Here’s a question for possibly the mortgage brokers out there.
Whilst reading another forum (for the first time, and might I say, not as interesting as this one), someone mentioned applying for an “invetors fee” of around $400 per year, instead of establishment fees each time you apply for a new loan, or re-finance.
Is this readily available to everyone, if so why it not more common?, or am I the only one who hasn’t heard of it?[]
Wilandel,
From my understanding it depends on the particular package offered by the lender.
the on ethat we are applying for has a $295 per year fee for the first 5 loans and ohter extras included for that annual fee, then another $295 for the next 5 etc. there are no application or valuation fees as such.
someone like Stu from prosolution would be able to tell you more about whats available to you, that would suit your particular needs.
hope this is of use to you.
Cheers,
Scott S
“Aim for the stars and you’ll shoot the top of the telegraph pole. Aim for the top of the telegraph pole and you’ll shoot yourself in the foot!”
-anon
sorry guys, hope you could make sense of that, I was busy watching the footy![]. We’re winning by the way[], yes I’m a New South Welshman even though I live in sunny??? QLD now.
Scott S[]
“Aim for the stars and you’ll shoot the top of the telegraph pole. Aim for the top of the telegraph pole and you’ll shoot yourself in the foot!”
-anon
Hi Wil and Del
Thats a good thing I wouldn’t want my message to go unheard ![]
If you have no luck with your bank try a broker. One of my best friends was very high up in lending at one of the big 4 and he used to complain that he didn’t have the flexiblity in lending that brokers had. He said that he would have apps knocked back and a broker would get the same client approved on a better package, through his bank, it was very frustrating for him.
Must go second half has just kicked off!!![]
Best of luck,
Scott S
“Aim for the stars and you’ll shoot the top of the telegraph pole. Aim for the top of the telegraph pole and you’ll shoot yourself in the foot!”
-anon
Yes it is probably a “Professional Package” that they are referring to. Some have no application fees, but a professional package fee instead (eg Commonwealth’s Mortgage Advantage $300 pa fee, and you get up to 0.7% off SVR).
Most major banks have these packages now. But watch out as some of the small banks/lender’s no frills products are still cheaper with interest rates.
We have a professional package with the NAB, have done for about 5 years now, we don’t get charged bank fees on any of our accounts and no application fees (although they find other ways of applying fees for things you’ve never heard of) and we also get half percent of all mortgage rates.
It has saved us alot of money just on regular savings accounts, so it’s worth it.
Although I am not sure how we will go if we get a loan with the NAB but through a broker if that will still apply!
I had a meeting with NAB today. They have a very good package and will do some very competitive deals if your lending is over $500,000 – probably best in the market (I was very surprised).
However, not sure how they are on the service side. AD can attest to the fact that they can be difficult on the revaluation side of things as well.
I would disagree with Terry. Professional packages would generally be cheaper than any basic variable on the market (considering break fees and application fees) – especially if you have multiple loans/properties.
Thanks for the info, just wondering if that is 500k combined loans or 500k current loan being applied for.
I also read your article last night, it helped to clear up a few grey areas, I thought you took an interesting approach and agreed with your conclusion. So thanks for the help.
Folks,
Just about the service from the NAB, we are assigned a personal banker who has been very good, but I think now that the trust is in place he might just be out of his depth a little, so Dale GG gave us a number for his guy at the NAB.
Also we are setting up a LOC with them and asked about value of the property as they don’t have a panel of valuers they do accept valuations from qualified valuers in a written report addressed to the NAB for ‘mortgagee purposes’.
Hi fellow investors, this is my first post and hope to contribute something to the forum, since i gain so much already from here.
i currently am on one of these “Professional Package” with Westpac. $300 pa fee and get 0.7% off the SVR. this package doesn’t base on lending over $500,000, but on your income which has to be over $60k i think.
i got this package 9 month ago, not sure if it has changed since.
TheBigL
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