Refinancing Query

Discussion in 'Loans & Mortgage Brokers' started by Mikey, 26th Mar, 2020.

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  1. Mikey

    Mikey Member

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    Hi All,

    Looking to refinance my loan given the currently reducing interest rates.
    Looking for variable P&I or IO options. ANZ seems to be offering some competitive rates.
    Anyone have any experience/opinion with them?

    Any benefits from approaching a broker in relation to rates? As opposed to approaching bank directly?
     
  2. Never giveup

    Never giveup Well-Known Member

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    My fried was an existing ANZ customer so went directly and secured 2.19 fixed for 2 yrs P+I

    I want to refinance to pull equity out so still in market....bank vs broker
     
  3. Jess Peletier

    Jess Peletier Mortgages, Finance & Property Strategy Aust Wide Business Member

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    ANZ are offering 2.19 fixed - but in terms of broker v bank, the rates you'll get should be the same. The broker offers a million times more in terms of service though - strategy, forward planning etc that you won't get at a bank.

    Depends what you want/need.
     
    Brisbane04 likes this.
  4. Mikey

    Mikey Member

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    Thank you for your replies.

    Yes I came across their fixed rate also which looks very competitive. Leaning more though to a variable interest rate at the moment as not sure if the rates would fall lower.

    ANZ are offering P&I investor at 3.09% under their package. Thoughts?
     
  5. Mikey

    Mikey Member

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    Also, is it true ANZ reviews their variable rates weekly and independent of RBA rates?
     
  6. Lindsay_W

    Lindsay_W Well-Known Member

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    If all you want/care about is the rate then you can easily search for lender rates online and see who has the cheapest fixed rates, you might find you don't qualify for a loan with those lenders after you approach them directly and hand over all your info.
    Chances of getting a further discount on fixed rates recently announced will be 0.
    If you want to know which lenders you actually qualify for prior to applying then a Mortgage broker can assist you with this.
     
    Last edited: 26th Mar, 2020
  7. Lindsay_W

    Lindsay_W Well-Known Member

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    Actually most lenders review their variable rates independently of the RBA which is why you see lenders not passing on the full 0.25% rate cut to their variable rates.
    What's your concern with this fact?
     
  8. Mikey

    Mikey Member

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    Thanks for clarifying. I was concerned whether it was only ANZ that reviews their rates independently of RBA- and heard they review it weekly- hence the variable rates may change/go up quicker. But if most lenders do that, then there is no concern for considering ANZ
     
  9. Peter_Tersteeg

    Peter_Tersteeg Well-Known Member Business Member

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    @Mikey lenders would be constantly reviewing rates as a matter of process. Fixed rates can (and do) change at any time, they're quite unpredictable. Variable rates tend to change with the RBA announcements but plenty of lenders have made adjustments at random. This is a pointless criteria for selecting a lender.
     
  10. Brady

    Brady Well-Known Member

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    Please don't pat yourself on the back.
     
  11. Jess Peletier

    Jess Peletier Mortgages, Finance & Property Strategy Aust Wide Business Member

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    As always, it's general, not personal Brady ;)
     
  12. Never giveup

    Never giveup Well-Known Member

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    Titke of this thread seems suitable so here it goes:-

    I have refinanced my loans with settlement took place yesterday and when I logged into my bsnk apo I couod see the leftover money in loan accounts with green + sign.

    When I came from work and logged in to transfer that money -It was gone ....and not even showing in transactions.

    Any idea why?
     
  13. Trainee

    Trainee Well-Known Member

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    What is “leftover money”?

    lets make it clear.

    What was your loan balance before the refi.
    What is the loan balance after the refi.
    What instructions did you give to the lender about where to deposit the refi proceeds?
     
  14. Never giveup

    Never giveup Well-Known Member

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    Large balance before refi
    No balance after refi as new bank paid the amount hence the extra money was there with Green+ sign next to it as Credit
    Specific account fir any fees/charges or proceeds.

    I will call them tomorrow, my mistake I didn't take snapshot or transfered in the morning

    Edit:- Is there a possibility on the money that was showing with + green is used for fee/interest charges. I just calculated and it us adding up ;)