Browse Forums Home Finance Re: Need a 100% offset loan 7Feb 01, 2008 8:14 am Our broker assured us he could get us the best deal and that the banks couldnt undercut his rates etc, but didnt offer us any better than what we could have got just by walking into the bank off the street. We basically took his best offer into the bank we preferred and told them to beat it, and they did!! (extra interest rate discount). He was from a company that offeres a lot of choice in mortgages!!! Built Porter Davis "Dromana" 2007. Re: Need a 100% offset loan 9Feb 06, 2008 2:55 pm I'm looking into refinancing now as my fixed term is expiring in two weeks
I have visited only two banks so far.. 1. ANZ is offering 0.7% off from their standard variable rate for a payment of $340.00 . No other charges. 2. NAB is offering 0.75% off from their standard variable rate I don't really want to go with any of those non bank providers. However, thinking of considering Macquarie bank and ING. Don't really know how to handle day to day banking or how off set accounts work here though. - devank Re: Need a 100% offset loan 10Feb 06, 2008 4:05 pm I was reading an advertorial last night re mortgages - more for investment reasons but it might help.
Some interesting points they made. Use a Mortgage Planner - (not a mortgage broker) And ask them some tough questions. Like how many houses do they own What sort of finance do they use themselves. Ask for a reference client who has more then 5 houses Ask how many of this sort of65 or more house client do they have? Ask how many houses most of their customers own? Many brokers are scrambling week to week to get a sale - hence they are not really knowledgable about what is best for you. I've used a broker once several years ago and i refused to do his recommendations and found better by myself. And re your original post. I have used non bank lenders and bank lenders at various times and the non bank ones can be better than the bank on rates etc - but in my experience, the non banks also tend to use longer non penalty periods - ie it sattes 5 years and you get penalised if you change the loan or want to get out earlier than that. So talk to them - read the fine print and make sure they are stable and not tied up in the sub prime debarcle somewhere. Steve Re: Need a 100% offset loan 11Feb 07, 2008 8:19 am Thanks everyone
I have been doing a bit of research myself on Cannex. Just looking for an offset that allows fixed rates. That Austral one looks good but I will need to do a bit more investigating into them I have never heard of them before. Thanks again Re: Need a 100% offset loan 12Apr 15, 2008 3:05 pm Hello Penny
as a mortgage manager with Adelaide banK, My advice is to basically forget the interest rate and look at the quality of the product you are approaching. Yes you can get a 0.7% interest rate reduction, but look at the ongoing fees. Look at annual fees. Look at Exit fees. Will the product allow you to maximise the reduction on the mortgage? You are looking in the right direction (offset loan) so you can reduce the length and ergo the ammount you end up paying for your mortgage. Kudos to you. Work a 55 Day interest free credit card for all your bills and expenses and have it auto sweep for payment - you will never pay interest on the card and you will be using someone elses money to reduce your interest bill. brendanj@achl.com.au is my email if you want any instructions. Re: Need a 100% offset loan 13May 13, 2008 10:05 am The new Defence home loan subsidy scheme came out and we only have a choice of 3 lenders which limits it a bit.
We narrowed it down to NAB and Defcredit. I would prefer the NAB overall (features are better) I was looking at their Choice loan package and they discount their interest rate by .5% I was hoping for a .7% reduction do you think it is worth checking with them? If you did would you do it by calling or walking into a branch? Re: Need a 100% offset loan 14Jul 02, 2008 6:42 am Banks are holding off approving of these types of loans because of the current credit crunch, unless you have a very good credit rating, it'll be hard to get one. Re: Need a 100% offset loan 15Oct 18, 2008 1:54 am Yak_Chat Many brokers are scrambling week to week to get a sale - hence they are not really knowledgable about what is best for you. I've used a broker once several years ago and i refused to do his recommendations and found better by myself. Steve Yes unfortunately the type of broker you talk about gives the whole lending profession the reputation it has. I hear a lot of mortgage brokers are returning to their old trades after the recent cuts in commissions. I was recently at a professional development seminar for home loan consultants and one guy boasted about his ability to wrap the whole application process up in under 30 minutes at the first appointment. You can only guess what level of support he provides his unfortunate customers if that is the depth of his interaction with customers. Yes, I had already tried searching those. In the end I am fabricating my own. 4 4152 The biggest challenge will be if you take out a loan and then run out of money - you'll have an incomplete security and lenders do not like this so you can get stuck.… 2 18896 That sucks! Hope it all works out. Good to move away from steel anyway for all your reasons, but it's also thermally poor. 16 17774 |