Whats you Interest rate?

Discussion in 'Loans & Mortgage Brokers' started by turfy77, 16th Jan, 2016.

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  1. Peter_Tersteeg

    Peter_Tersteeg Mortgage Broker Business Member

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    I think you might want to follow up on that. It normally takes 3-4 days to get applied.
     
  2. Fortune Favors the Bold

    Fortune Favors the Bold Well-Known Member

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    It took almost a month to be applied to my account, but was applied retroactively so I was refunded interest paid.
     
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  3. drg86

    drg86 Well-Known Member

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    When I called up they said it would take affect from that day however wouldn't show on my accounts for 10 business days. I would be calling up again if it's been a month.
     
  4. josh123

    josh123 Well-Known Member

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    Spoke to them today and they told me the same. Thanks
     
  5. citystar

    citystar Well-Known Member

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    Location:
    QLD
    Loans with ANZ:

    PPOR @ 4.00%
    3x IP Loans @ 4.22%

    Loans with NAB (Homeside):

    2x IP Loans @ 4.05%
     
  6. rizzle

    rizzle Well-Known Member

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    I'm currently with BankWest I/O - $401k loan at 4.23% PPOR.

    What rate can I get elsewhere at current LVR (82% ish). Must be I/O with 100% offset.

    What rate could I get if I paid down below 80% LVR?
     
  7. Jess Peletier

    Jess Peletier Mortgage Broker & Finance Strategy, Aus Wide! Business Member

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    You could get a better rate from BW without moving, particularly if you reduce it to sub 80%. But lots of options to beat that rate with another lender - you'd be best off chatting to a broker to get the best bank that also has a competitive rate.
     
  8. Perthguy

    Perthguy Well-Known Member

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    Yeah, that investment rate seems high? Mine with ING is investment < 80% LVR I/O at 3.94% p.a. but I think that is a discounted rate.
     
  9. rizzle

    rizzle Well-Known Member

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    Just after ballparks Jess. Interested to see what my rough return (amount saved each year) would be on my investment (lump sum to pay down the loan) if I were to go down this path. I'm on a variable rate.
     
  10. Jess Peletier

    Jess Peletier Mortgage Broker & Finance Strategy, Aus Wide! Business Member

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    Especially under 80% you should be well below 4% for an OO, as long as you're not fussed for policy, cash out etc. Depending on loan value, you can probably still get under 4% variable with good policy as well.
     
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  11. rizzle

    rizzle Well-Known Member

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    Thanks Jess
     
  12. Miss_D

    Miss_D Well-Known Member

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    Had anz do a check on mine.

    Came back today with
    1.2% discount (was 0.95% ) with 83% lvr and 560k in loans.
    Brings inv loan down to 4.34. Was trying to push fixed terms though. Makes me wonder where it will be for fixed rates in a few months time.
     
    Perthguy likes this.
  13. drg86

    drg86 Well-Known Member

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    So it's been over a month since I first called up and got the new rate. Still waiting for it to come through. Called them again last week and said it can take over a month?? How hard is it to enter a new rate into their system!
     
  14. mja

    mja Well-Known Member

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    ANZ promised me a discount of 1.45% on the 18th August 2016 and said that it will be applied to my loan. I foolishly didn't check and it wasn't applied. So I asked again this week and the discount is only 1.31%

    "Sorry, we only had 1.45% discount for a very short period"

    Grr.. pushing back, asking for it to be retroactively applied.
     
  15. Colin Rice

    Colin Rice Mortgage Broker Business Member

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    They usually come with an expiry date, as little as 7 days.
     
  16. Watson1

    Watson1 Well-Known Member

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    ANZ pricing is valid for 6 months. Did you receive anything in writing?
     
  17. Rolf Latham

    Rolf Latham Inciteful (sic) Staff Member Business Plus Member

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    Whats the value of the LMI paid ?

    Do you have any intention to invest ?

    Do you have the resources to invest ? and if so when ?

    ta
    folf
     
  18. drg86

    drg86 Well-Known Member

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    I'd be pushing. I got the 1.45% discount in October which was about 6 weeks after they initially approved me for it. I received reimbursements for the extra interest paid back to that date.
     
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  19. rizzle

    rizzle Well-Known Member

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    1. $5k (on what I think was an 88% or 89% starting LVR)
    2. Yes - aiming for 6 to 9 months time for next purchase
    3. Currently in the process of determining what is possible with my broker. Personally, I think I have the resources. Whether banks agree is another question.
     
  20. kennyboi

    kennyboi Well-Known Member

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    Sydney
    NAB has given me a 4.02% for my IP loans in July prior to August rate drop. I got this in an Email subjected "Approval pricing discretion outcome".

    But when I chase them up for it to be applied, they have refused to honour their offer, quoting "All rates, fees, charges are indicative and subject to change" in their Email signature. :mad: