CBA bank Guarantee

[catcha]

Hi all,

Just a Noob question.

I have brought an apartment that required a bank guarantee from CBA in 2009. This is off the plan and hasn't commenced building yet. ETA completion 2013.

Question is once completed whats the best way to go about changing banks?

My other home loan is with homeside which had the best rates at the time and still do I think.

Would I follow through with CBA get it all settled then swap banks ? or can I do it before.

I might even stay with CBA but highly unlikly due to there un competitive rates

 

[Aaron_C]

Did you put a deposit bond in lieu of your deposit with the vendor?

 

[Peter_Tersteeg]

It sounds like you've been given a pre-approval from the CBA, there's no reason you can't apply to a different lender closer to settlement date. The CBA guarantee isn't worth a great deal as it is, reaslistically it's expired at this point.

 

[catcha]

Did you put a deposit bond in lieu of your deposit with the vendor?

10% deposit required either pay the vendor and they keep it in there trust fund or go with CBA Gurantee. I went with CBA.

 

[catcha]

It sounds like you've been given a pre-approval from the CBA, there's no reason you can't apply to a different lender closer to settlement date. The CBA guarantee isn't worth a great deal as it is, reaslistically it's expired at this point.

Hi PT yes it was a pre-approval. but does this mean when its close to the settlement date they check again ?

I was going 50/50 with my mum but she wanted out. Pre-approval was based on both our incomes.

I finally sorted out all the paper work 1.5 months ago and now its only in my name.

how that affects everything unsure till the day comes.

 

[Marty McDonald]

They looked after you so I would say stay with them unless there is a very compelling reason to go elsewhere...and 0.05% pa or whatever the difference is in rate is not that compelling IMO. Either way review 6 weeks out from settlement until then....?

 

[catcha]

They looked after you so I would say stay with them unless there is a very compelling reason to go elsewhere...and 0.05% pa or whatever the difference is in rate is not that compelling IMO. Either way review 6 weeks out from settlement until then....?

Thanks Marty will do when it gets built...