Purchasing a PPOR - looking for financing advice

Discussion in 'Loans & Mortgage Brokers' started by pijankengur, 23rd Jul, 2017.

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  1. pijankengur

    pijankengur Member

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    Hi,

    I am looking to purchase a PPOR in Melbourne for approximately 600k at 70-80% LVR.

    Could the kind members of this forum please provide some input as to where I would get the best rate?

    I've had an appointment with CBA, but was shocked to find their standard variable rate is 5.22% and do not wish to proceed.

    I've seen mention of suncorp elsewhere in this forum and that also has me wondering - who are these people that keep CBA in business at 5.22% when suncorp offers 3.79%? Why in the world aren't these people with suncorp? What advantages does CBA have?

    Thanks all
     
    pijankengur, 23rd Jul, 2017
    #1
  2. Terry_w

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

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    Get a broker!

    No one pays the standard variable rate for loans. if you went with CBA you would be getting in the low 4s probably, or maybe slightly under
     
    Terry_w, 23rd Jul, 2017
    #2
  3. pijankengur

    pijankengur Member

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    Would I be getting better than 3.79% with Suncorp as well then?

    Apologies - I am new to all this and looking to purchase my first home. How can I find a good broker?
     
    pijankengur, 23rd Jul, 2017
    #3
  4. tobe

    tobe Well-Known Member

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    Ask friends for a referral, use the business membership list here, or do some research online and read some broker reviews.

    3.69/3.79% is around the best variable rate at the moment, but there's a lot more to it than rate.
     
    tobe, 23rd Jul, 2017
    #4
  5. tobe

    tobe Well-Known Member

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    tobe, 23rd Jul, 2017
    #5
  6. Corey Batt

    Corey Batt Well-Known Member

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    When deciding on what type of vehicle to purchase is the cheapest the best?

    What if you want to tow a boat?
    Or need room for three children?
    Or just want the best fuel economy?

    Loans aren't just about the percentage point - though it's obviously a very important factor.

    What's your future plans? Are you wanting to invest in property in the future, or maybe move out of this property and rent it out and buy another.

    Get a broker who is going to be able to speak to you about your goals and get you a solution which fits your overall needs - not just a low interest rate at the expense of everything else. This doesn't mean it has to be expensive - being a <80% LVR owner occupied loan you should be fairly cost effective - but it's best you make sure all the bells and whistles line up to what you will want to do after your purchase your home.
     
    Corey Batt, 23rd Jul, 2017
    #6