4. Must enjoy long walks on the beach
With or without Chuck Norris?
Cheers
Jamie
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4. Must enjoy long walks on the beach
3. Engineer must be employed by mining company
please see below
ta
rolf
With the current Suncorp package deal where they are waiving the annual fee for life - if I apply today, what is the chance of the refinance going through before year end? I have heard there are a few delays with the process.
I am not expecting any issues with valuations or income etc.
Re the OP, as others have pointed out, don't see why you'd refinance out of ANZ. Based on a cost consideration itself, its important to have a full picture of the pricing and look beyond the 'rate'. Refinancing will cost you over $500, and thats a conservative number. On top of this, you'll have to pay LMI again.
Talking to banks individually will lead you to a series of sales pitches about their products - generally without a complete assessment of what your looking for.
Also pretty sure ANZ will reduce their 5.08% rate - you should be able to get it to sub 5% without any trouble at all. Give them a call or just request one of the brokers on here to do it for you.
Kimba, I really want to stress to you how important getting good advice is. You may not think these things important now but down the track when you are at the limit of your borrowing and want to swap stuff around and then find you can't because of a decision you made years earlier..... well there is that saying about an ounce of prevention is worth more than a pound of cure (OMG, that made me sound old!).
As someone who structured poorly and then came very close to losing a portfolio of 9 properties that took us a decade to build up, please talk to one of these guys!
Wow, i had no idea i had so many replies to this post. It seems i don't get all email notifications when somebody posts.. hence why i haven't replied yet.
I'm trying to understand it all a bit better now by looking beyond the rate. Why would i need to pay LMI again if my house has a valuation done first? ANZ have already valued my house at 60k more - which probably isn't that much in equity to play with anyway - especially if i reduce my LVR to 80%.
I've spoken to multiple people from ANZ and none have said they will reduce the rate.. even with threatening to leave.
Haha yes, that's SS for you - wealth of knowledge! Its a great place to learn.
You wont be up for more LMI if you stay with ANZ. If you have an extra 60k in equity, you should be able to borrow against it and take out some of that equity to use to fund another purchase. This will depend on your borrowing ability and whether the banks deem that you can afford to purchase another home.
Regarding the LMI cost involved with this - ANZ will 'credit' the existing LMI you've already paid, and you'll only have to pay LMI again on the additional equity you take out. So if you take out an extra 50k, you'll pay LMI on a 50k amount (small).
On the other hand, if you refinance to another lender, and take out a loan for the entire amount, you'll have to repay LMI on the entire balance (big!).
I'm quite surprised by ANZ's response to you threatening to leave, discounting to sub 5% (very small discount!) hasn't been too difficult with them.
Cheers,
Redom
Would it be advisable that i reduce my LVR to 80% or use most of the equity for another deposit? i didn't think i've paid any LMI yet. I thought it was just added onto the 'end of the loan'?
From what Suncorp was saying, they would value the house first, then if it was worth more and i had enough equity, i wouldn't have to pay LMI. I'm not sure how true that is, but it could be Suncorp trying to sell me their product better.
Yeah, so am i! I've spoken to someone in a physical branch, spoken to a person over the phone, and even my broker said they wouldn't budge. It's weird how you guys are saying they should be budging. I thought i was usually quite convincing when negotiating. Could it be because i have 40k sitting in my offset account too? Just didn't know if that could affect it
ANZ are going to be easier to deal with for cashouts above 80% IMO.
With the current Suncorp package deal where they are waiving the annual fee for life - if I apply today, what is the chance of the refinance going through before year end? I have heard there are a few delays with the process.
I am not expecting any issues with valuations or income etc.
So after a few weeks delay, I am now expecting formal approval from Suncorp on Monday 1 December. I am refinancing from NAB. Do you guys think this refinance will be able to get through before year end or am I no hope?
no probs
gte the mortgage discharge to NAB tommorow though
ta
rolf