Equity Manager (LOC)
Hi everyone,
I am new to this forum but I find it very interesting.
We have bought a property and we just got approved for LOC (this is another name of Equity Manager)
With ANZ.
It wasn’t easy to select which loan to go for and which bank.
We had a broker not one but two and I found that brokers usually are offering loans with the institutions that they have been accreted to work so we went direct with ANZ.Let’s compare the interest and fees with other lenders for the same product. I know for sure that ANZ is better then CBA in that package.
Please if someone has got the same loan to share with us.
I have yearly fee of $295 and %5.97 because we borrow more then 250.000.Tess[
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CheersHi Tess,
I don’t have a LOC but I have been looking into them recently and I found the ANZ one to be the one I would have chosen too (I decided I don’t need one in the end).
A mortgage broker told me the interest rates and fees are similar across major lenders, but there can be some variation as to how much they will lend (their lending criteria can differ depending on a number of factors such as their current total loan breakup)
The $295 annual fee you refer to is for a professional package, and these are pretty standard across the major lenders as well.
All up, I think you have picked a lender and got a deal you sound happy with, so well done.
Tas [
]Hi Maggie
Well done. ANZ LOC is very good. You can’t get a better rate for a LOC on the market (anywhere). Only St George and perhaps NAB will match the rate but your total borrowings have to be over $500,000. So it’s a good choice.
I would suggest taking advantage of the BreakFree package (ANZ professional package). It entitles you up to 5 mortgages without anymore application or ongoing fees. Therefore, when you purchase pay 20% plus costs out of the LOC and then take out a separate mortgage for 80% of the value. I would recommend using their Money Saver Investment Loan (the rate is also 5.97%). The minimum loan amount is $50,000. It allows interest only repayments and has no break fees.
Well done on making a good decision (many don’t).
Cheers
Stu
Property & Finance News
at http://www.prosolution.com.auI just took an interest only loan for 3 years with CBA for 5.94% with $300 yearly fees.
Not much different comparing too your ANZ
Kind regards
Chandara
[Keep going, you’re nearly reach the end of financial freedom]Maggie
What benefits on that package ?
I mean discount % on 5 year fixed rate and variable rate … etc.
Yes, actually I did get Break Free Package.
The way it works is the current variable interest rate is %5.67 so if you borrow between 150 000 and 250000 the bonus is 0.5 of the variable rate and more then 250.000 is %0.6 of that percentage.
Yes, I can set up a 5 more sub loans with out any yearly or establishment fees.
You also pick up free consultation with financial adviser no ongoing fees for any accounts you might have with ANZ, check account.
In that Break Free Package is included 2 credit cards with reward program for Qantas Frequent Fly Program, we are happy about that we travel a lot overseas (we should have pick that a long time ago)
Having these cards on their own cost $150 in annual fee.So we are shifting all our account with ANZ.
With CBA the bonus is %0.5 on 250000+Chandara, do you have any restrictions on your loan?
We were not looking for fix rate loan we wanted to have as much as possible flexibility.Tess
CheersMaggie,
The only restriction is if I break the loan during fixed period there will be a penalty depend on the current rate of interest.
Kind regards
Chandara
[Keep going, you’re nearly reach the end of financial freedom]Westpac offers a similiar package, ‘Professional Package’ which I have. I think it’s based on income (60k+ single, 100k+ couple).
Details: $300 per year, -0.6% loans > 250k, -0.7% loans > 350k (I think), 2 gold credit cards, no yearly/establishment fees on any loans (not sure if there is a max), linked in with a 100% offset account, LOC etc.
All in all, I’m pretty happy with it as it offers amazing flexibility. Still, seems to compare with what ANZ offers you maggie so it would appear my ‘special’ deal is the norm… lol! [
]hi,
Im so happy reading this !!
My wife and I just brought our 1st investment property and used ANZ, I was scared stiff about the fees etc et etc but now realise it was a good move.Cheers everyone
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