Hi,
To all the brokers on thi forum, which lender do you prefer most? I know this may be a broad question, so therefore we can categorise in:
(1) Professional Packages
(2) Investors with $1 million + loan
(3) Low Doc
(4) First Home Buyers with minimal deposit
(5) Plain and Simple Home loans (Basic)Is there any particular Lender that stands out?
it will still depend on the clients background to a large degree.
1) ANZ or St George
2) ANZ or St George
3) I like St George as they have their own LMI and they are good with trusts. But they are fussy with wanting to see lots of documents (eg credit card statements). But they charge LMI.
Citibank is very cheap at the moment, no LMI, but they only use Genworth for their LMI
RAMS are good too having the 2 major LMI companies plus their own, and they can got o 85% LVR, but their exit fees are very high and they are not so good with trusts
4) St George, maybe RAMS
5) Don't use them, but St G have a discount on at the moment.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
Simalar to Terry
1) ANZ or St George
2) ANZ or St George as we obtain a higher than normal discount.
3) St George or Adelaide Bank through an excellent MM here in Brisbane. They are good for both PAYG and S/E and Trust are no problems. Also no LMI at all to 76% LVR and paid for by the Bank to 80%. Pioneer for upto 95% Lodoc.
4) St George and RAMS
5) Cant remember the last one we ever did.But mainly it is horses for courses when it comes to each individual client.
Richard Taylor | Australia's leading private lender
Thanks for the reply guys.
I am in ACT, and the brokers here apparently say that Adelaide do not provide low doc loans, they apparently only have 3 finane packages available. Maybe its not available to every broker.
So not many use ING or Bankwest?Adelaide Bank offer an excellent lodoc product but maybe only open to limit brokers.
To be honest no i dont use ING or Bank West for residential deals.
Richard Taylor | Australia's leading private lender
Richard,
So the Low doc finance product that is available to you is through a Mortgage Mananger, NOT through Adelaide Bank directly?
Interesting narrowing down so far to these catagories.
Might add to the thoughts so far, that Bankwest are pretty good for deals on smaller acreage as well (IMB ok to) and Citibank, Rams, and IMB all have 'professional packages' very competitive for loans under $250K (actually, Anz ok too)
While it can be 'how long is a piece of string' I did see an interesting statistic recently that indicated younger buyers tend to be rate driven much more so than older buyers, who tend to place very high value on using people/lenders for their finance that they have an established or trusted relationship with. Had a senior person from whichbank tell me once one of the biggest challenges is differentiating their products form the other major banks , as they are all virtually idnetical other than a few specifice products or occassional specials…….And the lender in question or NAB for real big stuff in obscure areas.
As far as point 4, I would have excluded St.G for 100% LVR loans, but that is not based on brokering any, but from feedback from a few staff, ex and current.
BMW
Regretfully couldnt tell you whether it is available direct as in Qld we have to deal with a MM.
Must admit their are twice as efficient and product range is excellent.
Richard Taylor | Australia's leading private lender
BMW
Regretfully couldnt tell you whether it is available direct as in Qld we have to deal with a MM.
Must admit their are twice as efficient and product range is excellent.
Richard Taylor | Australia's leading private lender
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