At Aussie......

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From: Simon St John


Just received a very fancy flyer in the mail from Aussie Home Loans targeting property investors.

Thought others might be interested in the details of the product on offer and I'd be interested to hear what others think of it...

AUSSIE ASSET POWER

- Interest only (up to 20 year term)

- Interest rate is 30-Day bank bill rate PLUS 1.35% adjusted monthly. "To date investors have paid an average of 0.34% below Aussie's standard variable and even lower compared to the average of other banks")

- Guarantee that the interest rate will never be higher than their standard variable rate

- Can make payments above interest to reduce principal

- "With sufficient equity and cash flow (incl rental income) there's no maximum limit (!)

- Roll your existing home loan into Aussie Asset power if you wish (question: how to keep interest separate for tax purposes?)

- No, I don't work for Aussie!

Cheers, Simon
 
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Reply: 1
From: Rolf Latham


Hi Simon

Its a great product for A non bank lender.

Serious property investors with more than 250 k in aggregate borrowings can commonly get a 30 year Interest Only Loan in the Form of a line of Credit at between 5.47 to 5.67 depending on the lender.

Many of the non bank lenders have used advertising and marketing techniques that are, shall we say less than ideal for the consumer (in obvious response to the same tactics used by some of the big banks).

The Federal and State Governments are about to legislate on the way lenders present the real cost of loans so that consumers will find it easier to compare, about bloody time although a good marekting campaign may still be abel to yell 3.99 % home loans.

You will find many a non-bank lender comparing their basic "dog" product to a fully featured bank or building society product and jump around as to how much cheaper it is, when in reality the early repayment fees and lack of flexibility will cost dearly.

Having said all that it is no way "going" the particular product mentioned, its one of the best non bank products around is suitable for some situations, analyse your needs very carefully

Ta

Rolf
 
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Reply: 1.1
From: Dirk Diggler


if you a serious property investor, my advice would be, from experience, stay away from aussie. try ringing them up to get an answer on something. you will wait for an hour. there service is terrible and they are not creative enough.
 
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Reply: 1.1.1
From: John P


Funny you should say that Dirk or I should I call you Mr Diggler?), I had a person tell me that the other day (a similar thing) and I must say that I was surprised. I don't work for Aussie and I am not a client of their's but that does surprise me..

John_P

PS Love your alias on the forum..Can we swap?
 
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Reply: 1.1.1.1
From: Dirk Diggler


Thanks John. no we cant swap aliases. i have also been told by several investors that aussie is no good. youre better of using a competent broker, like rolf. as well as keeping you hanging on the phone, i had 4 different mobile lenders look after me in 1 year. aussie, well stuff you!!!
 
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Reply: 1.1.1.1.1
From: Gail H


On the topic of lenders, I am being messed around something shocking by the Commonwealth - they blame mortgage insurers, valuers etc... but basically I am waiting to have my home refinanced, applied months ago, and they still haven't sent out the valuer. Drives me nuts.

G
 
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Reply: 1.1.1.1.1.1
From: Lesley .


Talking about Commonwealth - I rang up about 3 weeks ago to refinance through them and am still waiting. I think I might stay with my 5.97% LOC at Suncorp
 
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Reply: 1.1.1.1.1.2
From: Robert Forward


I received a letter from ANZ yesterday after a recent mortgage that I took out.

Within the letter was a Bank Cheque for $10....

The reason they sent it out was cause they failed to live up to their internal charter of having an answer on a mortgage within 2 business days.

Mine took 3-4 days, so they've given me a cheque big enough to buy a six pack of beer to help release the stress caused by them not authorizing the loan fast enough.

I love some of the quirky things these banks get up to.

Cheers,
Robert

Property Inspection Reports @
http://www.creativefinance.com.au

The Sydney "Freestylers" Group Leader.
 
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Reply: 1.1.1.1.1.2.1
From: Tibor Bode


Hi,

I have done business with Westpac, ANZ, Wizard (currently in the process to get rid of them) RAMS (via my old broker) St George
and found that going direct is in the too hard basket, having an average broker and you don;t fit the average investor profile is a looser, having an excellent broker you will get want you want. I have not dealt with Rolf, but I respect him and very grateful to him to introduce me to Frank Shead. I am maxed out by traditional means and still being able to get finance via Frank. He is lightening fast, available to be contacted even at 10pm at night, does what you want and can get over the hurdles.
I guess it is horses for courses. Any broker who can do the deal for you will allow you to spend your time on what you should be doing
find and analyse property deals, not running from institution to institution to find some to lend money to you for your specific circumstances. Maybe a bit weird, but you don't go to an ear specialist doctor when you have heart related problem. A good broker knows who lends and how much using what criteria and after being familiar with your specific situation, they can do the best deal for you, with minimal effort on your part and YOU DON'T PAY FOR IT!. Does it sound like a good deal? To me it does, so I do not intend to approach any financial institution directly, but cherish my broker.

