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s0805
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@s0805
Join Date: 2006
Post Count: 85
May 24, 2013 - 7:41 am
Terryw wrote:
In vic it is possible for one spouse to sell to the other at full market value. So the other spouse could borrow to buy half the property. This would release cash which could be used to pay for the new PPOR.
Hi Terry,
In VIC, does it only applied if both spouses name are on title initially, how about if only one spouse name on title for few years and then one spouse decides to see full 100% ownership to another spouse…..In that case stamp duty and CGT gets applied?
cheers
S0808
s0805
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@s0805
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Post Count: 85
May 11, 2013 - 1:35 pm
Terryw wrote:
No you have a right to ask. I was just curious because you said you couldn't afford it!
Sure, I prefer to avoid it if i can…
s0805
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@s0805
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Post Count: 85
May 11, 2013 - 1:02 pm
Terryw wrote:
Are you saying you cannot afford $15.80?
Terry, it's not the question about affording or not……i can afford 5K doesn't mean i pay that
it's about the logic behind fees getting charged for the same loan, balance, same security….if in the past same process was handled within branch by same lender without full application then why fees now?
Surely, anyone paying $15.80 or $0.01 in fees can ask a question……
cheers
s0805
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@s0805
Join Date: 2006
Post Count: 85
May 11, 2013 - 7:40 am
Thanks Tom….
I am just surprised that by changing the P&I to IO with the same loan balance could trigger this Title search fees ( curious to know the logical reason for it……)can't avoid this fees anyway
Regarding Loan amount, it is not the accrued interest either, my loan balance is 219xxx.xx, but the loan docs says 220K (seems like they/broker have just rounded it off)…..anyway I've made it clear that I am not singing the docs until they get the loan balance right……
s0805
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@s0805
Join Date: 2006
Post Count: 85
May 10, 2013 - 4:09 am
thanks Jamie…..
s0805
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@s0805
Join Date: 2006
Post Count: 85
May 10, 2013 - 1:41 am
virgininvestor wrote:
Hi,
Thanks guys for the feedback thus far,
Its a unit so only needed contents and rent cover
I got quotes from AAMI and RACV and from a few brokers eg. emi? and terri scheer
The ones from the brokers were all around $255 and the ones from AAMI and such were a little higher $ apox 300
The brokers had contents for 45-50K plus about the sane rent loss povisions, just need to check the excess on contents as no excess on rent cliams.
So far the brokers insurance have been more favourite, but will go over each one before I decide, thanks again
hi there,
I with AAMI as well for my unit (rent protection and contents). Haven't made claim yet, by my premium is less than $200. I see that you have contents of 45-50K ( is the IP you have is furnished or something)….I called AAMI before i joined and they clarified what they meant by contents….meants less contents cover for me…..cause renter is responsible for their contents….
I suggest first you find out exactly how much contents you are after…..
Cheers
S0805
s0805
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@s0805
Join Date: 2006
Post Count: 85
May 9, 2013 - 11:19 pm
Hi Jamie,
Yep, I am not changing my loan amount….but should i be worried that on loan docs the amount it stats is different than my actual current balance….I had asked my broker but he said that's fine…I am not sure on this as well cause I am signing on this legal paper accepting the new loan amount…..
what about fees is it normal on changing loan from P&I to IO.
Jamie, your advise pls….
cheers
S0805
s0805
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@s0805
Join Date: 2006
Post Count: 85
May 6, 2013 - 10:50 pm
god_of_money wrote:
CBA will come into full functional "offset" account in August..
CBA is the leading lender in Australia… not sure why so many people choose CBA?
I am with ANZ Breakfree.. and they charge me A$ 10/month for > 1 offset account
god_of_ money, can you pls confirm if ANZ is charging this 10/month for > 1 offset account….. monthly or yearly.
cheers
s0805
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@s0805
Join Date: 2006
Post Count: 85
May 5, 2013 - 5:50 am
Hi Catts,
I checked this every month for all of my loans…..happy to say that never found any mistakes…..but i prefer to do it regardless…..
