Banks - Best Deal Right Now?

N

Novar

Which bank is offering the best deal on 3 year fixed ATM?
I'm also looking for good service *cough*

Applied for a loan with ANZ and so ticked off with them for all the stuffing round. Finance clause runs out tomorrow and I have heard nothing and sick of chasing them up. :mad:

Thinking of moving everything, it's not the first time I had major issues with ANZ
 
I was just about to post this question.

Called CBA this morning and for a 300K loan, 3y fixed it is 6.43% currently.
Anyone know of any better offers?
 
I just found out CBA was 6.43 too :D and the package is $350 while ANZ is $375 (I think)
Making an appointment soon

Not sure what my LVR is but have bucket loads of equity
How do I work that out

Loan amounts divided by equity :confused: thinking quickly here
 
When you say "best deal" it depends on what you mean : ill give you 2 current example of "best deals"


1. Lowest rate:

3 years Fixed - 6.35% ---> Police and Nurse Credit Union
3 years Fixed - 6.39% ---> ING Bank


2. Good features

3 years Fixed -- 6.49% ---> Hertiage Building Soc - 100% Offset account ( variable split) , no penalty for extra unlimited repayment, re-draw allowed, Split account allowed for variable at 6.85%, construction loan allowed


Now with the extra features you could potentially save thousands with the offset and unlimited repayments etc + a lo of flexabililty.

Of coures it becomes useless if you dont have any spare cash and don't use the features....

Regards
Michael
 
Novar said:
I just found out CBA was 6.43 too :D and the package is $350 while ANZ is $375 (I think)
Making an appointment soon

Not sure what my LVR is but have bucket loads of equity
How do I work that out

Loan amounts divided by equity :confused: thinking quickly here
Click to expand...

ANZ 6.44% can be lower if you have loan over $800,000 and LVR under 75% - not much lower..i think they mentioned an extra 0.05% off....

Regards
Michael
 
Hahaha, yep, there you go, is accurate too, bank said mine was 62% and calculator said 61.:D
http://www.myrate.com.au/calculators/lvr

Saw CBA and was approved on the spot so now considering giving ANZ the flick for everything.

BUT
1 question I would like answered if someone can assist.
CBA quoted me $353 per week on one loan of $216,000 @ 6.81% variable
I NOW pay $345 per week with ANZ on $215,000 @ 7.1%

Huh ...:eek: It should be less, what's going on there? :eek:

Online calculators vary from
NAB $311pw
Suncorp $326pw

(I know online calculators are not super accurate) BUT ...Still way less than CBA

CBA also more per week on other 2 loans. :confused:
$208,000
6.43%
$300 ANZ / CBA $349
 
Novar said:
Hahaha, yep, there you go, is accurate too, bank said mine was 62% and calculator said 61.:D
http://www.myrate.com.au/calculators/lvr

Saw CBA and was approved on the spot so now considering giving ANZ the flick for everything.

BUT
1 question I would like answered if someone can assist.
CBA quoted me $353 per week on one loan of $216,000 @ 6.81% variable
I NOW pay $345 per week with ANZ on $215,000 @ 7.1%

Huh ...:eek: It should be less, what's going on there? :eek:

Online calculators vary from
NAB $311pw
Suncorp $326pw

(I know online calculators are not super accurate) BUT ...Still way less than CBA

CBA also more per week on other 2 loans. :confused:
$208,000
6.43%
$300 ANZ / CBA $349
Click to expand...

Firstly there no such thing as "approved" on the spot; it's a marketing gimmick- trust me getting a loan is easy, but NOT that easy :)

It's more a "Yes we want to do business with you, not sure what credit department would say when they look at your file, but what the heck sign up with us anyway- if you get rejected Bad luck...but his a instant pre-approval anyway"

The quoted rate by CBA and ANZ are both correct, CBA quoted on a 30 years loan....whole your current ANZ is based on current loan life- 25?27 years? etc...



Regards
Michael
 
The quoted rate by CBA and ANZ are both correct, CBA quoted on a 30 years loan....whole your current ANZ is based on current loan life- 25?27 years? etc.
Click to expand...

Oh ok thanks :)

Firstly there no such thing as "approved" on the spot; it's a marketing gimmick- trust me getting a loan is easy, but NOT that easy
Click to expand...

I've always been given approval on the spot when applying with ANZ and then gotten the offer documents which is why I'm ticked that this time it has been 7 days in the process and many many calls, having to supply ridiculous things like actual copy of tax return (which I refused to do) happy to suppy group certificate which wasn't good enough for some reason. Yearly rent statement not good enough, had to also have tenant lease agreement :rolleyes: (refused again)

Just endless hoops to jump through. :mad:
 
Novar said:
I've always been given approval on the spot when applying with ANZ and then gotten the offer documents which is why I'm ticked that this time it has been 7 days in the process and many many calls, having to supply ridiculous things like actual copy of tax return (which I refused to do) happy to suppy group certificate which wasn't good enough for some reason. Yearly rent statement not good enough, had to also have tenant lease agreement :rolleyes: (refused again)

Just endless hoops to jump through. :mad:
Click to expand...

You've always been told you're approved with you really haven't been. They tell you you're approved and then go and actually get the approval. All the major banks have done this in the past with almost every borrower.

I've had a lot of cases where the client told me that the lender approved them, then 2-3 weeks later withdrew the approval for some technical reason, essentially leaving them without finance.

It's harder for lenders to do this these days because of the new credit regulations, but it still goes on.
 
I've had a lot of cases where the client told me that the lender approved them, then 2-3 weeks later withdrew the approval for some technical reason, essentially leaving them without finance.
Click to expand...

Yeah, I've heard of that happening. :eek:
A bit of a worry for us lendee's (?) Doesn't exactly give you much confidence in the banks.
 
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