Hi, Many thanks in advance for your advice.
My husband and I recently bought our second IP and our broker steered us towards the ANZ Breakfree package as the best option for our current and future needs as we will have 3 loans within the next year. Curr Rate is 0.8% off svr (6.56%). Fee is $375pa.
Originally we wanted to purchase the property in our trust name (discretionary family trust) but realised it would be heavily neg geared + land taxed so we changed it to our own name. The broker checked with ANZ and said there would be no change to the loan structure or so we thought...
Our first IP is owned by our trust and is not currently financed. Now we have applied for a LOC in the trust name against this IP and ANZ won't let us put it in the breakfree package, even though we had to sign guarantor docs to say the debt was legally ours. They are saying the trust loan cannot be under the breakfree package. They want another annual fee of $150 for each of the trust loans (there will eventually be 2 loans)
Is there 'breakfree' experts out there please? Is this a new change or should the broker have known this would happen when we applied?
I'm after some advice on whether to just suck it up and accept the new ANZ offer or can I do better and refinance with someone who will mix our personal loan with the trust loan under one package (still with a good rate )
My husband and I recently bought our second IP and our broker steered us towards the ANZ Breakfree package as the best option for our current and future needs as we will have 3 loans within the next year. Curr Rate is 0.8% off svr (6.56%). Fee is $375pa.
Originally we wanted to purchase the property in our trust name (discretionary family trust) but realised it would be heavily neg geared + land taxed so we changed it to our own name. The broker checked with ANZ and said there would be no change to the loan structure or so we thought...
Our first IP is owned by our trust and is not currently financed. Now we have applied for a LOC in the trust name against this IP and ANZ won't let us put it in the breakfree package, even though we had to sign guarantor docs to say the debt was legally ours. They are saying the trust loan cannot be under the breakfree package. They want another annual fee of $150 for each of the trust loans (there will eventually be 2 loans)
Is there 'breakfree' experts out there please? Is this a new change or should the broker have known this would happen when we applied?
I'm after some advice on whether to just suck it up and accept the new ANZ offer or can I do better and refinance with someone who will mix our personal loan with the trust loan under one package (still with a good rate )