Which bank r you with and what interest rates are you currently getting?
- Thread starter willz
- Start date
Yeh, I had a loan with ANZ, I constantly complained about the rate being to high and that I was leaving, so they would drop the rate then slowly over time in small increments increase it. So I went to a broker the best deal he could do was with ANZ, which was way below what the ANZ manager would do when I told him I was leaving. Why didn't they offer that rate in the first place and save paying the broker????
Thanks, but it still doesn't make sense ANZ are paying twice to get the loan they are already paying the manager to do the job, then they pay some-one else to do it, and undercut the guy they pay to do it. The ANZ missed out I didn't take up the offer, as that bank has no integrity. They alter agreed interest rates and steal money with illegal fees, break promises, and wont increase loans because of silly naïve servicability requirements. The cheapest rates aren't the best. Whats important is being able to acess funds when promised and when you need them, and that they follow the terms, fees and rates in the contract. Simply put they cant be trusted or relied on. I don't think any good broker should recommend them. One quick way to hit the investment wall is to bank with ANZ. There cheap rates can cost millions in portfolio growth.
much of that is pretty much true of many lenders..............mostly I have found the ethics charter of the lender per se is fine, but sometimes human staff dont follow that.
I dislike ANZ for other more fundamental reasons and will only use themwhere they are the prime fit for a client.
ta
rolf
Ok I'm with ANZ, at around 90% LVR with 610K in borrowings and im on var of 5.18%. When i had just the one loan it was 0.6% disc... but when i got my 2nd IP they had a deal of .95% off or 1% if below 80% lvr. I then got the new discount rate of .95% against both my loans! This deal was about 15 months ago!. I was going to be offered 1% disc on all my loans if i took out my new PPOR loan with them, and this was a month ago i was offered, but due to tax i wanted it a seperate loan so i went with the CBA no fee loan instead.
It may be a higher interest rate but when you work out the no fee's it works out just as good.
It really does depend on who you talk to with ANZ. I have a contact with a mortgage girl in ANZ head office who was going to give me the extra discount if i went with them for the ppor loan. I am in a 'hicksville' small town, so they dont have a ANZ mortgage specialist here who can deal with multiple properties and complicated scenerios.. so hence I got this girls contact in melbourne! It depends on the local branch you deal with for ANZ... unfortunately.... some are great.. some are incompetent!
It may be a higher interest rate but when you work out the no fee's it works out just as good.
It really does depend on who you talk to with ANZ. I have a contact with a mortgage girl in ANZ head office who was going to give me the extra discount if i went with them for the ppor loan. I am in a 'hicksville' small town, so they dont have a ANZ mortgage specialist here who can deal with multiple properties and complicated scenerios.. so hence I got this girls contact in melbourne! It depends on the local branch you deal with for ANZ... unfortunately.... some are great.. some are incompetent!
I did the anz roundabout too. My first PPOR I did with the bank manager. Small five year loan with a crap rate but I was glad he was nice to me lol
Now I went to a broker, he recommended Anz again. They came back with 5.2 and keep me waiting for final approval while settlement is coming near. I have heard "today or tomorrow" for a flaming week now.
I'm now applying online at HSBC (4.59 fixed) and loans com au (4.75 var) cause I'm not going to be bullied into accepting a bad rate due to time pressure.
And it's a plain vanilla 80% lvr on 500k.
Now I went to a broker, he recommended Anz again. They came back with 5.2 and keep me waiting for final approval while settlement is coming near. I have heard "today or tomorrow" for a flaming week now.
I'm now applying online at HSBC (4.59 fixed) and loans com au (4.75 var) cause I'm not going to be bullied into accepting a bad rate due to time pressure.
And it's a plain vanilla 80% lvr on 500k.
be careful of roasted vanilla though
Not ideal to have multiple apps floating around like that - makes lenders nervous
Might seem like pro active, but make sure you arent being reactive and fearful....
ta
rolf
I hate to say it, but I've seen this a lot with ANZ lately. They're really dropped the ball recently. The brokers keep getting told today or tomorrow, only to be continually disappointing as well.
Often Ive had brokers promise they can get cheap rates, do all the papper work and BS and they cant get the loan after months of waiting. They say I cant afford a loan????. Yep ANZ, they should know better. So I go to another bank and they will say your in a very strong financial position. no problem and get the loan in days. It seems ANZ view loans that earn income as a liability, where other banks view them as servicibility.
the sla at ANZ is "2days" and they continue to send out faxes telling foks that you will have the approval on day x......... when the well know its WRONG.
Im ok with approvals taking a week......... but manage our expectations so that clients can be informed and make appropriate decisions.
CBA 3rd part at the mo are shockers as well on the doc prop and certs area, used to be brill........ andin the last 3 mths they "restructured" something ...................
ta
rolf
I'm getting a different experience with CBA right now. 2-3 days for assessment, docs in the post within 24 hours, often the same day as assessment. Certification is taking 4-5 days but in most cases that's no big deal at all. Overall I'm quite happy with them.
It seems there's no consistency even within the same bank.
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ANZ does my head in, their vetting team keep rejecting my deals as their scanner cant pick up the S&P, then when it gets past to assessment, it seems no one is reading the notes, and I get an AIP based on questions fully explained in the notes.
Most recently I had an AIP subject to confirmation the clients would repay their ANZ cards at settlement. The PURPOSE of the loan was refinance and debt consolidation of said credit cards. Annoys the customer, makes me look silly, and wastes ANZ's time and money.
Lucky they offshored their assessment, so they are only wasting $10 ph rather than the first world rates they used to pay locals.....
End of rant
Most recently I had an AIP subject to confirmation the clients would repay their ANZ cards at settlement. The PURPOSE of the loan was refinance and debt consolidation of said credit cards. Annoys the customer, makes me look silly, and wastes ANZ's time and money.
Lucky they offshored their assessment, so they are only wasting $10 ph rather than the first world rates they used to pay locals.....
End of rant
another reason ANZ give for rejecting the loan is because I don't have a paid job, I would of thought if you have to rely on a paid job to repay a loan, you are a bigger risk, as a job could be gone any minute. But I always figured if I cant repay my loan I could get a job. ANZ wanted me to liquidate assets that doubled the following year, which would have reduced my ability to pay, just to suit there idiotic annual income requirements, so I took my unencumbered mortgages and went to West Pac who very gladly offered far more money than required. I doubt I would have been able to have them unencumbered if some other properties hadn't been crossed.
There isn't.
It seems like some deals get placed in the "too hard basket" and take a little longer to be assessed - and others are turned around in 24 hours.
Cheers
Jamie
Another client of mine was told by ANZ that to borrow more money he had to pay down his loans first! What a joke.
This is very frustrating, I agree.
More hours though. Any reason why you used ANZ?
Yup. Couple of things, SE marginal servicing the main one.
