Best interest rates in the market in 2018

On these respectively...what do you mean no evidence reqd? Do you still need to meet serviceability? If no evidence is needed, what do they use for calcs?

Re 10 years...any suggestions if I've already reverted to P &I after 5 years IO? Have you ever seen a loan refresh done ie 30 yr loan or even better, 40 yr loan P&I restarted to alleviate the P&I cliff?

 

When you apply for cash out at a lender, most will ask what the funds are to be used for and they will also request evidence of what the funds are to be used for. AMP does not, up to 100K. $100,001 to $ 1 million , and an LVR of 80% or less, requires evidence of the funds use... generally a letter from an accountant of planner can be used to achieve the required outcome.

Apologies if you were confused ...I was answering a brokers point regarding a lenders policies.... not their borrowing power

 

No apology needed. But I did get excited for a micro second

 

You can get excited for 10,15 ,20 years or more with cash flow from a dual occ

 

And how would 'funding x years of neg gearing" be received these days as a reason?

 

Yep... as @Rolf said...good luck

 

3.94% P&I fixed for two years is fairly good right? St George.

 

In my experience also.

 

For AMP,is this part of the professional package?

 

Interesting!. My professional pack is sitting at 4% for P&I. Maybe I should give them a call?

 

I want to get a owner occupier P+I loan. I have talked to CBA and the best they have is 3.8%. I am wondering what's the lowest interest rate available in big banks for ~$500K loan?

 

You can talk to a bank and get offered the best of their five products, or a broker and get the best of 100's - what do you think will be better? Get a good relationship with a broker who will want to look after your interests for setting up the loan and keeping it cost effective over the life of the loan - what's not to like.

3.8% is OK for CBA - but there are cheaper alternatives with decent lenders depending on what you qualify for and what you need features wise for the future. (ie if you're wanting to release equity in future, multiple offset accounts etc)

 

With the big banks it depends on the scenario - the best pricing is via a negotiated discount which will vary significantly based on the LVR and some other factors.

 

Which bank is the best for extracting equity? I still haven't done so yet but may look into refinancing with one who are the best at it.

Here's what I got when I asked for the best rates recently:
Origin (@90% LVR):
IO Variable: 4.59%
For P&I variable: 4.74%.

For P&I and IO fixed rates, available offers are up to 3 years only. Kindly see below:

Principal and Interest / Interest Only
1 year fixed – 4.94%
2 year fixed – 5.04%
3 year fixed – 5.14%

Kindly see the applicable fees below:

- Standard variation fee of $250 applies if you will opt to convert your repayment to P&I variable or fixed the rate with IO repayment.
- Total fee of $500 applies if you will opt to convert your repayment to P&I then fix the interest rate. However, I will manage to waive half of the fee if we were to process the requests all at once.

Westpac:
P&I & IO respectively:
1 year
4.19% 4.69%
2years
4.19% 4.59%
3years
4.24% 4.59%
4years
4.49% 4.99%
5years
4.49% 4.99%