I’m tinkering with the idea of revving up my borrowing for PPOR and was wondering who is offering the better IO loans out there at the moment.
BTW…I don’t need feedback on who offers the better PO loans [biggrin]
Hi Nat
Some IO Loans. These are base variable rates not discounted or honeymoon.
NAB LOC under package 6.47%
IO Base Variable Rate 6.47%
NAB Variable under package 6.37%Suncorp: Elite Ready Access: 6.37%
IMB- Budget Investment Loan : 6.45%
Bankwest- Lite investment loan : 6.45%
ANZ: Breakfree package: Variable investment loan 6.47%
All rates are indication only.
Financial Wellbeing Coach
W: http://www.pfsfinance.com.au
E:[email protected]
E:[email protected]Development Finance Specialist
Isn’t it funny how when I ask a question that is pretty simple but needs an answer based on fact i get 1 reply (thanks kwilko) but when in other threads people are happy to post endless replys about something they don’t undertsand based on opinions they hold that are incorrect and then get agreesive when somebody tries to point out their errors…human nature at its best (worst)
Hi Nat
It may also depend on size – size does matter! Various banks have so called professional packages offering tiered discounts based on the total size of your loan(s).
Terryw
Discover Home Loans
Mortgage Broker
North Sydney
Click below to email meTerryw | Structuring Lawyers Pty Ltd / Loan Structuring Pty Ltd
http://www.Structuring.com.au
Email MeLawyer, Mortgage Broker and Tax Advisor (Sydney based but advising Aust wide) http://www.Structuring.com.au
I got this investment loan last year
CBA
1 Year Guaranteed Rate 5.99%
Standard Variable Rate 7.07%Then you can as get the Wealth Package where can lots of discounts inculding no fees and discount on the standard rate from 0.4% to 0.7% depending on the amount.
Check out the website.
ChrisAll post are IMHO.
Nat R – all the info you needed was contained in one post…
But since you want extra SPAM, I’ll be happy to add it.SPAM.
O’h if it turns out that there is a product, I guess you will be the one who dosen’t know what they are talking about….
Rgds.
Lucifer_auHow the bloody hell would you know that SPAM isn’t the right product.
Sorry Lucifer_au, you needed to add a bit of aggression!
Originally posted by kwilko:Hi Nat
Some IO Loans. These are base variable rates not discounted or honeymoon.
NAB LOC under package 6.47%
IO Base Variable Rate 6.47%
NAB Variable under package 6.37%Suncorp: Elite Ready Access: 6.37%
IMB- Budget Investment Loan : 6.45%
Bankwest- Lite investment loan : 6.45%
ANZ: Breakfree package: Variable investment loan 6.47%
All rates are indication only.
Financial Wellbeing Coach
W: http://www.pfsfinance.com.au
E:[email protected]
E:[email protected]Development Finance Specialist
Hi Kwilko, your have listed some likely IO loans without any justification other than their most important favorable interest rates. However your statement that they are base variable rates is incorrect. All the package loans you refer to are discounted rates. I suspect when you refer to ‘discounted’ your are refering to honeymoon discounted rates. ANZ, CBA, National, Westpac and St George base variable rates range from 7.07% to 7.17%, hovever they all offer permanent discounts varying from 0.4% to 0.7% in package offerings.
Non bank lenders appear in advertisements to offer better rates than most banks base variable rates, as their advertised rates are already discounted, whereas banks package discounts have to be ‘revealed’.
Nat, why don’t you try infochoice.com.au/banking for listings in spreadsheet of lenders and rates. You can sort tables of lenders by column headers, ie; interest rate, lender, other loan features. Bear in mind package discounts need to be applied to most bank offerings listed.
Homepath.com.au(owned by CBA) has loans at 6.15% and is listed as top ranking for advertised loan features by a few sources.
However what is really best for you depends on your circumstances which you have not posted, and if you do not have time or inclination to research, a broker could be a very good option.
Cheers
Tasman
Tasman
In regards to “These are base variable rates not discounted or honeymoon” I mean’t the ones that weren’t marked package were not a 12 month discounted rate which goes to a higher variable after 12 months.
I have just pulled some okay interest loans off the datebase that I have(This is updated daily”
There is basic variable loans out there where the rate is around the 6.45% mark.
All I have done is put some decent interest rate loans on here so Nat had something to start with. I could have posted every single detail about every loan on here but that would have taken too much time.
I have been in the finance industry for 20 years. So I think I know a little bit about finance.
If you want to question me about most loans in australia, I have access to all the information that doesn’t get released to the public.
Kerri
Financial Wellbeing Coach
W: http://www.pfsfinance.com.au
E:[email protected]
E:[email protected]Development Finance Specialist
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