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Rebate for Loan Package Fee (Up to $395) and Application Fee For Loan Pre-approvals 400k+ (Net of Offset) @ Integral Loan

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Rebate for Loan Package Fee (Up to $395) and Application Fee For Loan Pre-approvals 400k+ (Net of Offset) @ Integral Loan
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AssociatedAdrian Player on 05/10/2020 - 17:20 integralloansolutions.com.au (192 clicks)
Last edited 06/10/2020 - 09:08 by 1 other user

I have access to 35+ lenders on my panel. If the lender charges an application fee or annual fee we will pay it for you annually for balances over 400k net of offset. This is paid out of my commission from the bank you select. Slight edit - (Ive had some commentary below saying im not suggesting a lender).

Common times a lender charges an annual fee normally in the 299-395 bracket:

  1. Package loans with the big 6 banks
  2. Fixed loans
  3. Offset loans

Most application fees are between 100-300 dollars.

ING as an example 2.54% on owner occupied variable + offset with a 299 annual fee ongoing and 299 app fee. We cover both fees. So the comparison rate matches the actual rate given at 2.54%. Which is a very competitive offer.

Pre approval 2k rebate - Citibank
Ive been added onto a small list of brokers that has access to this offer. Loan size needs to be above 350k & 20% deposit is needed to qualify. Citibank has a 4 day sla so are quite quick and some great rates at the moment. They are the only bank im aware of doing a rebate for pre approvals.

First Home Deposit Scheme

Join my 500+ first home buyer faceboook group. 100+ articles videos and content for first home buyers on there - https://www.facebook.com/groups/1916779675065027

10k extra spots being released for the first home deposit scheme in October 2020.

The list of lenders im mainly using for my clientele for pre approvals:

ING
Macquarie
Bankwest
Auswide
Resimac
Firstmac
AMP
Me Bank
Fast lend - ie white labelled nab
BOQ
Citibank

Why am i avoiding the majors at the moment for pre approvals?

They are too slow. If you sign and make an offer on a property normally you have 5 days cool off with the option of another 5 days before you put your deposit down. You have this time to get from pre approved to formally approved. If you cant get it done in this time frame you now have a choice lose the property or put your deposit at risk without formal approval. ANZ 15+ days Westpac 25+ days CBA 15+ days NAB 8-10+ days.

How long does a pre approval last

3 months at most banks except Bankwest and CBA which is 6 months. All banks have the option to roll for another time period by updating payslips and bank statements. So its best to get a pre approval only you you are actively looking for property.

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. Extra checks on self employed as well.

Kind Regards

Adrian Player | Director

M: 0416643638

E: [email protected]

W: www.integralloansolutions.com.au

Adrian Player is a credit representative (498364) of BLSSA Pty Ltd ACN 117 651 760 (Australian Credit Licence 391237).

Financial Fhb First Home Buyer Home Loan Mortgage Broker Pre Approval Pre Approvals Refinance

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closed Comments

  • unhuman on 05/10/2020 - 17:35
    +2

    This is not a deal. Most brokers don't charge for application fee. As for 395 yearly fee, only applies for fixed home loans and banks like U bank and HSBC dont have them.

    • stirlo on 05/10/2020 - 17:43
      +2

      This is spammy for sure.

      But you are wrong when you say "As for 395 yearly fee, only applies for fixed home loans"

      All the Big 4 banks charge this fee (or a combination of fees totalling almost the same) for a regular variable loan with an offset and many smaller ones do too.

      • AssociatedAdrian Player @ Integral Loan Solutions on 05/10/2020 - 17:49
        +1

        Sorry to hear you think this is spammy? These are pay out of my comms for what ever lender the client selects? How do you suggest i rephrase this? Most banks charge between 100-200 application fee and up to 395 annual fee. My goal is to try and remove these fees from my clients app process.

      • AssociatedAdrian Player @ Integral Loan Solutions on 05/10/2020 - 18:03

        Thanks Stirlo - I agree with your comment you've explained it well.

