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5.57% that's really good. the setup fee is the killer though
possibly not so much a killer if you're refinancing a large amount in the millions?
Precisely. As I said, this is best suited to a commercial facility rather than a residential one. Residential property investors don't understand that it costs money to do business.
I think most residential investors understand it costs money to do business, they like anyone else just don't want to pay the money, or at least they would try to minimise any costs.
Not really roger. Most residential property purchasers get their heads in a spin if a loan requires an application fee, valuation fee, legal document reviewal fee, loan establishment fee etc etc. I'm in this business and I see it all the time...when in the grand scheme of things it's actually not a big deal and they fail to see the pros and cons of it.
As for what a commercial facility is - I mean a facility that is secured for a commercial purpose, predominantly for the purchase or refinance of a commercial property. Loan terms are usually shorter than residential mortgages anyway so if you get a good 2 year fixed term then that's a good thing.
I presume you are referring to the 70% of prop investors who only ever buy 1 investment prop and then 5 years later 70% of these one timers hastily selling to realise what they thought was going to be a healthy profit.
It's good to see you are "in the business", how about hunting me down a 5% loan fixed for 3 years
possibly not so much a killer if you're refinancing a large amount in the millions?
Offered 6% 3yr fixed by the NAB today in general discussion with a branch manager ... but (okay, so I know them personally) was advised to hold off for a couple of months for sub-6.
This is not gospel advice ... but I wasn't going to fix unless they were sub-6 anyhow, so no skin off my nose if they don't.
What size loan do you need to get 6% for 3 years?
quite a few are doing 6 or less on 50 k as a min
t
arolf
NAB's website shows that 3 years fixed rate is 6.34% or 6.24% if you are a "choices" customer. How difficult is it to negotitate to below 6%quite a few are doing 6 or less on 50 k as a min
t
arolf
NAB's website shows that 3 years fixed rate is 6.34% or 6.24% if you are a "choices" customer. How difficult is it to negotitate to below 6%
According to this website:
http://www.shapehomeloans.com.au/blog/lowest-fixed-rates-january-2012-2012010974
The challenger offering sounds very tempting but would prefer to lock in my fixed rates with existing lenders for my loans to avoid having to refinance.
- ANZ offereing 2 year fixed rate at 5.8%
- Challenger offering 3 year fixed at 5.59% with 95% LVR.