Hello Everybody,
We are intending to buy a property cost $ 227,000.We intend to loan about $150 000 only on least interest rate possible offcourse.We have been looking and comparing banks and nonbank agencies.Almost all nonbank agencies offer attractive interest rate but all this are really confusing.Anyody here can please me,which agency/bank offer a good rate? Your help is greatly appreciated.
Thanks
TeenaFixed?
Variable?
Basic or full feature loan ( im guesing basic , given your loan amount)?
Offset?
Redraw?
Do you need another product ie credit card?
Fees?
Set up cost?
Long term goal- are you wanting to invest further later down the track?it’s easy to just split out the lender with the lowest rate, but it’s just about the rate…it’s about the structure, features, set up cost, Short term goal?
Example: one of the cheapest re-finance lender on the market is Ubank- 6.72% — however they come with a lot of restriction; 80% LVR only, do not service all postcode- Cash out is limited, re-draw is limited and no offset etc….cheap ? yes– good for investors who want to build aggressively build wealth? i think not….
Regards
MichaelMick C | Shape Home Loans
http://www.shapehomeloans.com.au/
Email Me | Phone MeSame Banks. Better Rates. Served With a Passion.
Hi Teena
As Michael has mentioned the cheapest interest is not the sole parametre for choosing one lender over another.
There are 101 questions you need to ask yourself before you narrow down the selection criteria for a lender.
What may suit 1 customer does not suit the requirements of another.
Also you have to understand that some lenders only deal with mortgage brokers so you can't on your own expect to know every lender that is out there.
Why not give your mortgage broker a list of features you are looking for and let him do the leg work for you.
It does't cost you anything to deal with a broker and you get access to a wealth of knowledge.Remember a good broker has probably bought an investment property or two before.
Cheers
Yours in Finance
Richard Taylor | Australia's leading private lender
avoid the non banks non building societies!
Terryw | Structuring Lawyers Pty Ltd / Loan Structuring Pty Ltd
http://www.Structuring.com.au
Email MeLawyer, Mortgage Broker and Tax Advisor (Sydney based but advising Aust wide) http://www.Structuring.com.au
Just to let you know when Terry means by Non-bank is “mortgage mangers lenders” – where they borrow from the bank and lend back to you.
Some may think ING, Suncorp etc are consider as non-bank—but that’s not true they are a still a bank, tier 2 lenders….they get their funds from deposit and another source and lend back to the public.
IN Aus the banks are :
There are the 4 big banks ( Tier 1 lenders) + then you have the small banks like ING, Suncorp etc.. ( Tier 2 lenders).+ Building societies also a Tier 2 lender.Then of course you have the Non-banks ( Mortgage manager, do not have a direct deposit etc….)
Regards
MichaelMick C | Shape Home Loans
http://www.shapehomeloans.com.au/
Email Me | Phone MeSame Banks. Better Rates. Served With a Passion.
Yep, i was thinking of mortgage managers non authorised deposit taking institutions.
Terryw | Structuring Lawyers Pty Ltd / Loan Structuring Pty Ltd
http://www.Structuring.com.au
Email MeLawyer, Mortgage Broker and Tax Advisor (Sydney based but advising Aust wide) http://www.Structuring.com.au
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