It also gives me understanding how much offset is saving me on interest for particular month……and how long will it take based on offset savings to pay off the loan etc….
Cheers
s0805
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@s0805
Join Date: 2006
Post Count: 85
May 3, 2013 - 3:18 am
Hi,
I am not sure if Jamie is referring to these links, but checkout the below link….
1) http://www.interestguardian.com/ ( I think this is free)
2) http://www.interestguardian.com/ (this needs software)
I normally do the calculation every month, but i prefer to do it my excel spreadsheet.
cheers
s0805
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@s0805
Join Date: 2006
Post Count: 85
April 28, 2013 - 8:17 am
Hi Jamie,
You views on below pls….
Quote:
That's a decent rate anyway – I wouldn't worry too much. It's hard to get a 1% discount with them these days. Not like 18 months ago when it was the norm.
Cheers
Jamie
I agree with Jamie (1% disc through breakfree package) is very good rate. I am also with their breakfree package but not getting that….. talking to ANZ they made it very clear that they will not even going to consider my application for rate reduction…(verbally they have confirmed with their pricing team apparently…) I told them i know some of the customers are able to get 1% discount on similar lending (bluffing ofcourse…..), they said they are happy to look at it then…but needed details….& then i backed off saying i should not disclose others information……
wouldn't mind getting Jamie's view on this….do broker consider this ethically wrong to share the similar portfolio information with same lender to push for better rates for customers….from personal point of view i would not mind someone comparing my offer to get same offer from lender…..i better have someone customer saving money then lender making bigger profits out of them….

Cheers..
s0805
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@s0805
Join Date: 2006
Post Count: 85
April 17, 2013 - 10:31 am
Jamie M wrote:
god_of_money wrote:
I tried to do "price match" recently with ANZ Mortgage retention team. They are aware of bluffing tactics (ie. asking payout figure).
My current rate is 5.4 % (1% disc through breakfree package). They declined to drop it further.
That's a decent rate anyway – I wouldn't worry too much. It's hard to get a 1% discount with them these days. Not like 18 months ago when it was the norm.
Cheers
Jamie
I agree with Jamie (1% disc through breakfree package) is very good rate. I am also with their breakfree package but not getting that….. talking to ANZ they made it very clear that they will not even going to consider my application for rate reduction…(verbally they have confirmed with their pricing team apparently…) I told them i know some of the customers are able to get 1% discount on similar lending (bluffing ofcourse…..), they said they are happy to look at it then…but needed details….& then i backed off saying i should not disclose others information……
wouldn't mind getting Jamie's view on this….do broker consider this ethically wrong to share the similar portfolio information with same lender to push for better rates for customers….from personal point of view i would not mind someone comparing my offer to get same offer from lender…..i better have someone customer saving money then lender making bigger profits out of them….

s0805
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@s0805
Join Date: 2006
Post Count: 85
April 13, 2013 - 8:32 am
Congratulations Jamie & Family……..enjoy your most precious time….
s0805
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@s0805
Join Date: 2006
Post Count: 85
April 8, 2013 - 1:54 am
Terryw wrote:
To keep it simple, so you had a $100,000 loan for an investment property. You thought you would save interest by parking your $20,000 savings in the offset/redraw. 1. If it is an offset You pay interest on $80,000. This is fully deductible You later take out $20k to use as deposit on the new PPOR you will buy. Interest on the loan is now $100,000. This is fully deductible. or 2. If it is a redraw You pay interest on $80,000 and this is fully deductible. You later take out the $20k to use as deposit on your new PPOR. This is treated as new borrowings. Because it was borrowed for a private expense the interest on this loan is not deductible. So now you have a loan of $100,000 but only interest on the $80,000 part is deductible. This mistake has cost you about 5% x $20,000 = $1000 in lost deductions each year. Furthermore now you have created a mixed loan. Your $100k investment loan is part investment and part personal. This creates further problems, especially if you were to try to pay off the private portion first – it is impossible. You would have complex mathematical calculations to do in apportioning interest and the only way to fix it would be to split the loan into 2 and start again – once you calculate the exact portions. Imagine having an extra $1000 in deductions each year for 30 years, this would greatly help pay off your home loan sooner.
thanks Terry, that makes sense. but one thing you've assumed in your scenario is that 20K will be used to fund PPOR(for personal use).
