Investec - stay clear?

[mini2]

Wanting to collect a couple more houses but as usual, limited deposits and rather not top up's through existing properties. Investec's 95% no LMI product for number crunchers is kinda appealing.

I do understand 80% is standard rate and the rest is a wrap supplied by them at a substantially higher rate (they've quoted both loans rolled together at 4.8%) and P&I only which suits us just fine. No intentions for early discharge/switch banks if it goes through. Are there comparable or better products out there?

 

[Aaron_C]

You're a doctor?

 

[Mick C]

For doctors- 90% No LMI with the majors; rate around 4.90 - 5.10% depending on loan amount etc...

 

[Vixs]

Aaron, Mick, Investec offers special deals to accountants & finance specialists as well as medicos and dentists. They also give preferential deals to independent financial advisers.

mini2, I have no experience dealing with them but the products look good on the face of it. If the numbers and features stack up, and it looks like it would suit the purpose you're using the funds for it may be a good avenue.

 

[VaSSagO]

We have used Investec twice and both times revalued and refinanced/paid them out within a short time frame (~18months and 6 months). First time was at 100% lvr and the second at 94.5%lvr (lower interest rate than 95%lvr). The first time the guy i dealt with at Investec was pretty rude & useless but the second time it all went smoothly. They definitely serverd their purpose for us.

Have used St George since as they now offer 90%lvr no LMI but would use Investec again if we were purchasing a commercial property.

 

[jonmardell]

Wanting to collect a couple more houses but as usual, limited deposits and rather not top up's through existing properties. Investec's 95% no LMI product for number crunchers is kinda appealing.

I do understand 80% is standard rate and the rest is a wrap supplied by them at a substantially higher rate (they've quoted both loans rolled together at 4.8%) and P&I only which suits us just fine. No intentions for early discharge/switch banks if it goes through. Are there comparable or better products out there?

The product has its place and can be valuable. The ones i have seen is they try to do a 3 year fixed rate so it brings the average rate down but means you can't leave within 3 years with out hefty penalties. St George offers 90% no LMI to legal, accounting, medical and mining professionals which could be another alternative.

 

[mini2]

You're a doctor?

I wish

We have used Investec twice and both times revalued and refinanced/paid them out within a short time frame (~18months and 6 months). First time was at 100% lvr and the second at 94.5%lvr (lower interest rate than 95%lvr). The first time the guy i dealt with at Investec was pretty rude & useless but the second time it all went smoothly. They definitely serverd their purpose for us.

Have used St George since as they now offer 90%lvr no LMI but would use Investec again if we were purchasing a commercial property.

Spoke to two reps last night at an industry function, the first guy came across rude and unprofessional (like how is it such a shock when I inquire about a 100k chattel mortgage?) while the second one seems to be on the ball. Might find a SGB flame broker and suss out the SGB product.

St George offers 90% no LMI to legal, accounting, medical and mining professionals which could be another alternative.

Problem is, the qualifying accountant in this case earn nothing remotely close to $150k. Meanwhile I have no issues meeting that so will that get us across the line?

 

[VaSSagO]

Not sure if it changes anything but I just got an email (this morning) from Investec advising that Investec has sold their Professional Finance and Banking business to BOQ.

Email says it is business as usual though however I assume now the 80% is financed through BOQ instead of St G or Adelaide bank.

As a side note I have used Jon for my recent St G loans and have been very pleased with the experience (much better than dealing directly with the bank) plus the cashback is very nice!

 

[mini2]

Got in touch with them, standard (well normalish) rate for up to 80%, 6.99% for 80.01% to 95% LVR and 8.99% for 95.01% to 100% (only for PPOR's). Only 13 years term for the 80.01% and over mortgage meaning the IP will need to be very CF+ to minimise the pain...