Seeking advice from Mortgage Brokers on my PPOR Loan

Hi friends,

This query goes to the Mortgage Brokers out here on PC...

Property type: PPOR, Owner Occupied
Property value: $490k
Deposit = 10%, so LMI comes into play
Loan Amount: $440k + LMI
Current Bank: CBA
Current Rate secured: 4.3% as part of package discount
Loan Package Annual Fee: $395

Got the loan fully settlement-ready at the moment, settlement date is quite ahead: 21st Nov....

As I have some spare time now, I am starting to reach out and explore other banks to see if I could get any better options...

Any recommendations for getting a better deal from any of the other top banks?

My friends at work suggesting to try HSBC.... as they could possibly go near to 4% ...

Welcoming any tips/ suggestions...

Also, what would it cost me to switch to another Bank?

I still haven't drawn anything on the original loan contract as settlement is not yet done... but I have signed the loan contract papers, so I guess it would still be termed as a re-finance?

Please advise.

Thanks
AusMover

 

Switching would mean paying LMI again so best to sort it out now. Being a PPOR you would need an offset account. banks are hungry for owner occupied atm so you could probably get about 1.30% discount with one of the majors.

 

With a 10% deposit, switching later will be costly. You'd have to pay LMI all over again. Sort it out now.

 

Will need more info on your plans moving forward, but if its just the rate you're concerned about and there isnt much future investing considerations, hitup the online lenders. You'll almost get a full rate cut of that price.

Amongst the larger lenders, Westpac and St George will do better than CBA at the moment.

Cheers,
Redom

 

Thanks a lot Terry, Peter and Redom for your advice and inputs!

Ok, let me try to contact Westpac first as the next step....

PS: Would be glad to share my case details with you, if anyone here at PC is interested to pick up my case ... am in Melbourne....

Or if someone could just share a contact at Westpac's loan team, I will take it up from there...

Thanks again for the help...

Best Regards
AusMover

 

I'll be in the office and available between 11 and 12 tomorrow morning, or after 2pm. There's probably quite a few good options available out there right now.

 

I suggest you contact a broker from the forum - but not me as I am too busy.

 

Best to hit up Peter. His local, offered his time on a weekend and his expertise should save you a few dollars!

 

Thanks again everyone for the replies...

Hi Peter,
Thank you .... I shall send you some initial details on your email ID (picking up from your signature)....

Cheers!
AusMover