Let's assume if this 20K was only and only used to fund deposit for next IP purchase, then mixed loans doesn't come in question, as both $80K + $20K have been used for IP purchases.
Redraw options as $20K will be considered as new borrowings, are you suggesting bank will calculate interest on $80K and $20K as two separate account/statements, i thought they will calculate this as $100K loan.
I think, having option of Offest /Redraw against IP loan is fine but i think how you use that money (20K) is important, for personal use (accounting nightmare) or Investment purposes (ok to do i think).
I Like to get your thoughts on that,.,.,.pls
cheeers
s0805
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@s0805
Join Date: 2006
Post Count: 85
April 8, 2013 - 12:04 am
Terryw wrote:
Is the offset account an offset account or a redraw account called an offset? There could be a big effect if the loan is investment related.
Hi Terrry,
I am interested in your update….what effect will it have if Investment loan has offset or redraw account linked to it..
Cheers
s0805
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@s0805
Join Date: 2006
Post Count: 85
April 5, 2013 - 1:16 am
Terryw wrote:
s0805 wrote:
Jamie M wrote:
Just had ANZ do 5.44% on similar numbers.
Cheers
Jamie
Hi Jamie,
No luck with the negotiation. ANZ advised unless if I increase my lending to 700K they can't consider any discount.
Any other suggestions guys…..
Cheers
Write to them and ask for a payout figure because you are moving your loans across to bankwest
Hi Guys,
Just end up running the numbers and it seems like it will take me atleast a year to be better off if I move. A year is long time and situation (with extra lending) could change, so decided not to.
thanks for your all helps, it was great experience negotiating with lender straight (rather than broker…) bit confident now…..
cheers
s0805
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@s0805
Join Date: 2006
Post Count: 85
April 4, 2013 - 12:30 am
Jamie M wrote:
Just had ANZ do 5.44% on similar numbers.
Cheers
Jamie
Hi Jamie,
No luck with the negotiation. ANZ advised unless if I increase my lending to 700K they can't consider any discount.
Any other suggestions guys…..
Cheers
s0805
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@s0805
Join Date: 2006
Post Count: 85
March 30, 2013 - 12:50 am
thanks a lot guys…..will give them a buzz and keep you posted on outcome.
s0805
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@s0805
Join Date: 2006
Post Count: 85
March 29, 2013 - 4:03 am
Thanks Jamie, I am after the rate deduction. Should i just call their mortgage services and say that my broker has advised that they can get me better deal and to see if they can match it or not. The impression i got from branch is that i need to do pricing application.
sorry have never negotiated like this with lender……
s0805
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@s0805
Join Date: 2006
Post Count: 85
March 29, 2013 - 2:15 am
Thanks all for your response…..
Personally, I would prefer to stay with my existing lender and the structure i have setup (to avoid all the trouble).
Jamie, I m with ANZ as well, but not getting what you recently received. How you guys think i should progress with
1) do requesting pricing from lender will affect the Credit file
2) don't mind using the broker, but my existing broker failed getting any discount (when i go both my Resi loans), do u think any broker will get involved just for negotiation, as i think they don't get any commission for this, any recommendation for this will be good….I am based in MELB
3) I had chat at local branch and they advised if I request for better rate frm ANZ then i should attach the quote frm other lenders, or should i just ring them
thanks heaps