I know I have a love affair with the majors but CBA, ANZ and NAB will all beat that rate. I’d pass on the AMP option – their ability to look after you in the future is limited because they don’t offer all the options / flexibility a major does.

How much is the loan and why not go with a major?

BankWest regularly have problems…

I don’t know the specific product details however it is a marketing trick.

MH don’t want 100s of these. It’s like any retail business – they market a “golden apple” to attract attention.

Like many high LVR products the LMI will be through the roof. This voids the additional funds.

For example – let’s say you have a bank loan at 95% plus LMI.…[Read more]

Still nothing new. CBA is an example. Westpac do them on a case ny case. So do NAB.

If you don’t have a connection with a major e.g. No cards etc :- you are a minority.

If you are a minority there are already lenders filling this gap.

95% with ad bank is not opening any market not already open – just another bank in an existing space – subject…[Read more]

Yeah but these deals are getting written every day of the week with CBA – – all you need is to have had a CBA credit card for more than 6 months to be an CBA ” existing lending client”. Other banks are also doing similar for existing clients…

Difference is CBA you don’t need LMI to approve the deal…

I don’t think this will open up any…[Read more]

Bit vague.

go for it…

The problem is far bigger than population; it is the way a capitalist economy operates.

We need growth. Without growth we go broke.

Problems is; if we reach 50M we will need to continue to grow to support our economy. So then we go for 100M. At 100M we still need to grow to support our economy; so we aim for 150M. So on and so on…

We can slow…[Read more]

Keep in mind many non-banks have a strict rule in terms on manditory surplus in their calculators. Majors are also heading towards this however I’ve just arranged an approval with a shortfall of $600 per month.

Dont discount the power of a good relationship with your bank…

casanovawa wrote:
I have heard a few people on this forum say they get a discount interest rate…I am hopefully about to get my loan to build my house and land package but after about 6 months plan to switch to probably ANZ as (at least at this moment) the lender offering the loan charges no penalty to switch the loan to someone else…I have…[Read more]

Great point V8ghia,

The reason agents dont take offers is because of the reason I’ve listed in my original post.

The agent however has no choice – if you make an offer – they MUST, BY LAW, amend the quoted range to start not less than any formal offer received. They can not claim to have not received your offer; only discourage you from putting…[Read more]

Or if the management company goes broke…

<!– /* Font Definitions */ @font-face {font-family:"Cambria Math"; panose-1:2 4 5 3 5 4 6 3 2 4; mso-font-charset:1; mso-generic-font-family:roman; mso-font-format:other; mso-font-pitch:variable; mso-font-signature:0 0 0 0 0 0;} @font-face {font-family:Calibri; panose-1:2 15 5 2 2 2 4 3 2 4; mso-font-charset:0;…[Read more]

Eoli,

Not having a dig a you personally but your a bit off on your facts.

Re no 1. You are now talking about honeymoon rates and fixed rates. All lenders have penelties here.

If we compare apples with apples:

early exit fees on a Variable rate loan of 500k (not fixed or honeymoon)

NAB $900 – within 4 years
CBA $700 – within 4 years
rate…[Read more]

Both solicitors buggered up. They should be doing their own calculations.

Eoli,Lets start with no 1 – rate busters…Some reviews from the net… worth noting I was telling people they were dodgy well before the financial crisis. This behaviour is not only a GFC instigated thing:(souce – productreview.com.au )Pros: NoneCons: Once you got the loan, you were trapped and locked. The exit fee will be 1.2% of your loan…[Read more]

eloi wrote:
why wouldnt the existing customers get the same as the new. all they have to do is refinance……

Not so simple. Almost all non bank lenders that raise funds from securitisation have bumped up rates for existing clients far more than the major banks. The new customers get offered cheap rates but existing clients get large in…[Read more]

You say they only stuffed up cause of the GFC.

Do you think clients takng products with these non banks should be warned of the additional risk or raising funds with a smaller lender that relies wholly on securitisation?

Not sure if you work in the industry but the talk of the regulators removing early exit fees is not targeted at the banks.…[Read more]

Elol,

what have you been sniffing. Most credit unions and non banks dont match the banks on price.
There is a small handful of no brand lenders that will however you only need to read a few posts to see how many people have been burnt by this style of lending. E.g. Rams, wizard, Ge, ING and challanger to name a few.

My burnt I mean; reserve…[Read more]

Let me clarify. CBA has total of $650b out the door across the board. Just watching Ralphy on TV…

Bit simplistic no 8.

CBA market cap – approx 80b
Divide by share price of approx $51.5 = 1.553b shares
Dividend paid to shareholders $1.70 per share or $2.64b

So let’s say they are left with 3b after paying dividends.

They employ over 38,000 people with about 64% of staff being women.
$3b works out to less than 1.0% of the money they have out…[Read more]

Most banks allow you to have as many loans as you like. Simply get a second loan as a variable rate and leave your current loan in place. Banker