Borrowing / Mortgage Broker query

[asryan]

Hi

I am looking for a recommendation for a good mortgage broker in Melbourne. Any suggestions?

Also I currently have a good interest rate (1.95% below standard variable) with a bank for my PPOR. Are there any benefits aside from being offered the same interest rate to stay with the same bank or to go with a different lender.

Finally, I keep seeing people mention 90% loans on investment properties, do lenders typically offer this? Assume mortgage insurance is involved?

Many thanks

xx

 

[danwatto]

Peter Tersteeg from Melbourne, without a doubt I think he's the best: http://somersoft.com/forums/member.php?u=110

I'm not even in Melbourne and I use Peter, he's helped me do alot in a short time period even though I'm not an easy client

90% loans on investments, I have been doing some 88% or 89% and typically pay mortgage insurance (although cheaper than 90%+).

Some people can get LMI free, if they are doctors, engineers, or chartered accountants etc due to special packages that lenders off (and brokers can get)

 

[Corey Batt]

If you are looking for a Melbourne based broker, Peter Tersteeg is definitely worth a chat with.

http://sagelending.com.au/

 

[Jamie M]

Petes a good dude.

How are you getting almost 2% off the SVR? Which lender is this with?

Cheers

Jamie

 

[Jacque]

Another vote for Peter- helped past clients of mine with minimum fuss and is good at what he does. Given that he's also been posting on here for many moons now and only has positive feedback makes the selection process easier. Suggest you give him a call and have a chat to see how he can help.

 

[asryan]

Thanks for the recommendations everyone.

Jamie M, we are not 1.95% below standard variable - typo on my part. Our rate is 4.7% with BoM.

 

[Redom]

Do a quick search of PT's posts - long time contributor and finance guru. Never met him, but have learnt lots from his posts.

Not sure about this, but Kesse is also Melbourne based I think.

Redom

 

[Redom]

Hi

I am looking for a recommendation for a good mortgage broker in Melbourne. Any suggestions?

Also I currently have a good interest rate (1.95% below standard variable) with a bank for my PPOR. Are there any benefits aside from being offered the same interest rate to stay with the same bank or to go with a different lender.

Finally, I keep seeing people mention 90% loans on investment properties, do lenders typically offer this? Assume mortgage insurance is involved?

Many thanks

xx

You may be able to get an even better rate if you increase your borrowings asryan. 4.70% is pretty good, but it doesn't mean it BoM wont go lower. I don't write much business with them, so I cant comment specifically - but the lending environment is very competitive at the moment.

Definitely can get 90% loans on investment properties too. Generally the cost of LMI is a sliding scale - costing exponentially more at higher LVRs. Generally the cost is much cheaper at 88% LVR vs 90% LVR - hence lots of brokers recommend an 88% + capitalised LMI strategy.

Cheers,
Redom

 

[Greg Reid]

Redom well outlined why some investors will go to the 88% LVR mark, however you would not do that just for the sake of it, it would have to be a part of your longer term strategy.

Many lenders now price risk - as seen in the LVR, so will offer better rates/discounts at the lower LVR's, some use 80%, others 70% for their rate offers.

At LVR's > 80%, depending on the lender, you may also run into the second tier scrutiny of the mortgager insurers as well and their own servicing calculators. A good broker well experienced with investor clients will work through this with you to determine an optimal strategy to achieve your own goals.