Best Home Loan Deal - Feb 2016

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  dealsniper on 05/02/2016 - 00:23

  +1

  Something like the Suncorp deal https://www.ozbargain.com.au/node/195962 would be nice (but the annual package fee life of loan waiver has expired)

• 

  oscargamer on 05/02/2016 - 07:18

  INGdirect?

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  tomleonhart on 05/02/2016 - 08:40

  +3

  Broker here.

  I assume this is for owner occupied? If so, the rates below apply:

  BOQ is offering 3.99% p.a.(comparison 4.12% p.a.) http://www.boq.com.au/home-loans.htm
  Bankwest is offering 4.08% p.a. (comparison 4.49% p.a.) http://www.bankwest.com.au/rates-fees

  Purely rates quoting here, this is not an advice :) Happy to talk to your friend to explore more options!

  PM me if you want to discuss thing in private.

  Cheers,
  Tom

  • 

    dealsniper on 05/02/2016 - 12:02

    Thanks. Forgot to mention for investment purposes :)

    • 

      tomleonhart on 05/02/2016 - 13:05

      I c.

      For Investment purpose:

      BOQ is offering 4.28% p.a.(comparison 4.43% p.a.)
      ME bankis offering 4.39% p.a. (comparison 4.50% p.a.)
      Suncorp is offering 4.42% p.a. (comparison 4.52% p.a.)

      Again, Purely rates quoting here, this is not an advice :) PM me if you want to discuss thing in private.

      • 

        dealsniper on 09/02/2016 - 20:51

        Thanks. If this is quoted rate- is this the rate that they can further discount? How are non-banks looking? :)

• 

  samprofs on 05/02/2016 - 14:58

  Is the whole loan for investment purposes or does he have a owner occupier loan too? I have one lender that can do it at 4.09% (4.09% comparison), as long as you bring both your owner-occupier and investment to them. It also does not have to be cross-colltarilised (if both sub 80% LVR). Comes with 100% off-set, online banking , no upfront costs and usual package fee waived off the life of the home loan. It is our white label product funded by a top 10 ASX listed company and fully managed by them. The rate is achieved by waiving all trail commission to us.

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  samprofs on 05/02/2016 - 15:28

  If investment BOQ as mentioned. Also HomeLoans Ltd is not bad either. they have a product with 4.38% comparison rate (lower than BOQ). Must be sub 80% LVR and p&i repayment. With BOQ you can go interest only.

  That is interest rate speculation. Best to check to see with particular bank or trusted broker to see if your friends situation fits particular bank's policy.

  Hope that helps.

  • 

    dealsniper on 05/02/2016 - 15:33

    thanks - is it possible to get the broker/bank to go even lower than comparison rate? also to waive annual package fees that are in the PDS (e.g. will Suncorp do that?)?

• 

  naritas on 05/02/2016 - 16:18

  Hi dealsniper,

  In addition to the BoQ and Bankwest products mentioned, the most popular product we've seen for refinancing borrowers is this deal. The lender (NPBS) won the Money Magazine home lender of the year award in 2015, Mozo's top 5 home loans of 2015 and Money Magazine's cheapest home loan package (non-bank) 2016: https://www.newcastlepermanent.com.au/about-us/our-awards. So, sum of all parts between rebate, rate, consistent price and quality position of the lender, etc it's a pretty big standout.

  For purchase finance, the same kind of rebates can apply to that NPBS offer when the loan size is edging closer to $1mil than $500K.

  We can see you asked about annual fee rebates re. Suncorp. Our clients regularly receive annual package fee waivers in the $500K+ range at Suncorp, Bankwest and NPBS. So we know it's possible. For people wondering what the starting point is when approaching a new lender (like Suncorp):
  a) Have you handed them a pristine credit application (i.e. all of your figures and substantiating documents) that is ready to be rubber stamped for approval? Great, you made the job of them saying 'yes' much more simple for them.
  b) Do you have clean credit, solid assets/equity for your age and a strong & stable net disposable income? Great, you're probably a low risk borrower and lenders like those for obvious reasons. So, if you're in that fortunate position, you're probably not wasting your time pressuring them to waive your fees.

  On a side note, we've seen a standout product from Family First CU (3.99%p.a. CR4.02%p.a.) for a relatively basic but functional home loan (no offset but has redraw). So if your friend was aiming for a price point with no ongoing fees it looks pretty good.

  Hope this helps.

  • 

    dealsniper on 09/02/2016 - 19:04

    Hi Naritas,

    When you mention annual fee waivers - would this be for the life of the loan or just one year only for Suncorp, Bankwest and NPBS?

    I am interested in this point - would a major broker chain (e.g. Aussie, MortgageChoice) be willing to help me to pursue this on an investor loan in the lower range?

    Thanks.

    • 

      naritas on 09/02/2016 - 19:56

      Hi Dealsniper

      Thanks for taking the time to reply.

      When you mention annual fee waivers - would this be for the life of the loan or just one year only for Suncorp, Bankwest and NPBS?

      Unfortunately, there is no definitive rule when it comes to waivers unless it is an actual promotion the lender is running (for example Suncorp ran some successful campaigns on this front in the past 12 months). If you're keen on getting a fee waiver for a long period (outside of one of those limited time promotions) it will typically be a product of the likely revenue you represent to the lender (the larger loan and lower risk the borrower, the more likely it is to be approved) and whether you are looking to fix. A number of our clients, for example, are on rolling rebates with Bankwest on the Complete Package.

      I am interested in this point - would a major broker chain (e.g. Aussie, MortgageChoice) be willing to help me to pursue this on an investor loan in the lower range?

      Unfortunately we're not experts on these organisations. We can give you some general tips to assist with the enquiry and pricing process (especially as an investor):

      a) When discussing any objectives with your short listed firms make sure they give you a credit guide and ensure that the lenders you are interested in are actually on their lender panel. A good mortgage brokerage should have 50+ lenders on its panel and is likely to have a broad variety of lenders that include the big 4 banks but will also include a large selection of alternatives that the big banks compete with. At present, many of the best mortgage deals (especially for investors) are not being offered by the big 4 - so that competition can work to your advantage in having a deal negotiated for you. This renewed competition from non-bank lenders has come in part from the recent APRA lead changes to investor lending.

      b) Annual fees only form part of the equation and its best not to bank upon the viability of long term fee waivers in your analysis. That is, who knows with variable products what the actual interest rates will be like for existing customers in 3 years time. These forums are literally littered with complaints from people who are dissatisfied with offers that went sour after a few years. If you're interested in getting a good deal, as compared to brand loyalty, bank upon the fact that you'll want to re-evaluate your circumstances every few years to avoid disappointment (as compared to assuming a bank will treat you like a king for the whole life of your loan).

      Hope this helps.

      • 

        dealsniper on 09/02/2016 - 20:52

        Thanks for taking the time to explain :)

      • 

        naritas on 09/02/2016 - 21:11

        @dealsniper:

        You're most welcome.

        If you were looking for an indication of sharp rates for investment loans you can see our most popular investment lending products & their rates here.

        Best of luck with the search & please feel free to send us a PM if you'd like any further assistance :)