Dont think you will do that.
Richard Taylor | Australia's leading private lender
Qlds007 wrote:Yes NSL and why would you bother when you can get 0.8% without really trying if the loan size is big enough.I "only" need $350,000 but dont want to pay the annual professional package fee, application fee or monthly account keeping fees
Where do I get 0.8% from?
What's the common discount these days? For a $400,000 loan for example.
Adelaide bank is still offering a 0.5% off all loans over 250,000 at no extra cost.Is anyone still doing 0.7% off at no extra cost?
Just thought I'd let everyone know that we signed up for a loan with the Commonwealth bank. Their Wealth Package has gone up to $350 per year and offers a 0.5% discount of the SVR. Even though Adelaide bank offers 0.5% off for free the interest rate worked out to be better with CBA
Discounted Adelaide bank interest rate: 5.4%
Discounted CBA interest rate: 5.24%Last time i checked the CAR with Con Bank was higher.
Richard Taylor | Australia's leading private lender
Qlds007 wrote:Last time i checked the CAR with Con Bank was higher.
Sorry for such a dumb question, but what does CAR stand for?
Comparitive Actual Rate and is what you should use when comparing lenders interest rates.
Richard Taylor | Australia's leading private lender
I take it, that's different to the Comparison rate?
According to their websites:
CBA Comparison rate 5.87%
Adelaide bank Comparison rate 6.06%How do I find out the CAR?
Why is any one still using the major banks and believing all their BS don't you realize they have a policy of dirty tricks that you have to pay for that discount with annual fees, hind cost, force to take out credit cards, other accounts and services that you will never need or use.
When you are looking to purchase property you are looking for 1 of 2 reasons either to purchase owner occupied in which it is bad debit and you want to clear it as quickly as possible, or you are purchasing investment property to either save money (negative gear) or make money (Positive gear).
There are Far better product on the market now than anything that the major are offering the product are called basic mortgages
and the second tire lender and nonbanks lender offering these to combat the majors. All you have to do is a little research or find a broker that will do the research for you. If you go to a broker that offer you just the major not only are they doing you a disservice the are doing themselves a disservice. dot use them.If you are looking for a $350,000 loan them may I suggest one of these loans with a basic variable rate either lower or equal the discounted rate with no fees and no hind costs.
Where do I find the Comparitive Actual Rate for various lenders?
All of them will display this on their website or on their interest rate chart.
Richard Taylor | Australia's leading private lender
Thanks
They refer to it as a comarison rate, is this correct?
In this case
CBA Comparison rate 5.87%
Adelaide bank Comparison rate 6.06%What confused me was when you said that CBA's is higher than that of Adelaide bank :S
the Comparitive Actual Rate is a column on the comparison rate sheet that shows what the actual rate is when all costs are added in to the loan.
Is http://www.ratecity.com.au/home-loans/lowest-rates/ reliable for home loan comparison?
I did a search for
Purpose: I will be living in the property Rate Type: Variable Amount: $400000
State: SACompared the cheapest one available (statecustodians), CBA and Adelaide bank.
Company Total Repayment # 709325 757353 820706 Ongoing Fees ($150k/$250k) 330/a 8/m 10/m 100% mortgage offset available yes you can still get 0.85 discount (rate of 5.06% variable) as i have with westpac, for your reference total variable loans amount to around 400-500k but i also have an equal amount fixed with the same bank so this may help them give me a discount???
EH
Hate to say if you got that then you wont now as I have mentioned before.
A memo went around to all their Credit Managers stating that no discounts where to be given unless the total loan was over $750K and then on a case by case basis and subject to the approval of the National Credit Manager.
I have put up a couple of deals to them for $1M + and they have over 0.75% and these were high net worth clients.
Might as well give them to the NAB and get 5.04% from day 1 on any loan over 250K.
Richard Taylor | Australia's leading private lender
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