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Loan ave recommendations

Discussion in 'Property Finance' started by Jimmy D, 12th Aug, 2016.

  1. Jimmy D

    Jimmy D Active Member

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    Have been recommended Loan ave for an IP loan. Has anyone had any experiences with them?
     
  2. Jess Peletier

    Jess Peletier Mortgage Broker - Australia Wide Business Member

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    With a company like that it depends very much which broker you get. Some are fine, others aren't. Get a specific recommendation rather than a group or a franchise.
    Otherwise, you're in the perfect place to pick the brains of brokers who specialise and do investment lending all day long. Have a read through the forums and take your pick.
     
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  3. Jimmy D

    Jimmy D Active Member

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    Thanks, my broker has put them forward as 1 of 3 options so I will ask him for some more info.. Couldn't find anything on PC about them. Heard that yellow brick road may own them...
     
  4. Redwood

    Redwood Well-Known Member

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    Loan Ave is effectively a mortgage manager. Are you lending through a company or trust? Nothing wrong with them, however for personal lending - I would see better options unless the deal is unique in some way. Have used them for low doc previously

    Cheers, Ivan
     
  5. Jimmy D

    Jimmy D Active Member

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    It's for a personal IP refinance. IO split with offset . The rate is 4.08 %. It seemed to have the same features as other lenders but lower rate...
     
  6. Corey Batt

    Corey Batt Finance Strategist Business Plus Member

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    They're an Adelaide based mortgage manager which has recently been bought out by Yellow Brick Road. They sell a lot of products that various mortgage managers sell, Homeloans Ltd, Future Financial etc. In terms of products - 'features' are fairly homogenous these days - it's the back end policy which matters. ie their cashout policy, IO rollovers, treatment of other debts etc. These are the things which can help an investor grow, or be locked away.
     
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  7. Redwood

    Redwood Well-Known Member

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    Hi there

    Rate is 3.98 with CR 4.05% with IO no loading with no upfront fees. There are very aggressive currently however there are better lenders. I assume your broker included them in a top 3 comparison report? NAB is still sharp for inv with a refi-rebate as are Macquarie and Homeloans. Jess above mentioned a 'specific' recommendation which is relevant in this matter.

    All the best

    Cheers Ivan
     
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  8. Jimmy D

    Jimmy D Active Member

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    Thanks for the advice, I will request more info.
     
  9. Jimmy D

    Jimmy D Active Member

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    Yes it was in comparison report( I got it wrong earlier 1 of 4 lenders). My PPOR is with NAB so wouldnt go with them. Smart options Macquarie was next listed but at 4.46% - does that sound right?