Finance 3.99 percent

W

wylie

I received a text last night from the husband of a friend. He is a mortgage broker and was offering loans at 3.99 percent. 95 percent loan, new loans and refinance, no application or ongoing fees. No lender mentioned.

I can call him to find out but thought others may know who is offering this finance.
 
wylie said:
I received a text last night from the husband of a friend. He is a mortgage broker and was offering loans at 3.99 percent. 95 percent loan, new loans and refinance, no application or ongoing fees. No lender mentioned.

I can call him to find out but thought others may know who is offering this finance.
Click to expand...

I saw an advert last week where ME were offering 3.99% 3 year fixed
 
Probably ME bank or one of those junkies

How do you even know if it fits within your structure or mud map ?
 
There's a couple of lenders offering fixed rates this low. Their variable rates tend to be pretty average.

In most cases we don't do a lot of business with these lenders because their products are not well suited to the investor market. Lack of decent offset accounts, quirky interest only implementation, difficult equity release policies. Don't forget to ask how much the LMI is for a 95% loan.
 
Peter_Tersteeg said:
There's a couple of lenders offering fixed rates this low. Their variable rates tend to be pretty average.

In most cases we don't do a lot of business with these lenders because their products are not well suited to the investor market. Lack of decent offset accounts, quirky interest only implementation, difficult equity release policies. Don't forget to ask how much the LMI is for a 95% loan.
Click to expand...

What are they like for getting topups?
 
tobe said:
B&S bank. otherwise known as bait and switch......:eek:
Click to expand...

Does that mean you don't know? Isn't every refinance a "switch" no matter where the "bait" came from?

D.T. said:
Probably ME bank or one of those junkies

How do you even know if it fits within your structure or mud map ?
Click to expand...

I don't. I'm not changing. We couldn't change as we are retired. But we will be wanting a loan soon which I'm pretty sure won't be with whichever bank this is. We will be getting an asset lend loan, likely Adelaide Bank.

D.T. said:
What are they like for getting topups?
Click to expand...

I could tell you that if I knew which bank it was ;). Actually "I" couldn't tell you that, but one of the brokers might be able to.

I was really just putting it out there because it is cheap finance, and if it suits the borrower, it could be worth looking at.

I've suggested to our sons that they use the information (once we find out which bank it is - thanks for those who suggested a name) as leverage to get a better rate without switching.
 
wylie said:
I received a text last night from the husband of a friend. He is a mortgage broker and was offering loans at 3.99 percent. 95 percent loan, new loans and refinance, no application or ongoing fees. No lender mentioned.

I can call him to find out but thought others may know who is offering this finance.
Click to expand...

Me bank.

Or advantage ( more me bank...)
 
Bait and switch is a very old sales technique. the switch doesn't refer to the refinance, or switching of lenders, it refers to the switching of the product from the initial one promoted.

For instance Kmart will advertise $10 toasters. These are displayed at the end of the row to grab buyers attention. What a bargain! (BAIT) However when you read the fine print, the toaster is only for white bread, and doesn't have an option for darker or lighter toasting, so the buyer moves down the isle and buys the normal $20 toaster that does. (SWITCH)
 
ME Bank are not junk, they are a good lender for the right clients. They can be quite flexible when it comes to policy.
 
wylie said:
I received a text last night from the husband of a friend. He is a mortgage broker and was offering loans at 3.99 percent. 95 percent loan, new loans and refinance, no application or ongoing fees. No lender mentioned.

I can call him to find out but thought others may know who is offering this finance.
Click to expand...

Most lenders offer fixed rate loans to anyone on any LVR so the whole 95% LVR sounds great but its quite common.

The real question is why would you fix in das market ya?
 
Jamie M said:
My money is on it being ME bank's 3 year fixed.

Cheers

Jamie
Click to expand...


You might know the answer to this.

For 3 year fixed:

ME bank's 3.99% has a comparable rate (on 150k) of 4.84%.
loan.com.au's 4.29% has a comparable rate of the same ie 4.29%.

So is the latter a better deal if obtained with same features?
 
I think it might be ME bank too.

Also ask yourself. what's the cost of refinance or getting a new loan with this lender.

questions like discharge fee ( a few hundreds) application fee, etc..... also extra repayment available ? offset account ? (which prevent to contaminate deductible loan amount)? easily to top up or equity release later on ?
what about revaluation cost ?


Rate is just one of many factors when you choose a lender/bank.
 
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