Hi. Looking to finance a PPOR for $497k (622k purchase price). Narrowed it down to Citibank Mortgage Plus with offset and NAB Tailored with offset. Will be under their wealth packages (only way to get a good deal). Deal being offered by both is very similar in terms of fees and rates. Which would be the better bank to deal with?
Citibank or NAB
- Thread starter Richa
- Start date
Chalk and cheese ..........
Many brokers wont deal with Citi............for good legacy reasons.
My primary question would be is there a STRUCTURAL reason you are selecting these 2, or are you purely driven by price and offset ?
My second question is 2 fold
1. What are you funding the other 25 % with
2. Do you have a PPOR mortgage now, or will u have one in the future
ta
rolf
I technically dont have a mortgage now on my current PPOR (which is in cooling off till next week). The balance is fully offset. And i technically wont have a mortage on the new purchase as its balance willbe fully offset as well. So i really only need the facility in case i decide to change my PPOR into an IP in the future. The other 25% will be covered with my savings (not my offset balance). Ive narrowed down to these 2 as they offer the most discount on upfront and ongoing fees (apart from package fees which kick in Year 2).
k
so in reality it doesnt matter does it
A higher rate product with no annual fees or app fees would work better if you are playing around the edges
Under your stated need, would it matter if the rate is 7 %
ta
rolf
so in reality it doesnt matter does it
A higher rate product with no annual fees or app fees would work better if you are playing around the edges
Under your stated need, would it matter if the rate is 7 %
ta
rolf
I've got NAB (Homeside) loans at 6.32% variable with 100% offset. I pay a $10 per month fee, but all up, I think the deal beats some of the pro pack deals I've seen.
I don't recall. I was doing 7 re-fi's at once and it was a bit hectic for me to recall. I was bringing 3 loans across to them and I would have told them I didn't want to pay the app fee, if there was one.
Then you need to know what the future rate would be yes? And at that point in time, Nab might be cheaper, or not, depending on how they pass on or not pass on changes to the reserve rate in the meantime......
HOMESIDE, a division of NAB. Similar, but not the same. Waive the app fee on loans over $300 and give you an offset for $10pm. The poster was originally comparing citibank with NAB tailored package, what you get at the branch. $400 pa, rate and insurance discounts etc, the NAB proffessional package.....
As an aside, make sure you have a well drafted will in place. Technically you do have a mortgage and gifts of property generally go with the loan unless you expressly state otherwise.
Also you may not count the cash as 'cash' but that is what it is, so if you will is not worded appropriately your gifts may not end up being received by your intended beneficiaries.
eg. You may have a $600,000 property and $500,000 in an offset account and $500,000 in a term deposit.
You say in your will: I give my property at xxx to my son and the residue of my estate to my daughter.
You die and your son gets the property, but this has a $500,000 loan attached which must be paid out so he would get a $100,000 benefit. While the daughter would get $1.1million in cash.
Absolutely - I don't bother dealing with them. Not worth the stress and hassle. They come up with decent promos but don't have the resources to meet demand - which is typical of some other lenders as well.
Cheers
Jamie
*cough cough* AMP ...with their 5-10+ days for a simple pre-approval 0.o
got a 2 day through credit for a moderately complicated SE rfi at 1200 k
confused me too : )
I think they have a prio team for deals of 7 figures ?
ta
rolf
Ah geeze - don't even get me started. You're doing well if you're getting deals approved within 10 days.
Under staffing is an issue there - my BDM was doing shifts on the broker helpdesk recently.
Cheers
Jamie
i recently went from application to formal approval within 13 days with AMP on a 90% LVR site using a discretionary trust, even my broker was somewhat surprised
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