Refinancing from ANZ to Bankwest

Hi

I found out today that ANZ will only loan me $207 K. MB says they are very conservative.

Put off by 2nd floor unit topic - *finance* thread


He thinks Bankwest will loan me $240 K. So I am thinking of refinancing with Bankwest. He says it will cost $700 to switch.


I have had my ppor home loan with ANZ since October 27, 2008. Will it cost me more to refinance to Bankwest seeing I have not been with ANZ very long?


Anyone else refinance or get a loan with Bankwest? Have you found that they tend to loan more than some of the other banks? Do they have a good product?


I'll have to find out if the loan is right for me, if the IR is ok, if there is a 100 % offset account account attached to my ppor loan. Because I would be refinancing my ppor with them and then x-col to buy 1st IP.


I also have to find out if Bankwest will finance me for under 50 sqm too.



thanks
 
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Since Bankwest got rid of their Ratetracker loan last week, I struggle to see how they have a good product. You won't qualify for their premium loan due to lending being under $500K, which means the best you can do is their mortgage shredder 1 yr intro product, which doesn't look good to me. It only came out today (or yesterday, damn short term memory!) and it has a decent rate for the first year, but is useless after that (thinking 5.95% variable with the recent increase, and a $1500 DEF...).

How you can justify that over 5.3something at any other bank I'm not sure...

Wouldn't have thought Bankwest's lending criteria would let you borrow more than Westpac or even Homeside or any number of other banks either...

Noel
 
Hi Kim

Why are you closing the ANZ loan?

You want a loan for the investment property. You can have two loans with two different lenders.

BankWest are good lenders (I am lodging an application with BW as I write), but they are not the highest serviceability, either.

How big is the internal residential area (excluding balconies) of the flat you are looking at? Is it a true one bedroom or a studio or a bedroom with sliding walls?

What rent do you expect to achieve?

Ask your broker to provide you with a borrowing capacity summary based on retaining the ANZ loan and looking at all alternate lenders.

Your broker should be providing you with comprehensive worksheets and thorough explanations, not just lender-hopping. Every time you change something it will cost you money, so make sure you understand the 'why' and 'wherefore' of the whole process before you make any decisions.

You are taking a lot of time finding a suitable property, but the real expense is the mortgage loan.

Take plenty of time to make sure you are getting the most appropriate deal.

cheers
Kristine
 
Wow is it really that bad?

It has 100% offset (but conditions apply) $15 a month charge

Interest only option (conditions apply) Anyone know the conditions?

I have to weigh up the pros and cons on whether its worthwhile to refinance. If I can get a bigger loan with Bankwest it means I will be able to buy a unit with an internal bathroom/laundry. I think it could be worthwile to do so.


The other option is sticking with ANZ and accepting their $207 K loan and buying into a complex with a communal laundry.
 
Hi Kim

Why are you closing the ANZ loan?

You want a loan for the investment property. You can have two loans with two different lenders.

BankWest are good lenders (I am lodging an application with BW as I write), but they are not the highest serviceability, either.

How big is the internal residential area (excluding balconies) of the flat you are looking at? Is it a true one bedroom or a studio or a bedroom with sliding walls?

What rent do you expect to achieve?

Ask your broker to provide you with a borrowing capacity summary based on retaining the ANZ loan and looking at all alternate lenders.

Your broker should be providing you with comprehensive worksheets and thorough explanations, not just lender-hopping. Every time you change something it will cost you money, so make sure you understand the 'why' and 'wherefore' of the whole process before you make any decisions.

You are taking a lot of time finding a suitable property, but the real expense is the mortgage loan.

Take plenty of time to make sure you are getting the most appropriate deal.

cheers
Kristine


Why are you closing the ANZ loan?

You want a loan for the investment property. You can have two loans with two different lenders.

Yeah I know but MB says that I will be able to get a bigger loan if its x-col with my ppor so that would mean moving my ppor loan over.


How big is the internal residential area (excluding balconies) of the flat you are looking at? Is it a true one bedroom or a studio or a bedroom with sliding walls?

I'm only looking at proper 1 bedroom, with wall and door.

I'm looking at anything between 40 and 52 sqm.


Ask your broker to provide you with a borrowing capacity summary based on retaining the ANZ loan and looking at all alternate lenders.

Your broker should be providing you with comprehensive worksheets and thorough explanations, not just lender-hopping. Every time you change something it will cost you money, so make sure you understand the 'why' and 'wherefore' of the whole process before you make any decisions.

Ya know what he's not doing any of this! He has been ok but i could be happier. Maybe I should tell him what I told the other lady, that I was going to leave it for 6 months and then buy something. arrggh a bit frustrated


hmmmm or maybe I should go buy what I can afford to buy with what ANZ will loan me. That will get me a 41 sqm unit with communal laundry. I actually made the decision to go with ANZ's $207 K and rang up the agent to put an offer on this ip i've had my eye on for the past week. But then my mb rang me to say bankwest would loan me $240 K and then I started to change my mind again. I'm a bit confused.


The 41 sqm ip could be a good start. Its in a great location, 5 minute walk to bus stop. 10 minutes to a bunch of shops. Only 6 k to cbd. According to the agent its in high demand by tenants. No probs with vacancys. At least I know I wouldn't be over comitting myself. Would be able to easily afford the repayments, even when IR rise by a few percent. Wont have to use much of my own savings to buy it. Perhaps only $3 K tops and then $2 K to fix up a couple of little things in there such as paint the bathroom. Hanging space in the wardrobe, fix the bathrail. The kitchen is renovated. There is nice floor tiles.
 
hmmmm or maybe I should go buy what I can afford to buy with what ANZ will loan me. That will get me a 41 sqm unit with communal laundry. I actually made the decision to go with ANZ's $207 K and rang up the agent to put an offer on this ip i've had my eye on for the past week. But then my mb rang me to say bankwest would loan me $240 K and then I started to change my mind again. I'm a bit confused.


The 41 sqm ip could be a good start. Its in a great location, 5 minute walk to bus stop. 10 minutes to a bunch of shops. Only 6 k to cbd. According to the agent its in high demand by tenants. No probs with vacancys. At least I know I wouldn't be over comitting myself. Would be able to easily afford the repayments, even when IR rise by a few percent. Wont have to use much of my own savings to buy it. Perhaps only $3 K tops and then $2 K to fix up a couple of little things in there such as paint the bathroom. Hanging space in the wardrobe, fix the bathrail. The kitchen is renovated. There is nice floor tiles.



I am seriously thinking of ringing and putting an offer today on this property that is asking $212 K with communal laundry. Looked in the yellow pages. There is a very handy laundromat round the corner as well.

I have a deadline though. I have to make my decision soon or it will be gone. This feels like the right thing to do. I have been weighing up the pros and cons.

I have to run to work so cant add too much more to this post.

I left a message with the ra yesterday afternoon. If he hasnt rung me back by lunch time i think i will ring him. Put an offer for $203,750.
 
I am seriously thinking of ringing and putting an offer today on this property that is asking $212 K with communal laundry. Looked in the yellow pages. There is a very handy laundromat round the corner as well.

I have a deadline though. I have to make my decision soon or it will be gone. This feels like the right thing to do. I have been weighing up the pros and cons.


Yey I did it. I put in the offer this morning at 9 am. Its 7pm now. Havent heard back form the agent yet

:(
 
Geez, I thought if you put an offer in they take it then and there (after spending an hour initialling those 100 pages in each freakin corner) and get back to you within the hour :confused:
 
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