X-coll PPOR & IP, need to improve setup

[Kanga]

Hi, long time since I've been here, about 2+ yrs since my last sign on & I remembered my password, now that's a miracle!

OK down to it.....
We have PPOR value $500? LoC up to $180 & nearly maxed out coz of change of job! IP fixed loan $135, value around $320-$350.

Combined incomes crap at the moment, only about $70 & really want to get another IP, currently they are x-coll (which I asked ANZ to change when we re-fixed, but no).

How can we do things better? I mean, we really are interested in making sure we have things set out the best way & it'd be nice to be given a few recommendations of brokers with vast IP experience in Perth, Freo / southern suburbs somewhere.

We'd like someone who can take us out of our comfort zone, because we're there because we're used to it & the staff are great! We have a 1st name basis, I phone say hey Donna its me.... i'll be in to pick up bank cheque this arvo & they have it ready for me! Wow service!

But... I can't help but think we can do better & should forget about loyalties.

Kanga

 

[Rolf Latham]

Hiya Kanga

ANZ is ok for most things, though if your servicing is lowish, then their model isnt going to serve you well at all

There are likely a number of thinsg you can do to clean things up, breaking the xcoll AND staying partly with the ANZ would likely preserve the good rate you have with the ANZ, and should take a good indpendepent broker and you no more than 2 months to sort out

I say that, because thats how long it took to sort the last identical situation with the ANZ.

ta
rolf

 

[Qlds007]

Hi Kanga

I am suprised Anz won't play ball especially when you hacve a good equity position.

If you are thinking of refinancing it is probably best to merely use your PPOR as security (depending on what the fixed rate with Anz is) and leverage off this by extending your LOC (assuming the original funds where for investment or taking a split LOC if they were not) and then use this for the 20% deposit and acquisition costs and taking out a separate stand alone loan on the new IP.

Uncrossing with Anz Bank is a relatively simple exercise but still needs to go to Melbourne for assessment. A new valuation on your first IP would the way to go and any Anz Bank accredited Broker can do that for you.

Then it is matter of crunching some numbers and looking at alternatives.

Remember lodoc / nodoc loans are out there if on paper you cannot show serviceability but they still need to be paid back so never over commit.

 

[pudestcon]

Good broker in Perth

G'day Kanga,

Give Brad at Crystal Finance a call. He looks after me really well.

Pud