Third-Party
Providing an update on recent lender changes this last month and what the majority of my client base has been doing this past month.
Most of my clients are going to these 4-5 lenders at the moment for refinances:
St George - Still running a 4k rebate extended. Is a little slow taking on average 4 weeks to get to an assessor and extended delays on the back end to generate docs and settle at the moment. Owner occ 2.54% basic no frills redraw product comp rate 2.56%. Investment 2 year fix 2.24% P&I comp rate 3.89% reduced after a pricing request. Self employed and payg contractors are having big problems getting deals through in st george and westpac at the moment. A lot easier through ANZ and CBA of late for these 2 types of clients. Also the sla for those type of deals is double the normal sla. Also 4 and 5 year fixed rates moved up in the last few weeks.
edit - St George & Westpac has just dropped fixed rates - 08/03/2021 10am
Fixed 2 years - 1.79% (comparison 3.43%)
Fixed 3 years - 1.88% (comparison 3.35%)
Basic variable (with redraw, no offset) - 2.49% (comparison 2.51%)
Rates are for LVRs below 60%, add 0.05% if between 60-80%.
Westpac The problems that Westpac had 6-18 months ago have now flowed onto st george. So im finding clients that want a similar rate to st george but a 3k rebate and a much quicker up front sla and not as many delays on the back end that we are experiencing right now with st george are now being submitted to westpac. 4 and 5 year fixed rates moved up in the last few weeks.
Citibank - 3k rebate 350k to 750k and 4k rebate for 750k + loans for refinances and purchases. 5-7 days sla at the moment(Extended rebate campaign for March 2021) Providing 20-30 basis points off headline variable rates online through the citibank broker bdm for 350k+ balance and under 80% lvr from their quoted online rates through the citibank bdm pricing approval. This makes the majority of citibank variable rates in the top 3 best on market right now. Once you account for the refinance rebate its best on market. Has the lowest 2 year fixed rate on market for investment on P&I and IO. 2.29% comp rate 3.26% P&I and 2.49% io 2 year fix comp rate 3.53%. owner occupied 1.99% 2 year fix 2.97% comp rate. Yes Citibank is withdrawing from the Australian market in the next 1-2 years. Not sure exactly when.
Suncorp - 1.89% 2 year fix owner occupied comp rate 2.94% reduced after a pricing request. Investment fixed rates 2yr & 3yr P&I 80% LVR @2.28%
Investment fixed rates 2yr & 3yr IO 80% LVR @2.49%. No rebate at the moment. It was expired on the 18th of december. First home buyers annual package fee waiver for life with reduced rates for high lvr loans for first home buyers. They have started a new campaign where every client first home buyer or multiple home buyer get annual fee waivers for the life of a 30 year homeloan. Doing a lot of purchases through here for this reason. Im GOLD level status with Suncorp which means i get quick sla's and service levels here.
Adelaide bank 1.94% 2 year fix 2.63% comp rate + offset is the main reason why people go here and mainly for pre approvals or purchases. Sla has gone out to 8-10 days.
Construction Im getting the majority of these done with Bankwest / Advantedge - white labelled nab / Suncorp / Me bank / Adelaide bank quick sla good rates and not causing issues on valuations and construction process.
Refinance rebates
Bankwest 2k
CBA 2k
NAB 2k
Westpac 3k + 2k per extra property
Me bank 2k
St George 4k + 2k per extra property
Citibank 3k 350k loan size to 750k and 4k for balances over 750k under 80% lvr purchases and refinance
ANZ 3k
Broker Cashback $500 for balances between 250k and 650k net of offset & $1000 cashback for balance over 650k net of offset. Broker rebate paid post settlement normally 2 months post settlement.
Business notes Due to a lot more time and effort needed to settle a deal especially through St George channels of late ive had to delay this current post 3 weeks till now to prioritise current clients and make sure i put in the effort required to get deals settled. This involves hours spent on hold waiting for broker lines per file multiple times(Their portals half the time dont give us updates and neither do their emails), some files we've had to send 5-10+ follow up emails for 1 deal over multiple weeks to get deals through & client communications. Ill only be able to take on another 10-12 clients this month. No more 15-20 client months until this settles down on an sla and congestion level with some of the lenders.
Types of clients suitable on a plus 3.00% rate? or havent reviewed your mortgage in 18-24 months? We are looking for clients that are seeking a broker relationship that will be reviewing their position every 2 years to make sure its competitive to the market.
My experience 7 years in commsec and cba on a margin lending desk and as in in house cba branch home lender. 4 years as a mortgage broker running my own company.
You can book an appointment straight into my calendar - https://calendly.com/adrianplayermortgagebroker/15min
Kind Regards
Adrian Player | Director
M: 0416643638
W: www.integralloansolutions.com.au
Adrian Player is a credit representative (498364) of BLSSA Pty Ltd ACN 117 651 760 (Australian Credit Licence 391237).
Apologies, deal was incorrect deemed duplicate and comments merged. Unfortunately this can't be reversed.