No dramas Steve
I have two loans under the westpac professional package, the cost per year fee is $300 which gives .6% off whatever the variable is at any given time , if you use the rocket invest loan for your purchase u can as well as having the redraw facility offset from a classic plus savings account with them against the loan to reduce ur interest payments.
As far as banks go it works for us!Homepath – 6.46 % no fees, with redraw (min 2000). nothing fancy does the job.
Use them for my IO IP loans.
Extreemlty frustrating to deal with 10 different customer service people in the finance approval stage though.Mal
Getting out of your comfort zone, can help you become comfortable
Hehehe. Hi All,
just got word from the ANZ bank that, even though I can’t have 6.72% (my lending is less than the required $250K, @ $195K) I can have 6.77%.So they met me half way! Better than a slap in the face – aye!
As you can tell I’m happy about that! So I got the Breakaway Package, save ~$600 in Stamp duty (because I stayed with the ANZ), have no application fees for either loan (I’m doing a split loan – deductible and non-deductible), have 6.65% fixed for 3yrs for the deductible loan, 6.77% variable for the non-deductible loan, but the annual fee of $295. I do get the 100% off-set with that and (Unfortunately) a G O L D credit card, who-flippin-hoo. Lets see what happens to them in the microwave…….[evilgrin]
Plan so far is to stay with the package until I get finance for the rest of the IP (I have only put up the deposit so far) and once safely out of the “Your left the Package too early so we need to charge you extra fees” zone I can still get out of the package and then pay only the monthly fees!
That was awesome fun! [biggrin] I can’t wait to do it again!
Cheers
C@34Our greatest weakness lies in giving up. The most certain way to succeed is to always try something one more time.
– Thomas EdisonGreat news champ!
You can exit the Breakfree package anytime you want and there are no break costs…..I would suggest waiting till the year is basically almost up to get full value.
From a taxation angle you may be able to claim a portion of the $295p.a. package fee as a tax deduction as part of your loan is for investement – it could be argued that you are paying the fee to be exempt from app fees on the investment side of things, particularly as you dont have any use for the credit card. I am no tax man so obviously seek the opinion of someone qualified first.
Cheers
MattHehehehehe….
Still grinning!……..
Feel like I’m a kid again!…….
[grin]
Cheers
C@34Our greatest weakness lies in giving up. The most certain way to succeed is to always try something one more time.
– Thomas EdisonWell done Calvin that’s good news.
The old saying, “you don’t ask you don’t get†certainly rings true, Cheers.Regards
Steven
Mortgage BrokerMobile Mortgage Market
Ph: 0402 483 216
[email protected]
http://www.mobilemortgagemarket.com.auPLEASE note comments made should not be taken as specific taxation, financial, legal or investment advice.
Hi All,
I think Suncorp also giving a good Pro package (My Home Package) where for people borrowing $150K-$250K get 0.50% OFF the variable rate.
It fee is $300 per annum. With offset fee of $75.Any thought about this package?
http://www.suncorp.com.au/suncorp/home_loans/types/money_manager.html#homeloanchoiceThanks
Willy
Hi all,
quick update:
PPOR Value came in at a disapointing $220K (something about the Garden not finished – we pointed this out and said part of the funds are to finish the Garden….).
This pushes to LVR up to 88.64% costing LMI of $266.64 (think I can live with that, esp. since ANZ will capitalise this).
Total cost of refinance and stamp duty ~$461 (+ obviously the LMI).
Ohh, and the variable interest rate is now 6.72%, down from 6.77%. So, once I pry the statements for my CBA personal Loan out of the hands of the CBA, I’ll be away! [cowboy2]
Still feeling good!
Cheers
C@34Our greatest weakness lies in giving up. The most certain way to succeed is to always try something one more time.
– Thomas EdisonSeems like Citibank also have their Pro package called Mortgage Plus
The link of the information is
http://www.citibank.com.au/portal/citiwm_home_center.jsp?frameset=centerFrameset&productID=Mortgages&path=/augcb/english/prod/cat_land/Mortgages.htm&frameval1=wowWorkID&framevar1=workIDAny Mortgage broker know how many percent is the discount for $200K-$250K?Seems like for $300K+ is 0.7% off. Their curent standard Var rate 7.31%Ok Found it for $200K-$300K the discount is 0.5% off
http://www.citibank.com.au/australia/pdf/residential_lending_rates.pdfHi ecchhoo
Most lenders offer some form of Pro Package in fact i think i counted 25 earlier this morning.
The all differ slightly and as a broker it is a matter of tailoring the package to suit your clients needs and requirements.
The lowest interest rate or cheapest fees is not necessarily the best product on the market if the client has other requirements.
Cheers Richard
[email protected]
http://www.yourstatefinance.comSpecialising in US & IP finance.
Richard Taylor | Australia's leading private lender
We’re with Colonial and are on the MAV pack (very similar to Commonwealth package as they are part of the CBA).
Their interest rate discount increases as you borrow more. I have discount of P&I’s, IO’s and Credit Lines. Different discount rates for different loans but based on total borrowings, starts at .4% discount on total borrowing of $150,000 and goes up to .7$pa once you have borrowed over $1million. It does have a yearly fee (I think it’s $300), and you must hold a CBA Gold credit card but the annual fee and extra carholder fee on the credit card is waived while you are a MAV pack member. They do also give discounts on their insurances (house, contents, landlords and car from memory), sometimes this makes theri insurance cheaper and sometimes it doesn’t so you still need to check it out carefully. They also then waive establishment fees on the loans.
The fustrating part with them is you cannot ring and get an operator, you either leave a message and wait for them to call or you go through your broker. They can take up to 24 hours to get back to you.
I think it depends on the individauls situation, it has been great reading commetns about the various packages above, keep it rolling in guys so we can compare not only what’s available but various peopele’s experiences with various packages.
Regards
PKRichard: yeah i agree with you that lower interest rate and fees do not guarantee we will get the best loan.
But by listing the Pro homeloan package it will give the Forum readers some idea on the available PRO products in the market.
If you are able to find 25 pro product … mind to share?
Thanks…
The following lenders offer a Professional Package
Adelaide Bank / Amp / Anz / Aust Credit Union / Bank of Qld/ Bank West / CBA / Citibank / Colonial / CUA / Heritage / Homeloans Ltd / Homeside / HSBC / IMB / Macquarie / NAB / RAMS / Savings & Loans CU / St George Bank / Suncorp / The Rock / TIO/ Westpac/ Wide Bay
Others i have probably forgotten but a few names that come to mind.
Cheers Richard
[email protected]
http://www.yourstatefinance.comSpecialising in US & IP finance.
Richard Taylor | Australia's leading private lender
Hi All,
signed up today – took one hour. I must be a slo learner!Something about the Manager chewing gum while I’m with him is disconcerting. I know we get really casual in the Pilbara but that is just not Cricket!
Using words like “Lingo” and “penalties” inbetween chews and swallows is just not professional.Anyway, we will be on our way – the docs will be faxed off tonight and hopefully the moneys will be dispursed tomorrow – but who knows? I will be ontop of them like stink on a t..rd!
Happy none-the-less, despite the hair raising past few days.
Cheers
C@34Our greatest weakness lies in giving up. The most certain way to succeed is to always try something one more time.
– Thomas Edison
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