Hi all,
I am looking for better deal on all of my loans in search for better variable rate (or get better rate from existing lender)
I atleast need quote from other institution so atleast i can submit in my pricing application to current lender for
negotiation.
Currently i am part of one of the BIG 4 with their professional package (features like offset, Free CC, split options, discount varibale rate..etc)
I am paying annual fee to get all these benefits.
I have PPOR loan, Resi Inv loan1 (based on equity of PPOR), Resi Inv Loan 2 (secured against IP1). I am trying to find out better deal from all these
rate comparison websites, but having trouble comparing with my existing scenario.
I prefer to have package option, don't mind annual fee, as in future i will draw equity to replicate the investment process.
Can you guys recommend any other from Big $ offering the package option like this, i can go to their website to check it out.
thanks
What is the total loan amount and the LVR?
Regards
Shahin
TheFinanceShop | Elite Property Finance
http://www.elitepropertyfinance.com
Email Me | Phone MeResidential and Commercial Brokerage
total loan amount is ($583K) and current valuation (830K), LVR 70%…Not sure if i got the calculation right…..
Below is the balance
PPOR = 230K Outstanding = Valuation $410K –> 100K+ linked to offset
Resi Loan 1 (equity from PPOR) = 90K
Resi Loan 2 = 263K = Valuation 330K
Thanks
Just had ANZ do 5.44% on similar numbers.
Cheers
Jamie
Jamie Moore | Pass Go Home Loans Pty Ltd
http://www.passgo.com.au
Email Me | Phone MeMortgage Broker assisting clients Australia wide Email: [email protected]
If you are wanting to use it as a bargaining chip then Macquarie does 5.44% as per advertised rates and NAB will go to 5.44% on LVR's under 80% and over $500k loan amounts but you need to request pricing (i.e. its not advertised). On the other side of the park some lenders are offering cash backs to refinance your loan to them.
Regards
Shahin
TheFinanceShop | Elite Property Finance
http://www.elitepropertyfinance.com
Email Me | Phone MeResidential and Commercial Brokerage
Why not use a broker?
It is not just about rate, but structuring the loans that is important and a good broker should be able to assist with this. If you go straight to the lender they are more likely to stitch you up.
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
Hi Mate,
I would suggest walking into a bank branch and also going to a good broker to see what they both can offer. Sometimes brokers have the best deal and other times bank branches have special deals. Some banks are also offering bonus money to cover the refinance costs, eg CBA – $700 (I got it), BoM – $1000 (friend got it). Assuming brokers can provide this too.
Do the numbers yourself if you are confident. If broker beats the bank, then its a win win for all (bank get your loan, you get a good deal, broker gets commission)
Cheers
Avoid shopping – it will probably result in excess hits to your credit file as each branchie submits a preapproval.
Broker channel has access to the same pricing discounts and refi promos.
Cheers
Jamie
Jamie Moore | Pass Go Home Loans Pty Ltd
http://www.passgo.com.au
Email Me | Phone MeMortgage Broker assisting clients Australia wide Email: [email protected]
Looking at what banks offer what rate is one thing but I cannot stress enough how damaging it is to your credit file and application if you the bank sees how many different lenders you have applied to at the same time. Whatever you do – do not apply to a lender unless you are sure of going ahead with that lender and of course you have confidence that the loan will be approved.
Regards
Shahin
TheFinanceShop | Elite Property Finance
http://www.elitepropertyfinance.com
Email Me | Phone MeResidential and Commercial Brokerage
Thanks all for your response…..
Personally, I would prefer to stay with my existing lender and the structure i have setup (to avoid all the trouble).
Jamie, I m with ANZ as well, but not getting what you recently received. How you guys think i should progress with
1) do requesting pricing from lender will affect the Credit file
2) don't mind using the broker, but my existing broker failed getting any discount (when i go both my Resi loans), do u think any broker will get involved just for negotiation, as i think they don't get any commission for this, any recommendation for this will be good….I am based in MELB
3) I had chat at local branch and they advised if I request for better rate frm ANZ then i should attach the quote frm other lenders, or should i just ring them
thanks heaps
Are you increasing your borrowings with them or just after a rate deduction?
If the latter, tell them that your broker is suggesting you refi to x lender at x interest rate but wanted to give them the opportunity to match before you jump ship. This won't result in a hit to your file.
