Hi every one
There has to be another option:We have a business and I work full time some were else.Our situation as below:
Total business loan: 560k
1) Part of the loan is 285k interest only with re payment of 2k a month over 5 years
2) part 2 of the loan is 275k which is p and I with re payment of 4k
Total per month 6k
Security being used
My home: Loan of 110k valued at 440k
Ip loan of 150k valued at 380The cba wont help do you think this is a better option and will other banks offer this
1) go to another bank and change home loan to 110 to 385
2) business loan to other bank: use the 275k to fund the new loan
3) will only need to borrow 285 for businessThis will improve overall cash flow by miles cba say they can’t do it but the idiots will lend some one money for a car or borrow on top off a home for a wedding can’t stand banks
Jpcashflow | JP Financial Group
http://www.jpfinancialgroup.com.au
Email Me | Phone MeYour first port of call in finance :)
Hi Johann
Yes the repayment do seem a week bit high per month although i have to say that is typical CBA.
I am sure you can do better elsewhere especially if the lvr is less than 80%.
Cheers
Yours in Finance
Richard Taylor | Australia's leading private lender
Hi Richard,
Do you have any suggestions to which lender to call?
I have had a chat to a few lenders but alot of the staff just cant be stuffed following up etc lolIf you can reccomend any lender that would be great
cheers
Jpcashflow | JP Financial Group
http://www.jpfinancialgroup.com.au
Email Me | Phone MeYour first port of call in finance :)
Jpcashflow wrote:Hi Richard,I have had a chat to a few lenders but alot of the staff just cant be stuffed following up etc lol
Why go down this path again and do the follow up yourself? i say utilize and take advantage of a good broker’s experience, connection and knowledge…brokers have direct contact with credit and BDM compared to branch and call centre staff.- So give Richard a call and utilize his service…it’s either a free service with most brokers, or some may charge a small fee for the time, money you will save with the correct structure.
Regarding your situation, correctly structuring the swap over will be very important you dont want any of your loans to be mixed up just for the sake of a lower interest rate.
Having said that, I can’t see why CBA would say no to your request, unless you represented the request to the bank staff in a confusing way and they couldn’t be bothered going through with all the hassle.
If your willing to use your residential home as a 2nd security backing then the rate for the commercial loan will be as low as 7.4-7.8% ( Not CBA)Shoot Richard any email—-> Richard Taylor – [email protected]
Regards
Michael.
Mick C | Shape Home Loans
http://www.shapehomeloans.com.au/
Email Me | Phone MeSame Banks. Better Rates. Served With a Passion.
Hey every one
Bit of un update. CBA have said that they dont want to change the P & I loan to I only.
There being very rude about it and even said what is a 2k difference in repamynets really going to do for your bussiness?
I had said that it 2K will pay most bills and keep the overdraft account under the limit and help with cash flow.They have been very arrogant and have even said since you talked to other lenders why not take your bussiness some where else then.
CBA are the worst bank to deal with ever.
Jpcashflow | JP Financial Group
http://www.jpfinancialgroup.com.au
Email Me | Phone MeYour first port of call in finance :)
Why do you need to change the loan to IO? Would it be better paying down the business loan ASAP so you can make the business more sufficient? Just throwing ideas around of course.
My experience with CBA has been the opposiite- they have been very helpful and more than willing to lend money.
Luke
It’s not the bank, it’s the ppl you deal with….i have none plenty of P&I swithc to I/O with CBA with less then $100 difference – no issue…
The question is, who is saying no?? the banker/front line staff ? or is it credit?? front line staff see this sort of change as “useless ” in terms of their commission as they are not bringing any new business to the bank so hence no point.Credit and BDM on the another hand have a balancing act of accepting enough loans to makes profit for CBA shareholders but at the same time limit the number of risk they take…so if your deal is not to “risky or to hard” then they try to keep the business.
If you really want something to be done; shoot Richard a email and get him to forward a request to the credit direct and go from there.
End of the day CBA has 2 choice, keep the business with I/O or lose it ( as long as you can afford the change CBA should have no issue with the change).Regards
MichaelJpcashflow wrote:Hey every one
Bit of un update. CBA have said that they dont want to change the P & I loan to I only.
There being very rude about it and even said what is a 2k difference in repamynets really going to do for your bussiness?
I had said that it 2K will pay most bills and keep the overdraft account under the limit and help with cash flow.They have been very arrogant and have even said since you talked to other lenders why not take your bussiness some where else then.
CBA are the worst bank to deal with ever.
Mick C | Shape Home Loans
http://www.shapehomeloans.com.au/
Email Me | Phone MeSame Banks. Better Rates. Served With a Passion.
Good news guys
amazing cba have changed my my loan
reaon why we want to go intrest only is to improve cash flow while we sell our bussiness
extra money going towards bills etconly reason why they changed there mind is because they can know see that with the extra.money.our bussiness.will improve
Jpcashflow | JP Financial Group
http://www.jpfinancialgroup.com.au
Email Me | Phone MeYour first port of call in finance :)
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