IO - Only for 10 years? - Best SV IR ?

Alex P Keaton · 21st Oct, 2012

PT_Bear said:
Delivery rate is the standard variable rate minus the discount for professional packages, etc. Essentially the rate you pay, minus any ongoing fees and charges.

Comparison rate is the equivalent interest rate you pay when all fees and charges are considered. Published comparison rates are generally worthless because they're calculated on hypothetical amounts and scenarios which are likely to be different from what you're doing.

Ok thanks

__________

Alex P Keaton · 21st Oct, 2012

Thanks everyone!

I'll be getting in contact with ANZ again on Monday to sort it all out. They were going to ring me back but didn't.

Hopefully I don't have to go through the whole application process & I can just do it verbally over the phone. I have 1 more week to go before the loan reverts to p&i so I better get a move on.

Alex P Keaton · 26th Oct, 2012

yey I got 1.5%

quite happy with that. i'll take it!!

Rolf Latham · 26th Oct, 2012

Alex P Keaton said:
yey I got 1.5%

quite happy with that. i'll take it!!

So your end rate will be 5.1 % variable

Sensqtional but maybe unlikely.?
Ta
Rolf

Aaron_C · 26th Oct, 2012

1.5% discount???

Brady · 27th Oct, 2012

surely not

tess85 · 28th Oct, 2012

1.05% maybe?

Alex P Keaton · 1st Nov, 2012

5.85 %

I'm down from 6% to 5.85 %

beachside · 1st Nov, 2012

Gee, the placement of a decimal point can make a difference can't it. From

to

And get ready to fill some forms in again and provide financials, if you get it done over the phone let me know!

Peter_Tersteeg · 1st Nov, 2012

Alex P Keaton said:
I'm down from 6% to 5.85 %

Given total lending of $385k, that would be a discount of 0.75% from the standard variable. I'm sorry but I would have expected them to do better.

Aaron_C · 1st Nov, 2012

Yeah 5.85% is ok for a loan at 90% but not at below 80%

Alex P Keaton · 2nd Nov, 2012

beachside said:
Gee, the placement of a decimal point can make a difference can't it. From to to
And get ready to fill some forms in again and provide financials, if you get it done over the phone let me know!

I didnt have to fill any forms in to get my IR reduced.

I have to sign some new contracts though. The girl stuffed up and sent the wrong property contract with p & i so now i'm waiting for her to resend. oh well

Alex P Keaton · 2nd Nov, 2012

Do you think I could do better refinancing somewhere else?

Maybe I should look into it. uncross my loans. I probably have a 70-75% lvr at present

Aaron_C · 2nd Nov, 2012

Alex P Keaton said:
Do you think I could do better refinancing somewhere else?

Maybe I should look into it. uncross my loans. I probably have a 70-75% lvr at present

Yeah I would uncross the loans if you are able to...plus get a better rate (assuming you qualify).

jingo · 2nd Nov, 2012

Alex P Keaton said:
I didnt have to fill any forms in to get my IR reduced.

I have to sign some new contracts though. The girl stuffed up and sent the wrong property contract with p & i so now i'm waiting for her to resend. oh well

Hi Alex,

Be interested to hear how you end up going with this. We have 3 loans coming off high IO fixed rates (7.5%). The new lower rates will be very welcome and improve our cashflow no end!

But dealing with ANZ is a nightmare - and that is with my wife working directly in mortgages with contacts in high places!!! After much fussing around on the banks part, trying to work out whether we needed to go through a full credit assessment, they finally decided we didn't, and we now have the loans approved interest only for another 5 yrs. Mind you, their fussing around has meant that we will have to pay p&I for five days on one of the loans.

I can understand why people are moving away from ANZ. Their processes are ******!!!!

ps. Our new rate is 5.64%. (Variable)

Rolf Latham · 2nd Nov, 2012

jingo said:
I can understand why people are moving away from ANZ. Their processes are ******!!!!

The ANZprocess is undocumented, unreliable, and something that I will no longer expose clients to, and will simply move them along to another lender if it suits the borrower

One week its all good and dandy, the next week another person gets a hold of an identical deal, and all of a sudden they want the full monty instead of just a val for eg.

the lack of a reliable and consistent process becomes a killer as one's clients transition from accumulation to hold to consolidation, and many lenders could learn a lot from the simple and reliable WBC process.

ta
rolf

jingo · 2nd Nov, 2012

Rolf Latham said:
The ANZprocess is undocumented, unreliable, and something that I will no longer expose clients to, and will simply move them along to another lender if it suits the borrower

One week its all good and dandy, the next week another person gets a hold of an identical deal, and all of a sudden they want the full monty instead of just a val for eg.

the lack of a reliable and consistent process becomes a killer as one's clients transition from accumulation to hold to consolidation, and many lenders could learn a lot from the simple and reliable WBC process.

ta
rolf

Without knowing much about lending (only through my own personal experience with our portfolio and conversations with my wife) this is a correct summary of ANZ's processes. The inconsistency is really quiet alarming. The left hand doesn't know what the right hand is doing - one department says/does one thing, the other another.

Could be a nightmare for a borrower with a higher LVR needing IO payments but being forced onto P&I. Not to mention potentially hindering an investment strategy.

Regards Jason.

Rolf Latham · 2nd Nov, 2012

jingo said:
Without knowing much about lending (only through my own personal experience with our portfolio and conversations with my wife) this is a correct summary of ANZ's processes. The inconsistency is really quiet alarming. The left hand doesn't know what the right hand is doing - one department says/does one thing, the other another.

Could be a nightmare for a borrower with a higher LVR needing IO payments but being forced onto P&I. Not to mention potentially hindering an investment strategy.

Regards Jason.

Its sad, and will one day be fixed when they get a manager that has a HEART ! and the guts to go the process and put it to bed once and for all

The ANZ product is good, credit is ok, policy has its niches and chinks like all lenders, its a good organisation with great vision and good people, but currently lacks courage to tackle issues of moral dilema, prefering band aids over major structural change

ta
rolf