      • unhuman on 05/10/2020 - 18:20
        +1

        Yup fee is charged for variable with offset account. ANZ and nab do not have this fee for standard variable loan without offset. I don't know about other 2 as I don't bank with them.

        • AssociatedAdrian Player @ Integral Loan Solutions on 05/10/2020 - 18:20

          Unhuman - Correct some basic redraw products do not have an annual fee.

    • promethbastard on 05/10/2020 - 17:43

      Yep, my broker made it clear - he gets paid by whomever takes on our mortgage. Ended up with P&N Bank - 3.2% interest rate at the moment with offset account and a platinum Visa at the same interest rate as the home loan. Pretty good deal imo.

      • dtrinh on 05/10/2020 - 17:48

        can you send broker details via DM? TIA.

        • G77 on 05/10/2020 - 17:57

          Keen to know as well 🙏

        • promethbastard on 05/10/2020 - 17:57
          +2

          Primarily looks after Perth - Your profile says Melbourne?
          P&N is a WA based bank too.. no branches except in WA.

      • AssociatedAdrian Player @ Integral Loan Solutions on 05/10/2020 - 17:51

        Not a bad deal at all. You've done well.

      • chartparker on 05/10/2020 - 18:15
        +4

        Am I missing something here? Isn't 3.2% high compared to others around at the moment? Not being facetious, just genuinely confused.

        • AssociatedAdrian Player @ Integral Loan Solutions on 05/10/2020 - 18:22

          its more for clients that have a large redraw or offset balance. The main perk is the low interest rate credit card with points. Ie they dont pay much on the mortgage and dont get hit with the higher 3.20% home loan rate but get a great perk in the credit card.

          • OpayuOnam on 05/10/2020 - 20:41

            @Adrian Player: I still don't see the value proposition, you're better off paying $400 0er year than paying 0.5%-0.7% extra interest on $400k… This would only make sense towards the end of the loan when the $400 yearly fee gets higher than the interest. (I'm assuming the $400 gets fee of other banks get your a credit card).

            • AssociatedAdrian Player @ Integral Loan Solutions on 05/10/2020 - 20:47

              @OpayuOnam: Sorry im not sure i understand what you are saying? why are you assuming people are paying 0.5-0.7% higher?

              • OpayuOnam on 05/10/2020 - 20:56

                @Adrian Player: Your comment below suggested ING doing 2.54%
                A quick look at Westpac shows about 2.7-2.8% and this will have an Altitude Black Credit with the $395 fee which would be equivalent of not better than a platinum card (happy to be corrected).
                Comparing to 3.2% that's 0.5-0.7% difference.
                So $395 fee gets your the same credit card that a higher interest rate loan would get, 0.5% of $400k is $2k per anum roughly. Therefore paying the fee is better than a higher interest.

                edit: unless the value here is the lower interest credit card?

                • AssociatedAdrian Player @ Integral Loan Solutions on 05/10/2020 - 21:00
                  +1

                  @OpayuOnam: Sorry you are getting a little confused the interest rate on that credit card would be circa 15-20%. The interest rate on the p&i credit card matches the homeloan rate. Thats why im saying the only client id take there is the one with most in offset or redraw ie a small balance because 3.20% is bad on the homeloan but amazing on the credit card. But if you are the type of client that pays the card off each month the p&I bank offer is irrelevant to you.

                  • OpayuOnam on 05/10/2020 - 21:16

                    @Adrian Player: Yeah, after re-reading the original comment I understood the lower interest on CC. Thanks for the explanation and making it clear.
                    It's a niche product.

      • SelfMade on 05/10/2020 - 19:20

        Not that great if it's a P&I loan. Easily better deals out there depending of course on the lending amount.

        • AssociatedAdrian Player @ Integral Loan Solutions on 05/10/2020 - 21:01

          yes agreed if you want to focus just on the homeloan.

