Westpac vs St George

This is something you would need to discuss with your broker as it is provision of credit advice and there are many other things to consider which you have not listed.

 

And I should add, it is not like signing your life away. You can always move banks pretty easily.

 

Bank First should work well with registered nurses (under Allied Health) for LMI waiver. I've had successes with them so worth getting your broker to check if not already

Cheers,
David

 

Bank First's 85% LVR no LMI is for OO only, and I recall the loan to income ration need to be below 4.

 

Yea that's true but still there are costs involved in changing banks.

 

Only about $350

 

Plus mortgage discharge and registration

 

So around $750 per property. That will be $3000 in fees for me if i have to change banks for 4 properties

 

Sorry didn't get what you are trying to say.

 

What would the interest savings be if just 0.2% difference in rate.
Tax deductible too probably.
Considered the risks of all loans at same bank,?

 

To make a decision even more hard for me, a broker approached me today (he is friend of my friend).

He saidt ANZ is going to offer $2500 cash rebate for refinances and it also applies to existing ANZ customers. He also said that I could move all the 3 loans at an interval of few weeks, this way I will be able to get $2500 rebate per property. Sounds very good. Is it too good to be true??

How does ANZ compare to Westpac or St. George for medical professionals and DR policies etc..

 

All things being equal I'd much rather westpac than ANZ, but things aren't equal i guess.

 

The ANZ rebate is only available once per customer within a 12 month period.

Westpac's cash rebate is $2,000 per property.

Frankly I think it's short sighted to make lending decisions based on a cash rebate. Far better to understand your own goals, then use the lender that best meets those goals.

 

The ANZ cash back is paid once and not per property.

ANZ has an excellent Medico policy but its not as strong as St George or Westpac. That said the ANZ product may suit you fine so its not as simple as one lender is better than the other.

ANZ has a fantastic medico product whereby they will lend up to $1mil secured against the billing ABN (essentially not secured against a property). This is a 15 year loan term product at excellent rates of circa 6%

 

Oh I c...th broker didn't tell me that. Is it mentioned somewhere on ANZ website?

Agree with this but i think for the next 2-3 years my only concern is with serviceability and my wife going from PAYG go ABN. I think from all the comments I see that all the 3 banks have good medico policy and will be fine for these issues. And again as Terry said we can always change banks.

 

Yea the broker told me that but he said that I can get the rebate for each property if I move the loans at different times.

Is there any requirement of ABN to be a 6 months or an year old before they will lend?

 

So your preference will be Westpac then St. George and then ANZ?

 

Generally, if all things equal