Interest only Loan

Discussion in 'Loans & Mortgage Brokers' started by Aussie1980, 15th Feb, 2018.

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  1. Terry_w

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

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    No.
     
    Terry_w, 17th Feb, 2018
    #21
  2. Jess Peletier

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

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    No they don’t - it’s likely they just didn’t put in a pricing request for you. They can do this while the application is in progress so ask them why they didn’t do it already and give them a push.

    I once overheard some brokers at a conference talking about pricing - one was saying how she never puts in pricing requests because it’s too much work. :eek:
     
    Jess Peletier, 17th Feb, 2018
    #22
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  3. Aussie1980

    Aussie1980 Well-Known Member

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    Thanks Jess for that info... Very helpfull!!
     
    Aussie1980, 17th Feb, 2018
    #23
  4. Rolf Latham

    Rolf Latham Inciteful (sic) Staff Member Business Plus Member

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    Sounds like the standard MAV/Wealth Package discount at 80 % LVR ?

    Initial approvals from CBA often miss the pricing ............

    As an aside....................using equity from another property ?

    so you have at least 2 loans?

    the 25 % deposit and costss and the 80 % purchase loans ?

    ta
    rolf
     
    Rolf Latham, 18th Feb, 2018
    #24
  5. Aussie1980

    Aussie1980 Well-Known Member

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    Yes equity from another property to finance new one. But not 2 loans. Only 1 loan covering 100% of the loan. I am paying the deposit initially.
     
    Aussie1980, 18th Feb, 2018
    #25
  6. bobbyj

    bobbyj Well-Known Member

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    My experiences were like this for the mentioned bank.
    The personal mortgage manager was more focussed on getting 10/10 rating service.
    They kept upselling crap to me. Insurance. Health insurance. Income protection.

    They get bonuses if they get excellent ratings right?

    Anyway, it always pays to do your own due diligence.
     
    bobbyj, 18th Feb, 2018
    #26
  7. Jess Peletier

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

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    That’s a terrible structure that you’ll need to get fixed - ideally before it settles.

    If I were you I’d get a broker from this forum to sort you out ASAP. Send them an email with all your docs and they’ll make it happen.

    If you’re paying LMI, it’ll save you money, too.
     
    Jess Peletier, 18th Feb, 2018
    #27
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  8. Aussie1980

    Aussie1980 Well-Known Member

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    So can this be still fixed with only 30 days left by another broker? Already had lot of back and forth by bank to approve this loan. Will it not affect credit history if i apply with another bank through another broker. Also not planning to buy another property for atleast 3-4 years.
     
    Aussie1980, 18th Feb, 2018
    #28
  9. Rolf Latham

    Rolf Latham Inciteful (sic) Staff Member Business Plus Member

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    You don't need to move banks per se.

    If the deals was tight or there was some other issues around the security etc starting agian may notbe the right thing.

    Way too little data to give any reliable advice over a forum

    Ta

    Rolf
     
    Rolf Latham, 18th Feb, 2018
    #29
  10. Aussie1980

    Aussie1980 Well-Known Member

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    Thanks guys. Appreciate all your comments!!
     
    Aussie1980, 19th Feb, 2018
    #30
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