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WBennett
24th May 2018, 01:30 PM
We are moving into the world of property investments, meeting up with a broker this week.

Any vendor/bank/loanshark who you have had a very good experience with, or a very bad experience with?

He has provided a few quotes with homeloans.com.au and Virgin Money offering better than average deals.

Any comments or thoughts worth sharing?
Lucasto23
24th May 2018, 01:32 PM
Oh my GOD!!!
WBennett
24th May 2018, 02:15 PM
Oh my GOD!!!

Would you like to elaborate?

I have an aversion to various banks and lenders
Peppas
24th May 2018, 02:32 PM
If you're gonna use a broker make sure they are independant, and that they have a decent idea of the loan structure that would work best for you in terms of your OO and your IPs

If you have cash that you want to park in an offset make sure that is with an ADI so you have the government guarantee at least for 250k.

Read the terms and conditions closely. Particularly if you then decide to refinance away within a year and your old broker loses their commission. Especially if they then try and charge you a claw back which they aren't entitled to.

I've got a good broker that I like but he is Sydney based so not sure if that would help you.
solarman
24th May 2018, 02:38 PM
.

Read the terms and conditions closely. Particularly if you then decide to refinance away within a year and your old broker loses their commission. Especially if they then try and charge you a claw back which they aren't entitled to.

This
WBennett
24th May 2018, 02:54 PM
I've got a good broker that I like but he is Sydney based so not sure if that would help you.

Broker is a former housemate and 20 year friend who has been used by a few other friends in various loans. 15 years in the game, and we are also talking to our current bank.

I will be asking him about his ongoing commission structures.

Whats ADI? The three letter acronyms for this is all news to me.
Peppas
24th May 2018, 03:01 PM
Authorised deposit-taking institution

Just the banks and lenders that are covered by the government guarantee incase the bank or lender ever goes under. Came about during the gfc
Peppas
24th May 2018, 03:02 PM
I also used a friend of a friend once who ****ed up my loans. Which was where the comment about claw backs came from.
wazamac
24th May 2018, 04:12 PM
Will be keeping a close eye on this thread. Seriously thinking of knocking down the current house and building a couple of villas on the block.
It's a matter of whether to sell them outright or rent for a while.
PerryGroves
24th May 2018, 04:48 PM
A good non aligned broker will help you get a better deal than you likely can yourself. That said its a whole lot easier having everything in one place and whatever gains you initially receive don't end up meaning a lot over time, I am assuming you are in for the long haul.

My concern about using a friend is discretion.........the little slips here and there.

If you have an aversion to banks, have you had any experience with the Public Service Credit Union?

If the above fails, borrow off your parents and when it all goes tits up, you can appear at the Royal Commission and blame the banks.
3oneday
24th May 2018, 05:08 PM
I work in mortgage settlements (and mortgagee sales).

I’d recommend Bank Australia or Newcastle Permanent. I don’t know their investment rates, but the user experience is better than bigger institutions, imho.
WBennett
24th May 2018, 06:06 PM
I’d recommend Bank Australia

I've been a member of CSIRO Credit Union and its next 15 iterations into Bank Australia for over 20 years.

Good bit of info to know.
PerryGroves
4th June 2018, 10:32 AM
https://mozo.com.au/home-loans/articles/australia-s-cheapest-home-loans-of-2018-revealed?utm_source=Taboola&utm_campaign=HLECA&mz_source=Taboola__HELCADWhitelist

Benno, for info only, a mate is a mortgage broker, tells me a couple of his clients (who are sitting back waiting to buy) have had their approved loan amount reduced in the last month. Unsure if this is widespread or just his over extended client base.
WBennett
4th June 2018, 10:39 AM
https://mozo.com.au/home-loans/articles/australia-s-cheapest-home-loans-of-2018-revealed?utm_source=Taboola&utm_campaign=HLECA&mz_source=Taboola__HELCADWhitelist

Benno, for info only, a mate is a mortgage broker, tells me a couple of his clients (who are sitting back waiting to buy) have had their approved loan amount reduced in the last month. Unsure if this is widespread or just his over extended client base.

Thanks Perry, we had heard there are some upheavals in the current lending world as the market shows signs of a significant correction. We are a very low risk loan, with our mortgage all but paid off and 2 decent incomes.
PapaBravo
4th June 2018, 02:51 PM
Where are you located?
dannycallaz
4th June 2018, 09:01 PM
Benno lives on Mugga Way in Red Hill, Canberra......

Joking!
WBennett
4th June 2018, 09:12 PM
Benno lives on Mugga Way in Red Hill, Canberra......Joking! Hardly.Just lucky I have been here a long time. The house across the road just sold for four times what we paid for ours...
3Puttpete
4th June 2018, 09:20 PM
Hardly.Just lucky I have been here a long time. The house across the road just sold for four times what we paid for ours...

That’d explain your recent trip away. Did your former neighbours pay for that?
WBennett
5th June 2018, 08:42 AM
That’d explain your recent trip away. Did your former neighbours pay for that?

Why do you have Dotty as your avatar?
3Puttpete
5th June 2018, 09:38 AM
Why do you have Dotty as your avatar?

[emoji3]

Peter Brinkworth
Dotty
5th June 2018, 12:39 PM
Why do you have Dotty as your avatar?
Because Lagerlover's photo wouldn't fit in the little box.
3Puttpete
5th June 2018, 05:19 PM
Because Lagerlover's photo wouldn't fit in the little box.

It’s never been a problem, oh, photo.

Spot on
dannycallaz
5th June 2018, 05:36 PM
Hardly.Just lucky I have been here a long time. The house across the road just sold for four times what we paid for ours... See you Monday for a long overdue hit.Is it too early for a can?
kiwitown
7th June 2018, 08:15 PM
My two cents, WB look for a lender that’s going to give you the product that fits your wants and needs, being able to talk to contact your lender moving forward is important. A lot of the cheaper home loan rates advertised are not always the best deals long term.
If you stay with your larger lenders you won’t have to worry about broker claw backs.

Mate I work for a non bank lender, So while it’s getting harder to borrow money for investors, by the sound of things you will be fine and getting approval should be easy. Just do your ground work..any questions let me know..