Hi Arty, I once used a smaller lender which was an unpleasant experience. They charged me an extra $900 for loan costs (I had to pay for their solicitor which was never mentioned in initial consultations) plus they had a little $700 sting in the tail if I refinanced within 3 years, plus their statments were an amateruish shambles, their website never agreed with the statements, and pre-paying interest was far too complex for them. I waited for 3 years and refinanced them and all my other loans into a single professional package with Westpac.
I’m very happy with them so far, although I haven’t tried to get finance for another property through them yet. I get 0.7% interest discount 5.97% from 6.67%), no ongoing fees, zero establishment fees for new loans (normally $600) and no annual fees (normally $199pa) for each account. The package costs me $300 pa however. I also get 100% offset accounts with each of my two loans. I’ve set them at 30 years P&I which is not too different to IO, but I can switch it easily if I wish.
Other banks offer professional packages I believe. I’m not sure how they compare. Qualification criteria may be different also.
Jim.I’m with doogs on this one. I’m with Westpac / Bank of Melbourne and I’ve found their products very good (got the same package as doogs).
I used to be with RAMS however I booted them when they told me they couldn’t do construction loans – up until then I’d been happy enough with them (though they had NO internet banking which was a major minus).
Still I’ll agree about the settlement problems and such. I recently refinanced my PPOR and damn it was a major pain (from RAMS to Westpac)… very stressful. hehe.
Terry said:
I recently found that 2 of those properties that I had loans for with ANZ had a major problem. The titles were not in my name-18 months after being purchased. After many phone calls and complaints etc, I found out that ANZ had not transferred the titles.What did you mean Terry? The titles would always have been in your name regardless of whether there’s a mortgage on the properties. Isn’t it your settlement agent’s responsibility to deal with this?
Cheers
M
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