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

Ok thanks

__________

 

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.

 

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

 

1.5% discount???

 

surely not

 

1.05% maybe?

 

5.85 %

I'm down from 6% to 5.85 %

 

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!

 

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.

 

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

 

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

 

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).

 

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)

 

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.

 

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