Which bank r you with and what interest rates are you currently getting?
- Thread starter willz
- Start date
Yes interest rate, is only one factor on loan, im just glad that i didnt have to refinance, cos i was previously only got a discount for .7% then .9% and now 1.05%, i doubt that the next time i call them up i will get a discount of 1.2% but i will try my luck in maybe in about 4 months time.
There are ways you can get an effective rate of below 4.8....................but this comes with some work some risk. and needs to be a decent chunk of money to make it worthwhile.
Focus on cost vs availability can often end in a counterproductive outcome, save 3000 a year but lose 500 000 plus in portfolio value over time.
ta
rolf
Focus on cost vs availability can often end in a counterproductive outcome, save 3000 a year but lose 500 000 plus in portfolio value over time.
ta
rolf
Ah yes the good old rate debate. What's the point of getting an interest rate of say 5.00% when you can't service with that lender, or you want to build 3 dwellings and a lender's policy doesn't allow it or the product doesn't have a critical feature such as an offset.
Arguably, rate is merely only one piece in a potentially large puzzle.
Arguably, rate is merely only one piece in a potentially large puzzle.
So your effective rate ( excluding fees) is 5.33
Ubank will do 4.87 .............
for a directly comparable product ING and BWA ( 2 year intro) will slice another 20pts off that and I guess STG will do something in the 5.0x. Post Service levels at all 3 is in our experience best left to someone else
Id be chasing my existing lender a bit harder,unless there are other reasons to move 20pts is usually not a worthwhile thing.........if you are pulling equity, breaking xcoll etc, then also chase a better rate
ta
rolf
You would also need to include LVR as this also plays a part in the discount offered.
And the loan amount too. These two information, when shared with the discount rate obtained, will make comparison more meaningful.
Fine, I'll play the rate game.
I can get variable rates as low as 4.99% and fixed rates as low as 4.67%.
All subject to certain terms, conditions and qualifying criteria, which most people won't be able to meet, or it won't suit their objectives.
This is a very pointless thread.
I can get variable rates as low as 4.99% and fixed rates as low as 4.67%.
All subject to certain terms, conditions and qualifying criteria, which most people won't be able to meet, or it won't suit their objectives.
This is a very pointless thread.
commercial reality says they arent going to give away margin coz u are a nice person
ta
rolf
Thanks rolf. It's ANZ - 2 loans are in a Co/trust setup (one loan and one LOC) and third one is in joint names. All are 80% LVR. Our current broker tried to get a better rate but they wouldn't budge? It was too much of a risk for us to get another bank to approve the trust docs in short time. Wouldn't reduce any fees either. Anything special you need to get 1% off with ANZ?
Thanks rolf. It's ANZ - 2 loans are in a Co/trust setup (one loan and one LOC) and third one is in joint names. All are 80% LVR. Our current broker tried to get a better rate but they wouldn't budge? It was too much of a risk for us to get another bank to approve the trust docs in short time. Wouldn't reduce any fees either. Anything special you need to get 1% off with ANZ?
Trust with ANZ???? trust is not eligible for the ANZ breakfree discount...
Im presuming you bought the place as "joint tenants?" or your on a simplicity plus loan/fixed rate loan with ANZ.
To clarify, we got the breakfree package with the first IP which was purchased in mine and my husbands names. After that we financed 2 properties in the trust - not breakfree package, but same discount was applied although LOC is a bit higher.
This is pretty much standard for ANZ with trusts, it's not a big deal to get the same discounts applied, especially if you've already got a Breakfree package. LOCs with most lenders are slightly more expensive than the vanilla variable.
In response to your original question, you should probably go back to your original broker to ask again for a discount. If this doesn't work you can call another broker (although I doubt they'll have much more luck in most cases).
The interesting thing about ANZ is that unlike most other lenders, they will actually pay brokers for keeping loans with them.