    • AssociatedAdrian Player @ Integral Loan Solutions on 05/10/2020 - 17:48
      +1

      fixed loans charge this fee offset loans charge this fee. And many banks have a application fee as well.

      You quoted 2 lenders out of 40+ lenders that dont charge this.

  • asa79 on 05/10/2020 - 17:43
    +2

    where is the deal?

    • AssociatedAdrian Player @ Integral Loan Solutions on 05/10/2020 - 17:51
      -3

      Send me a message or email regarding your scenario and i can send you a list of lenders / rates / fees to compare and select from.

    • hoxygt on 05/10/2020 - 18:11

      Mystery to me….

      • AssociatedAdrian Player @ Integral Loan Solutions on 05/10/2020 - 18:13
        +1

        You can select the lender, if they charge an annual fee or application fee ill have it paid via my commission.

        • hoxygt on 05/10/2020 - 18:19

          I can select a lender myself and choose one that charges no fees a quick search shows a few that offer redraw, a VISA card, no fees and up to 90% LVR with a 2.8% comp rate…

          • AssociatedAdrian Player @ Integral Loan Solutions on 05/10/2020 - 18:32
            +2

            @hoxygt: To give you an example you could get 2.54% variable with offset with ING 2.54% comp rate matching that at 2.54% due to me paying the annual fee and app fee which is 299 for the app and annual fee. Which is a pretty great deal. That 2.80% deal comp rate + visa card and no fees is pretty good as well.

      • AssociatedAdrian Player @ Integral Loan Solutions on 05/10/2020 - 18:19

        Ive just edited the post to be more specific. Let me know if that helps?

        • hoxygt on 05/10/2020 - 18:21

          To get a bargain you need to show how you offer something no one else does or something for less than anyone else does, good luck :)

          • AssociatedAdrian Player @ Integral Loan Solutions on 05/10/2020 - 18:39
            +3

            @hoxygt: Ok ive just included the ING offer above as an example. Thanks for the feedback.

  • arctan on 05/10/2020 - 18:20
    +2

    Annual fee is very common on some of the loan products. Get first year reimbursed by broker is not bad I guess.
    Can you do St George loans? I don't see it on your list.

    • AssociatedAdrian Player @ Integral Loan Solutions on 05/10/2020 - 18:23

      Yes i can do st george. They are a little slow for pre approvals. But yes they are on my panel of lenders.

    • cynix on 05/10/2020 - 19:17

      Oh it’s only for the first year’s fee? I thought it’s for the entire term of the loan lol. No deal.

      • AssociatedAdrian Player @ Integral Loan Solutions on 05/10/2020 - 19:24

        If you stay 2 years you get 2 annual fee payments.

        • cynix on 05/10/2020 - 19:26

          And if the loan is for 30 years?

          • AssociatedAdrian Player @ Integral Loan Solutions on 05/10/2020 - 19:30
            +1

            @cynix: If your balance is still over 400k i continue to pay the annual fee. But most people refinance every 3-5 years due to lenders not giving the best rates to existing customers.

            • lrsekar on 06/10/2020 - 17:31

              @Adrian Player: What is best variable interest rate deal can get with st george for loan above $400k?

              • AssociatedAdrian Player @ Integral Loan Solutions on 06/10/2020 - 17:49

                @lrsekar: Their best rate is 2.64% on variable redraw product on owner occupied or 2.59% if the lvr is under 60%. or 2.24% 2 year fix.

                Under a package with offset that is based on a pricing request at the back end of the banks website and is normally based on lvr and loan size.

                Let me know if you need me to submit a pricing request for you.

    • AssociatedAdrian Player @ Integral Loan Solutions on 05/10/2020 - 18:26
      +1

      You call giving up to 395 annual fee and up to 300+ application fee paid by my commission spam? Or im not giving away all my comms so it doesnt meet your standards?

