Looking For A Way Foward???

W

watto

This one is for the Brokers amongst us...

I currently have a NAB 30 Day Market Rate Facility that has been in place since mid 2007...

NAB keep telling me that this is the best/only option for my situation??

I would love some input as to better options available...

LVR on original purchase was 69.8% (property is considered com)

current LVR would be around 52-55%

Cheers
Watto
 
Loan is $390K interest only at Market Rate which is currently 8.740%

8.740 07/2013
8.760 06/2013
9.082 03/2012
8.978 01/2012
8.920 12/2011
9.350 07/2011
8.773 09/2010
6.950 08/2009
9.608 10/2008
11.003 09/2008
10.820 08/2008
 
The property is located in Youngtown in Launceston..

we mainly cater for emergency accoms...

it is a 16 room boarding style house on approx 1850 sqm consisting of 2 separate buildings the newer front building has 10 rooms with communal kitchen dining lounge laundry and 2 male showers 2 male WC and 2 Female showers and 2 WC.. Besser block and steel deck roof...

5 rooms have their own internal shower and 1 has an internal toilet...

The rear dwelling contains 6 older style rooms all with internal hand basins 2 communal showers over baths 1 WC and a laundry area..

A mix of weather tex sheeting, vertical timber boards and older stucco render with corrugated roof iron...

The rear dwelling also contains a 2 bedroom caretakers residence that has been fully renovated in the past 18 months...

Credit history is excellent as far as i know...
 
watto said:
The property is located in Youngtown in Launceston..

we mainly cater for emergency accoms...

it is a 16 room boarding style house on approx 1850 sqm consisting of 2 separate buildings the newer front building has 10 rooms with communal kitchen dining lounge laundry and 2 male showers 2 male WC and 2 Female showers and 2 WC.. Besser block and steel deck roof...

5 rooms have their own internal shower and 1 has an internal toilet...

The rear dwelling contains 6 older style rooms all with internal hand basins 2 communal showers over baths 1 WC and a laundry area..

A mix of weather tex sheeting, vertical timber boards and older stucco render with corrugated roof iron...

The rear dwelling also contains a 2 bedroom caretakers residence that has been fully renovated in the past 18 months...

Credit history is excellent as far as i know...
Click to expand...

Sounds like a good earner?

Why the heck are you on a 30 day acct?
 
Location (youngtown) isn't an issue but the security type maybe. Commercial property/loans are very different to resi - there will be a fair difference in interest rate offered by each lender and also LVR levels.
 
It is a good little earner...

It was the only thing NAB offered me way back in 2007 and i have been a touch busy/lazy to refinance it...
 
I would first try negotiating a better product and rate with NAB before looking elsewhere. Long term client with excellent loan conduct are major attributes when negotiating a better rate. Looks like your LVR has dropped as well which should certainly assist.
 
TheFinanceShop said:
I would first try negotiating a better product and rate with NAB before looking elsewhere. Long term client with excellent loan conduct are major attributes when negotiating a better rate. Looks like your LVR has dropped as well which should certainly assist.
Click to expand...

I've asked a couple of times for a better product... but they keep telling me cos the nature of it they cant move it to anything else??? Then they seem to find a new Acct Manager and shuffle me along...

So time to shake the tree and see...
 
Do you have equity elsewhere that could be redrawn (at homeloan rates)_ to fund this property? I am sure you have tried or thought of this already but wanted to bring it up.
 
watto said:
I've asked a couple of times for a better product... but they keep telling me cos the nature of it they cant move it to anything else??? Then they seem to find a new Acct Manager and shuffle me along...

So time to shake the tree and see...
Click to expand...

NAB wont do anything until you waste your time, and a bankers or brokers time and hit them with a discharge

t
arolf
 
watto said:
I've asked a couple of times for a better product... but they keep telling me cos the nature of it they cant move it to anything else??? Then they seem to find a new Acct Manager and shuffle me along...

So time to shake the tree and see...
Click to expand...

In that case shake away.
 
You must log in or register to reply here.

Similar threads

L
Best rate from NAB for Vacant land home loan for construction (Investment Property)
2
Replies
22
Views
6K
Shahin_Afarin
Shahin_Afarin
B
Advice requested on financing options
Replies
12
Views
2K
Barossa
B
S
Job offer - how to best handle
Replies
12
Views
2K
Success
S
D
Loan Structure Advice Needed
Replies
2
Views
1K
Redom
Redom
A
Loan restructuring advice
Replies
4
Views
1K
Rolf Latham
R
Back
Top