BOQ Specialist Refinance for IP - any thoughts?

hi all, with CBA recently increasing their variable rates for IP loans, I'm now paying 4.4% SVR P&I on several of my investment loans with them (current CBA loans are at 90% LVR no LMI and vary between $500,000 and $800,000 per property), so I'm looking to refinance to something more competitive. (At the time I took the CBA loans out, CBA were very competitive).

I came across BOQ Specialist who are offering 3.84% for investment properties (new customers I imagine), P&I, up to 90% LVR with no LMI, for loans >$500,000

Anyone used these guys, or found anything better?

 

CBA stopped doing IO with their industry policy (no LMI).

CBA does price better generally. But at the moment Adelaide bank, who fund BOQ specialist strangely enough, seem to be competitive.

I don’t like BOQ specialist for lots of other reasons, the main one being they have to xcoll. This is 3rd hand, they don’t use brokers so it’s just feedback I’ve had from clients who had quotes with them.

 

Thanks.

Yes the guy I'm dealing with at BOQS said it was company policy to cross collateralise but he said he was usually able to get around that somehow (if client requested).

Luckily my existing loans are not cross collateralised. I can see now how trying to refinance would be a nightmare.

 

what will you do when BOQ put their rates up?

 

Are you a medico? If so there are a lot of variables you need to consider. Lenders love medicos and some (such as St George) more than others.

You will be amazed what these lenders will do and you can't work off the advertised pricing. You will need to get the banker or broker to submit special pricing. This goes to the pricing manager for an exception.

 

I thought CBA now offered 3.99% P&I IP fixed for 2 years with a package.

 

Thanks.

I'm still waiting to hear back from CBA about what they can do.

But here's the offer from BOQ Specialist. Fixing may be the way to go. Thanks Terry!

Spring Home Buyers Offer | BOQ Specialist

 

We had the same issue. So fixed at 4.09 for some and 3.87 PI for others.

A lot simpler than going through a refinancing process.

 

Is there a list of specific profession/industry "friendly" lenders besides the privileged few who
are on huge income like the surgeons, lawyers etc who can quite easily negotiate on the terms
with lenders bending over to win their business? What about the rest of us?

Cheers,
FXD

 

Everyone can negotiate rates and fees a land charges. Borrow lots and have a large deposit.

Medico’s, basically defined as those who can write a drug prescription, Lawyer’s and accountants don’t get better rates necessarily, but they are offered higher LVRs without paying mortgage insurance. Usually 90%, but lately Anz are doing 95, and BOQ 100% for Medicos.

 

Several lenders such as CBA, St George, Westpac and BoQ have LMI waivers for a bunch of professionals such as solicitors, Accountants, Auditors, Professional Sports and Entertainment people, etc. there are some restrictions and minimum entry requirements.

 

Ok, after showing the BOQS rates to CBA, CBA have discounted 0.1% off my PPOR P&I SVR to 3.82% and offered me 0.2% discount on their 3 year fixed investment loans P&I to 4.04%. (Not a big saving over CBA 3 year 4.09% fixed P&I).

I asked about possibility of refinancing/revaluing the investment property to 90% LVR without LMI at the time of switching to fixed interest (of course would need a new loan application) but interestingly they said that 0.2% discount for 3 years fixed was not available for 90% no LMI, so the max LVR was 80% no LMI ...

So not as good as BOQS, but as everyone here says "rates aren't everything"

 

CBA won’t do IO under their LMI waiver, so it’s a moot point.

 

Yeh, I keep forgetting too. And the stupid 4 times income ratio rule....