I'm about to get some pre approval, and at this stage I'm going through NAB for my first home and hopefully will become my investment property later on. Can you guys tell me which lender offer the best value? Mind you I only earn 55k a year.
Hi G'Rich I would not recommend ANZ either. I have 3 loans with them and fees on offset accounts is just one of the draw backs, poor service being another . Prefer client pack they offer is ok but you end up paying $340 per year for little gain. If I did not have 2 loans locked into a fixed interest rate, I would be shopping around for a better deal. Borrowing money for such an important purchase needs a lot of thought and consideration, remember you may have to live with the decision for a number of years, so a little home work now can save a lot of head aches later on down the track. Take a look at all of them and find the one that closely fits your needs etc Take a look at St George I found them to have some good loan packs, but thats just my personal opinion.. Any way, good luck and if you find a good lender with a good deal, give us a heads up so we can all take a look at them as well.
Hi Get rich, I guess you could ask how long is a piece of string? Here is a few questions that should make a difference to your choice of lender. (oh, by the way, brokers don't recommend NAB unless it suits them, sorry to say. (usaully use Homeside – the Nab owned 'competitor' that pays more – Why? Because it is better for you? No….they are the only lender that does not pay a trail commission to the brokers, which of course is not in the interests of a broker now, as wonderful as the theory sounds that they are busy out there 'working to find you the best deal'. ) Of course some do – you just gotta find one.!. A HR manager I know from CBA made the comment to me once that one of the challenges all banks face, is trying to differentiate themselves form the other 'big 4/5 ' lenders, as there core products and rates are close to identical. It is only since the rate rises recently, that these lenders actually have different 'standard' rates. Essentially all will stick you with fees of some sort, but conversely may suit your lending strategy. While some banks will have an edge from time to time (for example NAB fixed rates, which up until recenlty were way below others, and are still the cheapest or 'equal' cheapest' ) or St.George with their LMI Included' high LVR loans, they have the same products, and offer packages of some sort. There is quite simply no best loan – I will repeat that again – there is quite simply no best loan. So, ask yourself some of the folowing to decide which way to go. * Do you envisage a problem securing finance form a bank or 'traditional lender' ? * Is a cheap rate moreinmportant to you than flexibility and banking? *Are you self employed? * Are you planning on selling the property quickly or are you long term? *Will the loan be interest only? * Do you already have a relationship with any bank or lender? * Do you need to ring up someone every second day to discuss things, and have you hand held or are you a set and forget person? * Are you self employed? * Have you any prioer credti history issues/defaults? * Do you want to stay 'local'? * Do you hate banks or just some of them? * Is there anyone who you could talk with locally that is either A) A banker/lending manager or A well regarded broker? * Do you plan to pay more than the mininum repayments (makes a huge difference)? * COld you benefit from a suite of products like credit cards, atm access, lines of credit, and fee free banking in exchange for an annual fee, or to you just 'want a loan'.? Are you borrowing more than $250k?
Answer as much of this as you can, and you shoudl be on the way to working out one of the better loans (not the best loan) for YOU! All the best
I am in the same boat as you. The best option that I have got so far from a RefundHomeLoan mortgage broker is with AMP – 7.87% (before the rate hike) for a 400K$ loan with a 100% offset account. Monthly fee – 10$ and ability to pay back unlimited funds into the loan. I will talk to a few more brokers for more options.
Hi Getrich… invest 30 minutes in your future its worth doing…. go to Cannex (www.cannex.com.au) and get yourself a copy of the morning star mortgage report… go through the lenders and find the best loan for yourself in the 5 star loans… there are only about 10 of them. For mine I would choose a mortgage manager they will help you grow. Some of the newer ones are brilliant… try Awesome Mortgages or maybe ME and see how you go … good loan hunting! Big.