Rockhampton Building Society or ANZ
- Thread starter mitta
- Start date
We looked at refinancing all of our IP's through "The Rock" [Leanne Locke] as they were ofering us a great deal when I was shopping around through just about everyone in OZ.
They would'nt come to the party on paying for the Val's on our properties, where as W/pac did, so we went with them.
Looking back now though, I think for us "The Rock" may have worked out better long term for us as they used a freindlier Valuer compared to W/pac.
Our IP's are in Rocky as well.
BB
They would'nt come to the party on paying for the Val's on our properties, where as W/pac did, so we went with them.
Looking back now though, I think for us "The Rock" may have worked out better long term for us as they used a freindlier Valuer compared to W/pac.
Our IP's are in Rocky as well.
BB
Hiya
If the LVRs are 80 % or below, and/OR you plan to do lots more investing in the future The Rock is not a good fit.
Like many non bank lenders, they mortgage insure all loans, even below 80 % LVR. ............this isnt good for you for a number of reasons
The product mix is ok, but I recall their longest fixed rate used to be 3 years.
Beware their extortioniate exit costs too
Oh, btw, The Rock is on my lender list, its just very rare thate we use them.
ta
Rolf
If the LVRs are 80 % or below, and/OR you plan to do lots more investing in the future The Rock is not a good fit.
Like many non bank lenders, they mortgage insure all loans, even below 80 % LVR. ............this isnt good for you for a number of reasons
The product mix is ok, but I recall their longest fixed rate used to be 3 years.
Beware their extortioniate exit costs too
Oh, btw, The Rock is on my lender list, its just very rare thate we use them.
ta
Rolf
Thanks BB and Rolf, Actually looking for a loan with a 100% offset, maybe one of the professional packages from say, the Rock or St George, couldn't find one with the ANZ thou ( strange ). Rolf, I hear what your saying about the Rock, but their package does look good, from the surface that is, we will sit down when our local broker returns from holidays and do our sums. Also, our LVR on this property is 60%. Mark
ANZ has a professional package called Breakfree. I've been on it for a few years and it more than pays for itself. $295 a year, and you get free loan application fees ($600 a pop), discounts on interest (though everyone offers that these days) and no fees on current accounts and credit cards.
Having refinanced from ANZ to CBA on one loan and refinanced within ANZ for another, I can say in that case it was much cheaper to refinance within ANZ.
Alex
Hiya Mitt
At 60 % LVR id steer clear of a securitised lender.............doesnt matter how good the surface is, your circumstances may change and shifting could be painful and expensive
Adelaide Bank could be a good fit for you, depending on a few things.
Variable 7.30 (cr of 7.38) OR fixed 5 years at 7.15 (Cr of 7.31)
Both available as a IO with 100 % offset (even the fixed)
ta
rolf
At 60 % LVR id steer clear of a securitised lender.............doesnt matter how good the surface is, your circumstances may change and shifting could be painful and expensive
Adelaide Bank could be a good fit for you, depending on a few things.
Variable 7.30 (cr of 7.38) OR fixed 5 years at 7.15 (Cr of 7.31)
Both available as a IO with 100 % offset (even the fixed)
ta
rolf
Thanks Alex and Rolf, Spoke to Anz and Adelaide banks today, both the Breakfree and Smart Sweet packages look good.
Option 1. Refinance from our Anz standard variable to Adelaide's Smart Sweet package, 7.30% variable with a 100% offset and only $8 month for the loan itself, and no other running costs.
Option 2. Going from our Anz standard variable to the Anz Breakfree package with a discounted 7.57% variable with a 100% offset, new price of $340 per year and one of their requirements of having their credit card as well.
We have to workout the extra costs in Refinancing in option 1, but that may in the long run smooth itself out compared to the annual fee in option 2 and having to use their card, we are set in our ways with a different companies card. Mark
Option 1. Refinance from our Anz standard variable to Adelaide's Smart Sweet package, 7.30% variable with a 100% offset and only $8 month for the loan itself, and no other running costs.
Option 2. Going from our Anz standard variable to the Anz Breakfree package with a discounted 7.57% variable with a 100% offset, new price of $340 per year and one of their requirements of having their credit card as well.
We have to workout the extra costs in Refinancing in option 1, but that may in the long run smooth itself out compared to the annual fee in option 2 and having to use their card, we are set in our ways with a different companies card. Mark
Hiya Mitt
No one can force you to use their credit card, only that you take one.
ta
rolf
No one can force you to use their credit card, only that you take one.
ta
rolf
Thanks Rolf, I wasn't aware of that, but as explained we will weight up both our options, the only issues are the refinance costs compared to the Breakfree annual fee. At the moment I'm leaning towards Adelaide but we will see after consulting with our holidaying broker.
Mark
