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Qantas Credit Union

Discussion in 'Property Finance' started by Benjy, 3rd Mar, 2016.

  1. Benjy

    Benjy Active Member

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    6th Aug, 2015
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    Location:
    Brisbane
    Currently hold our OO and IP loans with them. We are looking towards purchasing IP2 in the future, but currently have part of the OO mortgage fixed. Are there any brokers here that deal with them please?
     
  2. Peter_Tersteeg

    Peter_Tersteeg Finance broker and strategist Business Member

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    Location:
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    Last time I looked (and it's been years), I think they were funded by Macquarie Bank, which means they'll have similar policies to Macquarie. I don't believe they deal with brokers.

    Is there any particular reason you want to put the IP with them? A glance on their website suggests they don't appear to be doing anything outstanding.
     
  3. Benjy

    Benjy Active Member

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    Location:
    Brisbane
    Thanks Peter.

    No particular need to stay with them apart from part of our OO loan being fixed until November, we will be looking to purchase before then. Just considering our options, a broker may be able to help us negotiate with them as opposed to the hassle of taking our stuff elsewhere.

    Would also be good to learn more about serviceability etc. Last purchase the broker couldn't do better than what they offered, that was pre APRA.

    They do have a broker portal so I assume they deal with someone, although I have asked and lady I spoke to there didn't know of any.
     
  4. tobe

    tobe Well-Known Member

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    Break costs for the fixed loan may be deductible if the purpose is to purchase an income producing property, have a chat to your accountant.
     
  5. Terry_w

    Terry_w Solicitor, Finance Broker, CTA Business Member

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    I don't think it would be deductible because the loan is used for an owner occupied property.

    Another way would be to keep the loan with Q and borrow a bit extra and use this as deposit for another property with the main loan being at another bank.
     
  6. tobe

    tobe Well-Known Member

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    that loan may have been for the purchase of the PPOR. This loan, and these break costs are for the purpose of purchasing an investment property. The resulting refinanced loan of the original broken fixed rate isn't.

    Purely a layman's opinion however. Does the ATO have a scenarios line? lol.
     
  7. Terry_w

    Terry_w Solicitor, Finance Broker, CTA Business Member

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    Breaking the investment loan may result in the break costs being deductible, but I don't think the owner occupied break costs could be deductible even where the purpose was to go to a new lender because the current lender could no lend any more
     
  8. Rolf Latham

    Rolf Latham Inciteful (sic) Staff Member Business Plus Member

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    14th Jun, 2015
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    Location:
    Gold Coast
    Im assuming this is related to rates and fees, v strategy and functionality ?

    ta
    rolf
     
  9. Benjy

    Benjy Active Member

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    6th Aug, 2015
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    Location:
    Brisbane
    Cheers Rolf, basically correct... My broker couldn't match their rates and said the setup should be fine for the first IP, but would need reviewing before further purchases. I'm well aware of the need to get the strategy right.
     
  10. mini2

    mini2 Well-Known Member

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    18th Jun, 2015
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    Location:
    NSW
    They're quite inflexible - it's their way or the highway most of the time. They would not budge on val or rates. They were cheap up until 3 days ago when they stopped offering OO rates for IP...my last 2 IP's with them is at 4.14%, where else are you gonna get that.

    Slightly off topic, now I'm kicking myself for not getting a pre-approval done to lock in that rate :(