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  • Profile photo of waz11waz11
    Member
    @waz11
    Join Date: 2004
    Post Count: 35
    December 23, 2004 - 1:36 am

    Hi,

    I have been advised by my broker that I have been moved to the Commercial lending department now as I have enough loans now to qualify for this department.

    Apart from the difference in interest rate (which I have managed to avoid) are the generally any other differences for having your loans held within the commercial lending department. NB I am not talking about getting loans for commercial property here – only which section of the bank is looking after my loans.

    Thanks,

    Waz11

    Profile photo of Robbie BRobbie B
    Member
    @robbie-b
    Join Date: 2004
    Post Count: 2,493
    December 23, 2004 - 1:57 am

    If they are not giving your commercial loans, there is no difference. Besides higher interest rates, commercial loans are synonymous with shorter loan terms – around 15 – 20 years if you are lucky. Payments are much higher.

    Robert Bou-Hamdan
    Mortgage Adviser

    M: 0414 347 771
    E: [email protected]
    W: http://www.mortgagepackaging.com.au

    FREE Finance-Related Newsletter: See – http://www.mortgagepackaging.com.au/index_files/newsletter.htm

    Comments made are of a general nature and should not be construed as individual advice.

    © 2004 Mortgage Packaging Pty Ltd

    Profile photo of waz11waz11
    Member
    @waz11
    Join Date: 2004
    Post Count: 35
    December 23, 2004 - 2:13 am

    Wow – not the kinda news i was hoping for – thanks though.

Viewing 3 posts - 1 through 3 (of 3 total)

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