LOL! Just noticed it had been closed. Now I just feel silly.
We wont tell anyone Skater
3 and 5 year fixed rate thread
- Thread starter lizzie
- Start date
We wont tell anyone Skater
great minds think alike, some of us have more time though
ta
rolf
i was with ME for a few years
dislike there no IO offset with the members package
if you didnt need an offset or had other properties with an offset it would be good.
call center was good, barely had to wait and most new what there were doing
also liked there online layout especially with the ability to message mebank through there own message system within your login
dislikes that the offset account is created for the loan so you cant swap it, yo have to create one for your other loan and transfer into it. Westpac you can assign a transaction account to the loan and change it at any time - not a big problem though just requires changing direct debits etc
dislike there no IO offset with the members package
if you didnt need an offset or had other properties with an offset it would be good.
call center was good, barely had to wait and most new what there were doing
also liked there online layout especially with the ability to message mebank through there own message system within your login
dislikes that the offset account is created for the loan so you cant swap it, yo have to create one for your other loan and transfer into it. Westpac you can assign a transaction account to the loan and change it at any time - not a big problem though just requires changing direct debits etc
citi have come down a bucnh too
1, 2 and 3 years:5.55%
4 and 5 years: 5.89%
Sub 6 for 5 is now almost mainstream
ta
rolf
1, 2 and 3 years:5.55%
4 and 5 years: 5.89%
Sub 6 for 5 is now almost mainstream
ta
rolf
To all the good brokers,
How would you rank ANZ, Westpac and BOQ in term of products and service ?
A small diff in rate is not as important to me as having good/flexible products. I have recently met a rept of each ofthose 3 banks and have found NAB still has the products thar most suit my needs. However I think I have to leave NAB now not because of rates but coz they are going to turn one of my IO loans to P&I, which I don't like at all.
Hence the big decision as to which bank ! I feel like I am looking for a new partner
Thanks,
Soy
How would you rank ANZ, Westpac and BOQ in term of products and service ?
A small diff in rate is not as important to me as having good/flexible products. I have recently met a rept of each ofthose 3 banks and have found NAB still has the products thar most suit my needs. However I think I have to leave NAB now not because of rates but coz they are going to turn one of my IO loans to P&I, which I don't like at all.
Hence the big decision as to which bank ! I feel like I am looking for a new partner
Thanks,
Soy
To all the good brokers,
How would you rank ANZ, Westpac and BOQ in term of products and service ?
A small diff in rate is not as important to me as having good/flexible products. I have recently met a rept of each ofthose 3 banks and have found NAB still has the products thar most suit my needs. However I think I have to leave NAB now not because of rates but coz they are going to turn one of my IO loans to P&I, which I don't like at all.
Hence the big decision as to which bank ! I feel like I am looking for a new partner
Thanks,
Soy
I know you are asking the brokers but I thought this may help regarding BOQ.
http://somersoft.com/forums/showthread.php?p=879581
My lifelong, close family friend has just bought a franchise in Brisbane and he would be the manager for the next 15 years. PM me if you want any more details.
Hi Soy, it is difficult to rate service as it really comes down to the individual in the bank or broker you are dealing with at the time. But generally i find westpac to be very good as far as service goes from submission to settlement. I cant advise on BOQ as they have not dealt with brokers for a long time. From a conversation i had with ME bank yesterday regarding their fixed rates it appears they are tapping the industry super funds for cash and not raising it on the money market so their rate is much cheaper than other offers out there. They did no say how much money they had to lend but i dont think it is going to last very long cause it is limited.
To all the good brokers,
How would you rank ANZ, Westpac and BOQ in term of products and service ?
A small diff in rate is not as important to me as having good/flexible products. I have recently met a rept of each ofthose 3 banks and have found NAB still has the products thar most suit my needs. However I think I have to leave NAB now not because of rates but coz they are going to turn one of my IO loans to P&I, which I don't like at all.
Hence the big decision as to which bank ! I feel like I am looking for a new partner
Thanks,
Soy
Hmm........not my preferred panel
What's your preferred panel Aaron ?
Thanks Jon.
I understand currently ME has a good fixed rate but the var rate is quite high, 6.08 at the moment. I will have more than 1/2 of my loan in var unless they have offset a/c for fixed rate IO loans.
If you are chasing rates then you will always be disappointed.
ME Bank have their niches. They are good for smaller loans and their policy is good for clients who have credit scoring issues and/or valuation problems. For these clients paying 6.08% or 6.28% is no big deal.
To all the good brokers,
How would you rank ANZ, Westpac and BOQ in term of products and service ?
A small diff in rate is not as important to me as having good/flexible products. I have recently met a rept of each ofthose 3 banks and have found NAB still has the products thar most suit my needs. However I think I have to leave NAB now not because of rates but coz they are going to turn one of my IO loans to P&I, which I don't like at all.
