NAB - 0.29% for all interest only loans - IP and PPOR

Discussion in 'Loans & Mortgage Brokers' started by Mick C, 27th Jul, 2015.

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  1. WattleIdo

    WattleIdo midas touch

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    Hee heee
     
    WattleIdo, 27th Jul, 2015
    #21
  2. kr11

    kr11 Well-Known Member

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    cmon westpac. where r u?
     
    kr11, 27th Jul, 2015
    #22
  3. Azazel

    Azazel Well-Known Member

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    1st AMP, now NAB. They're all trying to screw me ;)
     
    Azazel, 28th Jul, 2015
    #23
  4. RetireRich101

    RetireRich101 Well-Known Member

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    If I submit my form today to change to fixed 3 years for today's rate of 4.49, will I get this?

    Will/can NAB change the rate/T&C once I am in the fix period?
     
    RetireRich101, 28th Jul, 2015
    #24
  5. Hodor

    Hodor Well-Known Member

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    If you fix you are fixed. Safe from the good and bad.
     
    Hodor, 28th Jul, 2015
    #25
  6. Doraemon

    Doraemon Active Member

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    Damn....anyway can negotiate with NAB to get out of this rate rise for OOs? Otherwise this is forcing people to refinance and move away from them.....Only have 1 HL atm but on I/O terms apparently
     
    Doraemon, 28th Jul, 2015
    #26
  7. Mick C

    Mick C Well-Known Member

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    Tried this morning....they simply not interested..however we did manged to get it waive if it was Half P/I...( Client advised us to refinance out anyway as after full I/o which makes sense)
     
    Mick C, 28th Jul, 2015
    #27
  8. Doraemon

    Doraemon Active Member

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    Thanks for the update. Any recommendation which lender would be a better one to move out to? Or maybe it's best to wait first until this dust all settles............
     
    Doraemon, 28th Jul, 2015
    #28
  9. dabbler

    dabbler Well-Known Member

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    I thought I read elsewhere that such changes would apply to all loans, including fixed ?
     
    dabbler, 28th Jul, 2015
    #29
  10. chylld

    chylld Well-Known Member

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    Yes, possible explanation from AFR: (similar to Westpac's problems)

     
    chylld, 28th Jul, 2015
    #30
  11. Peter_Tersteeg

    Peter_Tersteeg Mortgage Broker Business Member

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    There's no simple answer to that question. There's certainly lenders that are cheaper than any of the majors, but some of them have fairly big restrictions on what they'll lend. A cheap rate might not be the most suitable loan. It's also likely that they'll also make adjustments to their rates in the next few weeks.
     
    Peter_Tersteeg, 28th Jul, 2015
    #31
  12. Jamie Moore

    Jamie Moore MORTGAGE BROKER - AUSTRALIA WIDE Business Member

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    Sit tight for now - chances are you'll refi to another lender just as they announce a rate rise and/or some ridiculous change to their policies. Now isn't the time to rush into refinancing.
     
    Jamie Moore, 28th Jul, 2015
    #32
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  13. Doraemon

    Doraemon Active Member

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    Thanks Jamie. Might wait and see then....chances are I might have to refinance at some stage
     
    Doraemon, 28th Jul, 2015
    #33
  14. Arnel

    Arnel Well-Known Member

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    hmm, interesting.

    My understanding from ANZ and CBA IP rate rise was that it targeted developers increasing there portfolio buy way of build and retain (eg renting it out).

    Now that NAB has included PPOR, makes me questions it all over again.
     
    Arnel, 28th Jul, 2015
    #34
  15. chylld

    chylld Well-Known Member

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    I'm personally not looking into NAB's actions too deeply... I think they just decided they needed to hike IP rates now, and hiking IO rates was "close enough" since I'd imagine most IP loans are IO and a good proportion of PPOR would be P&I.

    Any overlap is collateral...
     
    chylld, 28th Jul, 2015
    #35
  16. Mick C

    Mick C Well-Known Member

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    http://www.smh.com.au/business/bank...stpac-more-than-1m-a-day-20150727-gilml5.html

    From what i can see...NAB doesn't have the system to differentiate between a PPOR and IP loan,.,so they can't charge a higher rate on IP loans only...

    Traditionally only CBA an ANZ has different "name" for their PPOR and IP loans and different rate for different LVR....While Westpac and NAB's product only offer one line of product for PPOR and IP at all LVR.


    The only difference with NAB's product is the I/O and the P/I product line has a different name and is a slightly different product.

    Example:

    CBA PPOR loan - Called Standard variable loan ( applies to i/o and p/i)
    CBA IP loan = Called Standard investment variable loan ( applies to i/o and p/i)

    NAB PPOR loan = Called Standard variable loan
    NAB IP loan = Called Standard variable loan
    BUT NAB I/O loans ( PPOR and IP) = called interest in arrears home loan.

    My guess only :)
     
    Mick C, 28th Jul, 2015
    #36
  17. RetireRich101

    RetireRich101 Well-Known Member

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    RetireRich101, 28th Jul, 2015
    #37
  18. KDP

    KDP Well-Known Member

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    KDP, 28th Jul, 2015
    #38
  19. Mick C

    Mick C Well-Known Member

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    it depends if your on the broker on NAB product called Homeplus or the Broker and retail available product called NAB Choice package.

    Fixed rate change is from 10/8 for Homeplus...but i suggest you do it early as it needs to be processed
     
    Mick C, 28th Jul, 2015
    #39
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  20. RetireRich101

    RetireRich101 Well-Known Member

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    just logged on to NAB, its a "NAB HOMEPLUS PACKAGE STANDARD INTEREST ONLY", through a Broker. ok will get the form in tomorrow.
     
    RetireRich101, 28th Jul, 2015
    #40
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