Best interest rates in the market in 2018

Westpac 3.59% is a honeymoon rate. Most people end up paying more in the long run.

The AMP one is a genuine ongoing offer, the sacrifice is that AMP are fairly inflexible in many ways.

 

100K cash out without evidence. Used to be unlimited but obviously APRA put an end to that
1 Million cash out with evidence..so still pretty damn handy
No credit scoring used. All files are assessed by humans - no algorythms.
Genworth DUA to $1.5 Million
10 offsets per sub account/split. 10 splits - so 100 offsets if you wish
10 years IO ... pretty handy
neat little servicing calc trick......doesnt make them Liberty ( or Pepper, or even Fmac), but its still handy... and its my little secret !
No evidence of OFI debt required. They dont ask to see it.
soon to launch a 40 year P&I product.
Common debt reducer
Company liabilities not assessed as debt
They take previous years financials right up until June 30 the following year...thats 364 days....
No ATM fees if you put 2K into the offset account per month ( they do this via a monthly rebate of any fees you are charged by non Rediteller ATM's. Reditellers are free already)
Their weaknesses...bad at construction loans. Really bad. no branches. internet banking isnt as flash as the big 4. Sometimes processing times blow out.

But for brokers - zero channel conflict. all post settlement enquiries are directed back to broker... combined with master limit functionality and low rates, I think they're an excellent all around lender....

 

Careful what you wish for. The day you try to extract equity from ING, remember this post

 

just had a look, that's a 2 year introductory rate, reverts back to 1% more after 2 years. 1.15% for investment.

good if you switch banks after the 2 years.

 

Not unlike my experiences with AMP...

 

I have the following rates with Westpac:

3.85% PPOR, P&I, variable. Achieved a 1.39% discount off standard variable over a period of 3 years whinging about how uncompetitive their rates were.

3.88% Investment, P&I, fixed. Signed up to their offer last year. Was happy to lock in a fixed rate given that the nearest (interest only rate) would have been almost 1 % higher.

 

by the time I wanted to go on the 2 years fixed it jumped back up to something like 4.11%

ended up going with 4.34% on the investment P&I.

and got 3.79% P&I on the PPOR.

 

You could have a mix split, majority fix with part var, which would let you pay down extra and harvest equity. Just a thought.

 

We went there once years ago. Ended up with lawyers. Never again.

 

Interesting, did not know this.

 

So westpac has better offers compared to other main banks (at present)

I am reading barefoot jnvestor book and my understanding is it suggests to go to bank directly instesd of mortgage broker becsuse they get commission (set or ongoing). I believe MB gets the best deal due to their network in all banks (few lending orgs) :-


What is your/anyone's view on that?

 

BFI is well known for his view on brokers.

He recommends cash back brokers who in fact are few and far between.

The fact is that rate wise, brokers can usually get very close to online lender rates which you won’t get even walking into a major bank.

But at the end of the day, a cheapest rate is not most brokers service proposition.

 

@Jess Peletier and @Rolf Latham thanks for your input and I do understand what you meant hence I mentioned :-

As far as I am concerned, I won't be going to bank because I do see MB as agent who adds value hopefully I will be able to use 1 in near future to get new ppor.

 

I have found that brokers get exactly the same as what the banks offers.

 

I wonder what the Barefoot Investor will have to say about ASICs recent report on the financial planning sector?

 

Haven't reached that far yet @Peter_Tersteeg b'coz I enjoy reading PC stuff more so gave the book to Mrs to read

 

I also took two year fxd P&I inv loan 3.88% with Westpac. Could have got the same if I went direct, however I went through a broker.
Cost me nothing, broker completed most forms, submitted, chased up and got short settlement over the line with no time left. I would not have been able to achieve it.
Second loan was through broker again, same rate on offer, BOQ business loan P&I 3 yr fxd 4.99% $20 a month fee, for smsf. As business loan cost $990 broker fee. Saved me that in my time putting all the forms together and liaising with BOQ. Had longer settlement, got in with a day to spare.
I’d recommend a good broker over direct to bank.