Join Australia's most dynamic and respected property investment community

ANZ Bank: No more Simplicity Plus for IP?

Discussion in 'Property Finance' started by mja, 17th Dec, 2015.

  1. mja

    mja Well-Known Member

    Joined:
    18th Jun, 2015
    Posts:
    195
    Location:
    Sydney
  2. Jess Peletier

    Jess Peletier Mortgage Broker - Australia Wide Business Member

    Joined:
    18th Jun, 2015
    Posts:
    3,816
    Location:
    Perth WA
  3. mja

    mja Well-Known Member

    Joined:
    18th Jun, 2015
    Posts:
    195
    Location:
    Sydney
    Thanks Jess! Applied direct to the bank; application was submitted weeks ago but when it came down to crunch time, the simplicity loan wasn't available. Nnngh.

    I'm under Breakfree; aggregate lending across a bunch of loans is > $800k, so I should probably argue for some sort of discount across the board in the near future...
     
  4. Jamie Moore

    Jamie Moore MORTGAGE BROKER - AUSTRALIA WIDE Business Member

    Joined:
    18th Jun, 2015
    Posts:
    2,824
    Location:
    Canberra, Brisbane and Sunshine Coast
  5. mja

    mja Well-Known Member

    Joined:
    18th Jun, 2015
    Posts:
    195
    Location:
    Sydney
    Thanks; I've put the question to them.
     
  6. Jess Peletier

    Jess Peletier Mortgage Broker - Australia Wide Business Member

    Joined:
    18th Jun, 2015
    Posts:
    3,816
    Location:
    Perth WA
  7. mja

    mja Well-Known Member

    Joined:
    18th Jun, 2015
    Posts:
    195
    Location:
    Sydney
    Na, they're all IP. My oldest loan ($440k) has a 1.1% discount from back in the good old days. :)
     
    Jess Peletier likes this.
  8. Peter_Tersteeg

    Peter_Tersteeg Finance broker and strategist Business Member

    Joined:
    18th Jun, 2015
    Posts:
    2,876
    Location:
    Melbourne, Nationwide
    Even if the Simplicity Plus product were still avaialable to investors, for investors the ANZ would simply price it the same as the Breakfree investment loan. If you've got a Breakfree there's no reason to have a Simplicity Plus product.

    That aside, ANZ isn't really on the radar for investment loans right now (or owner occupiers for that matter). At the moment we're only writing ANZ loans when the client already has significant existing loans with ANZ. There's plenty of lenders that are cheaper, better policies, easier processes, better servicing, etc.
     
  9. Marty McDonald

    Marty McDonald Mortgage broker Business Member

    Joined:
    22nd Jun, 2015
    Posts:
    294
    Location:
    Sydney North Shore and Norther beaches
  10. Rolf Latham

    Rolf Latham Inciteful (sic) Staff Member Business Plus Member

    Joined:
    14th Jun, 2015
    Posts:
    1,789
    Location:
    Gold Coast
    they are going niche...........

    ta
    rolf
     
  11. Peter_Tersteeg

    Peter_Tersteeg Finance broker and strategist Business Member

    Joined:
    18th Jun, 2015
    Posts:
    2,876
    Location:
    Melbourne, Nationwide
  12. tobe

    tobe Well-Known Member Premium Member

    Joined:
    18th Jun, 2015
    Posts:
    1,408
    Location:
    Melbourne
    FTB for teenagers and maternity leave
     
  13. tobe

    tobe Well-Known Member Premium Member

    Joined:
    18th Jun, 2015
    Posts:
    1,408
    Location:
    Melbourne
    3 months OFI statements, pretty good val policy.
     
  14. Corey Batt

    Corey Batt Finance Strategist Business Plus Member

    Joined:
    14th Jun, 2015
    Posts:
    1,773
    Location:
    Adelaide, SA
  15. tobe

    tobe Well-Known Member Premium Member

    Joined:
    18th Jun, 2015
    Posts:
    1,408
    Location:
    Melbourne
    One of the few lenders still taking 100% ot and other income with 3 months ytd.
     
  16. TFBoy

    TFBoy Well-Known Member

    Joined:
    9th Aug, 2015
    Posts:
    101
    Location:
    Sydney
    Anz is very selective on who to offer the discount to. Discounts of greater than 1% on pure investment lending is possible. However needs to be in the right channel.
     
  17. mja

    mja Well-Known Member

    Joined:
    18th Jun, 2015
    Posts:
    195
    Location:
    Sydney
    Which channel? Broker channel?
     
  18. TFBoy

    TFBoy Well-Known Member

    Joined:
    9th Aug, 2015
    Posts:
    101
    Location:
    Sydney
    No, depending on your loan amount, professions.

    I work for them, so happy to have a look for you if you pm me.
     
  19. tobe

    tobe Well-Known Member Premium Member

    Joined:
    18th Jun, 2015
    Posts:
    1,408
    Location:
    Melbourne
    At different time quite a few of the other big banks tied themselves in knots undercutting their own pricing between channels. Never seems to end well.

    Seems counter intuitive to have a more expensive channel make less margin?

    I'm surprised ANZ has started this now. Are you sure this isn't just a sales pitch from management? How would you know what pricing brokers are getting?
     
  20. TFBoy

    TFBoy Well-Known Member

    Joined:
    9th Aug, 2015
    Posts:
    101
    Location:
    Sydney
    Hi tobe, its not about different channel undercutting each other. Its more of a case of working together between brokers, hilms, other channels and identifying selected (at this moment anyway) clients where the bank is able to move a little on the discretionary pricing, as mentioned earlier it will also be depending on loan amount/professions etc.

    There were no formal announcement, this is more of a discretionary case by base. I have seen 3 over the last 2 weeks. Straight RILs (no home loan mix) getting some discounts.