Problem with new APRA rules

Viewing 12 posts - 1 through 12 (of 12 total)

anthonyq
Participant
@alpha22
Join Date: 2011
Post Count: 27
May 25, 2015 - 8:24 pm
Hi Guys,
OK so the new APRA rules the other week have been a pain in the butt. I’m currently in the middle of refinancing and restructuring and now NAB said I can’t get the discounted rate that i was previously advised due to one of my loans being investment and the ‘new rules’ :'(
Anyway, cancelling application and back to the drawing board. Brokers recommended ING @ 4.12% variable (down from 4.66% with NAB). Rates really good, dislikes are no credit card facility and my trust bank account isn’t an offset.
2 Loans, total ~$750 borrowings, over 2 entities (one in name, one in company trust).
Any advise if there’s any good deals going around or another lender with cc/100% offset for company name/same rate?
- This topic was modified 9 years, 5 months ago by anthonyq. Reason: added ongoing commission comment
- This topic was modified 9 years, 5 months ago by anthonyq.
Jamie Moore
Participant
@jamie-m
Join Date: 2010
Post Count: 5,069
May 25, 2015 - 9:16 pm
Hi Anthony
Don’t focus on rate – it’s a sure way to bugger up loan structures and longer term plans UNLESS you’re content with your current properties and have no plans on releasing equity and buying more.
Cheers
Jamie
Jamie Moore | Pass Go Home Loans Pty Ltd
http://www.passgo.com.au
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Mortgage Broker assisting clients Australia wide Email: [email protected]
Richard Taylor
Participant
@qlds007
Join Date: 2003
Post Count: 12,024
May 25, 2015 - 10:47 pm
Sounds to me like you are jumping from the frying pan into the fire.
A rate might sound great on the surface but one day you might want to access equity in your property or increase your portfolio.
Starting with the wrong lender from day 1 isn’t going to improve the situation.
Cheers
Yours in Finance
Richard Taylor | Australia's leading private lender
anthonyq
Participant
@alpha22
Join Date: 2011
Post Count: 27
May 25, 2015 - 10:57 pm
Thanks guys, will evaluate their lending criteria and servicability
Richard Taylor
Participant
@qlds007
Join Date: 2003
Post Count: 12,024
May 25, 2015 - 11:05 pm
That wont do you much good.
You need to investigate their Credit Policy and you wont have access to this.
Cheers
Yours in Finance
Richard Taylor | Australia's leading private lender
anthonyq
Participant
@alpha22
Join Date: 2011
Post Count: 27
May 26, 2015 - 4:49 pm
Thanks all. Spoke to my broker today and all good. This route is going to achieve my goals.
DeanCollins
Participant
@deancollins
Join Date: 2015
Post Count: 376
May 26, 2015 - 9:02 pm
so what was your final outcome…..after speaking to the broker?
anthonyq
Participant
@alpha22
Join Date: 2011
Post Count: 27
June 5, 2015 - 8:22 pm
Hi Dean,
ING. I’m not a power property investor like you guys and only had a goal of 1 or 2 more properties in the next 2 years, and due to equity and income it wasn’t a problem. Also got a great rate, lower than 4% after cashback. Main gold was switching loans to I/O as both were principal so i could build a healthy deposit for other non property investments. I know that’s a little old school, and i know what i should be doing, but it’s what i feel more comfortable for with risk. Would rather save, invest then loose, then borrow, invest and have to pay it back.
Anthony
Jamie Moore
Participant
@jamie-m
Join Date: 2010
Post Count: 5,069
June 5, 2015 - 8:53 pm
ING just announced a lending cap of 80% LVR on all NSW properties :-(
Jamie Moore | Pass Go Home Loans Pty Ltd
http://www.passgo.com.au
Email Me | Phone Me
Mortgage Broker assisting clients Australia wide Email: [email protected]
anthonyq
Participant
@alpha22
Join Date: 2011
Post Count: 27
June 5, 2015 - 8:59 pm
lol. very interesting to see how the market is in 12 months.
Corey Batt
Participant
@cjaysa
Join Date: 2012
Post Count: 1,010
June 5, 2015 - 11:24 pm
Jamie Moore wrote:
ING just announced a lending cap of 80% LVR on all NSW properties :-(
00
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Localised policy changed – to be honest I see that as a much healthier response than blanket restrictions for Australia wide!
Corey Batt | Precision Funding
http://www.precisionfunding.com.au
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Investment Focused Finance Strategist - servicing Australia-wide
DeanCollins
Participant
@deancollins
Join Date: 2015
Post Count: 376
June 5, 2015 - 11:32 pm
Jamie Moore wrote:
ING just announced a lending cap of 80% LVR on all NSW properties :-(
10
1 Vote
To be honest I’m ok with that.
As long as 20% deposit applies to both home owners AND investors I’m fine with any rule they want to implement INCLUDING raising deposits to 30% (or even 40%) for Sydney properties AS LONG AS it applies to both occupiers AND investors…….
Would be good for people to reign in their spending a little bit.