Aus PR - Refinancing / Rate Negotiation

Discussion in 'Loans & Mortgage Brokers' started by CK_Invest, 28th Oct, 2016.

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  1. CK_Invest

    CK_Invest Well-Known Member

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    Hi

    I have a question on behalf of a family member with Aus PR (no citizenship)

    In the last few years they purchased a property using a Big 4 lender as an Aus PR with overseas income.

    With the latest changes to non lending to PR (but still lending to citizens), this puts them into an awkward situation of not knowing whether they should call up the bank:

    1) Would there be any issue in re-financing? I assume this would be treated as a completely new loan application?

    2) How about rate negotiations? Does it get treated as a new loan application and/or would citizenship / PR proof be needed again or is it simply a matter of tweaking what's in the system?

    3) I am pretty sure the likely answer is no, but there's no chance the bank can say "due to our latest lending policies, you don't have Aus citizenship so please repay the loan in full" right?

    Thanks!
     
  2. Simon Moore

    Simon Moore Residential & Commercial Mortgage Broker Business Member

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    What currency are they earning income in? Commonwealth will accept 80% (after conversion) of GBP, EUR, HKD, NZD, SGD, USD, CAD, INR, IDR, VND, CNY, JPY for permanent residents living overseas.
     
  3. CK_Invest

    CK_Invest Well-Known Member

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    HKD

    They are with ANZ so I am a bit worried if a rate negotiation within ANZ is going to hurt
     
  4. Simon Moore

    Simon Moore Residential & Commercial Mortgage Broker Business Member

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    Applying for a discount does not require a new application. If you PM me the information to complete the below screenshot I can apply for them.

    upload_2016-10-28_19-35-8.png
     
    Tranquilo likes this.
  5. Terry_w

    Terry_w Lawyer, Tax Adviser and Mortgage broker in Sydney Business Member

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    1. Possibly. Yes
    2. No
    3. Its a possibility, you would have to read the loan agreement in detail.
     
  6. Jamie Moore

    Jamie Moore MORTGAGE BROKER - AUSTRALIA WIDE Business Member

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    Hit up Simon - he doesn't stand to gain anything from this except from doing something good for someone else.

    .....and no, I don't know him from a bar of soap despite the surname.

    Cheers

    Jamie
     
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  7. tobe

    tobe Well-Known Member

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    It's possible but pretty unlikely they would call the loan in. Get Simon to do the pricing. ANZ are pretty aggressive Atm.
     
  8. Weaver

    Weaver Well-Known Member

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    (and maybe you use the same photographer :) )
     
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  9. CK_Invest

    CK_Invest Well-Known Member

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    Sydney
    Thanks all, will let them know about this thread :)