Current homeloan offset rates

Discussion in 'Loans & Mortgage Brokers' started by Property Baron, 20th Apr, 2020.

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  1. Property Baron

    Property Baron Well-Known Member

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    Hi Brokers/Home owners/Investors,

    What interest rate should I be able to get on a home loan with full offset account.
    In my case I could offer 33% deposit on a 500k loan.
    This will be to live in.
    Im not sure yet if I will be buying land and building or buying already done.
    Seems difficult to find information on offset loans.

    Thanks
     
  2. Property Twins

    Property Twins Mortgage Brokers & Buyers Agents Business Member

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    What is your goal Property Baron?

    Will you be looking to invest in the near future?
     
  3. Property Baron

    Property Baron Well-Known Member

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    Hi Property Twins,
    My goal is to build or buy myself a house.
    Yes in the future I would be looking to invest.
    For now I would like to know what ball park % rate I should aim for.
    I'm thinking under 3% but not sure if that is possible with a full offset.
     
  4. Terry_w

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

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    do you mean the offset will be full at settlement or a 100% offset account?

    You could get from 2.70s upwards potentially.
     
  5. Property Baron

    Property Baron Well-Known Member

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    Hi Terry,
    I mean a 100% offset account.
    2.7 sounds like a very good rate to be able to find.
    Do you have any advice on who would be offering these kind of rates.
     
  6. Peter_Tersteeg

    Peter_Tersteeg Well-Known Member Business Member

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    You'd probably be better off talking directly to one of the brokers on the forum. We can't really make specific recommendations if we haven't verified that you'd actually qualify for the loan.
     
    Terry_w likes this.
  7. Rolf Latham

    Rolf Latham Inciteful (sic) Staff Member Business Plus Member

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    2.79 but no Advice, coz as Pete said

    No Idea if u qualify, OR it meets your REAL not perceived needs

    ta
    rolf
     
  8. Property Baron

    Property Baron Well-Known Member

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    Thanks guys.
    We are in a very strong position.
    No debt at all and solid savings and saving record.
    These low 2.7s rates you say, would these be available from any of the big 4 banks?
    The RBA just recently announced there will be very low lending rates for banks for years to come.
    Wonder if it would pay to just wait a month or 2 longer?
     
  9. Rolf Latham

    Rolf Latham Inciteful (sic) Staff Member Business Plus Member

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  10. Property Baron

    Property Baron Well-Known Member

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    I didn't think so but these days who knows.
    What do you reckon the big 4 could offer in %
    I feel the big 4 would be safer right now but I can't even base that on any facts and it's why I like asking you fellas in the know
     
  11. Rolf Latham

    Rolf Latham Inciteful (sic) Staff Member Business Plus Member

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    Why that view ?

    ta
    rolf
     
  12. Terry_w

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

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    Several lenders offering under 2.80% with offset accounts, one major bank offering 2.69% which is pretty good
     
  13. Rolf Latham

    Rolf Latham Inciteful (sic) Staff Member Business Plus Member

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    silly me, its for a PPOR, I misread IP

    ta
    rolf
     
  14. Property Baron

    Property Baron Well-Known Member

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    I think with a possible recession looming for some unknown reason it just feels as though they may be a safer option. Less chance of going belly up.
     
  15. Property Baron

    Property Baron Well-Known Member

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    Seems like a good time to get into the market.
    Can you name the 2.6% major bank
     
  16. Rolf Latham

    Rolf Latham Inciteful (sic) Staff Member Business Plus Member

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    makes surficial sense.

    But if one digs a bit deeper it may actually be the other way round

    Suncorp in my view is a riskier propostion than say Heritage or AMP, due to the commercial and development exposures

    Id say the big 4 would be similar, NAB and ANZ especially

    ta
    rolf

    ta
    rolf
     
  17. Property Baron

    Property Baron Well-Known Member

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    It is for ppor
     
  18. Rolf Latham

    Rolf Latham Inciteful (sic) Staff Member Business Plus Member

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    Why do u need an offset ? and then only other Key thing is security and rate ?

    ta
    rolf
     
  19. Property Baron

    Property Baron Well-Known Member

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  20. Terry_w

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

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    It might be a breach of the NCCP act if I do as brokers are not supposed to advertise rates without various disclosures made.