Browse Forums Home Finance 1 Apr 22, 2013 6:07 pm Hi, I am new to here first of all... so hello to all. I have a question to ask, I realised that there are more and more lenders who offer great home loan deals, are there any catch? Anyone who has experience in those? please give me some suggestions. Thanks My favourite lighting shop: http://online-lighting.com.au Re: Rate question 2Apr 22, 2013 8:24 pm Hi naoko, It's a hard question to answer without knowing your circumstances and situation. If getting a loan was that simple, then everyone would go for the cheapest one and the others would go out of business. It all depends on what your requirements and goals are, and if the lender ticks those boxes, then you need to meet the lenders policies and servicing requirements. You may find what works for one lender may not work for another in your case. Cheers Tom Re: Rate question 3Apr 22, 2013 8:51 pm They don't all offer the same thing. Find a broker. Brokers also don't/can't offer everything available from every lender. They can also have their own bias tendencies towards lenders. You need to do your research, get recommendations from others, talk to the big banks but be open to smaller lenders. If you are in Sydney, I can recommend someone we have just been using. Re: Rate question 4Apr 22, 2013 10:22 pm Thanks everyone, I'm in Brisbane, currently with Suncorp, the rate is not as good, but it comes with offset saving accounts and cheque functions. I don't use cheque at all but offset does help a bit, not essential though. After searching a bit, found a broker, will discuss with him this weekend. My favourite lighting shop: http://online-lighting.com.au Re: Rate question 5Apr 23, 2013 7:07 am Hi Naoko, Good job with getting a broker to help, still want to add my two cents There are two main types of loans which everyone is offered with any lender: - Professional package with extras (usually with a fancy name) - which provides a discount from the standard variable rate which can be effected by loan size, lending value ratio, total lending with the bank and borrower situation. The professional package usually provides no transaction fees, fee free credit card and offset account with a annual fee (usually $350-$395pa). Clients with $300K+ lending usually go this option as paying the annual fee gives a larger discount then the basic product (will explain below). - Basic product (usually with not exciting name) - No annual fee, no monthly fee, no offset and make your repayments on time! The rate is usually higher then professional package and is perfect for investment loan or loans under $300K lending. s above i have clients who are borrowing $200K i would not provide a professional package with $395pa fee this would increase their overall repayments. At this moment in time fixed rates are lower then variable rates by 0.50% so there is a massive influx of people fixing their current loans some even under 5%, this will give you a much better rate then your current lender and still deal with the major or smaller lenders. A lot of people are under the belief that the the rates will go up soon, so are fixing for 2-3 years to have stability and to be able to budget for the next few years. Broker wise you want to deal with someone who has a credit or banking background, someone that has been doing this for a long time and who deals with a variety of lenders. Always ask their background and always go to a few. Its like seeing a doctor it is better to see a few so you can confirm your diagnosis is right, this is a big transaction and most likely the biggest you will ever have so make sure you get it right by dealing with the right broker. As per PLC what works for one lender may not for another so the broker must be able to see any issues upfront, as your situation may be declined for a certain reason. Good luck with your refinance and may the home loan gods approve your loan. You can really use anything you want the main consideration would be how it looks once painted/finished - or the look you want. Cabinetmakers use MDF because its cheap… 2 9960 I would say both styles you have pictured are steel. The lower chord of the first pic would be a massive lump if made using timber considering the size of the rafters. If… 1 6151 1 13125 |