Providing an update on recent lender changes this last month and what the majority of my client base has been doing this past month.
A selection of offers at different lenders:
Bank First 1.99% 3 year fix P&I 3.10% comp rate owner occupied & 2.24% 3 year fix p&I 3.49% comp rate. Beating all other lenders on 3 year fixed market. Only take this option if you fix the full portion as their variable rates arent the best. Bank first is a mutual bank - Used to be owned by teachers mutual Victoria. After multiple calls to their bdm they like pure vanilla deals. Nothing complex.
Adelaide bank Most large loan size 650+k wanting variable low lvr under 70% Adelaide is the most aggressive in this space on the market for pricing requests. Also clients going to this bank wanting a fix with a full offset against the fixed loan.
CBA Still doing 2.19% comp rate 3.89% 2 year fix p&i under 80% lvr on owner occupied after a pricing request. Comp rate reduced after pricing request. SLA slow.
St George Owner occupied 2.64% redraw variable product comp rate 2.66% comp rate 2.24% owner occupied 2 year fix p&I comp rate 3.45% reduced after a pricing request. They do fast refinance.
ING 2.64% variable with offset comp rate 2.98% comp rate 2.19% 2 year fix comp rate 3.79% owner occupied P&I. 1-2 day sla quick.
NAB No cashback so there are better options but they are matching the better rates on market for a few products including 2 year fix.
Suncorp most aggressive on pricing requests of late on owner occupied and investment. 2.19% 2 year fixes owner occupied P&I and 3.16% comp rate reduced after pricing request.They also do fast refinance. FRONTLINE WORKERS get an extra 1k for their refinances.
ANZ 2.72% variable redraw product owner occupied P&I 2.76% comp rate. 2.29% 2 year fix comp rate 4.02% P&I owner occupied 2.49% 2 year fix investment p&I 4.53% comp rate reduced after pricing request.
AMP 2.59% variable with offset comp rate 3.00% owner occupied P&I
Westpac under 70% lvr 2.19% comp rate 3.43% 2 year fix owner occupied and 2.49% comp rate 3.92 % 2 year fix on investment both p&I both comp rates are reduced after a pricing request. They do fast refinance.
Teachers mutual Bumped their rates back up to match others and 17+ days sla not the best choice at the moment. Was better when they were beating the others on rate by 0.15% 4 weeks ago.
Macquarie Lender of choice if you need a quick sla. Best rates on 70% lvr or under.
Bluestone Prime product 2.74% comp rate 2.75% theyve lowered fees to 550 total. You now get 1 free valuation with them. Advantage of this product is no comprehensive credit reporting - ie no checking with other banks about you if they have questions, no credit scoring and they only need 1 month clean statement history for debt consolidations into the mortgage. Amazing 1-2 day sla.
Let me know if you have any questions of other products or rates at each lender?
SLA: BUSINESS DAYS
Most majors have blown out including CBA at 20+ business days right now.
St George is at 8 days
NAB 12+ days
Westpac 20 days
ANZ 15 days now
Suncorp - 10 days
ING - 2 days
Macquarie - 2-3 days
Bankwest - 3 days
ANZ deal is now 3k cashback
Suncorp is 2k cashback 250k – 750k and 3k for 750k+ and an extra 1k from emergency workers or teachers.
Westpac group and St George is 3k cashback at the moment until 10th of september - will see after if they extend
Edit - NAB just released a 2k cashback 3pm 03/09/2020
Virgin money 2.5k
My experience 7 years in commsec and cba on a margin lending desk and as in in house cba branch home lender. Nearly 4 years as a mortgage broker running my own company.
Covid19 Hope everyone is going well in these times. Lenders are being conservative ie using less bonus comms and overtime to use for max borrowing power. They dont like casual work as much(some lenders), lower lvrs offered for self employed. 90% no lmi products for doctors accountants lawyers only 2 banks cba and nab have their products still. Didnt mention ANZ as they are quite slow right now. Westpac group is now 85% no lmi for professionals. Valuations are coming in lower so we monitor this before lodging if we think you are close to 80% lvr.
Adrian Player | Director
Adrian Player is a credit representative (498364) of BLSSA Pty Ltd ACN 117 651 760 (Australian Credit Licence 391237).