cheapest variable rate at present?

[danielt]

The media reports there is lots of competition out there for home loans, so many lenders are discounting...what type of interest rate does this translate to?

I refinanced recently with imortgage at 4.69% (680k "cash out"...80% LVR) and looking at refinancing an unencumbered property (another $600k...70% LVR) ...am thinking of imortgage again but is there much under the 4.54% of loans.com.au? Being self employed, I can't use ubank.com.au. I'm thinking of asking imortage for a better rate (like 4.59%) on the second loan...is this wishful thinking? ... as some lenders when you borrow above $1m the rate improves.

 

[Jamie M]

Structure is more important than rate.

If the cheapest rate is the single most important aspect of a loan for you then
you'll find a cluster of online cheapies from a quick google search.

Cheers

Jamie

 

[MC1]

Just make sure your financials are in order if ***** hits the fan and these lenders start jacking rates quicker than you can blink. Ive seen it happen before and you want to be able to move quick if it does.

Would never place my lending with these types for the sake of saving a few points.

 

[danielt]

Thanks.
I'll keep this in mind.
The iMortgage fusion product is from Advantedge which i understand is owned by the NAB but buyer beware I guess.

 

[redwing]

Have a read of some of the old RAMS (They became RHG when WBC took over what is now RAMS) Somersoft chat's

Angry RHG customers

RHGL now 10.39%

RAMS loans transferred into RHG - is it legal?

Escape from RHG

 

[danielt]

An update: anyway I asked iMortgage if they will do a better rate than 4.69% .... And they agreed on 4.59% variable (I/o for 10 years) ... Makes me wonder how low they can go

So its no setup fees, no valuation fees, no annual fees, internet access, discharge fee of $300, and financier owned by NAB

 

[Nth Brisbanite]

An update: anyway I asked iMortgage if they will do a better rate than 4.69% .... And they agreed on 4.59% variable (I/o for 10 years) ... Makes me wonder how low they can go

So its no setup fees, no valuation fees, no annual fees, internet access, discharge fee of $300, and financier owned by NAB

Sounds like a great deal. Does anyone know their track record?

 

[Bunlee]

I recently saw an ad for State Custodians at around 4.69% with an annual package fee of about $295. I contacted them and was impressed by the call centre representative and their product knowledge. After reading the material sent to me I was quite positive towards the product. There was also a loyalty bonus of a reduction in rates by .25% if held for > 5 years. The product has redraw and other features.

At the time I was with one of the majors at 5.14% with annual fee of $395 and the bells and whistles in the package.

I contacted the bank (as I did once before to get a reduction from 5.29% to 5.14% over the phone) and told them about the product and they reduced my rate to 4.99%.

I stayed with the bank for a few reasons;

- Possibility of State Custodians jacking rate up later (no evidence to suggest this would
happen)

- With the reduction in rate it made my changeover costs longer to recoup especially since they are tax deductible

- I am a bit too lazy to go through the process (plenty of evidence to suggest this )


I am happy to sit on 4.99% but I know I am a bit of a schmuk but all in all it is not too bad.

Point of story? Maybe have a look at State Custodians

regards