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ANZ Bank: No more Simplicity Plus for IP?

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

  1. mja

    mja Well-Known Member

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  2. Jess Peletier

    Jess Peletier Mortgage Broker - Australia Wide Business Member

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    Did you apply directly to the bank or go through a broker? It looks like you're on a breakfree package, which is completely different to the simplicity plus which is OO only.

    ANZ also aren't discounting for investments which explains your crap rate. ANZ aren't at all competitive at the moment.
     
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  3. mja

    mja Well-Known Member

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    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

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    ANZ aren't too good on pricing at the moment - particularly on IPs (there's no discounting).

    Get them to discount on your aggregate borrowings though - not just the new loan.

    Cheers

    Jamie
     
  5. mja

    mja Well-Known Member

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    Thanks; I've put the question to them.
     
  6. Jess Peletier

    Jess Peletier Mortgage Broker - Australia Wide Business Member

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    That 0.6% should be at least 0.85% discount so definitely worth following up, assuming the loan was submitted after August 10. Do you have a PPOR in there too?
     
  7. mja

    mja Well-Known Member

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    Na, they're all IP. My oldest loan ($440k) has a 1.1% discount from back in the good old days. :)
     
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  8. Peter_Tersteeg

    Peter_Tersteeg Finance broker and strategist Business Member

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    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

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    Yeah whats going on with ANZ at the moment?? They are the most out of market I have seen in my 13 years.
     
  10. Rolf Latham

    Rolf Latham Inciteful (sic) Staff Member Business Plus Member

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    they are going niche...........

    ta
    rolf
     
  11. Peter_Tersteeg

    Peter_Tersteeg Finance broker and strategist Business Member

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    Family guarantees and short term self employment...
     
  12. tobe

    tobe Well-Known Member

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    FTB for teenagers and maternity leave
     
  13. tobe

    tobe Well-Known Member

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    3 months OFI statements, pretty good val policy.
     
  14. Corey Batt

    Corey Batt Finance Strategist Business Plus Member

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    1 yr Fin, COS vals, reasonable cash out policy are darn handy in a lot of niche situations.
     
  15. tobe

    tobe Well-Known Member

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    One of the few lenders still taking 100% ot and other income with 3 months ytd.
     
  16. TFBoy

    TFBoy Well-Known Member

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    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

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    Which channel? Broker channel?
     
  18. TFBoy

    TFBoy Well-Known Member

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    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

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    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

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    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.