Refinancing

[bailz66]

We are looking to refinance our Residential PPOR

Currently we are fixed at about 7.5% but its about to come out of that and revert to something stupid like 8.06%

Anyway we have about 62% LVR atm on the property.

Is there any banks/lenders we should avoid? Is it worth going through a broker or should we go to the banks themselves?

We were with a non bank lender and their service was absolutely abysmal!

Say we got a broker to help us out is our business after the loan app with the broker or the bank afterward?

We have looked at CBA, and NAB in the last few days. We want to avoid ANZ as the people on our street that went through them had massive mistakes including 20k going missing and being told that they needed to take money out in cash to pay a deposit (60k in cash) then take it to another bank

 

[jonmardell]

a broker could help by comparing interest rates/fees and credit assessment across the lenders. customer service issues are experienced across all lenders so unless you have had a bad experience with a particular lender then go on price/convenience.

 

[Peter_Tersteeg]

Different lenders allow brokers different levels of access to brokers after settlement to provide the ongoing service.

For the most part, brokers expect to help you with ongoing changes to the loan (eg, fixing, increases, etc). If you've got transaction queries, some lenders will release some information to allow the broker to help you, some won't. Lenders generally won't give a broker direct access to your accounts (there are some exceptions, but they're rare).

It's fair to say that in terms of service, all lenders have had great service and they've all be lousy. It just depends on the circumstances and timing. I've been in the situation of trying to track down missing funds with most lenders at some point in time. It's usually not too much of a problem.

 

[marty29]

When it comes to refinancing, it is important to also know if you still want fixed rate or variable rate.

It is obviously easier to source/find the cheapest rate for variable loan, but if you are looking for fixed rate, it perhaps helps to have a broker helping you, as some non-band lenders have 100% offset on their fixed rate. That may 1) helps you budget for the repayments over the fixed term and 2) reduces your loan term if you have savings on the offset.

Although you don't like the non-bank lenders you are with now, perhaps other non-bank lenders will do better?

 

[Rolf Latham]

Currently we are fixed at about 7.5% but its about to come out of that and revert to something stupid like 8.06%

do u really need to refi ?

Perhaps the lender doesnt know their own products

Who is the lender and whats the loan amount pls

ta
rolf

 

[bailz66]

Thanks Rolf

As far as refinancing its a yes yes yes!! I havent really got a choice.

The lender we were with went out of business (Wizard) and we are stuck in a position where they have done nothing at all to help us in the situation.

Interest rates went down, our loan didnt. Rates went up ours definatly did.

We are paying about 1.5% too much so will be moving. I think we have made our minds up about where we are going to go.

Thanks heaps for your help above guys

 

[The Sniffer]

CBA purchased Wizard and have the ability to move you to a CBA product with no fees. Bank covers all titles office fees and vals etc. They can even get your statements etc so it's not a full application.

 

[bailz66]

Thanks Sniffer, I know they did but i dont know if that was just for older products

I will ask about it though thanks