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

Discussion in 'Property Finance' started by Alex P Keaton, 15th Oct, 2012.

  1. Alex P Keaton

    Alex P Keaton Member

    Joined:
    16th Mar, 2008
    Messages:
    3,121
    Location:
    Australia
    Ok thanks

    __________
     
  2. Alex P Keaton

    Alex P Keaton Member

    Joined:
    16th Mar, 2008
    Messages:
    3,121
    Location:
    Australia
    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.
     
  3. Alex P Keaton

    Alex P Keaton Member

    Joined:
    16th Mar, 2008
    Messages:
    3,121
    Location:
    Australia
    yey I got 1.5% :)

    quite happy with that. i'll take it!!
     
  4. Rolf Latham

    Rolf Latham Member

    Joined:
    2nd Mar, 2001
    Messages:
    18,791
    Location:
    Confused = Sydney, Brisbane and Gold Coast
    So your end rate will be 5.1 % variable

    Sensqtional but maybe unlikely.?
    Ta
    Rolf
     
  5. Aaron_C

    Aaron_C Finance Broker

    Joined:
    11th Jun, 2011
    Messages:
    12,670
    Location:
    Melbourne, Victoria
    1.5% discount???
     
  6. Brady

    Brady Big 4 Banker

    Joined:
    19th Jun, 2012
    Messages:
    2,708
    Location:
    Adelaide
    surely not :eek:
     
  7. tess85

    tess85 Addicted to SS

    Joined:
    29th Aug, 2008
    Messages:
    1,008
    Location:
    somewhere over a rainbow
    1.05% maybe?
     
  8. Alex P Keaton

    Alex P Keaton Member

    Joined:
    16th Mar, 2008
    Messages:
    3,121
    Location:
    Australia
    5.85 %

    I'm down from 6% to 5.85 %

    :)
     
  9. beachside

    beachside Member

    Joined:
    26th Feb, 2004
    Messages:
    659
    Media:
    23
    Location:
    Sydney NSW
    Gee, the placement of a decimal point can make a difference can't it. From :D to :eek: to :(
    And get ready to fill some forms in again and provide financials, if you get it done over the phone let me know!
     
  10. Peter_Tersteeg

    Peter_Tersteeg Finance broker/strategist

    Joined:
    29th May, 2001
    Messages:
    8,506
    Media:
    1
    Location:
    Melbourne
    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. :(
     
  11. Aaron_C

    Aaron_C Finance Broker

    Joined:
    11th Jun, 2011
    Messages:
    12,670
    Location:
    Melbourne, Victoria
    Yeah 5.85% is ok for a loan at 90% but not at below 80%
     
  12. Alex P Keaton

    Alex P Keaton Member

    Joined:
    16th Mar, 2008
    Messages:
    3,121
    Location:
    Australia
    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
     
  13. Alex P Keaton

    Alex P Keaton Member

    Joined:
    16th Mar, 2008
    Messages:
    3,121
    Location:
    Australia
    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
     
  14. Aaron_C

    Aaron_C Finance Broker

    Joined:
    11th Jun, 2011
    Messages:
    12,670
    Location:
    Melbourne, Victoria
    Yeah I would uncross the loans if you are able to...plus get a better rate (assuming you qualify).
     
  15. jingo

    jingo Long Term Investor

    Joined:
    22nd Jan, 2007
    Messages:
    2,205
    Location:
    Melbourne, Victoria
    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 ******!!!! :eek:

    ps. Our new rate is 5.64%. (Variable)
     
    Last edited: 3rd Nov, 2012
  16. Rolf Latham

    Rolf Latham Member

    Joined:
    2nd Mar, 2001
    Messages:
    18,791
    Location:
    Confused = Sydney, Brisbane and Gold Coast
    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
     
  17. jingo

    jingo Long Term Investor

    Joined:
    22nd Jan, 2007
    Messages:
    2,205
    Location:
    Melbourne, Victoria
    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.
     
  18. Rolf Latham

    Rolf Latham Member

    Joined:
    2nd Mar, 2001
    Messages:
    18,791
    Location:
    Confused = Sydney, Brisbane and Gold Coast
    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