Lo Doc Rates Q
- Thread starter WASP
- Start date
WASP,
Your Q might be better off directed at the MB.
General comment is that MB's tend to have their favourites after a while of dealing in the market. Some lenders can be so difficult to deal with that the extra points of a % difference is not worth the effort.
The deal is not (should not be) always about % interest rate. There is the longer term refinancing / draw-downs on equity, growing your portfolio, exposure to one or more Mortgage Insurers etc to be considered in the bigger picture.
Aimy
Your Q might be better off directed at the MB.
General comment is that MB's tend to have their favourites after a while of dealing in the market. Some lenders can be so difficult to deal with that the extra points of a % difference is not worth the effort.
The deal is not (should not be) always about % interest rate. There is the longer term refinancing / draw-downs on equity, growing your portfolio, exposure to one or more Mortgage Insurers etc to be considered in the bigger picture.
Aimy
Aim
WASP is correct your MB may have a favourite lender or be limited to who he can use or there maybe a simple reason why he feels ING is right for you.
Assuming you have had your ABN for > 2 years and it is GST registered then you should easily be able to get 7.77-7.9% but remember the lowest interest rate is not necessarily the best product.
If you are unhappy shop around and get another quote. It is your money you are saving.
WASP is correct your MB may have a favourite lender or be limited to who he can use or there maybe a simple reason why he feels ING is right for you.
Assuming you have had your ABN for > 2 years and it is GST registered then you should easily be able to get 7.77-7.9% but remember the lowest interest rate is not necessarily the best product.
If you are unhappy shop around and get another quote. It is your money you are saving.
Hiya
As per above, and I would add, if you already have a fair bit of Lo doc LMI exposure OR have recent full doc exposure to the major insurers there may be reasons why the broker is recommending ING ( looks like wholesale uninsured product)..........
While some of the offerings from some lenders look on the surface that they may well fit, they may indeed not.
But as suggested, a product justification from the MB is a good idea, especially where ots obvious thete would appear to be more "logical " choices.
ta
rolf
As per above, and I would add, if you already have a fair bit of Lo doc LMI exposure OR have recent full doc exposure to the major insurers there may be reasons why the broker is recommending ING ( looks like wholesale uninsured product)..........
While some of the offerings from some lenders look on the surface that they may well fit, they may indeed not.
But as suggested, a product justification from the MB is a good idea, especially where ots obvious thete would appear to be more "logical " choices.
ta
rolf
Suprised nobody has thought that he may be borrowing over 80%. I agree with Rolf that it looks like a wholesale product. It's either over 80% or the MB is working for/is a Mortgage Manager who adds a fairly hefty upfront and/or trail. You've just got to love these guys. They give the rest of us such a great name.
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Hi WASP
Well, I have done a bit of research as ING is on my panel of lenders and it looks as if your Broker is one smart cookie – but perhaps could take a few lessons in communication! If he/she hasn’t told you – in detail – why he/she is suggesting the ING loan then you will not know the great features of this product.
The ING Low Doc Smart Home Loan is a cracker!
For a start, the Smart Home Loan is a Self Certified No Doc product. Did you know that?
It is an evergreen product – a Line of Credit which is renewed each five years. Did you know that?
It is Interest Only, and you can capitalise the interest up to the credit limit. Did you know that?
You don’t have to make any payments until the credit limit is reached. Did you know that?
It goes to 80%LVR and includes a NIVA Card – a Nil Interest Visa Account . Did you know that?
The NIVA credit limit forms part of the overall approved credit limit. Did you know that?
Each month, the balance of the card is automatically swept over to the Loan account. Did you know that?
OK, do you get my drift?
This looks to be a great product running at approximately the Standard Variable Rate. It is an insured product so there will be mortgage insurance payable if you are borrowing above 60%LVR, but as it is essentially a transaction account with a cheque book, the NIVA, BPay, Internet banking etc you should find it very economical to operate.
Thank you for bring it to my attention. I think your broker is looking after you very well – but they do need to explain the full benefits of this product to you so that you understand how to drive it for greatest efficiency.
Yes, there are cheaper low doc loans but depending on your circumstances this could more than pay for itself in versatility which other low doc loans may not be able to provide.
Hope this helps
Kristine
Well, I have done a bit of research as ING is on my panel of lenders and it looks as if your Broker is one smart cookie – but perhaps could take a few lessons in communication! If he/she hasn’t told you – in detail – why he/she is suggesting the ING loan then you will not know the great features of this product.
The ING Low Doc Smart Home Loan is a cracker!
For a start, the Smart Home Loan is a Self Certified No Doc product. Did you know that?
It is an evergreen product – a Line of Credit which is renewed each five years. Did you know that?
It is Interest Only, and you can capitalise the interest up to the credit limit. Did you know that?
You don’t have to make any payments until the credit limit is reached. Did you know that?
It goes to 80%LVR and includes a NIVA Card – a Nil Interest Visa Account . Did you know that?
The NIVA credit limit forms part of the overall approved credit limit. Did you know that?
Each month, the balance of the card is automatically swept over to the Loan account. Did you know that?
OK, do you get my drift?
This looks to be a great product running at approximately the Standard Variable Rate. It is an insured product so there will be mortgage insurance payable if you are borrowing above 60%LVR, but as it is essentially a transaction account with a cheque book, the NIVA, BPay, Internet banking etc you should find it very economical to operate.
Thank you for bring it to my attention. I think your broker is looking after you very well – but they do need to explain the full benefits of this product to you so that you understand how to drive it for greatest efficiency.
Yes, there are cheaper low doc loans but depending on your circumstances this could more than pay for itself in versatility which other low doc loans may not be able to provide.
Hope this helps
Kristine
