- number 8 wrote:Hi Matt,
My best guess is that they won't lift it above the reserve (all things being equal), they have clearly enough margin from the last above reserve rate rises (to think we were all feeling sorry for them facing higher costs). I dropped off my lunch on several occasions to the executive as I thought they were having trouble making ends meet…….. I will be asking for that vegemite sandwich back.
I would bet you anything that rates will rise after the election, independent from the RBA (and when I say anything, I mean up to 2 dollars. I'm not a big gambler.)
BANKER please stop it. Here is your NAB recommendation. This is just the early exit fees that u keep talking about that only exist with non banks. Well here is your NAB recommended loan and down the bottom this is what it says. Now you tell me is this not similar to the rate busters, mortgage house or any other non bank lloans. Please stop blowing hot air its creating a bubble and we know what happens with bubbles
1. Introductory Rate Home Loan is only available to new NAB home loan customers. Fee waiver applies to: one NAB credit card per customer (approval is subject to NAB's credit assessment criteria).
2. Additional prepayments above this amount during a fixed rate period may attract prepayment fees and economic costs. If you prepay the loan in full during the fixed rate period, a prepayment fee is payable and economic costs may also be payable. For NAB Introductory Rate Home Loans contracted between 24/4/06 and 22/10/06, the Early Exit Fee is payable if you repay the loan within three years of the settlement date. For loan contracts issued on or after 23 October 2006, the Early Exit Fee will be payable if the loan is repaid in full within four years of the settlement date.
Information current at 25/5/2009, subject to change.
Fees and charges are payable. Terms and conditions apply and are available on request from NAB
Here is just a few fees associated with commonwealth bank introductory rate loan. You have to dig a lit further if u want to find the exit fees. So your starting to see that all the majors charge the same fees as the non banks and in some cases more fees.
Rate Lock (only available on 1 Year Guaranteed Rate)
There is a $750 fee for each Rate Lock.
Establishment fee
The up-front establishment fee is $600.
Loan Service Fee
The monthly loan service fee is $8.
WARNING: This comparison rate is true only for the examples given and may not include all fees and charges. Different terms, fees or other loan amounts might result in a different comparison rate.
- Fees and charges associated with certain loan options that may or may not be used by the lender, such as early repayment or redraw fees
Further more i find i really amusing that CANNEX have rated ratebusters loans and the best loans in the country but yet u say they are not. SO your saying that CANNEX doesnt know what they are talking about.
Eoli,
Not having a dig a you personally but your a bit off on your facts.
Re no 1. You are now talking about honeymoon rates and fixed rates. All lenders have penelties here.
If we compare apples with apples:
early exit fees on a Variable rate loan of 500k (not fixed or honeymoon)
NAB $900 – within 4 years
CBA $700 – within 4 years
rate busters $10,000 within 5 yearsnote: NABs fees increase if you have an intro rate to 0.4% e.g. $2000 for a 500k loan. CBAs does not change.
If you fix a loan there are additional costs with all lenders (economic costs are in addition to Deferred establishment fees).
YES – your correct they offer honeymoon only to new clients but after this they default to the standard variable – like everyone else. Rate busters variable clients are not all based on one standard variable. Rate once your in can keep going up and up…
I know ur not having a dig at me personally banker and im not taking it personally. I actually like this converstaion because i like to hear and read other peoples opinions.
I know that the majors have some loans that will be better at someting than non banks but what i dont agree with is when u say non banks and credit unions are all a rip off and everyone should stay away. I mean if CANNEX are giving awards to these guys when they where in direct competition with the banks then you have to achknowledge that non banks and credit unionS are a good and safe bet for anyone wanting a home loan and in most cases will offer better deals that the major banks.
Anyways enough of this topic. .. i have another question for you. What would be the best way to enter the mortgage brokering business. Im looking to get into that industry but i am unsure of which way or which broker to go to.
Thanks
Personally I would say to work for a broker firm in a customer service or loan processing role for 12 months first. The pay will be crap but if you go out as a broker a year later you will find it far easier with a few contacts and experience up your sleeve.
In terms of jumping strait in. You will need cert IV, professional Indemnity Insurance, an aggregator and a few bank accreditations. without two years lending you will might have some extra training to complete first.
Look up Hans Schmid on this site. He knows the way…
Good luck
been a couple of months since this thread has been commented on, but certainly one of the most interesting reads i have had in a long while
thanks guys
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