Forums / Getting Technical / Finance / Lending options apart from big 4

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  • Profile photo of DeanDean
    Participant
    @dean-potter
    Join Date: 2017
    Post Count: 1

    Hi.

    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!

    Cheers

    Profile photo of Jamie MooreJamie Moore
    Participant
    @jamie-m
    Join Date: 2010
    Post Count: 5,065

    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

    Cheers

    Jamie

    Jamie Moore | Pass Go Home Loans Pty Ltd
    http://www.passgo.com.au
    Email Me | Phone Me

    Mortgage Broker assisting clients Australia wide Email: [email protected]

    Profile photo of Creative Investment CoachCreative Investment Coach
    Participant
    @nickcreativeinvestmentsolutions-com-au
    Join Date: 2017
    Post Count: 6

    Hi Dean,

    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.

    Creative Investment Coach | Creative Investment Solutions
    http://www.creativeinvestmentsolutions.com.au
    Email Me

    Creative Investment Solutions - The First Choice For Property Investors

    Profile photo of JaxonJaxon
    Participant
    @jaxona
    Join Date: 2014
    Post Count: 282

    Mate,

    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.

    Kind regards

    Jaxon Avery

    Profile photo of Corey BattCorey Batt
    Participant
    @cjaysa
    Join Date: 2012
    Post 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.

    Corey Batt | Precision Funding
    http://www.precisionfunding.com.au
    Email Me | Phone Me

    Investment Focused Finance Strategist - servicing Australia-wide

    Profile photo of JaxonJaxon
    Participant
    @jaxona
    Join Date: 2014
    Post Count: 282

    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.

    Jonathan McCullough
    FINANCIAL PLANNING DIRECTOR
    Adv. Dip FS (FP) | Financial Services Guide
    M 0403 681 543
    P (07) 3608 7202
    E [email protected]

    Level 1, 18 Masters St
    Newstead QLD 4006

    P 1300 URETIRE (1300 873 847)
    F 1300 781 495
    E [email protected]

    Kind regards

    Jaxon Avery

    • This reply was modified 1 year, 9 months ago by Profile photo of Jaxon Jaxon. Reason: I mistype a lot hahaha
    Profile photo of Corey BattCorey Batt
    Participant
    @cjaysa
    Join Date: 2012
    Post Count: 1,010

    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.

    Corey Batt | Precision Funding
    http://www.precisionfunding.com.au
    Email Me | Phone Me

    Investment Focused Finance Strategist - servicing Australia-wide

    Profile photo of JaxonJaxon
    Participant
    @jaxona
    Join Date: 2014
    Post Count: 282

    Well if it dosnt make sense for your specific situation clearly don’t go ahead.

    Kind regards

    Jaxon Avery

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