hello – am new to this forum, so apologies if there’s already a topic for this sort of thing…!
i’ve been talking to a few banks/mortgage brokers – am looking to borrow around $600k – and so far, the best i can get is 0.76% off the std variable rate with full offset facility – but stuck with an $8 a month fee (which i can’t seem to get them to waive!). there’s no other fees (eg application/settlement/valuation) on the loan – and it’s with (surprisingly) cba.
has anyone been able to get any better than this or similar borrowing?? i’ve looked into the prof packages, and can get around 0.75% off but have to pay $300 annual fee for things i don’t need (eg gold credit cards etc)
thanks
adrianCan do 6.29% with offset and $150pa fee.
Because you want the offset we cannot do a simple “no frills” product with no fee.
Please don’t let a banker convince you that redraw = offset. There are significant differences.
Cheers,
Simon Macks
Residential and Commercial Finance Broker
***NODOC @ 7.15% to 70% LVR***
[email protected]
0425 228 985Comments may not be relevant to individual circumstances. If you intend making any investment, financial or taxation decision you should consult a professional adviser.
Achw, also, when looking stay away from the lenders offering super low rates, they’re generally an intro rate, reverting to a standard variable or higher rate after a specified period time (6-12m). They will generally always be more expensive compared to an overall lower rate upfront.
They will have exit fees and/or other costs if you choose to change over after the initial period.
Comparison rates were introduced 2 years ago so consumers can compare lenders on an apples with apples basis. If you’re looking at individual loan products, ask the lender/broker for their respective comparison rate, this allows you to break them apart.
In saying that, comparison rates can be manipulated, as they dont take break/exist costs into account.
If you want more information, best to speak with a broker, than a bank, as we are licensed and must comply with legislation around rate quoting, so they can give you a far better idea of what the true cost will be.
Regards,
RobRob Whyte
Certified Mortgage Consultant MIAAPrincipal & Licensee
The Mortgage Gallery
e [email protected]Winner 2004 National Office of the Year!
Accredited with over 27 lenders nationally. 15 years experience in commercial and residential lending, ask me anything, if I dont know, I’ll find out!
Can anyone better 6.97% without any monthly fees?
Cyclist
RealEstateDevelopmentCoach
http://qwertyu.colmkille.hop.clickbank.netAs Simon stated
6.29% with $150 / year
6.14% fixed converting to 6.76% at end of year with monthly fee of $6
6.65% var no monthly fees.But as we always say there is more to a product than merely the cheapest rate of interest.
Cheers Richard
[email protected]
http://www.yourstatefinance.comSpecialising in US & IP finance.
Richard Taylor | Australia's leading private lender
simon – i’m interested in your 6.29% with full offset and $150 fee – who is that with?? i assume there’s no other fees, and that interest rate is ongoing (ie not an introductory rate)??
the deal i have so far is 76bp off the std variable for the life of the loan (so currently 6.56%), no other fees other than the $8/mth and 100% offset (and also redraw, which i’ll never use – as you rightly point out!)
It is not a loan I am writing atm but if you drop me an email I will pass it someone who can look after you.
Cheers,
Simon Macks
Residential and Commercial Finance Broker
***NODOC @ 7.15% to 70% LVR***
[email protected]
0425 228 985Comments may not be relevant to individual circumstances. If you intend making any investment, financial or taxation decision you should consult a professional adviser.
6.14% fixed converting to 6.76% at end of year with monthly fee of $6
How much are application and establishment fees?
cyclist
RealEstateDevelopmentCoach
http://qwertyu.colmkille.hop.clickbank.net$600 Application Fee and $300 switch fee at the end of Year 1
Cheers Richard
[email protected]
http://www.yourstatefinance.comSpecialising in US & IP finance.
Richard Taylor | Australia's leading private lender
Hmmmm, just went thru all this!
$8/month = $96 p.a. vs $150……
but $600K @ 6.56% = $3817/month repayments while $600K @ 6.29% = $3710/month.So Cost difference is:
Fees $ 54 (against lower interest rate product)
Repayments $ 107/ month ($1284 p.a.) for low interest prod.
Savings of $1230 p.a. in front with Steve’s prouct!Steve is there any other fees on this product (establisment, valuation,application fees, etc)?
Cheers
C@34Our greatest weakness lies in giving up. The most certain way to succeed is to always try something one more time.
– Thomas Edison
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