CBA Variable Rate
- Thread starter Bungee
- Start date
Just got a 1.16% discount with ANZ on $800k at 90% + LMI across four loan splits. I wasn't expecting that
Cheers
Jamie
Very well played!
Just repeating what someone else said in another thread but "you are the ANZ Queen"
Very well played!
Just repeating what someone else said in another thread but "you are the ANZ Queen"
I'm a bit of a tart more than a queen - I use a decent spread of lenders. This one just happened to be ANZ.
Thank you very much Corey for that, I will email my manager at Westpac and ask her to drop the variable rate down for me
Thank you very much Corey for that, I will email my manager at Westpac and ask her to drop the variable rate down for me
If they don't play ball, just drop me a line and I'll see what I can do.
Any idea what st george would do for 1.3million fixed or variable. Ive got a few loans coming off fixed terms in mid jan?
Any idea what st george would do for 1.3million fixed or variable. Ive got a few loans coming off fixed terms in mid jan?
Depends a little on Lvrs and splits. 4.6s aren't uncommon
Ta
Rolf
This question has no real context to base a reasonable reply on.
I've got lots of clients with a better deal than this. They're borrowing in excess of $1M at 80% LVR or lower and have a favourable risk profile to the lenders requirements.
Fair enough, I have only spoken to one bank and with more lending the discount increases. If I pitch to another bank I might be able to get more but this is a good start. It sounds like some commentators are getting good deals with less lending however.
LVR 80% or lower
Lending >$2m
discount 1.25% off standard variable rate
With that total lending I'd be expecting at least 1.25% discount. Quite a few lenders have suggested as much as 1.30% for over about $2M but I haven't confirmed this (we rarely see those levels of debt with a single lender).
1.3% great, but I agree to spread your lending across lenders.
The bank wont budge because my loans are crossed. Is there anyway to avoid X collateralisation and using your own money?
eg to buy a 500k IP at 80% LVR means you need 20% equity of 100k. I think this means you have these 3 options:
1) Use another property as security== loans crossed which in most cases is not optimal
2) Use your own money == not efficent as i have been told you should always try and use other peoples money.
3) Buy 20% under market /valuation value?? which is near impossible
Am i missing something?
eg to buy a 500k IP at 80% LVR means you need 20% equity of 100k. I think this means you have these 3 options:
1) Use another property as security== loans crossed which in most cases is not optimal
2) Use your own money == not efficent as i have been told you should always try and use other peoples money.
3) Buy 20% under market /valuation value?? which is near impossible
Am i missing something?
Perhaps this is a great opportunity to uncross your existing loans and get a better rate in the process. Are all your loans currently variable?
Use an equity loan for the deposit and costs secured against property 1. Borrow the remaining funds secured by property 2.
Get advice from a broker who specialises in investment properties. You'll get a better deal, better structure and ultimately build a better property portfolio. There's plenty of us on the forum.
If your broker structured things this way, I'd suggest finding a new broker. Cross collateralising is almost a cardinal sin.
Yep strange that your broker set it up this way. Definitely qn him/her on it.
Cheers,
Redom
