Refinancing

zimby

zimby

Hi All

Just got our unit Valuation back, 420k, last val was done in Jan and it was 375k !!
I believed the Jan one was slightly off( done by a 19 year old in 5 minutes)
Our current loan is $3222279 IO with ING.
This brings our LVR to around 76%.
Now I don't mind ING, but the convenience of having actual Branches is a factor.
Moving large amounts of money around via internet banking and daily limits is rather painful( ANZ 1 week later....)
What i'm thinking is to refinance to 80% LVR with combank, dump the difference in the offset with the rest of the funds ready for the second property purchase.
So a few questions.
Is combank a good bank to go with( I work in IT and find combank to be at the forefront of Tech, so I am naturally drawn to this bank)
For the second property purchase should we be using a different bank( won't be any cross collateralization with Combank as loans will be separate.)
We currently have anz platinum credit cards for the rewards( gets us around $700 per year, for a $150 fee)
Combank have the only close to equilavent Amex/MasterCard combo with high rewards points and this is free on wealth package I believe, so saving would be $150 per year)
Forgot to mention that the Property Val was done by Herron Todd White on Behalf of commbank( No complaints as was a free val)
What I also read on here is that it is good to use a mortgage broker to negotiate rates with the bank, however when visiting the bank, the bank manager was adamant that they can look after me just as well, is this the case?
Sorry lots of questions.

Cheers

Denis
 
I work as a personal lender for CBA so very bias.

But my Father works for ANZ and Mother for Westpac :)

And they both agree with our tech being far advanced in comparison.


Good time to be switching to CBA, you will be able to get a decent rate 5.05% as a variable on wealth package along with the credit card that you want.

You will also be able to get the new Everyday Offset without paying the $95 fee (this is currently waived for new customers)


As for going through a broker or direct to the bank, it all depends on who you are dealing with.

I strongly believe that a decent banker direct will be able to provide you better service as they know the product and procedure better along with better contacts...

But in saying that I'm aware of many terrible bankers.


You need to pick someone to look after your finances that you can trust, be it banker or broker.
 
Thanks Guys
Currently on a 5.09 with Ing so a drop would be good.
Is it worthwhile having 2 loans with 1 bank from a rate discount perspective?
 
It is cost effective. So long the loans are not crossed and correctly structured, there isn't many problems with this.

The exception is once you gain a larger exposure to any one particular lender, it would be prudent to diversify and spread your risk among a number of lenders as your portfolio expands.
 
Thanks CJay
Would I need another Bank's valuation should I consider moving to them, or would they accept the combank one?
 
Brady said:
As for going through a broker or direct to the bank, it all depends on who you are dealing with.
Click to expand...

That's the big issue - you don't know you're going to get on the day that you walk into that branch. I'd have no issues dealing with a branchy with your level of competence (you clearly know your stuff) - but I've had some shocking dealings with branch staff in the past when I've needed simple things - like setting up a MISA.

Cheers

Jamie
 
Hammer time??
Original LVR was around 86%, think we paid around 2k in Reduced Equity fee(Organised by Richard Taylor)
Usual Property goals, buy hold, rent positively, access equity repeat.
Currently looking at Units as they are cheaper to get started on, but once I heave some decent equity/Savings would like to move to House/development.
 
I guess the only issue with ING is the fact you can't get a pre-app valuation and there is a limit on cash out above 85%. You can get around this by buying a property and direct where those funds go.
 
zimby said:
Hammer time??
Original LVR was around 86%, think we paid around 2k in Reduced Equity fee(Organised by Richard Taylor)
Usual Property goals, buy hold, rent positively, access equity repeat.
Currently looking at Units as they are cheaper to get started on, but once I heave some decent equity/Savings would like to move to House/development.
Click to expand...
I'd get back in touch with Richard to discuss all options.

Cheers

Jamie
 
Hi Jamie

I've yet to discuss this loan with Richard.
I usually visit Mortgage choice for the grunt work and valuations.
Then engage some-one from the forums.
 
Aaron_C said:
Haha try not to do that, not really nice for the other brokers :)
Click to expand...

Agreed - if you've got an existing relationship with a broker that you're happy with then go back to them. They'd rather you touch base with them rather than going off to other brokers - even for valuations, etc. You're also getting other people to put in work for nothing - I don't think that's fair.

Cheers

Jamie
 
Jamie M said:
That's the big issue - you don't know you're going to get on the day that you walk into that branch. I'd have no issues dealing with a branchy with your level of competence (you clearly know your stuff) - but I've had some shocking dealings with branch staff in the past when I've needed simple things - like setting up a MISA.

Cheers

Jamie
Click to expand...

Jamie same thing can be said for an unknown broker?

The shocking things work both ways, had a broker customer pay off his loan over 5 years into the redraw as broker said it offsets his loan, then come time for new PPOR...

Find someone you trust, if it's a broker on the forum use them. If it's the branch manager you have already spoken with, use them :)
If you want to deal direct with the bank but didn't like the local branch I'm happy to help.

He needs to find someone that he trust be it banker or broker and use them, as mentioned by Aaron not nice getting one person to do the work then jumping ship.

Best of luck.
 
That's the big issue - you don't know you're going to get on the day that you walk into that branch. I'd have no issues dealing with a branchy with your level of competence (you clearly know your stuff) - but I've had some shocking dealings with branch staff in the past when I've needed simple things - like setting up a MISA.

Cheers

Jamie
Click to expand...

i was lucky with mine cause my dads business has a business manager who looks after his company so i deal with him and only deal with him with all my loans and my personal issues so its a breeze. everything a very quick process.

Nick
 
Sorry thought this required clarification.
The guys at Mortgage choice have been fantastic, and I Fully plan to utilize their services unless something in the plan I have suggested above is terribly amiss( joint effort with Mortgage choice)
I did originally contact Richard when we were interested in the second property, but our schedules conflicted and I just happened to drop into a Mortgage choice in the local shopping centre.
I have a firm Belief in doing the right thing by people, but this has to co-inside with my best interests :)
Also the responses here are fantastic, I would know next to nothing without SS
 
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