Variable rate

Discussion in 'Loans & Mortgage Brokers' started by Mady, 20th Jun, 2019.

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  1. Mady

    Mady Well-Known Member

    Joined:
    11th Apr, 2017
    Posts:
    48
    Location:
    Melbourne
    please suggest a good 2nd tier lender for investment variable rate for 5 refinances. Cash back will be awesome as I have some break cost with Westpac. I might sell 2 properties in 1.5 years hence want variable or 1 year fixed please.
     
  2. Rolf Latham

    Rolf Latham Inciteful (sic) Staff Member Business Plus Member

    Joined:
    14th Jun, 2015
    Posts:
    10,598
    Location:
    Gold Coast (Australia Wide)
    Hi Mady

    Hard to be helpful here.

    One would need loan amounts ( to group volume), an assumption on LVR, and property type.

    had a few recently where all was good and clients got excited, until we ended with restricted security locations, high density Postcodes, Servicebility that only fits with Non banks etc

    BOM and SGB is out, part of the wbc group, so no cash back,

    Suncorp basic is pretty good rate, no cash back, but no bank costs either - no offset

    Mac at 70 % lvr is an ok low priced ongoing, but costs a bit to get into.

    As an important aside, managing rates fees charges over actual best product for best practical application, risk profile and stated versus " derived " current and future needs can sometimes lead borrowers down a path of confusion and wondering how did they get there :)


    ta
    rolf


    ta

    rolf
     
  3. jazzsidana

    jazzsidana Well-Known Member

    Joined:
    27th Jan, 2018
    Posts:
    459
    Location:
    Melbourne
    All lenders are good for different reasons/policies.

    To get to the right answer, lot more questions/digging is required of your personal finances/situation.


    Cheers,
     
  4. David Shih

    David Shih Mortgage Broker Business Member

    Joined:
    21st Jun, 2015
    Posts:
    1,034
    Location:
    Sydney
    Apart from what Rolf and Jazz has suggested above, you also need to be mindful the other equation which is your serviceability. No matter how good a rate looks, if you cannot service with that lender then it's not really applicable.

    Therefore I would suggest you to work with your broker, based on your specific situation he/she will be able to provide a few lenders and their pros/cons for you to choose from.

    Cheers,
    David