By experience – Who is a good Lender

I used ANZ 95% IO loans with LMI added on top (5 loans in one year). ANZ are pretty good on serviceability and also offer 100% offset accounts on IO loans.

The problem with ANZ is the mistakes they made. nearly every settlement has problems. And now I have sold 4 of these properties recently and settlement was delayed by ANZ stuff ups.

Terryw
[email protected]

What? ANZ in the lead?

I recently found that 2 of those properties that I had loans for with ANZ had a major problem. The titles were not in my name-18 months after being purchased. After many phone calls and complaints etc, I found out that ANZ had not transferred the titles.

Terryw
[email protected]

I’m yet to find a good consistent lender. Do you agree Terry?

Cheers

Stu

Property & Finance News
at http://www.prosolution.com.au

We managed to get a good deal with St George using their Portfolio Loan. We have some of the accounts p&i and some interest only – you can split into sub accounts for each property so its a breeze at tax time and we were given a professional rate as well. Also they waived all loan costs on the latest sub account and did 2 of the 4 valuations for free. We did have to change branches to find a good working relationship – the person who set up the loan stuffed it completely but the subsequent loans have been easy and we now have a great relationship. HG

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That sounds like Aussie Home Loans(broker), they are slack !, late settlements, and even when the property is fully paid, they neglected to remove the hold on the title !.

Any good ones ?
So far ANZ is in the lead…. [:0)]

Would like to add to this list but in the positive sense – We have used Bank SA for some five properties ( all settlements fantastic, all documentation correct, titles and monies always on time, (Country SA) great staff too…[8D]
ING Bank for finance – excellent.
Eastern Equity in Adelaide – fantastic service and advice – really puts the edge on PI’s.[]

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Recommend Suncorp Metway. Once you have a couple of loans with them you become a Premium Client, then you have your own contact person who does everything.

Don’t know if I have just been lucky but my guy went well out of his way last time, when my solicitor was slack. I live overseas and most of my contact is by email.

Hi everyone,

Well, we do have our opinions don’t we? Melanie was the closest, in that it depends on who you work with on a personal level, not so much the institution.

Whilst many of the replies are from brokers like myself, I don’t remember one of them saying to establish a relationship with a broker (or dare I say it,, a branch manager – if he/she is there very long!).

As brokers, we are very aware which institution is performing well on any particular month, for product and after sales service (such as settlements and releases).

All of the institutions have performed well in the past and will do so again. But they trip up on occasion.

Many of you may be afraid of paying a brokerage fee. This is usually past history now (certainly is with me, I don’t charge any fee to the borrower). We are paid well enough on the commission earned by the institution of your choice.

So, in summary, your situation will determine the best lender on the day, and as for multiple securities, again it depends on your situation. I have recommended in the past splitting your debt between institutions for your personal security and financial planning, and to excersise more control over the lenders.

Lots of good brokers on this forum, email them and get to know them. Distance is no longer an issue today, so don’t worry if they are not local. Form a relationship, you’ll be impressed with what a good broker can do to help you.

Cheers!!

Gary Young
Home Loan Connexion
Mobile 0407 64 66 32
Fax +61 7 4636 4841
email [email protected]