refinance suggestions

[danielt]

hi, I'm looking for suggestions, I'm looking to refinance an investment property worth about $900k to max LVR to tap into equity. No other loans to refinance. Am self employed (medical specialist) but got all BAS statements and tax returns. Currently with CBA Homepath at 5.2%. Looking for 100% offset. Ubank don't offer loans to self employed. Loans.com.au are at 4.49%. Thanks

 

[Rolf Latham]

hi, I'm looking for suggestions, I'm looking to refinance an investment property worth about $900k to max LVR to tap into equity. No other loans to refinance. Am self employed (medical specialist) but got all BAS statements and tax returns. Currently with CBA Homepath at 5.2%. Looking for 100% offset. Ubank don't offer loans to self employed. Loans.com.au are at 4.49%. Thanks

Max lvr would suggest u use anz cba WBC etc whom will do 90 no lmi for qual medicos.

But if rate is ur core focus as it appears then go with the cheapest 100 % offset product which will likely be a mortgage manager.

If u are looking to build a portfolio then maybe look at other things other than price.......

Ta
Rolf

 

[Terry_w]

Avoid the cheapie non bank lender - no offset for starters.

Go for a major bank under their medical package.

 

[Aaron_C]

You can probably get a good discount with one of the other majors with that loan size. Just note that your loan is treated as an LMI loan even if it's not payable so cash-out restrictions apply in trying to access equity.

 

[Rolf Latham]

You can probably get a good discount with one of the other majors with that loan size. Just note that your loan is treated as an LMI loan even if it's not payable so cash-out restrictions apply in trying to access equity.

Anz is relatively painless in that regard, but makes up for it in other ways

Ta
Rolf

 

[danielt]

Hi Aaron, what do you mean, the loan is treated as LMI - is that even if I borrow under the 80% threshold?

And the cash-out restrictions - what do you mean? That the lender decides for what purpose I can draw down? ie. day-trading the stockmarket, buying a car, holiday etc

You can probably get a good discount with one of the other majors with that loan size. Just note that your loan is treated as an LMI loan even if it's not payable so cash-out restrictions apply in trying to access equity.

 

[jonmardell]

hi, I'm looking for suggestions, I'm looking to refinance an investment property worth about $900k to max LVR to tap into equity. No other loans to refinance. Am self employed (medical specialist) but got all BAS statements and tax returns. Currently with CBA Homepath at 5.2%. Looking for 100% offset. Ubank don't offer loans to self employed. Loans.com.au are at 4.49%. Thanks

Being a doctor you have access to 90% with out LMI with a few lenders mentioned earlier plus st george. If you want the best rate then the mortgage managers are going to be cheaper than the big banks but it does come with some sacrifice. Are you looking to refinance to 80% or could you see some more benefit in getting 90%?

 

[Aaron_C]

Hi Aaron, what do you mean, the loan is treated as LMI - is that even if I borrow under the 80% threshold?

Well if the loan is above 80% it is subject to LMI policy which is more restrictive than sub 80% policy especially in terms of cash out.

And the cash-out restrictions - what do you mean? That the lender decides for what purpose I can draw down? ie. day-trading the stockmarket, buying a car, holiday etc

Yes they will want verification of purpose but again this depends on lender.