Advice for Home Loan Broker and Lender

virhlpool on 21/02/2017 - 11:20
Last edited 21/02/2017 - 11:22

Hi,

I need some advice for a home loan broker as well as lender/bank. I am on lookout for investment property and I need sub $350k loan to start with. I need some recommendations for broker and lender considering the following criteria:

Type of loan: Interest only (offset account)

1) Lowest possible interest rate
2) Good/ lenient servicing for refinancing/ equity withdrawal down the track or second loan (I heard some lenders aren't very friendly on this front)
3) Cashback/ any other promo, if any
4) Reasonably quick approval

Can you also mention the ongoing low rates along with lender suggestions? I am a bit confused amongst online brokers, big brokers and small ones. Who generally gets the best rates and also fit in above criteria?

Thanks.

Financial

Comments

  • Gunther on 21/02/2017 - 11:33

    No broker will get you rates as low as the online lenders. Go interest only with full offset and equity redraw is fully in your control.

    https://www.loans.com.au/
    http://www.reduceloans.com.au/

    • virhlpool on 21/02/2017 - 11:39

      Do you reckon there are any cons of these vs regular brokers? Do they have a dedicated manager to service? How speedy is it to get a loan approved/ disbursed by them?

      • Gunther on 21/02/2017 - 11:45

        No brick and mortar bank is the negative, needs to be paired with a transaction account and credit cards from another bank as they do not offer these services. Internet banking platforms not as robust as a big banks.

        I have spoken to both loans.com.au and reducdeloans.com.au on the phone and spoke to friendly helpful Australian's. Big banks wont give you a dedicated manager either.

        Speed you would need to have a conversation with them.
        loans.com.au advised me they have a streamlined refinance process.

        Personally housing loans are your biggest expensive, so just get the lowest rate possible!

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