I kissed up to the brokers Rolf, didnt I? But I honestly mean it.

Tibor
 
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Reply: 1.1.1.1.1.2.1.1
From: Rolf Latham


Hi Tibor

Thanks for the kind words, though I think they are Frankies not mine.

You have hit the nail on the head with regard to one of the primary reasons serious borrowers use brokers, its not to find the best deal, its not to find the best product but its to do all the yuk stuff. The other issues are important but are peripheral.

On the service front from the lenders even brokers are having trouble getting deals across the line in a reasonable time frame right now. There are still some lenders that give a hoot and the fastest service at the moment is coming from the Heritage Building Society.

Aside from having THE absolute best fixed rate product which you can make almost unlimited repayments to AND redraw them, and average pre or conditional approvals in 24 hours or less (4 hours this week)

Ta

Rolf
 
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Reply: 1.1.1.1.1.2.1.1.1
From: Alan Hill


I'd second that.....

A good Broker is incredibly good value!

Let's face it, you don't get exactly what you want, you don't(shouldn't!) pay a thing.

They're the specialists in this area and to be honest I'm sure 99.9% of any of my future financing will be done through a broker.


:)
 
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Reply: 1.1.1.1.1.2.1.2
From: Ian Findlay


In know I shouldn't - but . . .

ROLF, YOU ARE FANTASTIC.

Rolf recently guided us over an obstacle course with our latest finance. He
was on hand even late at night to explain the trials and tribulations in our
not-so straightforward deal..

If going to an independant broker is free and you get service like this, why
oh why would anyone go direct?

Ian
 
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Reply: 1.1.1.1.1.2.1.2.1
From: Rolf Latham


Hi Ian

Awwww, thanks for the kind words, and yes you shouldnt :eek:)

Brokers are not always the best solution.
Sometimes I do recommend that clients do go direct, especially where I believe their chance of getting a deal across the line is better if THEY do the selling.

This is the case in about 5 % of people, mainly newly self employeds that have great sales skills. I suggest to them that they find a personal lender that has sign off authority to run with their loan.

Ta

Rolf
 
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Sim

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Reply: 1.1.1.1.1.2.1.2.1.1
From: Sim' Hampel


I don't believe it... Rolf telling us NOT to use an independant mortgage broker ? Must be someone masquerading as Rolf !

;-)

sim.gif
 
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Reply: 1.1.1.1.1.2.1.2.1.1.1
From: Tibor Bode


Rolf,

I take your point of view, but I still think using a specialist broker is a better option.
The sample reason behind it that the specialist should know who to turn to (which institution's rules and the applicant's characteristics match), while as an applicant you can go all over and try to use your sale skills to other WRONG institutions. Obviously I your very close friend is a bank manager is a different scenario. But for average mortals like me brokers worked wonders and I have almost everything against me as far as the majority of institutions concerned. I've done teh direct sell game as well. It is too hard to my liking.

Tibor
 
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Reply: 1.1.1.1.1.2.1.2.1.1.1.1
From: Rolf Latham


Hi Tibor

I wouldnt disagree with that.
Thats why I suggested you call Frankie.

Ta

Rolf
 
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Reply: 1.1.1.1.1.2.1.2.1.1.2
From: Owen .


No Sim', it is the real Rolf talking here. He told us not to use him (twice) and stick with our current lender. So far he has been right but I think I've maxed out the current lender this time.

Although he wasn't going to be paid by us anyway, he was going to be paid by a lender we signed up with through him. So to pass up this business for our benefit is huge and shows a lot of integrity. He knows we will be using him soon and have put about 6 people on to him and he has helped every one of them, but to advise us to not use him shows a lot of class.

Owen

"Gambling promises the poor what property performs for the rich – something for nothing"
 
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Reply: 1.1.1.1.1.2.1.2.1.1.2.1
From: Alan Hill


Owen,

I think you raise a very good point there!

There are a number of people in the property field who are after a quick buck and the ramifications it has on their Clients, their Client's lives and their Client's families is of little or no concern to them.

Then there are those that actually have some 'integrity' about them. Can't put a dollar value on integrity, but(maybe naively?) I'd like to think that 'what goes around comes around' and that with the latter a bit of 'karma' comes into play eventually.

Amazing how many times I've seen it happen!


:)
 
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