  • theredkrawler on 05/10/2020 - 18:25
    +1

    Why do brokers never use CUA? I've tried my luck with a few brokers and they've never been able to beat what CUA offers straight off the website, no "coffee and a chat" waste of time required.

    • AssociatedAdrian Player @ Integral Loan Solutions on 05/10/2020 - 18:26

      CUA isnt on a lot of brokers panel of lenders thats why, out of interest what have you seen CUA offer?

    • AssociatedAdrian Player @ Integral Loan Solutions on 05/10/2020 - 18:35

      To give you an example you could get 2.54% variable with offset with ING 2.54% comp rate matching that at 2.54% due to me paying the annual fee and app fee which is 299 for the app and annual fee. Which is a pretty great deal.

  • AssociatedMrokire @ Integral Loan Solutions on 05/10/2020 - 18:37
    +1

    how much interest for refinance? i get 2.88 cba with offset account

    • AssociatedAdrian Player @ Integral Loan Solutions on 05/10/2020 - 18:42

      There are banks giving 2-4k cashback right now for refinances + some great rates.

      To use ING as an example. No cashback but a great rate 2.54% variable with offset for owner occupied + no annual fee 299 or app fee 299 as we cover that with a comparison rate at 2.54% as we cover all the fees for that lender except the government charges which normally is around $300 per security.

      St george also has a 4k cashback offer at the moment + some great variable and fixed rate deals.

      Send me a message or email me with your scenario and ill send across some information.

      • AssociatedMrokire @ Integral Loan Solutions on 05/10/2020 - 20:29

        ok i just want to get the best rates. can we talk tomorrow? also how do you value the house valuation?

        • AssociatedAdrian Player @ Integral Loan Solutions on 05/10/2020 - 20:56

          Yes - we can order up front valuations if you think you are close to 80% lvr to check if you are under to avoid lmi before we start.

          • AssociatedMrokire @ Integral Loan Solutions on 05/10/2020 - 21:15

            @Adrian Player: ok thank you. call you tomorrow.definetly want to refinance i got offset of 100k as well

  • Sidor on 05/10/2020 - 19:33
    +1

    indeed big 4 are too slow, ANZ keeps dragging my settlement for 3.5 months, no jokes.

    • AssociatedAdrian Player @ Integral Loan Solutions on 05/10/2020 - 19:34
      +1

      Have you submitted to another lender as a safety? Ive heard some horror default interest stories for people failing settlement in the last few months. Or if its a refinance yeh ive heard some May 2020 clients for refinances are still not settled yet with ANZ.

    • incipient on 05/10/2020 - 20:15

      I've got friends with a few banks that are having a horror time getting settlement sorted.

      Anyone buying land now, there is no way you're going to be getting the building grant unless you have a serious in with the banks and the local council.

      • AssociatedAdrian Player @ Integral Loan Solutions on 05/10/2020 - 20:31

        Yeh ive heard the same the building grant has been causing some issues. Issues with slow lenders as well.

  • SelfMade on 05/10/2020 - 21:16
    +1

    Don't know why the 2 users above consider this 'SPAM' ?

    This could be quite helpful for some on OzBargain looking to refinance their mortgage(s), it's another option to consider.

    Not everyone on OzBargain is broke, some actually have money and unbelievably some do own property and aren't renters!

    • AssociatedAdrian Player @ Integral Loan Solutions on 05/10/2020 - 21:43
      +1

      Thanks i appreciate you saying that. I do try and appease the majority. But find some a little extra critical. Maybe they can never be fully happy.

      • tromboc on 05/10/2020 - 22:14
        -2

        You should welcome criticism. You should be ensuring the content you are posting is unique and a "bargain", not just free advertising for your business. That might be considered by some as spam.

        • AssociatedAdrian Player @ Integral Loan Solutions on 05/10/2020 - 22:21
          +1

          I definitely have which is why ive made a few changes based on peoples comments.

  • justtoreply on 05/10/2020 - 23:40
    +1

    Sounds alright to me. But I've been paying $395/yr.

