Home loan: ANZ vs Bank West

[IndexFund]

Got two brokers, offering me:

1. Bank West. Fixed rate 8.49% 3 years with $2167 monthly repayments on a 282 K loan.

2. ANZ. (Money Saver Home Loan) Variable rate of 8.67% with $2252 monthly repayments on a $286 K loan.

Im leaning towards Bank West... lower repayments and seems more secure with fixed rate.

Need to get back by tomorrow.

Opinions plz?

 

[Rolf Latham]

Comparing Oranges and carrots, same colour, very different product

Not much to say, bankwest fixed is a good rate

If you are going variable the bankwest rate tracker may be a better option though.

All of this assumes that your actual needs are appropriately met by either product, from the comparison being looked at I dont know though if your needs have been defined

ta
rolf

 

[RetireEarly]

It really depends on what your after... do you need a branch to go in everynow and then if so you want to make sure Bankwest is accessible.

I have been with ANZ for a while now and are pretty happy. I heard from a broker that ANZ are launching a new product on Monday with no monthly fees and a competitive variable rate...

Not giving you advice on fixing but the experts are saying we are at the top. time to fix was a few months back.

 

[IndexFund]

Comparing Oranges and carrots, same colour, very different product

Not much to say, bankwest fixed is a good rate

If you are going variable the bankwest rate tracker may be a better option though.

All of this assumes that your actual needs are appropriately met by either product, from the comparison being looked at I dont know though if your needs have been defined

ta
rolf

I want to repay no more than $2200 pm... anything less is a bonus. I cant afford to pay anything more without taking a hit and also having sleepless nights about mortgage repayments if my GF moves out.

ANZ reminds me off CBA and NAB and West Pac = rip off.

 

[Rolf Latham]

Hi

Clearly, the fixed loan option is a better fit from what you have just said,

You can get the rate tracker at 8.38 so a loan of 268 would be around 1872 on an IO basis

So. maybe variable IO is a better proposition for you.

In your scenario, my typical client would go variable with IO 100 % offset and maybe a portion fixed.

They would then place any extra cash over the IO payment into the offset acct, so overall you have a PI loan, but with less risk to cashflow

ta
rolf

 

[IndexFund]

It really depends on what your after... do you need a branch to go in everynow and then if so you want to make sure Bankwest is accessible.

I have been with ANZ for a while now and are pretty happy. I heard from a broker that ANZ are launching a new product on Monday with no monthly fees and a competitive variable rate...

Not giving you advice on fixing but the experts are saying we are at the top. time to fix was a few months back.

I dont care if I can see my lenders face or their pretty office, I want the funds and low repayments eith little or no fees.

I want it fixed as the rates will keep going up, due to inflation there are another couple predicted for the next 3 months.

 

[Rolf Latham]

ok on that basis fixed makes some sense, so if you want it fixed, then why even consider a wholly variable loan which is what the Money Saver is ?

ta
rolf

 

[keroppi_gims]

According to their website, the ANZ Money Saver Home Loan has an interest rate of 8.87%. Where are you getting the 8.67% from?

 

[IndexFund]

Hi

Clearly, the fixed loan option is a better fit from what you have just said,

You can get the rate tracker at 8.38 so a loan of 268 would be around 1872 on an IO basis

So. maybe variable IO is a better proposition for you.

In your scenario, my typical client would go variable with IO 100 % offset and maybe a portion fixed.

They would then place any extra cash over the IO payment into the offset acct, so overall you have a PI loan, but with less risk to cashflow

ta
rolf

Is there anyway the broker can match or beat the Bank West with ANZ? Or is it just all false hopes, cos he told me that he can beat easy the Bank West rate...

 

[IndexFund]

According to their website, the ANZ Money Saver Home Loan has an interest rate of 8.87%. Where are you getting the 8.67% from?

yeah well in the paperwork I got from ANZ today it says:

Currently 8.67% per annum, being the ANZ Money Saver Home Loan Rate, currently 8.77% per annum, less an interest margin of 0.10%.

 

[alexlee]

yeah well in the paperwork I got from ANZ today it says:

Currently 8.67% per annum, being the ANZ Money Saver Home Loan Rate, currently 8.77% per annum, less an interest margin of 0.10%.

The ANZ did just increase their rates by 0.1%. Might want to check with your broker about that. Those offer documents usually carry a 'subject to change' clause unless you have a rate lock.
Alex

 

[Rolf Latham]

Hiya Index

Sounds to me like the brief provided to the broker was either not specific or the "ANZ broker" isnt listening.

It should come down to a product that suits your wants and needs at a rate that is acceptable to you, clealry the money saver ANZ product isnt that


ta
rolf

 

[IndexFund]

Thanks everyone... Bank West it is... you just al lconfirmed it.

I appreciate everyone's posts... I might be one of the hard knuckles on here (Alex Lee knows) but I got so much valuable advice here...

Thanks all.