How many different lenders are you using right now?

How many lenders?

  • 1

    Votes: 33 29.5%
  • 2

    Votes: 36 32.1%
  • 3

    Votes: 13 11.6%
  • 4

    Votes: 13 11.6%
  • 5

    Votes: 8 7.1%
  • 6

    Votes: 6 5.4%
  • 7

    Votes: 1 0.9%
  • 8

    Votes: 1 0.9%
  • 9

    Votes: 0 0.0%
  • 10+

    Votes: 1 0.9%

  • Total voters
    112
I am wondering why people here have multiple lenders all at one time? Won't you have higher banking expenses and less leverage to bargain splitting between lenders?
 
I am wondering why people here have multiple lenders all at one time? Won't you have higher banking expenses and less leverage to bargain splitting between lenders?

^

1. Better leverage
2. Less exposure problems
3. Higher equity
4. Higher borrowing capacity
5. More power to neg
6. Room to move...if your main bank says no....
 
I am wondering why people here have multiple lenders all at one time? Won't you have higher banking expenses and less leverage to bargain splitting between lenders?

Concentration risk is one reason and serviceability (or lack of) is another.

Your point about rates is a valid one but rate is not the first factor on the list. If your current lender says "sorry, no more money for you" due to hitting the serviceability ceiling and another lender rolls out the red carpet then rate doesn't come into the equation, well less so.

In regards to concentration risk rate will be the last thing on your mind if your situation changes and the bank is threatening to sell up. It bides you some time if one lender catches on you are struggling and the others do not.

Control is another issue to consider that is related to concentration risk as per the saying "all your eggs in one basket".
 
I am wondering why people here have multiple lenders all at one time? Won't you have higher banking expenses and less leverage to bargain splitting between lenders?

So we can continue to build large multi $million investment property portfolio's. Fee's/expenses are just a cost of doing business.
 
Homeloans Ltd for Bendigo/Adelaide loans

Have refinanced away from a couple others in the past in order to move forward.

Gee, I used to be with Homeloans loan manager too but have refinanced since 10 years have past!
I said 6 but it should be 5!
 
Not loyalty and yes, all crossed. That is why I always push the don't cross-col line now as we learned through a series of unfortunate events just how bad it can be. We are the perfect example of a cautionary tale to terrify newbies :).
Like I said it is a long story that nearly resulted in us losing everything including the family home, and was made infinitely worse by having the cross-coll.
We are, however, coming out the other side with our portfolio still intact, retirement once again on the horizon and managed to get 1.15 off the SVR.
 
Two:
Cba: two ip loans
Anz: one ip lian, and PPOR loan (not cross-coll)

Planning to get the next loan through another lender though for all the good reasons mentioned previously. So far, the best reason is it makes my calls for rate reductions rather quick - cba just offered me this, anz just offered me that....reduction follows.
 
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