Hence the big decision as to which bank ! I feel like I am looking for a new partner
Thanks,
Soy
knowing little about your portfolio........
For a mature investor, I think FAAAAAAAAAR more important is
credit policy, serviceability, security suitability etc
Never, EVER, EVER make the assumption that one lender will do what the other will, and that is especially so with ANZ and WBC resi.........they are both great lenders for particular applications, but HOPELESS for almost anything sightly outside of the box, and ANZ serviceability is loooooooooow.
One of the best ways to fry your credit file
is to let these lenders have a go at something WITHOUT proving their servicing and policy to you before submission ( this goes for any broker too !!)In any case............
NAB are only playing their favourite "rate margin retention" game.
They tell you we will only do x.............but wait till you put in the mortgage discharge or show them the other lenders offer.............all of a sudden what was impossible last week is now a done deal.
Nab can and will match any rate for any existing client, but only after they have asked the client to "waste" someone elses' time and money getting to an approval. Id suggest you dont do that and use up your CRAA file.
My advice to you is to send them mortgage discharges, authorise a broker or lender contact on that discharge and lets see what happens : )
ta
rolf
Now after my rant ....I will answer specifics
ANZ are okish, their pro pack is a bit yucky for volume investors, serviceability is lowish . pricing is aggressive, post settlement variations have improved of late, BUT are still really poor. So this is not a lender I would use for someone that was in their later years ! Comms paid are middle of the road
BOQ , I was accredited direct, and STILL get paid trail, but havent done much with them in recent times, cos they dont want us no more. My main concern with BOQ would be sustainability of any special rate product over time. they have been doing it tough, and in recent years have even had ex frans chasing them for breach of contract etc. but thats not useful advice.
WBC product per se is the king of the castle. Vals up front, simple approvals in 24 hrs or less ( 3 deals in< 4 hrs last week). Post settlement is easy, flick variable to fixed is an easy email. they arent ageist, and an extension of the IO term to 15 years total is an email or a phone call. limit variations are easy. Medico no lmi 90 policy, Their hardship provisions are noticeably better than NAB as an eg ( in our limited exp). Comms paid are the poorest on the block
the downsides of wbc serviceability islow to med (used to be great!) they are fussy on resi security, what most lenders take as resi, they want to move to comm. Unless you are simple self employed, WBC is off limits. Their credit people live in an ivory tower and wont speak to humans. Any form of corp trustee loan is messy.
ta
rolf
knowing little about your portfolio........
For a mature investor, I think FAAAAAAAAAR more important is
credit policy, serviceability, security suitability etc
Never, EVER, EVER make the assumption that one lender will do what the other will, and that is especially so with ANZ and WBC resi.........they are both great lenders for particular applications, but HOPELESS for almost anything sightly outside of the box, and ANZ serviceability is loooooooooow.
One of the best ways to fry your credit file
In any case............
NAB are only playing their favourite "rate margin retention" game.
They tell you we will only do x.............but wait till you put in the mortgage discharge or show them the other lenders offer.............all of a sudden what was impossible last week is now a done deal.
Nab can and will match any rate for any existing client, but only after they have asked the client to "waste" someone elses' time and money getting to an approval. Id suggest you dont do that and use up your CRAA file.
My advice to you is to send them mortgage discharges, authorise a broker or lender contact on that discharge and lets see what happens : )
ta
rolf
Thanks so much Rolf. As said, rate is not the sticking point but changing IO loan to P&I is a big deal to me and is what makes me seriously looking for another bank if NAB is not negotiable on this.
(Thanks for remembering ...)
No not servicing nor LVR issue. I think we have the loan contract saying IO for 5 yeras then after that it will go P&I. At the time signing the contract the banker said "it's just formallity,once it reaches the 5th year we will do you another IO" . But there has been about 3 diff bankers in the last 5 years so now the current one says NO can't do.
I think you will find your PB is simply a sloth
and doesnt want to do the IO extn work.He / she wont be happy soon
ta
rolf
soyabean, tell the banker that if they can't do it, somebody else will.
The banks attitude is essentially that they want you to pay of the loan eventually. The problem is that many people don't understand that from an investment point of view it may be better to have an interest only loan and to direct the surplus funds (from P&I) to other things.
I'm sure that most other lenders would be happy to take your loan on with an intital 5 year interest only period.
The banks attitude is essentially that they want you to pay of the loan eventually. The problem is that many people don't understand that from an investment point of view it may be better to have an interest only loan and to direct the surplus funds (from P&I) to other things.
I'm sure that most other lenders would be happy to take your loan on with an intital 5 year interest only period.
