CBA owner occupied, variable from 3.9%

Discussion in 'Loans & Mortgage Brokers' started by Sue, 23rd May, 2016.

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  1. L3ha7

    L3ha7 Well-Known Member

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    @Jess Peletier ...3.75% for 2 years fixed is not bad ( i think). Will the same apply to someone who wants to keep 20% variable and 80% fixed ( just an example )

    Also under wealth package what will be IP rates?..if plan to borrowing new loan of 400K.

    Many thanks in advance.
     
  2. Brady

    Brady Well-Known Member

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    Haha looks like I've popped back at the right time.

    Branch wouldn't of been able to write the exact deal once it was submitted through a broker already, you're all aware the bank has arrangements in place to stop this.

    As for timeframe my deals getting approved, not a single issue to report :) sorry guys smooth sailing here.

    My maximum turnaround time is 2 days if have all the required documents, thats if it needs to be assessed by a credit offer. Which only happens if I'm doing some out of policy stuff or company/trust structures

    A lot of extra staff outside of HLDC have been taking up extra hours to catch up on the back log - I know I was offered to work a Saturday.
     
    Elives likes this.
  3. Jess Peletier

    Jess Peletier Mortgage Broker & Finance Strategy, Aus Wide! Business Member

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    3.75% will apply to whatever portion you wish to fix - but it's PPOR rate, not IP. At the moment, CBA are doing low 4's for IP - depending on LVR, total lending etc.
     
    L3ha7 likes this.
  4. Dean Collins

    Dean Collins Well-Known Member

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    wish some of these rates were pushing down fixed terms for investors.....really starting to be a seperate disparity between IP and OO
     
  5. Rolf Latham

    Rolf Latham Inciteful (sic) Staff Member Business Plus Member

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    worstpac at 399............. but its not all gold.

    ta
    rolf
     
  6. Jess Peletier

    Jess Peletier Mortgage Broker & Finance Strategy, Aus Wide! Business Member

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    It seems they're trying to compete with CBA for worst turn arounds. Just when they finally offer something worthwhile, they undo the good work with crap service. :(
     
  7. L3ha7

    L3ha7 Well-Known Member

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    Hi @Jess Peletier , i think this is only for new money not for refinance with the same lender. We are buying an IP and aking a new loan as borrowing money is more(OO + IPs)

    But i don't think Can will give 3.74% because we are existing customers
     
  8. Brady

    Brady Well-Known Member

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    Didn't quiet follow you post - but 3.74% 2YR Fixed with CBA can be for existing or new money long as it's PPOR
     
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  9. L3ha7

    L3ha7 Well-Known Member

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    Thanks @Brady , i will check
     
  10. Rolf Latham

    Rolf Latham Inciteful (sic) Staff Member Business Plus Member

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    next day for my tribe............ but.we have same arrangement with ANZ, xcept for some deals they are now with cba ....... 3 weeks :(

    ta
    rolf
     
  11. Tattler

    Tattler Well-Known Member

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    My broker is offering me 3.95% OO and 4.12% IP rate, with IO of 5 years via CBA. Is this the standard offering now ($1.73 million)?

    Also can IO for CBA be 10 years? My broker said that after 5 years just make a call and they will extend another 5 years, however 5 years is a long time for them to change policies. Can this be locked down to 10 years from application?
     
  12. Redom

    Redom Mortgage Broker Business Plus Member

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    Thats not too bad from CBA - rate discounts from there have fallen of late. A few weeks ago you'd get another 5 bps on the Owner Occupier lending for sure, but its wound back a bit of late.

    Yes can do 10 year I/O - but can be difficult to access given they harshly penalise you on their borrowing power calculator for a 10 year I/O vs a 5 year I/O. They essentially bump up the assessment rate on debt with longer I/O terms. You need to demonstrate servicing over a 20 year loan term rather than a 25 year loan term. Your broker may have run servicing and mentioned the 5 year option as the only possible one.

    CBA extension of I/O is pretty good - near market leading to date. But yes, can definitely change over time, particularly in this environment.
     
    Gingin likes this.