Hi All,
Can you please advice how is suncorp home loans in general and with following details ?
95% + LMI
Interest Rate – 6.19
30yrs
LMI on top – $10,000
Monthly repayment IO – 1805$Any pros and cons will be helpful.
Pros – They will do it so a rarity.
Cons – They approve 1 in a million and take ever and a day so dont be suprised if yours is declined or if they ask for paperwork coming out of your ears before declining.
I find Suncorp's service a disgrace so would prefer not to use them unless i was desparate.
Richard Taylor | Australia's leading private lender
Thanks Richard. In my above post. I got wrong understanding that suncorp will give IO only. I came know that they will not on 95% specially. Anyhow, you didn't them useful either way.
Can you suggest on Bankwest pros and cons. And specifically how is exit process of bankwest ?
BankWest
95% + LMI
Interest Rate – 6.55
30yrs
LMI on top – $10,000
Monthly repayment IO – 1910$
Establishment Fees – 700$Bear in mind Bank West credit policy is much the same and very hard to get a deal to fly unless credit score is perfect.
Richard Taylor | Australia's leading private lender
It all depends who you bank with. Westpac and Cba lend 95% to existing clients however 85% and 90% respectivly for new to bank clients.
They have different policies re who is an existing client e.g. Westpac – know one knows. Cba – if you have a Cba credit card, home loan or personal loan , and have had this for more than 6 months – you can apply for 95%.
There are a few lenders left doing 95% lvr's and you dont have to be a customer.
Certainly have easier Credit policies than BW and Suncorp.
Richard Taylor | Australia's leading private lender
Thank you both.
I don't have any debt yet, this is my first IP, current renting and not any defaulter to any payment. And having good salary. I believe I have good credit report.
Is the above rate is good for 95% + LMI and they charge $15/mth for offset a/c ? How is the exit policy of Bankwest ?
Do you have any recommendation for any home loan product, based on my needs to get 95% + LMI. And any suggestion if my requirement is wrong or so.
Get a credit card with Cba. In six month you will be elligible assuming everything else stacks up. They have a 3 year variable at 5.93% that reverts to a base variable after three years . Base variable currently approx 6.1%. 600 app fee. No monthly fees for the life of the loan. Westpac anz and nab will struggle with the 95%. I don’t track what non banks have on offer.
Thanks Banker. Will checkout cba.
Do they have Interest only payment option with 100% offset ?
Banker wrote:Get a credit card with Cba. In six month you will be elligible assuming everything else stacks up. They have a 3 year variable at 5.93% that reverts to a base variable after three years . Base variable currently approx 6.1%. 600 app fee. No monthly fees for the life of the loan. Westpac anz and nab will struggle with the 95%. I don't track what non banks have on offer.Not at that rate. Their offset is called misa which is more like a net based savings account rather than a day to day account. In this case you would take their standard varible with wealth package attached (this is called mortgage advantage via broker Chanel). Rate is then 6.61 less discount based onthe size of the loan.
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