What rates can I get?

Discussion in 'Loans & Mortgage Brokers' started by Ardi, 18th Feb, 2020.

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  1. spludgey

    spludgey Well-Known Member

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    I was comparing the current rates to achievable ones, especially since someone mentioned to leave them as they are.

    With a new loan, it depends on where they are on their investment journey. It could be better to get a new IO loan, especially seeing that the spread has been narrowing with at least some lenders.

    I've now got a little bit of an aversion to IO, after all my loans reverted to P&I and all of the sudden I had to pay an extra >$40k after tax per year.
     
  2. Rolf Latham

    Rolf Latham Inciteful (sic) Staff Member Business Plus Member

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    Likely

    Depends on resources, risk profile, tax position ( which sounds like u are paying a bit if IPs are + cashflow) and obviously how big the slab of new non deductible debt is relative to nett income

    ta
    rolf
     
  3. LibGS

    LibGS Well-Known Member

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    Westpac called me offering 3.09% P&I with a $3000 cashback for loans over $250k.
     
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  4. Mcube

    Mcube Well-Known Member

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    @LibGS , wondering how many years fixed is that?
     
  5. Rolf Latham

    Rolf Latham Inciteful (sic) Staff Member Business Plus Member

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    logical :)

    ta
    rolf
     
  6. LibGS

    LibGS Well-Known Member

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    2 or 3 years, same rate for both. There are posters up on the walls in the branch with a $2000 cashback, but they offered me $3000. The cash can go into any account, it doesn't have to go back into the loan.
     
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  7. Lindsay_W

    Lindsay_W Well-Known Member

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    Is that the best they could do? You can get $4K cash back straight off the bat with NAB
    Typically cashbacks are paid into transaction accounts not the loan.
     
    Last edited: 20th Feb, 2020
  8. Ardi

    Ardi Well-Known Member

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    3.24% fixed for 3 years, 5 years IO with CBA.
     
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  9. property_geek

    property_geek Well-Known Member

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    I have an investment loan of $578k with loanmarketgo @3.25% P&I variable.

    What's the best rate I can get from NAB? (their $4k offer is too good to ignore:))

    I don't need offset. Just the basic.
     
  10. Redom

    Redom Mortgage Broker Business Plus Member

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    Discounts have increased in recent weeks and fixed market has dropped since late Jan. In general rate offers from those with easily adjusted pricing (pricing tools) have showed increased discounting of late! Annual reporting season has shown some margin increase from the banks too - largely due to funding costs given the competitive environment is very strong.

    Starting to get 2%+ major bank discounts on P&I variable investment. Probably fairer if they spread the love of some of the reduced funding costs to their backbook who aren’t on as large discounts.
     
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  11. euro73

    euro73 Well-Known Member Business Member

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    Screenshot 2020-02-21 10.04.11.png Screenshot 2020-02-21 10.04.21.png
     
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  12. Navjit

    Navjit Member

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    Westpac with the 3K cash back plus very interesting 2.99% fixed rate for P&I under 70% LVR.

    Variable Investment Rate:

    For borrowing above 70% of the property value;
    Interest Only: 3.59%
    Principle & Interest: 3.39%

    For borrowing below or equal to 70% of the property value:
    Interest Only: 3.49%
    Principle & Interest: 3.29%


    2 year or 3 Year Investment Fix Rate:
    For orrowing above 70% of the property value;
    Interest Only: 3.29%
    Principle & Interest: 3.09%

    For borrowing below or equal to 70% of the property value:
    Interest Only: 3.19%
    Principle & Interest: 2.99%
     
  13. Brady

    Brady Well-Known Member

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    Wowee 2.68% fixed. cheap cheap!

    Seeing discounts at up to 1.85% w/ CBA today on variable
     
  14. Gen-Y

    Gen-Y Well-Known Member

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    Sorry where did you see that???
     
  15. Peter_Tersteeg

    Peter_Tersteeg Mortgage Broker Business Member

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    It would be nice if they were that generous to existing customers. :mad:
     
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  16. Ardi

    Ardi Well-Known Member

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  17. Gen-Y

    Gen-Y Well-Known Member

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    Wait - he must be talking about OO rates at 2.68% o_O
     
  18. euro73

    euro73 Well-Known Member Business Member

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    To the borrower? Or to the broker? Or to their staff? ;)
     
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  19. Ardi

    Ardi Well-Known Member

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    Borrower
     
  20. Redom

    Redom Mortgage Broker Business Plus Member

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    Yes they do, scales with loan size. 1.2k - 3.5k refi rebates
    3.5k requires 750k+, 2.5k I believe is 250-750k.
     
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