Accessing 'broker only' lenders, to renegotiate current rate/term

Discussion in 'Loans & Mortgage Brokers' started by KayTea, 2nd Mar, 2017.

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  1. KayTea

    KayTea Well-Known Member

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    Hi all.

    I currently have a 2-year IO loan that is due to expire in a few months. Given the current PC chatter about IO loans being difficult to extend etc, I thought I'd try and see what I can lock in place now.

    However, this lender is a broker-accessed one (Advantedge/Fastlend), and I believe that the broker who originally set it up for me is no longer working (half his luck). So what do I need to do to have 'the conversation' with the lender? Do I need to get another broker to act on my behalf, or as an existing company, can I just contact them directly?

    Or, can someone offer a better solution (maybe another broker knows of a much better product/loan structure on the market, and I should consider switching lenders/loans etc)?

    TIA,
    KayTea
     
    KayTea, 2nd Mar, 2017
    #1
  2. JacM

    JacM VIC Buyer's Agent - Melbourne, Geelong, Ballarat Business Member

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    Hi @KayTea

    Perhaps send an email to the broker - even if he himself is no longer working it is likely he's got someone covering this sort of thing for him.
     
    JacM, 2nd Mar, 2017
    #2
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  3. KayTea

    KayTea Well-Known Member

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    Thanks, JacM - I'll give that a go. Hopefully, I can find a way to get in touch.
     
    KayTea, 2nd Mar, 2017
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  4. tobe

    tobe Well-Known Member

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    Otherwise ring the lender direct, they will be able to help, or have current contact details for the broker who is associated with your loan.
     
    tobe, 2nd Mar, 2017
    #4
  5. Corey Batt

    Corey Batt Well-Known Member

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    Advantedge are pretty good on the customer service front - if you call them they'll be able to assist.

    Can tell you straight away though that to get a new IO period, you will need to do a complete new re-assessment, basically a full refinance to get any further IO.
     
    Corey Batt, 2nd Mar, 2017
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  6. Jamie Moore

    Jamie Moore MORTGAGE BROKER - AUSTRALIA WIDE Business Member

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    It will require a whole new application :-(

    Might be a good time to review other lenders since you'll be submitting a whole new app
     
    Jamie Moore, 2nd Mar, 2017
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  7. KayTea

    KayTea Well-Known Member

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    Ouch - gotta say that's something that I'm really not looking forward to at all.

    If I just 'leave things alone', and wait for the current 2-year loan to expire (at which point it reverts back to the standard variable P&I loan, I think), do I have to do a whole new application again at that point to get it turned back into an IO loan for the second time?
     
    KayTea, 2nd Mar, 2017
    #7
  8. Jamie Moore

    Jamie Moore MORTGAGE BROKER - AUSTRALIA WIDE Business Member

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    Yep.

    Cheers

    Jamie
     
    Jamie Moore, 2nd Mar, 2017
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  9. BuyersAgent

    BuyersAgent Well-Known Member Business Member

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    And this... @KayTea is the reason good brokers Like the one above are worth it and why some lenders prefer to gatekeep certain products. They know things...useful, secret things....

    all the best with it.
     
    BuyersAgent, 2nd Mar, 2017
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