So what rate interest rate are you getting

Better than my interest rate- I am paying 7.1% with Commonwealth Bank. But I have easy access to equity via Lines of Credit so I am happy with my deal at the moment. I probably should shop around for a better deal, next IP I will be talking to a broker.

Luke.

You will probably be up for some hefty break fees if you are on a honeymoon package. The banks usually load up the break fees on honeymoon packages to stop you from taking advantage of the discounted rate in the first few years and then switching lenders as soon as the discounted period finishes.

Luke.

Ok, hopefully you come out in front. 6.88% is a great rate, I wish CBA would give me that!!

ANZ Breakfree Package = 6.94%

Luke you should look at trying to get onto Commonwealths wealth/professional  package. I just spoke to them and I was on the same as you(7.1%) but they have put me onto the wealth/pro package and my rate is now at a 0.8% discount on the standard variable rather than the 0.7% that I was originally on. This 0.7%rate only lasts for 3 years.

The wealth package has an annual fee of $350 but it doesnt matter how many loans you have in the package. Another thing to mention is that there is normally a switching fee of $300 per loan but the bank is waiving these fees until June 2011.

Definitely worth a look.

ANZ might have low rates, but can be very costly as they are  the hardest bank to get new finance from if you want to snap up those bargains. Saving a few measly dollars in interest can cost you  hunreds of thousands in lost  opportunities You need a bank you can ring up and say I need  X dollars to buy Such and such and get the answer the next day and honour their commitment.

Has anyone got any issue re: finance with ANZ?? Just for curiosity

We had quite a lot of trouble with ANZ. We refinanced with ANZ and got a line of credit in the process and that was all fine. All in my wifes name. The two loans we refinanced were meant to be interest only but we noticed there was something wrong once we started making repayments.

My wife rand them and pointed out the error and they said she would have to go into a branch. No worries. What we didnt give much thought to was the fact that my wife was now 7 months pregnant and it was quite obvious. The branch manager took one look at her and knew that she was not in a capacity to earn much money, if any.

To cut a long story short they refused to put her onto interest only because she didnt have a job, or wouldnt for much longer in her case! So basically she didnt earn enough to pay less money in repayments!! So she had to stay on P&I untill she was back at work full time.

ABSOLUTELY RIDICULOUS!!!

And for that reason we dont want anything to do with the ANZ!
 

  ANZ  lending criteria is ridiculous, I would question the competency of any broker who would recomend them. They would sooner lend money to some-one who relies on keeping some low paid crappy job who is struggling to pay their living expenses, and no assets , then some-one who s income is 8X the average wage,but has no job even when they hold titles for 3 unencumbered properties.    Yet almost any other bank will say we will lend over 1million as you are in a very strong financial position and dont need  the  co-lateral the ANZ  has.  They also steal money from your  account , increase interest rates above what is agreed  when you complain they will lower it again for afew months then slowly sneak it up again in small increments, overcharge for fees promise to pay it back but never do.  If you want to work at some crappy job for the rest of your life bank with ANZ, they will try to tie you up,try to put you in a barrel, make it difficult for you  to move then charge you higher rates and fees.  They dont understand  how investing works or buisness for that matter.   Any way I suppose it is hard for some-one who has to work for their income understand you dont need a job to produce income, or they wouldnt be working in the bank any way. Catch 22.