3.88% Fixed for 2 years P & I with NAB - Seems like a good rate?

Discussion in 'Loans & Mortgage Brokers' started by Beachy, 15th Aug, 2017.

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  1. Rolf Latham

    Rolf Latham Inciteful (sic) Staff Member Business Plus Member

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    the pain of convenience vs the pleasure of control

    has nothing to do with fortune :)

    You arent unique here............ more than half of people that investigate changing "stuff" dont complete the investigation....... even where they do have the capacity to move, and improve and make 10s of thousands in NPV.

    Phone plans, power resellers, mortgages, health insurance, etc


    Like one of my business mentors says

    "Choose and move"


    Or like another says -

    Dont move, thats ok too, but dont lament the loss from not doing so.



    ta

    rolf
     
    Rolf Latham, 27th Aug, 2017
    #61
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  2. TMNT

    TMNT Well-Known Member

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    I was more concerend about my credit file!!
     
    TMNT, 27th Aug, 2017
    #62
  3. Jess Peletier

    Jess Peletier Mortgage Broker & Finance Strategy, Aus Wide! Business Member

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    That's get aroundable :)

    But fair point!
     
    Jess Peletier, 27th Aug, 2017
    #63
  4. Rolf Latham

    Rolf Latham Inciteful (sic) Staff Member Business Plus Member

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    if one has dozens of properties and loans and one works with sub 80 lends, CRAA wont become substandard with 11 refis.

    Even if one has 11 props and refis 11 in one session (which is generally not recommended) and the lvr is sub 80 its generally going to score ok.

    Things like LVR, reliance on rent, security location, resi and income stability tend to have a higher level of influence on score than targetted activity per se.

    where activity may be a problem if similar stuff comes up 3 times in 3 mths to different lenders.......... but even there it really does depend.

    ta
    rolf
     
    Rolf Latham, 27th Aug, 2017
    #64
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  5. TMNT

    TMNT Well-Known Member

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    I didnt know that. I was under the impression that multiple hits looks bad even if you had say 10 hits in 3 months but owned 50 ips
     
    TMNT, 27th Aug, 2017
    #65
  6. dabbler

    dabbler Well-Known Member

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    Get moving is an under statement.

    The amount of times it has taken more than 14 days when I had a pre approval may be as high as 50%, but lucky for him the lenders are prob not as busy now.

    But you (OP) better get a move on !
     
    dabbler, 27th Aug, 2017
    #66
  7. Rolf Latham

    Rolf Latham Inciteful (sic) Staff Member Business Plus Member

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    Much depends on context

    ta
    rolf
     
    Rolf Latham, 27th Aug, 2017
    #67
  8. dabbler

    dabbler Well-Known Member

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    I have never worried about that.

    But do you need to do all 11 ?

    Fixing some at 5 with existing lender not going to be the end of the world.

    Depending on your goals and how P&I will effect you, I would be doing various things with varied lenders and have a mix of IO, P&I, fixed and variable and try and stagger things so not all coming say off fixed at once, or all going P&I at once.
     
    dabbler, 27th Aug, 2017
    #68
  9. Rolf Latham

    Rolf Latham Inciteful (sic) Staff Member Business Plus Member

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    Rate risk and io maturity coming all at once across a large portfolio can make for interesting times .

    A staggered rate maturity strategy is old school, the io maturity thing not so, since that's a new ate of puzzle pieces in the box due to apra pressures both on io issues but mostly due to serviceability standardisation

    Ta
    Rolf
     
    Rolf Latham, 28th Aug, 2017
    #69
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  10. thydzik

    thydzik Well-Known Member

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    Couple of rates CBA quoted me, they seem generally higher then others.
    $780k owner occupied <80% LVR P&I 3.82%
    $650k investment <80% LVR P&I 4.4%
     
    thydzik, 30th Aug, 2017
    #70
  11. mikey7

    mikey7 Well-Known Member

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    I was in CBA today fixing an account issue, and when I was all done, the lady goes "You know if you changed your investment loans to P&I you'd get a rate of 3.88%?"
    So looks like CBA is offering this rate, variable with offset.
     
    mikey7, 30th Aug, 2017
    #71
  12. LoanSharkJR

    LoanSharkJR Well-Known Member

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    Whoa....very interesting. Fickle even. I would take advantage of that if it suits your financial position to do so.
     
    LoanSharkJR, 30th Aug, 2017
    #72
  13. r3ckless

    r3ckless Well-Known Member

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    fyi $600k OO loan with P&I, 3.80% svr with nab
     
    r3ckless, 30th Aug, 2017
    #73
  14. Zoolander

    Zoolander Well-Known Member

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    So nabs offering 3.95% variable for PI owner occupier loans on their Choice package which is $395 a year plus $8-10/mth fee per loan. Do you guys find it odd for both an annual fee and monthly fee to coexist?

    Granted they're knocking the rate down from low 4s but still.. Seems odd for this fee doubledip..
     
    Zoolander, 30th Aug, 2017
    #74
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  15. Rolf Latham

    Rolf Latham Inciteful (sic) Staff Member Business Plus Member

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    Dont like NAB much expect for set and forget loans, but I do expect this isnt right

    the 395 replaces the monthly fee

    ta
    rolf
     
    Rolf Latham, 30th Aug, 2017
    #75
  16. Jess Peletier

    Jess Peletier Mortgage Broker & Finance Strategy, Aus Wide! Business Member

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    This is 2 year fixed, not variable with offset. CBA won't do anywhere near that for variable.
     
    Jess Peletier, 31st Aug, 2017
    #76
  17. mikey7

    mikey7 Well-Known Member

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    Doesn't suit me. I still got a PPOR mortgage.

    I'll send u pm
     
    mikey7, 31st Aug, 2017
    #77
  18. r3ckless

    r3ckless Well-Known Member

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    i pay the $10 onthly fee with nab but no choice package annual fee
     
    r3ckless, 31st Aug, 2017
    #78
  19. Jess Peletier

    Jess Peletier Mortgage Broker & Finance Strategy, Aus Wide! Business Member

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    Normally it's either/or.
     
    Jess Peletier, 31st Aug, 2017
    #79
  20. Clayton

    Clayton Well-Known Member

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    Being an Aussie expat working in Hong Kong I’ve just realized St George has increased my IO loan to 6.22%, that’s over a $350 jump in monthly repayments! Heart attack I know! Increased 1% because of the non-resident loan set up.
    Broker just informed me he can get 4.49% with the same bank (StGeorge) fixed for 2 years. Seems to make sense I’d consider his asap?
    Other thought to consider is ANZ offering 3.88% P&I fixed for 2 years, if I was to switch would we suggest re-setting loan to 30years?
    Cheers & Happy Friday everyone!
     
    Clayton, 1st Sep, 2017
    #80
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