We're currently (pre Melb cup rate cut) being slugged 3.03% on our loan with bankwest. Disappointingly if we pay down the equivalent of our original loan to 80% LVR they'll bump us down to 2.83% but this was still (pre cut) not that flash. I do like the fact that we do all our private banking with them since our teens, and the offset - but finally the rate differentials is getting too much.
What are the goto lenders currently most are refinancing with at 80% LVR with an offset? Happy for cashbacks, but ultimately we just want a better rate and any net-win from cashbacks is fine.
Ubank is pretty upfront with 0 fees and what they do/don't charge. But it's been a pain looking at the likes of Homestar (tried online chat and they were elusive/just wanted to chat over phone… which is an alarm bell vs say Ubank's disclosure online). Is there an easy comparison tool (without being privacy spammed by the likes of mozo/finder etc. by using them)? Or are there generally accepted lenders who most goto? I am certainly not after a quick fix, we want a lender who continues to pass on the rate cuts and doesn't milk medium term loan book holders (e.g. only offer best rates to new applicants).
Also - we have no idea what the 80% LVR point would be for our house currently. Is there any way most estimate a potential loan/pay down required to get to 80% on refinancing? We are well into 80% with out offset funds on our current loan, but when doing a 'table top ' desktop val, bankwest's informal val over the phone reckons we are now back to 100% LVR or more (can't say exactly what once it hits 100%) - implying they reckon property has gone backwards in value since we built it? Surely prices haven't dropped 10-20%… but if we do a formal valuation via refinancing are we subject to pay the fee regardless of not making the 80% threshold? Or do lenders generally cover the valuation fee if your unsuccessful?
We've skipped over redraws as that saga of the banks not approving a redraw request in recent times reiterated our view that offsets are totally 'at call' (besides the tax differences which I wont go into). So essentially we'd love an offset, covered by the government's $250k guarantee. Would home loan lenders like homestar with offsets provided by other banks be eligible for the scheme technically?
Appreciate any other advice on what upfront fees or ongoing fees to look out for when comparing for refinancing… but more importantly keen to hear where everyone is going currently for the best rates! Be good to hear from existing refinanced households if you would avoid any lenders with switch and bait tactics.