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  • Profile photo of richfinancemanrichfinanceman
    Member
    @richfinanceman
    Join Date: 2003
    Post Count: 2
    January 29, 2003 - 2:16 am

    Hi Dan,

    I come across this very often with the banks, the best thing to do is go through a large brokerage organization as they have more leverage with the banks.

    I have gotten loans approved with a DSR of 49% and an LVR of 85% (with a mortgage insurance waiver).

    The trick is to know the right guys in credit at the bank, which is something individuals cannot do, they need to use a broker.

    If all else fails you can go for split banking which i do not normally recommend. From the servicing point of view, split banking works wonders, you are not hiding loans from the bank, it is just the way that bank assesses other banks loans is much better than they assess their own, if that makes sense?

    Thanks

    Al

    Profile photo of richfinancemanrichfinanceman
    Member
    @richfinanceman
    Join Date: 2003
    Post Count: 2
    January 29, 2003 - 1:23 am

    Hi there,

    I work in finance and I would highly recommend that you shop around.

    I would make enquires with the major banks about their professional packages. The bank’s all want your business.

    Dont forget it is not always just the interest rate that is important, it is also the structure of the loan, does it allow for lump sums, can you pay your salary directly into the loan account?

    The problem with staying with your current lender is that they will not offer you a honeymoon rate or any other specials they have at the time as you are an existing customer.

    Thanks

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