Hi All,
Apologies if there's a thread/threads about this, I've spent a while looking but to no avail.
Could anyone offer any insight into negotiating a discount on lenders' interest rates? I'm not talking about negotiating techniques, more some thoughts on the willingness of lenders to roll up their sleeves and get down to talking some numbers.
We're currently looking for modest PPOR finance of circa $235K - $280K with LVR of 67% - 80% (depending on what we decide to contribute from our own funds) but it seems with a somewhat restricted range of lenders due to our personal circumstances (myself, self employed, no accounts until EOFY 2014 and my wife on a casual employment contract as a nurse) - we'd be going 5 years interest only with an offset facility.
I understand that although interest rates are very low, margins aren't, with the difference between the official cash rate and mortgage rates offering more negotiating space than has often been the case historically. I'm under no illusion that we're hardly deal of the month for either a mortgage broker or lender but is there likely to be room to talk rates for this type of loan?
I haven't discussed this with our mortgage broker yet but she's suggested that CBA are the most likely lender to go for our circumstances, so if this is the case, we'd probably be talking to them.
Many thanks in advance for any thoughts people might have.
Apologies if there's a thread/threads about this, I've spent a while looking but to no avail.
Could anyone offer any insight into negotiating a discount on lenders' interest rates? I'm not talking about negotiating techniques, more some thoughts on the willingness of lenders to roll up their sleeves and get down to talking some numbers.
We're currently looking for modest PPOR finance of circa $235K - $280K with LVR of 67% - 80% (depending on what we decide to contribute from our own funds) but it seems with a somewhat restricted range of lenders due to our personal circumstances (myself, self employed, no accounts until EOFY 2014 and my wife on a casual employment contract as a nurse) - we'd be going 5 years interest only with an offset facility.
I understand that although interest rates are very low, margins aren't, with the difference between the official cash rate and mortgage rates offering more negotiating space than has often been the case historically. I'm under no illusion that we're hardly deal of the month for either a mortgage broker or lender but is there likely to be room to talk rates for this type of loan?
I haven't discussed this with our mortgage broker yet but she's suggested that CBA are the most likely lender to go for our circumstances, so if this is the case, we'd probably be talking to them.
Many thanks in advance for any thoughts people might have.