hey Karina..did you get the Units?
REDWING
“Money is a currency, like electricity and it requires momentum to make it Effective”
Count The Currency With This Online Positive Cashflow CalculatorI have it in my notes that Adelaide Bank will consider 5 units on one title @ 80%. Westpac and NAB may also do it.
Cheers
Stu
I have recently left Bankwest because I found them very hard to deal with.
They had a first Mortgage on my PPR plus I had a 50k interest only line of credit with them.
They charged me $300 a year for the LOC, and $40 every time I drew back against the principal loan even though it was way in advance of the standard payments.
There were other fees and charges associated with other Bankwest accounts I held too.
Although the interest rate was 6.65% the fees, charges, account costs bump it up so it is not 6.65% at all.
When I approached them to transfer me to a lower cost solution they basically told me they werent interested unless I had my property revalued, at my cost, re-established all my personal income details, and re wrote a new loan at full application fee.
So I went to my broker, got a better deal else where, ended up borrowing more at the same repayment with no docs and Bankwest lost nearly $800,000 in security on my property over which they only had $250,000 lent.
I know banks dont care about people, but I did find the people I dealt with at Bankwest to be quite illinformed and financially naive.
I do have 50k parked in Bankwest on-line saver account which is at call no fees or charges and about 6.0% from memory which at the time was not too bad compared to what was around.
I would advise any one who thinks they have a good deal with Bankwest to keep looking.
My 2c
I was just looking at Wank Bests Light Home loan. It appears (on the outside at least) to be one of the best on the market.
After such a glowing refrence from the Dev. I was almost sold, but I want an offset account so perhps not for me.
Lets have a look at Homepath, STD var. Hm Ln, min $10K, no fees, no max, LVR97%, BUT do they have offset????TMA, TerryW, et all, any info on HomePath????
Cheers
C@34Our greatest weakness lies in giving up. The most certain way to succeed is to always try something one more time.
– Thomas EdisonCalvin
“HomePath is a wholly owned but non guaranteed subsidiary of the Commonwealth Bank. As a separate legal entity HomePath is able to offer products and services in its own right.
A HomePath loan is not a Commonwealth Bank loan. It’s an outstanding lending solution that offers a range of flexible award-winning home and investment home loans.
HomePath is designed for customers who want to apply and manage their loans over the Internet, with the support of a phone help desk if required.
The Standard Variable Rate Home and Investment Home Loan
The option that delivers maximum flexibility, and enables you to make the most of lower interest rates.
This rate may fluctuate depending on market conditions. However, HomePath currently offers one of the lowest Standard Variable Rates on the market, while offering additional features such as Repayment Redraw and Loan Portability. But sorry old mate NO Offset. Oh yes and our service makes the Commonwealth Bank look absolutely wonderful in comparison.
Cheers Richard
Ph: (07) 3720 1888
[email protected]
http://www.yourstatefinance.comIP funding and US property finance
our specialityRichard Taylor | Australia's leading private lender
Qlds007 Posted – 05/09/2005 : 16:20:15
Calvin
…
Oh yes and our service makes the Commonwealth Bank look absolutely wonderful in comparison.What does this refer to? Have you had experience (poor/bad?) with these guys? Do you work for them even…?
Cheers
C@34Our greatest weakness lies in giving up. The most certain way to succeed is to always try something one more time.
– Thomas EdisonHi Calvin
Homepath don’t deal with brokers. I beleive they are a no frills type lender and probably don’t offer an offset account on their cheaper products. I have also heard that they are slow at settling loans.
Terryw
Discover Home Loans
North Sydney
[email protected]Terryw | Structuring Lawyers Pty Ltd / Loan Structuring Pty Ltd
http://www.Structuring.com.au
Email MeLawyer, Mortgage Broker and Tax Advisor (Sydney based but advising Aust wide) http://www.Structuring.com.au
Hi all,
rung Homepath – yep, no offset, no other accounts, no nothing, just the lowest interest rates around and, supposedly, one of the most flexible loans on the market……I canpay in extra and then do a redraw each month (at $40 each), but that is just too much of a P. in the A.! Apparently they used to do offset accounts but went away from it. The operator couldn’t tell me why.I guess I have to see if I can find someone smart enough to show me the difference (in calculations) to see if the Homepath way is the best option (compared to an offset account setup). I like the idea of having the cash sitting in an offset account (especially the rent from my IP) thereby reducing the interest incurred on my PPOR mortgage.
Your Thougths??????
Cheers
C@34Our greatest weakness lies in giving up. The most certain way to succeed is to always try something one more time.
– Thomas EdisonI was told by a mortgage broker at the last Melbourne Property Group Meeting (from the somersoft forum) that Homepath are absolutely terrible. I was told that they consistently delay and delay to such an extent that people can miss their settlemant times. That they often mess up the loan amount and give you less than they originally promised. That they regulalarly lose paperwork and are extremely unhelpful. The mortgage broker said that their is no way he would recommend them to anyone.
I have two investment loans with Homepath, and are very pleased with the low interest rates. The loans were refinances from other lender for the lower rates of Homepath, and the drawing of increased equity in properties for investment purposes. Organising the loans was straight forwards. After the initial internet application, express post of documents by Homepath was employed. The loans did take a while to settle, about 8 weeks from application, but as refinances this did not matter. No documents were lost, and any enquiries on status of loan was a simple phone call to the lender, up to 10pm at night.
As to the loans having no features, well they have the features that I required. Low interest rate; variable; interest only; no application fees; no break costs at the time I signed the contracts; direct debit repayments. They have redraw feature which is not relevant when paying interest only. Topup is now available to draw on increasing equity. No offset savings accounts are available, but then I don’t want offset on my IP loans, as I have offset savings account linked to my PPOR loan with another lender. Also have LOC with other lender.
So when one has another lender to provide loans with features complementing simple Homepath loans, Homepath becomes a viable source of cheaper IP funds.
Tasman
I found BankWest to be very helpful with financing as well as refinancing for our home loan as well as a second loan for a block of land. Everything was done efficiently and we were pleased with the customer service.
I wouldnt hesitate to use them again.
k.radzki
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