Originally posted by suggo
Our bank, ANZ, has just told us that it will not revalue our houses for twelve months after the last evaluation(three months ago) !
Has anyone else come across this in recent times??
Anyway, we have just been denied a loan by the morgage ins as our LVR is at 81% and we are into the million mark, this is what the bank manager has told us is the reason for denial. We have spoken to a couple of other lenders (Aussie and Wizard) and they have been surprised that the bank would do this. We would only need an extra $20 grand rise across four houses for us to be able to aquire this loan free from morgage ins.
So are the two we are talking to ok or are there any other banks or lenders that you guys may suggest??
Just to add my two cents worth to this hot topic.
I guess one is in the best position to negotiate when there is competition and you have reasonable credit history and ability to borrow.
I paid off my PPOR with St.George. Still have one IP with Westpac and the other with Aussie Home Loan. Just acquired the third IP - all in Sydney.
I was looking to refinance two IPs and to borrow for a third via a Line of Credit facility.
So I embarked upon to find the best deal for me and for me that was to setup a Line of Credit facility at the best interest, no cost of transactional banking, 100% offset facility, ability to top up the LOC as I build on equity and a few other things.
I am in a good position in terms of my credit history and ability to borrow. None the less, it took me three months to negotiate with a range of banks in order to achieve the best outcome for me.
Here is a quick overview of the positions that I was able to achieve.
With a broker from Melbourne the best position was 5.87% investment loand and Homesite as the lender. Not many other benefits.
NAB private banker was able to offer investment loan facility similar to a LOC but not excatly. This was at 5.87% with usual NAB banking products and no transactional banking costs except for a credit card.
St.George was able to offer me only 5.97% portfolio loan and that is after using them for 15 years for my banking. I guess no more St.George for me.
The worst possible scenario was in fact with Westpac and that is after I've been a customer for 6 years and currently with a mortgage close to $300,000K (and I am sure you guessed it --- I'll be Westpac's customer no more). In fact their offer was for investment loan (rather than LOC) at 5.87% and a range of "hidden" charges. Very disapointed in Westpac.
ANZ was able to offer only 5.97% LOC and was not flexible at all on any other feature and would charge the usual costs for every day banking.
The best position I was able to obtain for my circumstances was in fact with CBA where I am getting proper LOC with 1% off standard variable rate for the life of loan and for all amounts of borrowing, no cost on any transaction accounts including credit cards. So the rate is 5.57% for a Line of Credit facility that no other bank was able to match.
ZMan