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All banks do a pricing when confronted with a better offer from another bank. A good mortgage broker knows how to play that game, although it doesn’t always work.
Yours sincerely
Rolf Schaefer
RJA Financial Services Pty Ltd
Accredited Mortgage Broker
Tel: 03 9753 9044
Fax: 03 9753 9055
Mobile: 0422 907 022
E-mail: [email protected]Guys,
just a few additional hints:Westpac
1. Westpac’s package is the most flexible product when it comes to Top-Ups and Loan Structure.
2. It is not limited to 5 loans (like you said), but unlimited number of loans.
3. Also, you say that owner occuppied and investment rates are different, that’s true, however only for 2 products namely the First & Premium Option Home Loans all other products have the same interest rate
4. Westpac has 2 Line-Of-Credit Products, the Rocket Equity Access at 6.67% and the Equity Access Plan at 6.72%, they both attract a 0.6% discount within the Premier Advantage Package
5. Westpac has one of the most generous serviceability models (which means more loan for the same income)
6. Westpac currently maintains excellent service levelsUnfortunately, only CBA offers discount on fixed rates (0.15%)
Other banks/lenders such as BankWest, RAMS, Homeside, HSBC and Bank of Queensland also offer very competitive professional packages
It’s obvious that I do like Westpac. I do 70% of my business with the Westpac Premier Advantage Package.
Yours sincerely
Rolf Schaefer
RJA Financial Services Pty Ltd
Accredited Mortgage Broker
Tel: 03 9753 9044
Fax: 03 9753 9055
Mobile: 0422 907 022
E-mail: [email protected]Hwd007,
please also keep in mind, lending is not all about LVR but also about serviceability.
Experience shows that while you may be at the end of your serviceability with one bank another bank may stil give you a loan.Yours sincerely
Rolf Schaefer
RJA Financial Services Pty Ltd
Accredited Mortgage Broker
Tel: 03 9753 9044
Fax: 03 9753 9055
Mobile: 0422 907 022
E-mail: [email protected]All,
lending in a hybrid trust structure is generally done by almost all lenders. The key to success are a few things:Keep it simple, by that I mean to have the title in the trust name but do the borrowing under your personal name with the trustees signing as guarantors (yes, in most cases these people will be identical, but that’s the way the banks like to see it).
Do not try to get too sophisticated with purchasing and selling of income units, this will just scare the hell out of banks and the chances for getting a loan are extremely slim.
Another funny thing is with professional packages (discounts), some banks tend not to give discounts for lending in a hybrid trust structure (such as ANZ and I believe also CBA and NAB). Other banks treat loans for a hybrid trusts as commercial lending and have a whole new set of rules available. Other banks still give decent discounts for lendings in a hybrid trust.
With all this in mind and looking at the other responses way up your risks/benefits such as professional packages and negative gearing vs asset protection in a hybrid trust structure.
I hope this helps a little bit.
Yours sincerely
Rolf Schaefer
RJA Financial Services Pty Ltd
Accredited Mortgage Broker
Tel: 03 9753 9044
Fax: 03 9753 9055
Mobile: 0422 907 022
E-mail: [email protected]Borrowing money to purchase/re-finance a property (investment or owner occupied) can be a challenge with same banks when the title is held in a trust (especially when the title is held in an incorporated trust = pty ltd).
Challenges are:
1. Getting professional discounts (Westpac and ANZ won’t give these discounts as per their policy)
2. You are also limited in the number of lenders when trying to get a loan in a Low Doc scenarioBest is to keep it simple, ie. the trust holds the title but lending is done under the personal name don’t confuse the bank with issues such income units etc.
Yours sincerely
Rolf Schaefer
RJA Financial Services Pty Ltd
Accredited Mortgage Broker
Tel: 03 9753 9044
Fax: 03 9753 9055
Mobile: 0422 907 022
E-mail: [email protected]Hi ArchiZEN,
a good mortgage broker should be able to point out to you the pitfalls of lending (such as cross-collateralisation, offset vs line of credit, trusts, mortgage insurance, etc).
Don’t give up, the answer is always easier then one thinks.Regards
Rolf Schaefer
Accredited Mortgage Broker
03 9753 9044 [
][][]Yours sincerely
Rolf Schaefer
RJA Financial Services Pty Ltd
Accredited Mortgage Broker
Tel: 03 9753 9044
Fax: 03 9753 9055
Mobile: 0422 907 022
E-mail: [email protected]Hi Steve,
I really like the intro which sets the scene right from the word go for positive cashflow property investing. I myself have been badly burnt with negative gearing and can only say to my fellow investors: “Let’s be careful out there”.
Another scenario which is pushed by bad advisors lately is re-financing and debt consolidation, so let’s all be careful and do our due diligence. Please don’t understand me wrong, re-financing (with a much better interest rate) or debt consolidation (again with a lower interest rate but keep up those repayments for non-appreciating assets such as cars, boats, holidays, etc) can be a very good thing when done correct.Regards
Rolf Schaefer
RJA Financial Services Pty Ltd
Accredited Mortgage Broker
Tel: 03 9753 9044
Fax: 03 9753 9055
Mobile: 0422 907 022
E-mail: [email protected]
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