All Topics / Finance / Mortgage product advice please

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  • Profile photo of nicko7nicko7
    Member
    @nicko7
    Join Date: 2007
    Post Count: 33

    Hi to all you mortgage brokers

    my partner and i are in the early stages of our investing journey, our mortgage broker set us up on a product from one of the big four banks its called the MAV system.

    is this a good way of doing things or not?

    any advise please

    Thanks

    Nick

    Profile photo of Richard TaylorRichard Taylor
    Participant
    @qlds007
    Join Date: 2003
    Post Count: 12,024

    You MB must like pain and torture to be dealing with Colonial.

    Some MB’s get an override commission from the CBA thats why they put their clients there but i think most MB’s on this forum would tell you to steer well clear especially if you wanted to have a smooth investing path when it comes to your future obrrowings.

    The CBA love to X collaratlise tell you one thing yet do the other.

    The service levels are non existent and dont have ask for something in a hurry.

    You can do a lot better.

    Cheers

    Richard Taylor
    Residential & Commercial Finance Broker.
    Licensed Financial Planner. Ph: 07 3720 1888
    [email protected]
    New Shared Equity scheme has arrived – Email us for details.

    Richard Taylor | Australia's leading private lender

    Profile photo of Alistair PerryAlistair Perry
    Participant
    @aperry
    Join Date: 2004
    Post Count: 891

    Hi Nick,

    I’ll second everything Richard stated, and add that their products are a pain in the proverbial. Their offset account “MISA” is not transactional i.e. you have to operate a seperate “Stremline account” as well for your day to day banking. There is also substantial channel conflict between Colonial and the CBA branch network, this means that you will have trouble getting any assistance through a branch with anything.

    If you like the big banks Westpac and ANZ have far better products.

    Regards
    Alistair

    Profile photo of TerrywTerryw
    Participant
    @terryw
    Join Date: 2001
    Post Count: 16,213

    I will not deal with that bank

    Terryw
    Discover Home Loans
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    Terryw | Structuring Lawyers Pty Ltd / Loan Structuring Pty Ltd
    http://www.Structuring.com.au
    Email Me

    Lawyer, Mortgage Broker and Tax Advisor (Sydney based but advising Aust wide) http://www.Structuring.com.au

    Profile photo of nicko7nicko7
    Member
    @nicko7
    Join Date: 2007
    Post Count: 33

    Thanks for the advice

    we thought it was a great deal with no application fees.
    yes we are Xed and worried about it as well.

    looks like we’ll be trying a new broker which we have thought alot about since the last IP

    Thanks again

    Nicko

    Profile photo of alto55alto55
    Participant
    @alto55
    Join Date: 2006
    Post Count: 23

    I have a question relating to this topic (for the mortgage brokers).
    I know that all of us have different needs but what is the most popular loan product (with offset account), and which bank/institution is the best to deal with? I had dealings with ANZ, St George and ING but I am not happy with any of them.

    Thanks

    Profile photo of Richard TaylorRichard Taylor
    Participant
    @qlds007
    Join Date: 2003
    Post Count: 12,024

    Must admit i deal regularly with Anz / The Dragon and have never had problems with either of them.

    I think it is a lot to do with relationships and I am lucky that i have good mates who work for each.

    Cheers

    Richard Taylor
    Residential & Commercial Finance Broker.
    Licensed Financial Planner. Ph: 07 3720 1888
    [email protected]
    New Shared Equity scheme has arrived – Email us for details.

    Richard Taylor | Australia's leading private lender

    Profile photo of Alistair PerryAlistair Perry
    Participant
    @aperry
    Join Date: 2004
    Post Count: 891

    Hi Alto,

    I have a bit of a preference for Westpac amongst the majors, but there are many situations where they are not the best choice.

    Regards
    Alistair

    Profile photo of TerrywTerryw
    Participant
    @terryw
    Join Date: 2001
    Post Count: 16,213

    I like ANZ on their breakfree package, but they are not too good with trusts. Most of my Trust clients go into St George.

    Terryw
    Discover Home Loans
    [email protected]
    Send an email to get my newsletter.

    Terryw | Structuring Lawyers Pty Ltd / Loan Structuring Pty Ltd
    http://www.Structuring.com.au
    Email Me

    Lawyer, Mortgage Broker and Tax Advisor (Sydney based but advising Aust wide) http://www.Structuring.com.au

    Profile photo of LizzyLizzy
    Member
    @lizzy
    Join Date: 2004
    Post Count: 230

    OY! What is bluddy wrong with MAV???

    I have such smooth sailing with the Which Bank these days (yes unheard of – but true in a relative sense). I’m regional too and they will do a lo doc any postcode for us which is a saviour for my clients.

    Not to mention the low fixed rates they’ve had, including decent rate locking fees. Overall I crunch the figures and they come up better.

    Admittedly I do a lot of maintenance in office here but our local branch helps us out wherever possible.

    We are also getting higher negotiated discounts there too. You don’t know this broker is bad, it’s the BANK SERVICE that is bad, the product is fine AND I HAVE NEVER BEEN FORCED TO CROSS COLLATORIZE A DEAL WITH THEM – even on some very tricky max lvr trust deals….

    GET A BETTER BDM!!![blink]

    Nevertheless I still love St G and Westpac but if you ask me ANZ don’t do me any favours…

    Profile photo of BMW330CiBMW330Ci
    Participant
    @bmw330ci
    Join Date: 2006
    Post Count: 37

    Hi Alto,

    If you want a bank that has good product and offset account, Adelaide Bank si way up there IMO.
    Only problem is, that they have a much more stringent criteria and credit polciies. But if you meet their requirements, they are execptional.

    Profile photo of Richard TaylorRichard Taylor
    Participant
    @qlds007
    Join Date: 2003
    Post Count: 12,024

    I dont feel that Adelaide Bank have a more strigent lending criteria at all. If anything they are easier to deal with than the majors.

    Do agree they have an excellent suite of products.

    Cheers

    Richard Taylor
    Residential & Commercial Finance Broker.
    Licensed Financial Planner. Ph: 07 3720 1888
    [email protected]
    New Shared Equity scheme has arrived – Email us for details.

    Richard Taylor | Australia's leading private lender

    Profile photo of BMW330CiBMW330Ci
    Participant
    @bmw330ci
    Join Date: 2006
    Post Count: 37

    Sorry Richard, what i meant by stringent was that their credit policy (cat 1 only, no low docs, no non-permanant residence etc) is pretty strict. Their service and turn around times are on of the best.

    Their suite is exceptional yes.

    Profile photo of daciumdacium
    Member
    @dacium
    Join Date: 2007
    Post Count: 56

    Goto infochoice.com.au and shop around.

    Seriosusly big bank interest rates are so high its typical for people to be literally chucking away an extra $50 per week.

    Some banks are good because they not only have no fees, they also wave LMI, ANZ do this I believe, so if you are short term holding an IP they are probably the way to go, if you don’t have to pay LMI. Otherwise it not to hard to find a place with interest rates well below the banks, liek around 6.99 or 7.1%

    Profile photo of Richard TaylorRichard Taylor
    Participant
    @qlds007
    Join Date: 2003
    Post Count: 12,024

    Hi BMW

    Hate to say Adelaide Bank do have a great lodoc product (one of the few that take PAYG lodoc’s) although they will not to Lodoc fixed rates which can be a pain.

    Cheers

    Richard Taylor
    Residential & Commercial Finance Broker.
    Licensed Financial Planner. Ph: 07 3720 1888
    [email protected]
    New Shared Equity scheme has arrived – Email us for details.

    Richard Taylor | Australia's leading private lender

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