Anybody used imortgage.com.au?

[Pleasure Paulie]

Looking at using them for my current IP purchase.

Anybody used them before? I'm concerned they are an online lender only.

They seem to have a decent rate with 90% LVR at 4.69% variable and option for equity release or borrowing against it moving forward.

 

[jonmardell]

Looking at using them for my current IP purchase.

Anybody used them before? I'm concerned they are an online lender only.

They seem to have a decent rate with 90% LVR at 4.69% variable and option for equity release or borrowing against it moving forward.

Looks to be a part of Homeloans Ltd, i have never used them personally but they are a lot bigger than just the brand you mentioned

 

[Shahin_Afarin]

They are a small mortgage manager. Take a closer look at their fees and policies (i.e. cash out policy). Also if you are in 90% territory check out their LMI premiums.

Different lenders will charge different premiums and often the difference between lender A and lender B could be thousands which well and truly negates the cheaper rate.

Check all of these attributes and not just the rate.

Also remember that you are paying LMI and LMI is not transferrable so you need to ensure that they are a good fit longer term as you will be wasting your LMI credit if they do not meet your needs and you need to refinance.

 

[danielt]

I recently refinanced an IP with imortgage.
However I went with 80% LVR (850k valued .... $680k financed ) at 4.69% I/O for 10 years - complete cash out with a letter from accountant - cash "for future investment purposes"
Very easy to deal with. Person on other end of emails would respond very quickly and all done without much hassle.
They arranged an actual inspection to do valuation (rather than just a desktop job)

I asked if they would go to 90 or 95% LVR but they said it would be much harder to do the "cash out" for 90-95% LVR so I just stuck with 80%

Initial concerns were raised during my application with doing a "cash out" but they didn't seem to have a problem.

Have to do an ID check at the post office. other than that pretty straight forward.

 

[Terry_w]

I recently refinanced an IP with imortgage.
However I went with 80% LVR (850k valued .... $680k financed ) at 4.69% I/O for 10 years - complete cash out with a letter from accountant - cash "for future investment purposes"
Very easy to deal with. Person on other end of emails would respond very quickly and all done without much hassle.
They arranged an actual inspection to do valuation (rather than just a desktop job)

I asked if they would go to 90 or 95% LVR but they said it would be much harder to do the "cash out" for 90-95% LVR so I just stuck with 80%

Initial concerns were raised during my application with doing a "cash out" but they didn't seem to have a problem.

Have to do an ID check at the post office. other than that pretty straight forward.

The problem with this is you probably won't be able to claim the interest on the cash out as it wasn't invested straight away.

 

[danielt]

Its sitting in redraw so no interest accumulating fortunately

My idea was to have cash there at a low interest rate in case I needed some in a hurry

 

[Colin Rice]

If you are looking for a cheap rate and your affairs are simple then could be a feasible option.

Also would pay to have some understanding on finance structures if you intend to get creative as from my experience the advice and structures given is sub par.

Still I wont complain if I get to refinance and restructure the mess that is often created