Cheers
Jamie
Jamie Moore | Pass Go Home Loans Pty Ltd
http://www.passgo.com.au
Email Me | Phone MeMortgage Broker assisting clients Australia wide Email: [email protected]
Thanks Jamie, I am after the rate deduction. Should i just call their mortgage services and say that my broker has advised that they can get me better deal and to see if they can match it or not. The impression i got from branch is that i need to do pricing application.
sorry have never negotiated like this with lender……
Yep, give them a buzz and tell them that you're refinancing – you just want to give them the opportunity to match first. Don't bother with going into a branch – they're not too interested in making sure you have the lowest rate.
Cheers
Jamie
Jamie Moore | Pass Go Home Loans Pty Ltd
http://www.passgo.com.au
Email Me | Phone MeMortgage Broker assisting clients Australia wide Email: [email protected]
Why don't you mention interest rates % to ANZ…some examples…pick one:
CBA/BoM are doing around 5.5% on their packages with an annual fee and $700 switching credit
Loans.com.au is 5.24%
UBank is 5.12%
Also if you walk into a branch – no need to "apply" for their loans as others have rightly said that it will affect your credit file – just ask what their offer is…
icecric wrote:Why don't you mention interest rates % to ANZ…some examples…pick one:CBA/BoM are doing around 5.5% on their packages with an annual fee and $700 switching credit
Loans.com.au is 5.24%
UBank is 5.12%
Also if you walk into a branch – no need to "apply" for their loans as others have rightly said that it will affect your credit file – just ask what their offer is…
Use other big 4 rates as a comparison when negotiating – I wouldn't use online no frill lenders.
Cheers
Jamie
Jamie Moore | Pass Go Home Loans Pty Ltd
http://www.passgo.com.au
Email Me | Phone MeMortgage Broker assisting clients Australia wide Email: [email protected]
thanks a lot guys…..will give them a buzz and keep you posted on outcome.
Jamie M wrote:Just had ANZ do 5.44% on similar numbers.Cheers
Jamie
Hi Jamie,
No luck with the negotiation. ANZ advised unless if I increase my lending to 700K they can't consider any discount.
Any other suggestions guys…..
Cheers
s0805 wrote:Jamie M wrote:Just had ANZ do 5.44% on similar numbers.Cheers
Jamie
Hi Jamie,
No luck with the negotiation. ANZ advised unless if I increase my lending to 700K they can't consider any discount.
Any other suggestions guys…..
Cheers
What rates do your currently have?
Have you factored in all the costs of refinancing? There's state govt. fees, lender discharge fees, possible new lender application fees – this will apply to three loans as well.
I know it's said all the time, but rate really isn't the be all and end all. Once you factor in the costs of refinancing you might find that a small rate drop might not make you better off for a long time.
Having said that, CBA's doing a cash rebate on refi's at the moment that will cover some (if not all) of these costs. Not sure what sort of pricing they'd do – possibly 5.45%, it would have to be negotiated with them.
Cheers
Jamie
Jamie Moore | Pass Go Home Loans Pty Ltd
http://www.passgo.com.au
Email Me | Phone MeMortgage Broker assisting clients Australia wide Email: [email protected]
s0805 wrote:Jamie M wrote:Just had ANZ do 5.44% on similar numbers.Cheers
Jamie
Hi Jamie,
No luck with the negotiation. ANZ advised unless if I increase my lending to 700K they can't consider any discount.
Any other suggestions guys…..
Cheers
Write to them and ask for a payout figure because you are moving your loans across to bankwest
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
Terryw wrote:s0805 wrote:Jamie M wrote:Just had ANZ do 5.44% on similar numbers.Cheers
Jamie
Hi Jamie,
No luck with the negotiation. ANZ advised unless if I increase my lending to 700K they can't consider any discount.
Any other suggestions guys…..
Cheers
Write to them and ask for a payout figure because you are moving your loans across to bankwest
Hi Guys,
Just end up running the numbers and it seems like it will take me atleast a year to be better off if I move. A year is long time and situation (with extra lending) could change, so decided not to.
thanks for your all helps, it was great experience negotiating with lender straight (rather than broker…) bit confident now…..
cheers
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