help to select the home loan
- Thread starter phzrx
- Start date
Hiya PH
Hmmmmmmm
Thats a tough one on thise numbers
we know the loan amount, but thats it
we dont know its use, the features you need, the LVR, the servicing position, the credit score position, do u need capacity to debt recycle etc. Any or all of those can quickly make any straight $ comparison useless.
In the end, I feel you will find over a few years the REAL cost of the products will be very similar, so u need to make sure u actually get a product that does what you need or want ( assuming you actually know what you need, rather than think what you need). I know that sounds rough, but many borrowers dont look beyond the obvious,
A great example is buying a 2 seat sports car, without thought to how that will work with our (yet unmapped ) plans of having a child etc
ta
rolf
Hmmmmmmm
Thats a tough one on thise numbers
we know the loan amount, but thats it
we dont know its use, the features you need, the LVR, the servicing position, the credit score position, do u need capacity to debt recycle etc. Any or all of those can quickly make any straight $ comparison useless.
In the end, I feel you will find over a few years the REAL cost of the products will be very similar, so u need to make sure u actually get a product that does what you need or want ( assuming you actually know what you need, rather than think what you need). I know that sounds rough, but many borrowers dont look beyond the obvious,
A great example is buying a 2 seat sports car, without thought to how that will work with our (yet unmapped ) plans of having a child etc
ta
rolf
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2. Westpac package is $395.
I am in the similar situation as you. I am with Westpac and had 3 very bad experience with their backoffice (pathetic). I am tossing between NAB, HSBC and SCU.
NAB: Be careful on the loan type i.e. SVR or the NAB Tailored Homeloan (better product).
I guess you did the shopping by urself rather than the mortgage broker.
Other things to look at
a) ATM redraws: NAB u can only use their ATM; HSBC u can use Westpac & ST George. However, HSBC product Smart Loan has restriction in the number of redraws which can be mitigated using the Premier savings account
b) Other fees -
HSBC - deferred est - 3yrs, NAB 4yrs
HSBC will charge for switching var to fix and vice versa; not sure bot NAB
Rolf is correct, without the big picture its hard to answer. Also most of my clients don't care which lender. They just want the money and fast. This is because they are using offset accounts, or paying off extra etc. So rate isn't as important as structure.
They say things ok I want 5 properties this year, or Im building these etc so they are trading and/or building wealth. .02% discount means nothing.
They generally come to us because they have 24 hour access. If they find a bargain on Saturday they can call, we punch the numbers in ( as we have details on file) and they can make offers etc. Most have already been to Bank and walked out. Its really the only reason brokers survive.
They say things ok I want 5 properties this year, or Im building these etc so they are trading and/or building wealth. .02% discount means nothing.
They generally come to us because they have 24 hour access. If they find a bargain on Saturday they can call, we punch the numbers in ( as we have details on file) and they can make offers etc. Most have already been to Bank and walked out. Its really the only reason brokers survive.
I agree with both the previous posts. You really have to have a plan going forward and structure your financing accordingly as interest rates should not be the deciding factor when choosing a loan. Most investors are time sensitive so they may take a higher interest rate if they settle the deal in their timeframe.
Cheers Greg
Cheers Greg
Exactly time is money, especially with a few "distressed" bargains that will come online. This is at a time when rents are going up and rental stock is low. So good buying, with good returns would better than chasing .2 off your rate. Certainly went you have the likes of Westpac raising rates by .4 previously.
We're after a loan with minimal fees for the next one - not as fussed about interest rates as paying $8 a month for nothing and $350 every time you want to change something. I wouldn't know where to start looking. Our existing broker seems to think we should stick with CBA.
One day I really must get around to paying out my smaller loan. Anyone wanna buy a positively geared house?
One day I really must get around to paying out my smaller loan. Anyone wanna buy a positively geared house?
Hi
Did you broker say why you should stick with CBA? With so many other options why CBA?
Regards,