Lender recommendations?

I'm currently with Suncorp for our PPOR and IP.
Both are > 80% LVR. PI @ 2.6%.

Just in the process of drawing down some equity for improvement on our PPOR, and it's taken 6 weeks so far, and probably won't get the funds for another 2 weeks.
This seems absurd in 2021, so am considering changing lenders to someone that's a bit more responsive...

I'll be looking at another IP shortly also.

Do you have any recommendations?
Should I see a broker in the first instance?

 

If you're above 80% LVR I'd be suggesting working through to a lender that provides you the highest valuations so you can minimize LMI (in combination with better rates).

 

Lenders are slow, refinances in particular from some with good offers are very very slow.
If your after speed over all else, Macquarie are generally service leaders.

 

Your rates are higher then what the market is offering because your loans are >80% LVR. Lenders generally penalise clients with a higher rate when its an LMI deal.

Westpac group is one of the better option when it's an LMI application.

 

Whoops!
Less than 80% LVR

IP is just under, and PPR is ~50%
No LMI on either.

 

In that case, if speed is your primary objective, Macquarie is very fast and quite competitive.

There are several other second tier lenders with very competitive rates, but it seems that the best deals have longer waiting times. 6 weeks does seem a little crazy though and it's not going to get better this side of Christmas.

 

Speed is not the only requirement, but the frustration of 6 weeks+ for a simple draw down on equity is what's driving me to look for another lender.

 

Plenty of options then and with cheaper rates - you'd want to look at it strategically around what that next IP purchase looks like and what borrowing capacity you can get out to as not all lenders are equal.

 

Which lenders tend to give better borrowing capacity these days?

 

It can vary considerably case by case so it really depends on your situation in respect to income sources, living situation, if you have investment properties, etc.

 

Yeah of course, but generally speaking there are certain players that are more likely give you what you need and others that are like pulling teeth yeah?

 

This is why I stick with the majors.

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