U bank home loan - any feedback to share
- Thread starter Mr T
- Start date
It's for my IP ...currently with Citibank
80% is no good for me as i've already paid LMI as its 92% loan.
Thanks for that
So why do you want to refinance? Rate?
Given you're already over 80% you simply don't qualify for a UBank loan.
Moving to another bank is likely to be very costly in terms of mortgage insurance. Unless you can get 0.7% or more lower than what you've already got, I'd suggest that it's probably not worth moving to a different lender at this point.
Citibank is currently offering around 6.55% with some products, which is reasonably compeditive. It will also drop in the near future, probably to around 6.2%. Your most cost effective option would likely be to stay with Citibank, but revise your product selection instead.
Just in case you are wondering, the LMI is NOT transferable to another lender which I think you were implying
That means youd need to pay new lmi
The U Bank loan can be useful fr some deals, we have recommended the product in some circumstances.
ta
rolf
Sorry, the insurers double dip on the LMI premiums. There's no portability.
Dave you can sometimes get a refund of 40% of the LMI premium, but not up to 4 years. Most of the lenders offering this have removed it altogether.
spoke to a guy the other day, refinanced at 60% with ubank, 2 months later went back to get the 20% equity out for a deposit
'sorry can't do anything with loan for 12 months and when u do no side loan allowed'
Imagine trying to do a partial discharge, switch from p & I to io or anything really besides single loan & single security.
yes but the rate is good
ta
rolf
Speaking of rate - what is your best at the moment????
Cheers
Jamie
Def pain in the ***....got a client on 70% LVR...and he can;t draw out any equity to use as deposit on a new IP due to the Ubanks "12 month rule" + no split loans....sigh...
Speaking of rate - what is your best at the moment????
Cheers
Jamie
That answer will almost always end up with a referral to an on line lender.
I cant add value to that sort of request if after a fact find and goal setting "grilling" the clients core focus is still rate.
There are circumstances where the rate is THE number one thing, at least in the clients perspective.
When a 25 year old tells me he will stay in his PPOR and never ever ever sell or turn into an IP......................you cant argue with that on a logical basis, and there is a client mismatch there anyways.
ta
rolf
ta
rolf
