should i borrow from same bank

There's not right or wrong answer. So dependant on your individual circumstances. Will you run out of equity or serviceability first? How highly leveraged or how hard do you want to go?

We initially thought of being aggressive and started having loans from a second bank.

Plans changed and with CBAs good rates, made sense to consolidate. No loans were xcoll.

It's ultimately a risk reward proposition. For us the risk of over concentration is addressed with strong buffers in place. Well worth the reward of saving thousands just wish consolidating. Plus the ease of seeing everything with a single sign in.

 

I agree with @bob shovel I have 2 brokers I regularly shift between and they have always managed to get me the best deal for my purchase.

IMO one of the first things any serious newbie needs to do is get a very, very good mortgage broker (preferably one who has a large portfolio). Wanting to negotiate directly with banks is fine, I've done it too. But having a very good broker on board is essential imo.

 

Come on Omnidragon, don't keep us in suspense what is the deal?

 

What i got at present is nothing big. As IP I only got one worth 270k and my next intention is a small 130k in Tassie. Is there someone here who would like to be my broker at this level?

 

Any of them would. I reckon a PC client is worth double. They can see your 2-3 million plus portfolio coming

 

Hehe. The last mortgage I got was for $36k, the one before $160k ... one day I might get a loan that's over $200k They do add up though if you have enough of them.

 

Maybe not worth the paperwork then

 

The worrying part is the $36k loan took almost 2 months to get over the line. And just when I thought it was approved, IT GOT AUDITED. So. Much. Paperwork. I would have been able to buy it cash but my previous purchase was only 6 months earlier so I just didn't have the spare money

 

I generally find that the smaller loans take more effort, time and resources than a larger loan.

 

Probably. I went through the same bank contact so I didn't need to supply anything new other than signing the privacy form and sending an up-to-date rent statement, but otherwise they used all the same information as my last application. So you would have thought it would be fairly easy, but no ...

I would have thought this would have been an *advantage* of sticking with the same bank but it sure didn't do anything to the timelines.

 

Haha this was a 1.6% discount at WBC with 10 year IO. I posted abt it elsewhere a while ago. And the annual fees waived plus the $1250 cash rebate of course.