Anyone uses Bank of Sydney

Discussion in 'Loans & Mortgage Brokers' started by Healthy Frog, 29th Nov, 2015.

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  1. Healthy Frog

    Healthy Frog Active Member

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    Melbourne
    Has anyone had experience with Bank of Sydney? It seems like the rate is very competitive for Investment Property. Any input would be much appreciated.

    - What are the pros & cons to go with a smaller vendor from risk prospective. Will smaller vendor be more impacted by regulation or market compared with big ones?
    - I'm based in MEL and Bank of Sydney doesn't have a branch here

    Thank you very much in advance!
     
    Healthy Frog, 29th Nov, 2015
    #1
  2. Gockie

    Gockie Life is good ☺️ Premium Member

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    Never heard of it to be honest!
     
    Gockie, 29th Nov, 2015
    #2
  3. Jess Peletier

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

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    The issue with smaller lenders is that they tend to be very conservative by nature. You won't find this out until you want to access equity and you find they have a max $50k limit, for eg, or they take issue with the fact you've got an unusual security, or too many rental properties, or anything else vaguely outside their comfort zone. If it's for a PPOR and a set and forget type of thing it could be fine. If not, I'd find out a lot more about their policies before proceeding. (They're not on my panel so I can't comment specifically. )
     
    Jess Peletier, 29th Nov, 2015
    #3
  4. Redom

    Redom Mortgage Broker Business Plus Member

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    Don't know too much - but i think i've heard from other brokers they have a pretty decent post APRA serviceability calculator (may have a rental reliance cap on them though).
     
    Redom, 30th Nov, 2015
    #4
  5. Shahin_Afarin

    Shahin_Afarin Residential and Commercial Broker Business Member

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    They are actually quite a decent lender in terms of policy and servicing. What is the reason that you want to use them? Is it due to a specific policy niche or is it due to interest rate?
     
    Shahin_Afarin, 30th Nov, 2015
    #5
  6. Healthy Frog

    Healthy Frog Active Member

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    It seems like bank of Sydney provides the same variable rate regardless it's PPOR or IP. An the rate for IP is very compelling. The amount of loan I can borrow is also better than others.
     
    Healthy Frog, 9th Dec, 2015
    #6
  7. Healthy Frog

    Healthy Frog Active Member

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    Really appreciated your input!
     
    Healthy Frog, 9th Dec, 2015
    #7
  8. Healthy Frog

    Healthy Frog Active Member

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    Many thanks for your input. Jess. I will keep that in mind.
     
    Healthy Frog, 9th Dec, 2015
    #8
  9. Redwood

    Redwood Well-Known Member

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    Hey there - I have used them and they have an office in Doncaster if your local. They are chasing business currently. They also have an SMSF product.

    Cheers Ivan
     
    Redwood, 9th Dec, 2015
    #9
  10. Peter_Tersteeg

    Peter_Tersteeg Mortgage Broker Business Member

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    I doubt they've drawn much attention from APRA at this point, their market share in Australia is tiny. If they attempt an aggressive expansion that will change very quickly.
     
    Peter_Tersteeg, 9th Dec, 2015
    #10
  11. SharonC

    SharonC Active Member

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    How do they compare in generous serviceability to say nab, and can we access this through a broker?
     
    SharonC, 9th Dec, 2015
    #11
  12. 380

    380 Well-Known Member

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    Wasn't it used to call "Bank of Beruit"? Mainly focused on Greek and labenese community.

    I am pretty sure they had/have branch at marrickville.

    I think they are getting agressive on construction finance (commercial loans )area too.
     
    Last edited: 10th Dec, 2015
    380, 10th Dec, 2015
    #12