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  • Profile photo of Genesis01Genesis01
    Member
    @genesis01
    Join Date: 2003
    Post Count: 56
    February 27, 2007 - 2:03 am

    Morning All;

    We are currently re-financing 2 x IP loans, (which are currently
    securitised & cross collaterialised)

    Both new loans with an Offset & LOC against one.

    And establishing a new I/O loan for an IP in rural NSW.

    Have been advised to use Suncorp Metway, Pro pack @ 7.24%,
    with no Val fees or ATM fees, $300 estab fees.

    Has enyone else used Suncorp, any problems?

    Also after some negotiating with the old financier (threatening to take them to the Ombudsman) they have cancelled break fees but require:
    Legal Fees of $275 & Title Fees of $99 / property.

    Where do they get these fees from?

    Regards
    Daryl

    Profile photo of Richard TaylorRichard Taylor
    Participant
    @qlds007
    Join Date: 2003
    Post Count: 12,024
    February 27, 2007 - 2:58 am

    Daryl

    If you are worries about fees I would check the Suncorp Terms and Conditions.

    We dont use them much as the service levels are not the greatest once it gets to HQ here in Brisbane.

    The products are nothing new. Just make sure that they do not cross collarailise the loans as that appeared to be the main objective of your exercise.

    Cheers

    Richard Taylor
    Residential & Commercial Finance Broker.
    Licensed Financial Planner. Ph: 07 3720 1888
    [email protected]
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    Richard Taylor | Australia's leading private lender

    Profile photo of Alistair PerryAlistair Perry
    Participant
    @aperry
    Join Date: 2004
    Post Count: 891
    February 27, 2007 - 5:12 am
    We dont use them much as the service levels are not the greatest once it gets to HQ here in Brisbane.

    I agree completely with Richard. The rate you have negotiated is very good, but I think you will find it comes with a poisoned chalice.

    Regards
    Alistair

    Profile photo of TerrywTerryw
    Participant
    @terryw
    Join Date: 2001
    Post Count: 16,213
    February 27, 2007 - 5:29 am

    Yeah, I agree that it sounds alright. Suncorp are not bad, but I haven’t used them for a while. IO with offset sounds like a good idea. Also good on you for negotiating the lower exit fees. Usual discharge fees are around $300.

    Terryw
    Discover Home Loans
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    Terryw | Structuring Lawyers Pty Ltd / Loan Structuring Pty Ltd
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    Lawyer, Mortgage Broker and Tax Advisor (Sydney based but advising Aust wide) http://www.Structuring.com.au

Viewing 4 posts - 1 through 4 (of 4 total)

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