    Actually I should probably use the package fee to open a couple fixed terms on my loan then stop paying the package fee. The 0.1% discount isn't worth the fee.

    I guess my issue (not with this post specifically) is I don't think brokers can get any lower on a big bank than I'm already on.

    • Russ on 06/10/2020 - 00:05

      I don't think brokers can get any lower on a big bank than I'm already on.

      Brokers often can, the banks give them offers that aren't available to the general public. Not entirely sure why, perhaps because brokers have a substantial customer base, and the banks would rather have those customers than have the brokers send them to smaller lenders with better rates. Banks competing for customers!

      Of course the banks would prefer you to go with their advertised offers - they make more money that way (they keep the commission and you get a higher interest rate). When banks advertise, it's not for your benefit, it's for their benefit. Sure it costs them to advertise, but if it wasn't more profitable, they would just send you to a broker - which they never do.

      • Maxdax on 06/10/2020 - 05:15

        If in today’s date and time you go with an advertised offer, you are making a big mistake. In my experience the banks (at least the big4 ) advertise only 2 types of rates. - one is their fixed rate which is always further negotiable ( personal experience) & / Or their no frills loan - I think CBA calls it an EXTRA loan. however the thing to consider is that most no frills loan come without offset etc have a non negotiable variable rate. From the top of my head CBA no frills loan is 2.69% which comes with no annual fee and redraw feature and pretty much nothing else ( like offset or fixed rate loans) these would typically appeal to people with small loan balances etc typically around 400k or below. For people with higher loans - they should go with the package rate and here there are no advertised rates. It’s all about negotiations. Looking at the rates above I’ve a really good rate with CBA + option of fixing @2.19% ( advertised rate 2.29%) If the broker covers $395 for life it’s really good IMO. CBA has a $600 advertised application fee but I’ve never ever been told about it NOR charged in the last 3 applications I have done over the years with them.

        • chartparker on 06/10/2020 - 05:24

          I think I need a new broker then, but everytime I go looking everyone inevitably just recommends him. He's a nice guy but doesn't seem to be able to negotiate any better rates nor does he really seem to work in giving me different options or actually calculating anything

        • AssociatedAdrian Player @ Integral Loan Solutions on 06/10/2020 - 07:19

          Corredt CBA's advertised 2 year fix is 2.29% and you can get 2.19% after a pricing request right now. Other banks right now are doing under the table deals at the moment through pricing requests like Suncorp as well. Just to clarify your comment around the 600 package fee. That is waived under the mav package already with cba.

    • AssociatedAdrian Player @ Integral Loan Solutions on 06/10/2020 - 07:13

      Send me a private message and ill see what your on and if i can beat your current deal. Since the banking royal commission the branches and bank lenders cant get better deals then brokers get. Our advantage is we have access to 30+ lenders so we can normally find another bank with a better deal for you.

      • chartparker on 06/10/2020 - 07:18

        Have PM'd you :)

        • AssociatedAdrian Player @ Integral Loan Solutions on 06/10/2020 - 09:16

          I've just replied.

  • AssociatedMrokire @ Integral Loan Solutions on 12/10/2020 - 16:56
    +1

    BEST DEAL IVE EVER HAD

    • AssociatedAdrian Player @ Integral Loan Solutions on 12/10/2020 - 17:32

      Appreciate you saying that! We did end up getting a great deal for you. It was better being cautious and making sure the valuation was high enough to start as well. Great result in the end. Glad you are happy!

      • AssociatedMrokire @ Integral Loan Solutions on 12/10/2020 - 20:36
        +1

        thanks Adrian. i saved a lot of money and interest because of you. And very happy for the valuation i didnt know that my property went up for almost 75k in just a year during uncertain times and strict valuation of the bank. and the best part is the good deal you given me. I recommend for all oz bargainers to try refinance with Adrian, Easy, Honest and Smooth service. And give you the best deals on rates and make sure your bank wont rip you off. :)

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