I am on the same boat and almost decided to change.
Will talk to loans.com.au tomorrow to make the final choice!
Current Home Loan interest rates
- Thread starter kamchatsky
- Start date
I am on the same boat and almost decided to change.
Will talk to loans.com.au tomorrow to make the final choice!
Are they a c-union? Who are they underwritten by?
Loans.com.au
I'm thinking about switching from ANZ to Loans.com.au too.
Currently paying ANZ 4.88% on about $1.6m loan, Loans offers 4.49%.
I spoke to ANZ and they could potentially increase to 1.04% discount, but only if another $60k was borrowed.. They cited Rams being an online lender and their rates jumping to over 10% when their debts were sold to another company and that customers had to pay large exit fees to refinance from there.
I hope that rules have changed since then (post GFC changes?) to prevent the same from occurring for Loans.com.au customers but need to do some more research.
Loans advised that their exit fees would be $300 per property. I would get this in writing prior to a refinance to allow a future refinance away from Loans.com.au should they increase their rates unreasonably. If they state the exit fees in writing can they increase them in the future??
Still, 4.88 to 4.49 is a decent saving, even for the 1st year with the fees involved.
Cheers.
I'm thinking about switching from ANZ to Loans.com.au too.
Currently paying ANZ 4.88% on about $1.6m loan, Loans offers 4.49%.
I spoke to ANZ and they could potentially increase to 1.04% discount, but only if another $60k was borrowed.. They cited Rams being an online lender and their rates jumping to over 10% when their debts were sold to another company and that customers had to pay large exit fees to refinance from there.
I hope that rules have changed since then (post GFC changes?) to prevent the same from occurring for Loans.com.au customers but need to do some more research.
Loans advised that their exit fees would be $300 per property. I would get this in writing prior to a refinance to allow a future refinance away from Loans.com.au should they increase their rates unreasonably. If they state the exit fees in writing can they increase them in the future??
Still, 4.88 to 4.49 is a decent saving, even for the 1st year with the fees involved.
Cheers.
loans.com.au like all lenders can't charge unreasonable exit fees so $300 would be in the agreement and is binding.
As for their interest rates - they can raise them whenever they feel like it yes, just like any other bank on a variable rate. As to whether they raise them to 10% is anyone's guess. They are backed by Firstmac who have been in business for a while but it's a risk you'll have to take.
As for their interest rates - they can raise them whenever they feel like it yes, just like any other bank on a variable rate. As to whether they raise them to 10% is anyone's guess. They are backed by Firstmac who have been in business for a while but it's a risk you'll have to take.
They arent a banking instiitution, so cant offer discrete offset style transaction accounts ...... but id expect middle term they will do a deal with some bank licencee, but then dont expect the rates to be at th same low level
ta
rolf
Its recently just lowered it to 5.84%
Usually banks arent too flexibile with fixed rates, but if you find a lower fixed rate with a major bank im sure it would be worth a shot.
just got offered 4.63% variable from a NAB branch manager for 2.7mil worth of loans....$0 to bring all loans across and waive $395 annual fee
oh and 0.4% of loan amount referral fee for any extra loans I bring across to him....
I said what if I find $20mil of loans? he said $80k cash lol
hmmmmmmm so tempting..............
oh and 0.4% of loan amount referral fee for any extra loans I bring across to him....
I said what if I find $20mil of loans? he said $80k cash lol
hmmmmmmm so tempting..............
Nab pays .66 for referrals. whats he doing with the .26 leftover?
Typical nab..... Leave nothing on the table
More to the pint that would be dumb investment strategy, but you'd already know that level of concentration risk isn't healthy - unless of course ur loan portfolio is 10 mill or more
Ta
Rolf
I do need to do something with my $620k with CBA at 5.2% though
Guess thats rate for LVR risk ?
if its at 80 % you can walk, but the lender's retention peops are usually a step ahead, and can work out that moving and new LMI is usually not going to happen,
ta
rolf
good job.
not sure if they still have it, was told nab have $700 leeway to convince people to sign up.
have a look at http://www.switchmyloan.com.au/
for $1.5m I was offered
4.7 from bank of melbourne
and 4.68 from st george.
for $1.5m I was offered
4.7 from bank of melbourne
and 4.68 from st george.
I do need to do something with my $620k with CBA at 5.2% though
I read this thread and went to my broker to ask for more discount off my cba loan. Got some more off and landed at 4.79% variable. Not great, but at least better than before. Thanks ss.
