Forums / Property Investing / Help Needed! / So what rate interest rate are you getting

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  • Profile photo of Blank FrankBlank Frank
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    @blank-frank
    Join Date: 2011
    Post Count: 22
    propertyboy wrote:

    I have $1.1m in debt.

    Three seperate investment property loans.

    The current interest rate I am getting is 6.96%

    Is anyone getting a better rate than this at the moment?

    Could I renegotiate a better rate or am I getting the best out there on the market at the moment?

    Just want to know if I should devote time to refinancing or not.

    What kind of loan is it…is Fixed? (term?) Interest Only? Does it have an Offset facility?

    Who is it with BTW?

    Profile photo of god_of_moneygod_of_money
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    you still can get NAB choice package for 6.77%. Anyone got better rates. nab can offer 1% below variable rates.

    Profile photo of Blank FrankBlank Frank
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    GOM, I do not see your 6.76%, package or not. We are talking about investment property loans, right? If they have such an attractive rate why isn’t it on their website?

    Fixed Rate Home Loans

    NAB Tailored Home Loan (Fixed)

    NAB Choice Package

    InterestRate ComparisonRate
    1 year 6.94% pa 7.41% pa
    2 years 7.29% pa 7.47% pa
    3 years 7.45% pa 7.54% pa
    4 years 7.69% pa 7.66% pa
    5 years 7.89% pa 7.80% pa
    10 yrs 8.09% pa 8.18% pa

    http://www.nab.com.au/wps/wcm/connect/nab/nab/home/personal_finance/6/1?urid=1298198577948

    Profile photo of Richard TaylorRichard Taylor
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    Hi Blank

    It is called negotiations although i hate to say 1% discount with NAB is very unlikely.

    Cheers

    Yours in Finance

    Richard Taylor | Mortgage Broker helping investors build their wealth thru property
    http://www.mortgagecapitalaustralia.com.au
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    0-40 Properties in a decade with a unencumbered portfolio value in excess of $40M. Ask me for a copy of my API Interview.

    Profile photo of god_of_moneygod_of_money
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    hi richard
    i think it is a possibility to get 0.9% disc for >1 million loan with low lvr

    Profile photo of House CallHouse Call
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    god_of_money wrote:
    you still can get NAB choice package for 6.77%. Anyone got better rates. nab can offer 1% below variable rates.

    I have a 6.87% with NAB Choice package, by negotiating an extra 0.1% off their existing 0.7% discount with choice pak.  Have just added another loan at same rate with NAB today but bargaining with them on basis of already having that rate with our other loan with them.

    Next loan I will hit them up to drop the whole lot another 0.1% if we borrow lots. Maybe they will come to the party.  Worth a try.

    Profile photo of CorieCorie
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    I know there are a lot of people out there who are not very fond of the commonwealth but we just finished negotiations with them today and have a rate of 7.0% with them. That is a 0.8% off their standard variable for the life of the loan with an offset account that has no fees/charges for making withdrawals plus a gold card and they have waived the annual fees on that too!

    Not as good as 6.87% I admit but we seem to have a good thing going with the CBA and I think its important to establish that good professional relationship with your lender. What I am trying to say is  the best rate doesnt always mean the best deal for you personally.

    Profile photo of jacqui_03jacqui_03
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    I have to agree with Corie.

    I do negotiate higher concessions with the banks however I find it more important to get a lender who can turn deals around quickly and who is willing to lend you the money to continue to build your portfolio.

    I have loans with CBA and Westpac and I find it frustrating that Westpac takes 2 weeks to get it unconditionally approved when all info and docs are provided on day 1 where CBA has it unconditional in 1-2 days.

    The discounts I get with CBA are currently better than Westpac but it’s purely based on holdings. We chose Westpac due to flexibility with their offset account

    I like the idea of building strong relationships with a couple of major lenders so you can take the best loan at the time and if one bank says no you always have the other to turn too.

    Profile photo of Jamie MooreJamie Moore
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    jacqui_03 wrote:
    I have loans with CBA and Westpac and I find it frustrating that Westpac takes 2 weeks to get it unconditionally approved when all info and docs are provided on day 1 where CBA has it unconditional in 1-2 days.

    I guess it depends on the lender at the time – I had a Westpac deal go unconditional within four days just last week.

    I’m hearing what you’re saying though. Rate is only one aspect of a loan when it comes to investing – there are other factors that are just as (and I’d argue – are more important) when investing – the ability to access cash with little hassle and quick turnarounds are a couple that spring to mind.

    Cheers

    Jamie

    Jamie Moore | Pass Go Home Loans Pty Ltd
    http://www.passgo.com.au
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    Mortgage Broker assisting clients Australia wide Email: [email protected]

    Profile photo of House CallHouse Call
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    god_of_money wrote:
    hi richard i think it is a possibility to get 0.9% disc for >1 million loan with low lvr

    Hi GOM, how low is a "low lvr"?

    Profile photo of god_of_moneygod_of_money
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    less than 65% lvr

    Profile photo of god_of_moneygod_of_money
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    @god_of_money
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     – Uhome Loan – Ubank new product
    variable rate 7.05%
    0.1% disc after 3 years
    Competitive No Frills
    With no string attached!!

    Profile photo of god_of_moneygod_of_money
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    I rang ANZ today and be able to negotiate a disc 0.9% on breakfree package…
    Treatened them to port to Westpac/NAB

    Attempted to get 1% disc.. but failed… :-(

    Profile photo of Gordie1080Gordie1080
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    Any info on NAB? Please…..interesting post

    Profile photo of god_of_moneygod_of_money
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    what info on NAB?

    Profile photo of god_of_moneygod_of_money
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    @god_of_money
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    No input so far on this thread

    Profile photo of Ultra PropertyUltra Property
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    @ultra-property
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    We have Westpac @ 7.06%.

    Profile photo of propertyboypropertyboy
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    @propertyboy
    Join Date: 2008
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    What is everyone getting now?

    I just applied for a $700k variable offset loan account.

    I think they said I could get 6.79%, shoudl I shop around? ps thats with westpac

    Profile photo of Jamie MooreJamie Moore
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    propertyboy wrote:
    I think they said I could get 6.79%, shoudl I shop around? ps thats with westpac

    Are you happy with all the other features associated with the loan or is just the interest rate you're concerned with?

    That rate is pretty good.

    Cheers

    Jamie

    Jamie Moore | Pass Go Home Loans Pty Ltd
    http://www.passgo.com.au
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    Mortgage Broker assisting clients Australia wide Email: [email protected]

    Profile photo of Mick CMick C
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    @shape
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    6.79% with Westpac is pretty good; that’s 1.07% off the SVR!

    Is it a full featured loan? ie the Rocket? + any x-cross or restrictions etc..

    Regards
    Michael

    Mick C | Shape Home Loans
    http://www.shapehomeloans.com.au/
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    Same Banks. Better Rates. Served With a Passion.

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