Best finance deals need help

B

bigbucks

Hi all,

Can anyone please advise me the best deals going at moment with banks or non banks is for investment property, need aprox 500k not sure on fix or variable rates intro rates going.
looking to finance 90% lvr hopefuly without morgage insurance
or intro rates havent aproached my existing bank yet is cba.

looking for good customer service & quick approval.

Also any benefit if i use a broker or deal it myself.
 
You'll need LMI for over 80% lend. If you have available equity in family home this may assist in keeping it to 80%. I personally would be looking at doing it as stand alone, utilising equity as a seperate facility. This is for both tax purposes and a little more freedom down the track possibly.


Regards
Steve
 
As Steve mentioned wont get anyone to waive the LMI over 80% these days and some non bank lenders wont deal with you direct.

For quick customer service and approval personally i would be steering clear of the CBA.
 
Hiya BB

Before you can make a call on whats a good deal on car X, youd want to know what you want the car to do.

For eg, variable and fixed in todays market is so "at odds" that you really need to work out what you want and why before you go to the market.

A good broker may be able to help you with some tools to work this out.

In addition, whats the future hold for you, are you wanting to buy more property, is serviceabaility such that you need to go with lender y now so that you can use lender x later because lender x has a better serviceability model.

ta
rolf
 
ok my interest has been sparked to cba economiser advertised at 5.06 fixed for 3 years unlimited extra bulk deposits & redraw facility.

looked but cant find much better

allready own family home 500k but have taken line of credit prev" to buy factory 150k currently returning 12k pa & also holiday home at 250 k is up against family home 230k owed (this property is never rented).
have paid line of credit down by 100k & will obtain further 100k in dividend from buis" as soon as 08/09 tax return done.
additional joint incomes about 100k including factory rent.
how do you think lender would view position on new purchase 500k on proposed rent 420 per week & should i finance the lot or go 80% loan & use existing line of credit for deposit?

ps have just visited bendigo bank & they offer 5.4 variable although this is higher than cba economiser at 5.06 3 year term
 
But 3 year discount variable Economiser isnt 3 year fixed, its variable.

bankwest rate tracker will do better than that at 4.87, with nil Deferred establishment fees.

Best to finance 80 % on the new IP secured only against that property, with the balance and costs coming from elsewhere, but again this is general advice.

Suggest you Speak with a decent independent broker and get the coverage across the product ranges that may suit you...........

ta
rolf
 
bigbucks you need to sit down with a broker. Whilst the big banks do have some good products, their advertising doesn't tell you everything you need to know about them. Other smaller lenders do have cheaper products but these have their own quirks as well.

There really isn't a one size fits all solution to this. From the sounds of it you need a solution that might give you some flexibility on your family home, with some cheaper rates with the investment property.
 
PT_Bear said:
bigbucks you need to sit down with a broker. Whilst the big banks do have some good products, their advertising doesn't tell you everything you need to know about them.
Click to expand...
Couldn't agree more; it really is pointless asking for general advice on a loan product, to suit a very specific circumstance.

That's why a good broker adds so much value to your investing team. :)
 
i have just emailed the 4 majors on my position in requiring a loan & are requesting they tender to provide my requested amount of home loan & if they are really keen lets see how low they will go, i'm confident i can strike a super low rate with one of them.Who knows if this can work for me it might set up a new trend for others follow.
 
big bucks good luck,

your last post is one of the funniest I have read for a while




"i have just emailed the 4 majors on my position in requiring a loan & are requesting they tender to provide my requested amount of home loan & if they are really keen lets see how low they will go, i'm confident i can strike a super low rate with one of them.Who knows if this can work for me it might set up a new trend for others follow."
 
MC1 said:
your last post is one of the funniest I have read for a while
Click to expand...
I thought the same thing. You think $500K is likely to even get them to answer your email, let alone compete for your business by offering a "super low rate"? ROTFLMAO
 
bigbucks said:
i'm confident i can strike a super low rate with one of them.
Click to expand...

I think you'll get mucked about by the one that does the best sales job on you. They'll offer you a great deal, won't disclose the catches and won't deliver on the promises when you get the actual documentation.

Proceed with caution.
 
Last edited:
Might get a great result though.

3 things that do need to be thought about


1. You know what you want and why
2. Mortgages arent fridges
3. Carrots and Oranges might be the same colour, BUT............

ta
rolf
 
As many have already said - it's not just about the rate here bigbucks.. if you're not careful, what looks like a 'cheap' deal may not be the best option for you and might sting you in the long run.

Spend an hour of your time to speak to your bank/broker to discuss your plans/goals for future - that's when you will get the best deal ... not by shooting 4 emails to the banks and going with who comes back with the lowest %.
 
I commend you on your efforts BIGBUCKS but apart from the standard pricing discounts available, all I can see happening is the BIG 4 all trying to have one of their "lending specialists" talk to you.
As has been mentioned in the thread already, you're best finding out what products suit your needs, then source the most cost effective one that meets those needs.
There are rates below 5% Variable out there but will they meet your needs. Speaking to one of the BIG 4 wont answer this for you.



Regards
Steve
 
thanks everyone for the advice the road i choose to take will open up a few minds & hopefully inspire others to seek better deals.

Have allready recieved a positive email back however will nut out rates and terms once i here from the other banks.

i forgot to mention the deal may not end up just being 500k loan the lender may also recieve my corporate buis" worth a hell of a lot more than 500k :) no economic downturn in my line of work :)

thanks again everyone
 
Hiya

As an aside, mixing personal (PPOR) OR investment and business mortgages/ banking facilities with the same lender would not be regarded as sensible asset protection measures.

Best to separate your day to day banking for the business from any personal investment.

ta
rolf
 
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