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Seeking advice from Mortgage Brokers on my PPOR Loan

Discussion in 'Property Finance' started by AusMover, 28th Aug, 2015.

  1. AusMover

    AusMover Well-Known Member

    Joined:
    25th Jul, 2015
    Posts:
    50
    Location:
    Melbourne
    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
     
  2. Terry_w

    Terry_w Solicitor, Finance Broker, CTA Business Member

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    Location:
    Sydney
    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.
     
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  3. Peter_Tersteeg

    Peter_Tersteeg Finance broker and strategist Business Member

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

    Redom Mortgage Broker Business Member

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    Location:
    Sydney (West) and Canberra
    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
     
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  5. AusMover

    AusMover Well-Known Member

    Joined:
    25th Jul, 2015
    Posts:
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    Location:
    Melbourne
    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
     
  6. Peter_Tersteeg

    Peter_Tersteeg Finance broker and strategist Business Member

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    Melbourne, Nationwide
    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.
     
  7. Terry_w

    Terry_w Solicitor, Finance Broker, CTA Business Member

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    Location:
    Sydney
    I suggest you contact a broker from the forum - but not me as I am too busy.
     
  8. Redom

    Redom Mortgage Broker Business Member

    Joined:
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    Posts:
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    Location:
    Sydney (West) and Canberra
    Best to hit up Peter. His local, offered his time on a weekend and his expertise should save you a few dollars!
     
  9. AusMover

    AusMover Well-Known Member

    Joined:
    25th Jul, 2015
    Posts:
    50
    Location:
    Melbourne
    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