Hi Guys,
I am new to this forum and tried to read as many posts that were similar to my question before posting.
I would like to know what the best bank is in the current market for my investment property.
My current situation is this:
credit card debt: nothing
car debt: nothing
savings: nothing
children/depdents: 0
investment properties: trying to buy 1 off mother in law right now for $650 K
houses owned: 1 x valued at $1.3M
original home loan status: (1 year ago): With CBA. Last year started off at $800k split up into 2 loans.
1 x fixed 2 years at 4.99% -$579,800.00
1 x variable at 5.1% -$243,855.00
current home loan status:
1 x fixed 2 years at 4.99% -$565,851.86
1 x variable at 4.95% -$32000 (available redraw is $202,350.47)
my income: $204 k per year (self employed)
fiances income: $120k per year (self employed)
misc notes: I only started the company 10 months ago (same line of work just went
from PAYG to company, no career change for 8 years)
The current broker I am with is suggesting I go with homeside. He claims he can get "roughly" 4.75% when my fixed CBA loan is out of contract (1 more year left) and we change it over to homeside.
I would like to prefer to stay with CBA but he says CBA probably won't approve my loan based on my finance (maybe he means because we are both self employed?)
Recapping my question:
Thanks!
-Robert
I am new to this forum and tried to read as many posts that were similar to my question before posting.
I would like to know what the best bank is in the current market for my investment property.
My current situation is this:
credit card debt: nothing
car debt: nothing
savings: nothing
children/depdents: 0
investment properties: trying to buy 1 off mother in law right now for $650 K
houses owned: 1 x valued at $1.3M
original home loan status: (1 year ago): With CBA. Last year started off at $800k split up into 2 loans.
1 x fixed 2 years at 4.99% -$579,800.00
1 x variable at 5.1% -$243,855.00
current home loan status:
1 x fixed 2 years at 4.99% -$565,851.86
1 x variable at 4.95% -$32000 (available redraw is $202,350.47)
my income: $204 k per year (self employed)
fiances income: $120k per year (self employed)
misc notes: I only started the company 10 months ago (same line of work just went
from PAYG to company, no career change for 8 years)
The current broker I am with is suggesting I go with homeside. He claims he can get "roughly" 4.75% when my fixed CBA loan is out of contract (1 more year left) and we change it over to homeside.
I would like to prefer to stay with CBA but he says CBA probably won't approve my loan based on my finance (maybe he means because we are both self employed?)
Recapping my question:
- What's the best bank in the current market for my investment property.
- I would like to stay with CBA even if they are more expensive because I personally much prefer them over other banks. Is it true that it's harder/not possible to get the IP loan with them?
Thanks!
-Robert
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