DeanParticipant@dean-potterJoin Date: 2017Post Count: 1
I’m paying 4.75% on some IO loans with a sub 80% LCR. I’m with one of the big four and I’m considering looking around to see what some of the challenger players can do.
Can anyone recommend any good banks etc to start looking at.
Also any advice on who is offering the best rates for the above right now would be much appreciated!
CheersJamie MooreParticipant@jamie-mJoin Date: 2010Post Count: 5,069
Hit up your current lender first and see if they can provide any further discount.
There’s some second/third tier lenders that are reasonably competitive but have terrible borrowing capacity calculators for investors – such as Suncorp, ING etc
JamieCreative Investment CoachParticipant@nickcreativeinvestmentsolutions-com-auJoin Date: 2017Post Count: 6
There are some great options out there for investors especially if you are below 80% LVR. As Jamie mentioned before it always pays to ask your current lender for a better rate but in the current climate you may not like what you hear.
If your bank can’t help you out I suggest you use a mortgage broker that specializes in investment lending. Their services are free and will save you countless hours wasted trying to get a result from the banks. Our broker works mainly with property investors and has been achieving great results for clients.
Feel free to email me if you would like more info.
What do you think will work better, telling the bank you want a better rate, or arming yourself with loans that fit you and coming back stating that you have approval going through for 3.7% with XXXX
when I am threatened I like to see the gun to my head not a hand.
I would suggest getting as many opinions as possible, sussing out a deal and making sure you do the due dillgence yourself so your not shooting yourself in the foot.
Jaxon AveryCorey BattParticipant@cjaysaJoin Date: 2012Post Count: 1,010
Not the worst interest rate out there, but likely to be able to be improved depending on how you would like to have it structured. With the right lender you could get a an IO loan in the low to mid 4’s, else if it suits your strategy there’s P&I options at sub 4% at the moment.
To get the best bang for buck – have a chat with a broker who will be able to let you know what your existing lender should be able to offer you without having to move, and then compare that against options which may be available elsewhere.
Mate I just found out my buddy who has a company in brisbane has 2% home loans for large IP debt, its not a straight forward 2% but depending on your structure and IP debt it can work out incredibly favourable.
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Corey BattParticipant@cjaysaJoin Date: 2012Post Count: 1,010
- This reply was modified 2 years ago by Jaxon. Reason: I mistype a lot hahaha
There’s quite a bit written about that product – in most cases you end up coming worse off than if you had an aggressively priced PPOR and IP debt. The big caveat is that you can only get as low as that interest rate if you have multiple times the amount of IP debt at a substantially higher rate to offset the interest saving.
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