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FHB, any good mortgage brokers in the Gold Coast?

Discussion in 'Property Finance' started by Deimonic, 15th Feb, 2016.

  1. Deimonic

    Deimonic New Member

    Joined:
    15th Feb, 2016
    Posts:
    4
    Location:
    Gold Coast
    Hi all,

    I've decided to take my first step into the property market and have need of a good broker or bank/lender. I have been quoted a 4.15% rate (or 4.09% 2-year fixed rate) with Suncorp by a broker however there is a yearly fee of $375/year which includes an offset account. That is for a LVR of 87.5%.

    Any advice/tips?
     
  2. pinkboy

    pinkboy Well-Known Member Premium Member

    Joined:
    18th Jun, 2015
    Posts:
    911
    Location:
    Mackay, Qld
    @Rolf Latham is Gold Coast based.....Ok Nerang, but let's not split hairs! :p

    Rate should be 3rd+ on the list of a loan to grow a portfolio.

    Rolfalicious should sort you out!

    pinkboy
     
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  3. Jess Peletier

    Jess Peletier Mortgage Broker - Australia Wide Business Member

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    18th Jun, 2015
    Posts:
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    Location:
    Perth WA
  4. Peter_Tersteeg

    Peter_Tersteeg Finance broker and strategist Business Member

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    Location:
    Melbourne, Nationwide
    If all you want is a cheap rate, then Suncorp meets that requirement. The $375 annual fee is comparable to most other lenders with products with similar features.

    If you want to build an investment portfolio, you'd be painting yourself into a corner using them. If you're interested in wealth creation through property, I'd also recommend talking to Rolf.
     
  5. Jamie Moore

    Jamie Moore MORTGAGE BROKER - AUSTRALIA WIDE Business Member

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    Location:
    Canberra and Sydney
    Suncorp and investing generally don't mix. Especially if you're taking out a mortgage insured loan with them on your first property.

    Agree with hitting up Rolf - he's very good.

    Cheers

    Jamie
     
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  6. Shahin_Afarin

    Shahin_Afarin Residential and Commercial Broker Business Member

    Joined:
    18th Jun, 2015
    Posts:
    641
    Location:
    Sydney
    Forget about rate for a second - focus on the fact that you are paying LMI. This is powerful stuff because you will be able to reuse the LMI credit at a later stage.

    So you need to use a lender that has a good cash out policy in LMI territory and also you are not snookering yourself due to conservative servicing/borrowing capacity. Suncorp has a very conservative servicing calculator. You don't want to waste the LMI which you have already paid.
     
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