All Topics / The Treasure Chest / cheaper finance wanted

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  • Profile photo of AdministratorAdministrator
    Keymaster
    @piadmin
    Join Date: 2013
    Post Count: 3,225

    im looking to buy number 4 renter. ive got good equitiy so i think i should get good rates from the bank.does one of the big four have a package that ishould know about? im looking to lower my overheads and a lower rate,under 6%would be a good starting point.thanks in advance for all advice mitch

    Profile photo of Steve McKnightSteve McKnight
    Keymaster
    @stevemcknight
    Join Date: 2001
    Post Count: 1,763

    Hi,

    When rate shopping , a good link to check out re: interest rates is:

    http://www.infochoice.com.au/banking/rates.asp?CategoryID=90

    This and other useful links can be found in the Web Links area.

    Regards,

    Steve McKnight

    **********
    Remember that success comes from doing things differently.
    **********

    Steve McKnight | PropertyInvesting.com Pty Ltd | CEO
    https://www.propertyinvesting.com

    Success comes from doing things differently

    Profile photo of ADAD
    Participant
    @ad
    Join Date: 2002
    Post Count: 636

    With Number 4 in the barrel it wuold be a good time to start hunting for an Investor pack maybe. Most of the big lenders offer reduced interest etc. in a package. I would suggest talking to a mortgage broker and asking them. For example I know that ANZ offers their LOC at around 5.97%….worth a look.
    Enjoy
    AD [:0)]

    A great deal of talent is lost to the world for want of a little courage. Every day sends to their graves obscure men whose timidity prevented them from making a first effort.
    -Sydney Smith

    Profile photo of Perky29Perky29
    Member
    @perky29
    Join Date: 2002
    Post Count: 14

    Hi,
    Are you referring to finance for wraps or for an investment property?
    For investment property – WESTPAC has an investor pack that is .7% off the normal variable if you are earning above 60k per year – I am currently paying 5.97% on mine. (BTW I am NOT affiliated with WESTPAC in any sort of way !!! so I am not promoting them…).

    Steve/anyone , what is the best lender for wraps now that ANZ are much more difficult to use?(they did not accept me) – eg int rates and get in / get out fees included…
    AXA appears the best at 6.24% but they have a get out fee of $900 if cash out is within 5 years…

    Perky.

    Profile photo of Steve McKnightSteve McKnight
    Keymaster
    @stevemcknight
    Join Date: 2001
    Post Count: 1,763

    Hi,

    You ask:

    quote:


    what is the best lender for wraps now that ANZ are much more difficult to use?(they did not accept me) – eg int rates and get in / get out fees included…


    Sadly, the process of seeking finance for wraps is never easy and is more often than not a case of trial and error.

    I believe it is best to network with mortgage brokers and tap into their network to find a willing lender.

    The people that we use are not generally open to the public since we get wholesale treatment as we own so much r/e.

    Regards,

    Steve McKnight

    **********
    Remember that success comes from doing things differently.
    **********

    Steve McKnight | PropertyInvesting.com Pty Ltd | CEO
    https://www.propertyinvesting.com

    Success comes from doing things differently

    Profile photo of jassepjassep
    Member
    @jassep
    Join Date: 1969
    Post Count: 40

    Hi Steve,

    What about the idea that you become a “conduit” for members of the forum to recieve finance via your source and you get compensated, not unlike a mortgage broker? You could even hire a new person to just do this in your office if the demand is great enough…just a thought.

    Happy New Year!

    Kindest Regards
    Jason S

    Profile photo of Steve McKnightSteve McKnight
    Keymaster
    @stevemcknight
    Join Date: 2001
    Post Count: 1,763

    Hi Jason,

    Great to hear from you. How are things going?

    You raise a good point and something that is already ‘in the pipeline’, so to speak.

    Hopefully I will have some good news in the later half of 2003.

    Have a wonderful day.

    Regards

    Steve McKnight

    **********
    Remember that success comes from doing things differently.
    **********

    Steve McKnight | PropertyInvesting.com Pty Ltd | CEO
    https://www.propertyinvesting.com

    Success comes from doing things differently

    Profile photo of AdministratorAdministrator
    Keymaster
    @piadmin
    Join Date: 2013
    Post Count: 3,225

    Hi thanks for the input.perhaps some more imformation.Ive been investing in IP since 92 and until 15/12/02 i was an internet virgin.I cant belive all IP imformation there is to study!In the last week ive learnt so much ive had a real confidence boost.Ifeel i can be alot more aggresive in my price offers after reading hints on how other people buy IPs.Back to my rate queston,if ive got loans of 400K against security of 600K (75%LVR) should i be able to get 5.5% to5.75% or is this too smaller borrowings? Also,when you calculate your return as a % do you do it on how much the IP cost when purchased or its current value? Thanks for the site,i enjoy reading how people overcome lifes speedhumps on the road to investment sucess Mitch[:)]

    Profile photo of jassepjassep
    Member
    @jassep
    Join Date: 1969
    Post Count: 40

    Hi Steve,

    Mate, I’m well – I trust your trip away was relaxing and full of bonhomie ;o)

    I’m looking forward to moving into L/O’s next year…once you know this stuff, it’s so difficult to mess about with B,H&H (Buy, Hold & Hope), you know! ;o)

    Regards
    Jason S

    Profile photo of hilaryhilary
    Member
    @hilary
    Join Date: 2002
    Post Count: 146

    Before you sign up for cheaper up front rates, ask for the comparison rate for the up fron, and the later on rates – also ckeck your exit fee (called a deferred settlement fee) and if getting a revolving line of credit,also check the fees for re-draw etc – these are what make the differnece to the quoted rate and the comparison rate!! Take care. [;)]

    Profile photo of Perky29Perky29
    Member
    @perky29
    Join Date: 2002
    Post Count: 14

    Hi,
    Over one month ago I asked the question if anyone knew of a better place to get finance for doing wraps than AXA, and I have seen no replies since
    then on a better lender.
    Can anyone out there help and advise who they have been using on their latest wraps – and the pros/cons of who you are using?
    Any help would be much appreciated.

    Profile photo of FWFW
    Member
    @fw
    Join Date: 2002
    Post Count: 478

    Hi Perky
    The question is a good one, but the problem is that there’s no really good answer.
    Over and over I’ve seen one person say “oh, I go to x bank for all my wraps through x package” and then someone else says “I approached them and were told they don’t do wraps”.
    Nowadays it’s not a case of which financial institution you use, it’s more a case of who you can find in a financial institution who will support what you are doing and help with finance.
    This is why I have a broker – because she does all this footwork for me and brings me the results. And the same thing applies – different brokers have different contacts, and so will probably be able to swing you a deal with different banks.
    It’s all part of the fun! hehehehe

    Keep smiling
    Felicity 8-)

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