Hi All,
My wife and I have entered into a Contract to buy a block of land in the ACT for $370,000. The Loan is due to settle in the 30 January. We have already paid the Stamp Duty, so we are able to put down a 20% Deposit on the Land to avoid Mortgage Insurance. We want to start construction on the Land in about 10 to 12 months time. My estimate the Build price to be approximately $500,000. We would then be looking at a 90% Lend and would prefer a loan where we pay minimum/no mortgage insurance.
It is our first home, however we look at it as an investment property. So we prefer to stay at current rental unit and rent the new one out.
The loan has already been approved by the CBA under their MAV/Wealth Package at a variable rate of 4.95%. However, I started to shop around seriously and I found some good variable rates with Pacific Mortgage Group (The lender is "Australian First Mortgage" - originally from NAB Advantedge Financial - and their advertised & comparison rate for land & construction is 4.62% with no other fees), Wide Bay Australia (special rate for land & construction 4.65% - evidence is available), Suncorp (4.69% with no other fees only for the land), CBA Wealth Package (4.70%) (From different broker for both land & construction), NAB Choice Package (4.78% for the land, with a promise of a better rate for the construction from NAB mobile banker).
At the first step I found the Pacific Mortgage Group Construction home loan very attractive, and I was really impressed by their amazing rate and features. One of the best features of this loan is that it does not attract any application, valuation, and settlement, monthly or annual fees. Their loan gives flexible repayment alternatives, offers unlimited redraws, and allows salary crediting and direct debit. The redraw facility that they offer is very similar to offset account but a bit different. Having offset account for loan is crucial to me. Another drawback to me is the Pacific Mortgage Group does not have any branches inside Canberra.
Again, I continued to shop around and found a reliable lender with a branch in Canberra with a very reasonable rate. CUA broker, for the loan of the land ($296,000) under package of "Fresh Start Variable Home Loan" offered me rate of 4.65% with comparison rate of 4.66% (no fees). Sine, I am not going to construction phase within the next 10 to 12 months, and due to CUA has no exit fee for this package and also it comes with %100 offset account, probably it is the best option for me at this stage.
But for the construction phase, because I will not be in the range %80 LVR, I cannot continue with CUA. So, I am looking for the better rate or very close to my best rates (4.62% - 4.65%), including 100% offset account preferably with no/waived/minimum upfront, ongoing and exit fees for both land and construction. In addition, due to positive experience with NAB and NAB services in the past, directly or indirectly (like UBank) I even preferred Pacific Mortgage Group at the first stage. I would really appreciate if you could give me advice how to get a close rate to my best rates (4.62% - 4.65%) under NAB Homeplus Package.
Also, I found someone in Whirpool forum who got the rate of 4.63% very recently from NAB:
http://forums.whirlpool.net.au/forum-replies.cfm?t=2277554&p=11
Many thanks.
My wife and I have entered into a Contract to buy a block of land in the ACT for $370,000. The Loan is due to settle in the 30 January. We have already paid the Stamp Duty, so we are able to put down a 20% Deposit on the Land to avoid Mortgage Insurance. We want to start construction on the Land in about 10 to 12 months time. My estimate the Build price to be approximately $500,000. We would then be looking at a 90% Lend and would prefer a loan where we pay minimum/no mortgage insurance.
It is our first home, however we look at it as an investment property. So we prefer to stay at current rental unit and rent the new one out.
The loan has already been approved by the CBA under their MAV/Wealth Package at a variable rate of 4.95%. However, I started to shop around seriously and I found some good variable rates with Pacific Mortgage Group (The lender is "Australian First Mortgage" - originally from NAB Advantedge Financial - and their advertised & comparison rate for land & construction is 4.62% with no other fees), Wide Bay Australia (special rate for land & construction 4.65% - evidence is available), Suncorp (4.69% with no other fees only for the land), CBA Wealth Package (4.70%) (From different broker for both land & construction), NAB Choice Package (4.78% for the land, with a promise of a better rate for the construction from NAB mobile banker).
At the first step I found the Pacific Mortgage Group Construction home loan very attractive, and I was really impressed by their amazing rate and features. One of the best features of this loan is that it does not attract any application, valuation, and settlement, monthly or annual fees. Their loan gives flexible repayment alternatives, offers unlimited redraws, and allows salary crediting and direct debit. The redraw facility that they offer is very similar to offset account but a bit different. Having offset account for loan is crucial to me. Another drawback to me is the Pacific Mortgage Group does not have any branches inside Canberra.
Again, I continued to shop around and found a reliable lender with a branch in Canberra with a very reasonable rate. CUA broker, for the loan of the land ($296,000) under package of "Fresh Start Variable Home Loan" offered me rate of 4.65% with comparison rate of 4.66% (no fees). Sine, I am not going to construction phase within the next 10 to 12 months, and due to CUA has no exit fee for this package and also it comes with %100 offset account, probably it is the best option for me at this stage.
But for the construction phase, because I will not be in the range %80 LVR, I cannot continue with CUA. So, I am looking for the better rate or very close to my best rates (4.62% - 4.65%), including 100% offset account preferably with no/waived/minimum upfront, ongoing and exit fees for both land and construction. In addition, due to positive experience with NAB and NAB services in the past, directly or indirectly (like UBank) I even preferred Pacific Mortgage Group at the first stage. I would really appreciate if you could give me advice how to get a close rate to my best rates (4.62% - 4.65%) under NAB Homeplus Package.
Also, I found someone in Whirpool forum who got the rate of 4.63% very recently from NAB:
http://forums.whirlpool.net.au/forum-replies.cfm?t=2277554&p=11
Many thanks.
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