Agree with Terry

If you push the loan to 250k (or take a credit card to get total limits over 250k) most the banks will give you 0.7% off. You need to cross 500k to get this at CBA. This will get you under the rates you are quoting.

Sounds to me like a bit of miscommunication…

In some cases when you develop property, or if you buy commercial property to owner occupy, you mght pay GST.

So for example if you buy property for $1.0M you need to pay $1.1M Inc gst. The bank lends say 70% of $1.0m (700k) and you need 300k plus costs and GST. Some bankers will give you a short…[Read more]

Hi Dale, if you start with a smaller block you might get through retail e.g. Like a home loan. For example some banks will say contruction of up to 3 properties on one title is fine via the retail channel.

Commercial is a lot more complex; largly case by case basis.

Keep in mind some lenders (e.g. Westpac) will only lend at a commercial rate of interest where others (e.g. NAB) will still give a home loan rate. Your pick of lenders starts to get pretty skiny…

I wouldn’t walk in to the bank…

Branch lending is the “starting point” for a lender. E.g. Crap wage / often in their first 6-12 months from being promoted from a tellar. If they do well at this they move in to mobile banking or relationship management.

Mobile lending is also interesting. There are a lot of non-proformers who don’t write a lot…[Read more]

Depends who’s LMI rate the broker is calculating on. How many brokers do you think are really on top of true loan comparison when you take various LMI premiums in to consideration?

Most people ignore LMI because it’s added to the loan. Unfortunatly you still have to pay it back…

Qlds007 wrote:
No Anz use PMI and to me bought them back to where everyone else was.They were the first to reduce to 90% and the last to come back but all in all good signs.Banker were CBA  covering the discharge, reg fees as well ? 

If you get the right banker. They were recently paying conveyancing costs. My guy has up to $500 per client to…[Read more]

Linar wrote:
Hi BankerCare to share which lender offered the refinance deal?K

CBA

Earlier this year I put a client with a major and saved them 6k in LMI compared to a loan contract they had nearly signed – was not a big loan either.

The majors often self insure which is cheaper. They also have slightly cheaper LMI in some cases due to the volume of business they offer the insurer.

Don’t think that LMI is always the same price…[Read more]

Sounds good. Very similar to CBA so wondering how much of this is influanced by the insurers? Do ANZ also use Genworth?

I got a letter from another major today offering no fees If I refinance. Appl, Val, and even annual fees waived for the life of the loan! 6.68% with min loan of 50k. Interesting to see them getting more aggresive…

I only love banks at the moment…
If it’s a matter of trust; in the current market I’m happier to trust them to know there funding position is stronger than non banks and DEF is small so if I have to move unexpectedly I can.
Re the annual fee. In the original post it’s alreay paid – therefore the new loan attracts no extra cost so why pay over…[Read more]

miraclehomeloans wrote:
I can beat all the banks rates for starters, but as for the question I would suggest go with a second lender. The reason being that if you want to purchase further property in the future and you reach your limit with one bank, you will always have a second option. Having 2 properties with one bank is no problems but when…[Read more]

Personally I think you will find it very difficult.
You mention you have little equity so yes – you will need an equity partner / cash man.
You’ve also said it will be your first project – getting a cashman to back an inexperienced developer on their first project (with little equity) would be a bit challenging.

I am being devils advocate. Great…[Read more]

Eloi has a small point re the under supply (US and UK both claiming undersupply is correct b4 the crash). However most people miss a fundamental point which is supply of funds.

Funding over the last 10 years has increased dramatically in Australia. A graph curve showing funding supply increase over the last 10-20 years is followed by a growth in…[Read more]

I think your comparing the standard variable rate of the banks with the rates of the credit unions.
The banks discounted rates almost always come in better. I’ve never seen someone take a standard variable with a bank without a discount.

Last time we argued this on a post you could only come up with a couple of dodgy mortgage managers with 2%…[Read more]

You should be able to get another loan then with – NIL fees. The annual fee already being paid should cover Val, establishment fees etc. If it’s a good rate just stay put and keep securities seperate…

Jamies got a point but there’s not many creditable lenders out there that will beat NAB, ANZ or CBA on rates / fees etc
If you’re already on a pro pack there should be no set up fees, no Val fees, no settlement or legal fees etc etc… If you already pay anual fee it should remove all fees from the new account. No additional annual fee is you…[Read more]

If you don’t cross and keep the securities standalone – there is no major benefit to split banks.
If one bank; At least when you apply you don’t need loan statements + credit card statement etc. Some banks don’t need a privacy statement if ones been signed within the last 2 years, no pay slips or confirmation of rental if depoisted in their…[Read more]

Richard – what sort of package?

What do you get in what professions?