Yellow Brick Road Investor Loan

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

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  1. Drew B

    Drew B New Member

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    My current loan provider is only dropping my rate by 0.20%. I've requested they contact me about this, but they haven't. So i went shopping for a better deal and through Finder found Yellow Brick Road has an investor P&I loan at 3.78 Comparative. It comes with 100% and i fit into <80% LVR. All boxes seem to be ticked.

    Thought I'd check on her first for any opinions on YBR that they've had
     
    Drew B, 20th Jun, 2019
    #1
  2. Peter_Tersteeg

    Peter_Tersteeg Mortgage Broker Business Member

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    Peter_Tersteeg, 20th Jun, 2019
    #2
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  3. Rolf Latham

    Rolf Latham Inciteful (sic) Staff Member Business Plus Member

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    Hi Drew

    What is the loan size pls ?

    ta
    rolf
     
    Rolf Latham, 20th Jun, 2019
    #3
  4. Bendigus

    Bendigus Well-Known Member

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    Extra $10 per month for the offset.

    Thanks, I'm on a bit of a hunt at the moment. For me, RACQ Bank's Mortgage Breaker Special investor loan is looking a little better then YBR
     
    Bendigus, 20th Jun, 2019
    #4
  5. Drew B

    Drew B New Member

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    300k for this loan
     
    Drew B, 21st Jun, 2019
    #5
  6. RS Gumby

    RS Gumby Well-Known Member

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    Yeah just had a look at this loan as I'm refinancing shortly and it looks pretty good - has an offset too. Might hold off to August as I think there may be another rate cut in the wind
     
    RS Gumby, 21st Jun, 2019
    #6
  7. Marty McDonald

    Marty McDonald Mortgage broker Business Member

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    Who is it funded by? YBR / Vow was using Macquarie but Mac pulled out of white labeling loans. Maybe Adelaide bank?
     
    Marty McDonald, 21st Jun, 2019
    #7
  8. Shahin_Afarin

    Shahin_Afarin Residential and Commercial Broker Business Member

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    I wouldn't rate shop on a variable loan in this market.

    I would take a serious look at the history of the lender as many have a history of providing great rates and then jacking up the rates progressively and you may be in a position where you can't refinance out.

    Consider the fix rates of the lender if thats important longer term as you want to have the option of being able to hedge when required.

    Also look at other tangibles like but not limited to servicing calculator, cash out policy, debt recycling ability/product, ease of balance re-limits, upfront valuations, etc
     
    Shahin_Afarin, 21st Jun, 2019
    #8
  9. Peter_Tersteeg

    Peter_Tersteeg Mortgage Broker Business Member

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    I vaguely recall they set something up with a credit union, but I'd never heard of them.

    The reason I distrust white label or even mortgage managers is the funder at the back end has a tendency to change without much warning. When that happens, the previous funder's money starts to get expensive. What started as a cheap rate turns into something expensive. I've literally seen bloodbaths on consumers (hence my previous reference to Wizard Home Loans).
     
    Peter_Tersteeg, 21st Jun, 2019
    #9
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