i take this post back....
NAB WOULDN'T take off 0.8% . Apparently the guy i'm dealing with spoke to his manager he could only offer 0.7% off at 7.12% which is completely and utterly standard....
can anyone please offer advice as i've sort of pushed myself to the brink here and committed with NAB[myself and my mate].. now i just want a better rate and/or just go onto another bank that actually wants the business
I actually told my mate and he has given up already and is not willing to ever step into NAB again
Stockt12, this is a completely unsolicited comment, but your friend doesn't sound very committed to property. He doesn’t seem to be actively doing anything, and is just depending on you. It’s one thing to ask others to get their knowledge and experience, but it’s another to be uncommitted yourself and just ‘go with the flow’.
My own experience with people who are lukewarm is that if the investment doesn’t turn out the way they want (such as a flat market), or they feel that the investment is ‘cramping’ them (perhaps due to –ve cashflow eating into lifestyle) they’re going to resent whoever ‘pushed’ them into it. That would be you, in this case.
I mean, if it’s a good buy, 0.1% shouldn’t be a deal breaker. I certainly wouldn't worry too much about a 0.1% difference in interest if I believe in the property. Your friend might just be looking for an excuse to get out. Think of it from your perspective. Would you be too worried about paying an extra 0.1% on your loan? Given that a decent property will return 7% CG long term? If your friend can't see that (or doesn't want to), you have to think about whether pushing him into the property is a good idea.
I know that we believe whole-heartedly in IPs, but not everyone wants to, or can (emotionally) handle it. As much as I want to help a lot of my friends into property, I realise that a lot of them will just end up hating me for it.
In what way are you committed to NAB? Have you already signed the mortgage documents?
Alex