be about the norm.

Cheers

Jamie

Then definitely convert to IO now.

When you purchase your new PPOR – set up a new offset against that loan and park your savings in there.

Cheers

Jamie

Hi Fred

Not sure if thread helps or not but it lists quite a few resources  https://www.propertyinvesting.com/forums/general-property/4347666#comment-285002

Cheers

Jamie

Sounds very weird.

If the contract states vacant possession then that's how it should be upon settlement.

Cheers

Jamie

No worries – April should be available soon.

Jamie

Agree with Derek – IO with an offset provides for optimal flexibility.

The only time I would advise against it is if you're not too good with money and would simply make the minimum interest repayments and blow the additional cash elsewhere.

Cheers

Jamie

My wife manages our local IPs.

It's not for everyone.

We only ended up going down this path because it was a hassle finding decent PMs.

It's worked out well for us – and we haven't experienced too many serious issues. Whenever we'd had a problem – we've quickly rectified it, including one visit to the tenancy tribunal.

You do need to be on top…[Read more]