BankWest temporary loan?

history:
put a written offer in for $423k. Counter offer of $439. Verbal reoffer from me was $426k. Second counter offer was $436k, and then I told them to forget about it.
Sat idle for about 10days, then the REA calls me back asking whether I'd still consider buying for my last offer. I said yeah maybe, let me ask the missus.

About 3hrs later I get an email from my MB that the loan I was after can't work because my spouse is not yet full permanent resident (will get full residency in 3months). I think bugger. 10 seconds later (& before I've contacted the missus) the REA calls me back saying the vendor just agreed to the verbal offer and the place is yours, congrats etc.

---------------------------------------------------------
Preferred finance was with HBS. I'm considering going for the BW Rate Tracker (currently 4.87%, comparable to the HBS option which just fell through) for a period of less than 3 years. Sometime after the spouse gets permanency (but before the 3 year deadline), I change banks, possibly to get into the HBS option, but this is dependent on whether that deal is still the best option in 3+ months.
Conditions i was after (which both BW and Heritage have) were:
- offset (HBS at $250/yr, BW at $180/yr or $15/month)
- low interest rate (4.82% and 4.87%)


since BW has NO EXIT FEES for this loan, (even if I was to exit after just 3 months I understand), I think this is the way to go. I would simply be getting hit for the statutory gvt charges (~$250?) and setup costs of bank #2. Total would be approx $1000 which is ok I suppose.

Can anyone tell me why I shouldn't go with BW and then look to swap back over within my 3yr deadline (which otherwise would void my offset & good interest rate)?


Still contemplating whether I should just wait the 3 months and start looking again then. I'd have a better deposit, more banks available to use, and possibly better house prices??
thanks!
 
HBS pro pack now at 4.97%

Refinancing also incurs a Bank West settlement fee on top of statutory charges.

There could be other reasons depending on what other information has been divulged to the 6 or so MB's you've spoken to. I'm suprised none have them have at least mentioned the above 2, especially the rate change.
 
I gotta say I've never seen a poster with more questions about propacks and more brokers working for him.

Make the call and stick with it.
 
Richard i was going to suggest to Barry he contact you for some advice.

I heard you had the odd half a day or so to run through the various 143 lending options.
 
Happy to.

We do have an upfront charge of $450 call out fee plus gst, payable in cash.
You might be cheaper with your cup of coffee though.

:D
 
Yeh but the cup of coffee would have to drunk out of a gold cup from a take away. Think your hourly rate is cheaper.
 
Hiya barry

bugger ..............

Sometimes this sort of thing happens.

One other thing to be wary of if moving lenders is that if the LVR isnt at 80 % new LMI will be likley required too.

Does the need for interest only with proper offset not apply any more ?

tarolf
 
I gotta say I've never seen a poster with more questions about propacks and more brokers working for him.

Make the call and stick with it.

:D:D:D:D

just tell him you wouldn't go for either of these options, so he calls every other broker in the country
 
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