Hi all! It's been awhile since I've been on here! We've been busy building our family investments (liabilities ) over the last few years, hehe, but ready to get back into our financial investments again
Abit of background - We are looking to put money in my husband's business (pharmacies) to buy into as much as possible our available partner share of 33%. We are unable to secure against the business (pharmacy won't allow it), so we need to secure against the equities in our properties. We were originally looking at just another home investment loan, however we are maxed out servicibility wise and will need to use the profit share income of the business we will be entitled to upon investing with this loan in order to service it, therefore it's looking like it will be Business loan for personal investment.
Although we're shopping around abit at different lenders, I'm pretty keen to stick with our existing lender, ANZ to save some big hassles - I am no longer working, 'just' a mummy , which really decreases our servicibility, and we have 2 properties in a HDT which I know can get very messy with other lenders. So we're more limited than we used to be, and after a couple months of answering a zillion questions, ANZ has given us the OK for a $380k business loan. BUT, I still want to get the best I can from them, so.....
My questions are -
1. what is the 'standard' (via big banks at least) variable rate and discount for Business loans for Personal Investment? We're currently with ANZ, break free package, getting a 0.9% discount off our home loans (which gets us to 4.98% variable) The personal business loan offer has a rate of 7.66% minus a discount margin of 0.78%. Standard? Good? Bad?
2. Is the discount margin for personal business loans similar to home loans? Is it something I can push for more than 0.78%?
3. If we decide to go with ANZ, before signing this loan offer, I want to go back requesting a higher discount to our break free package discount rate (currently 0.9%). We currently have just over $1.32M in home loans with them, plus this business loan. I asked before to increase it and they wouldn't unless we increased lending, which we would now be doing - what's the highest discount you've seen with ANZ with $1.7M in lending? Can I push for 1%?
Thanks for reading
Abit of background - We are looking to put money in my husband's business (pharmacies) to buy into as much as possible our available partner share of 33%. We are unable to secure against the business (pharmacy won't allow it), so we need to secure against the equities in our properties. We were originally looking at just another home investment loan, however we are maxed out servicibility wise and will need to use the profit share income of the business we will be entitled to upon investing with this loan in order to service it, therefore it's looking like it will be Business loan for personal investment.
Although we're shopping around abit at different lenders, I'm pretty keen to stick with our existing lender, ANZ to save some big hassles - I am no longer working, 'just' a mummy , which really decreases our servicibility, and we have 2 properties in a HDT which I know can get very messy with other lenders. So we're more limited than we used to be, and after a couple months of answering a zillion questions, ANZ has given us the OK for a $380k business loan. BUT, I still want to get the best I can from them, so.....
My questions are -
1. what is the 'standard' (via big banks at least) variable rate and discount for Business loans for Personal Investment? We're currently with ANZ, break free package, getting a 0.9% discount off our home loans (which gets us to 4.98% variable) The personal business loan offer has a rate of 7.66% minus a discount margin of 0.78%. Standard? Good? Bad?
2. Is the discount margin for personal business loans similar to home loans? Is it something I can push for more than 0.78%?
3. If we decide to go with ANZ, before signing this loan offer, I want to go back requesting a higher discount to our break free package discount rate (currently 0.9%). We currently have just over $1.32M in home loans with them, plus this business loan. I asked before to increase it and they wouldn't unless we increased lending, which we would now be doing - what's the highest discount you've seen with ANZ with $1.7M in lending? Can I push for 1%?
Thanks for reading