What is a 'CBA broker'?
Finance Strategy Help for next 2 purchases
- Thread starter andrewtfarr
- Start date
What is a 'CBA broker'?
i call it CBA Innovations ?
if this be the case, its not likely you will get the "spread the risk" call
ta
rolf
Yeah, one of the Mortgage Innovations people...this is where they steer CBA staff for staff loans...he has worked hard for me so far and I've been happy but with the existing two purchases, and process to unlock equity I always intended to use CBA so wasnt looking elsewhere, nor did I have the knowledge I have picked up over the last 12 months so just interesting to see his take when I ask for his opinion on starting to spread any new lending, whether he provides good advice for my benefit, or doesnt mention any of the general (one lender) risks as discovered in this thread and simply goes for the CBA sell.
Yeah, one of the Mortgage Innovations people...this is where they steer CBA staff for staff loans...he has worked hard for me so far and I've been happy but with the existing two purchases, and process to unlock equity I always intended to use CBA so wasnt looking elsewhere, nor did I have the knowledge I have picked up over the last 12 months so just interesting to see his take when I ask for his opinion on starting to spread any new lending, whether he provides good advice for my benefit, or doesnt mention any of the general (one lender) risks as discovered in this thread and simply goes for the CBA sell.
well I guess if u go to the ATO for tax advice on grey matters you are only going to get one response............................but you may get lucky to get decent advice
ta
rolf
Don't think anyone has mentioned this but do you see yourself staying with CBA for the foreseeable future?
These staff loans cease when employment is terminated by either party. A mate of mine (also with CBA until recently) was given 1-2months to refinance elsewhere when he resigned.
Considering you're borrowing at high LVR (>80%), you may need to consider the ramifications if you change jobs in the next couple of years and need to refinance out (potential LMI, lending restrictions etc)
These staff loans cease when employment is terminated by either party. A mate of mine (also with CBA until recently) was given 1-2months to refinance elsewhere when he resigned.
Considering you're borrowing at high LVR (>80%), you may need to consider the ramifications if you change jobs in the next couple of years and need to refinance out (potential LMI, lending restrictions etc)
Not my experience. You can't take out new loans with the staff benefits but normally they would be grandfathered when you leave. It wouldn't make sense for CBA to just drop that business. The only real "benefit" is the package waiver and LMI waiver (and it is only to 90% - at the time of purchase of course). The interest rate discounts are only roughly what you can achieve outside anyway.
Also not my experience.
LMI waiver is a huge benefit for active investors, I see it as an extra $5-10k extra per year. Staff rates aren't any better then any client can get, just about every single client of mine recently has a better rate then I do at the moment. No package fee is a little plus as well.
What some don't know is this isn't a staff package, it's actually a 'banking professionals package' that applies to staff of other major banks as well
andrewtfarr, probably should clarify that with your guy before you sign off on the loan? Just to be sure
Can already confirm this, as above it's a 'banking professionals package' not a CBA Staff employees package.
Hi Brady,
Could you please let me know how I can find a find a broker who can do these deals ? Say if I have spent 7 years working for one of the big 4banks, and would like to apply for a 90% LVR loan with LMI waived and no Genworth involvement, how can I apply for one of these loans ?
Many thanks
Could you please let me know how I can find a find a broker who can do these deals ? Say if I have spent 7 years working for one of the big 4banks, and would like to apply for a 90% LVR loan with LMI waived and no Genworth involvement, how can I apply for one of these loans ?
Many thanks
