Providing an update on recent lender changes this last month and what the majority of my client base has been doing this past month.
2 lenders are giving under the table deals right now:
Both banks head line rates shown online is not matching what you can get after doing a pricing request or contacting the banks bdm
CBA ie 2 year fix shows as 1.94% owner occ P&I but im seeing 1.79 - 1.84% rates being approved after pricing applied
Citibank all approved via bdm request. best on market for all variable + cashback rebate.
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 2 months.
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 deals i typically send here are the ones that want a close to st george rate + rebate but much quicker as st george is flooded right now. 3k + 2k per extra security refinance rebate. A lot of multi portfolio refinances are going here as well.
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 June 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 2020. 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 saving $375 annually. 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.
Bluestone Getting the majority of my low credit score / poor repayment history deals here due to prime product rate and no credit scoring and no comprehensive credit reporting ie they dont call your old banks to see how poor your character was there.
La trobe SMSF deals mainly
Self employed only ANZ and CBA i wont send normal full doc self employed to any other banks at the moment due to issues lenders are causing. Including self employed contractors on rolling contracts.
Low doc and no doc self employed Resimac and i have 1 other lender on a sub 3-3.50% rate with accountant sign off depending on lvr.
Pre approvals Mainly using ING / Suncorp of late due to over all rates and a quick sla.
Construction Im getting the majority of these done with Advantedge - white labelled nab / Suncorp / Me bank / Westpac bank quick sla good rates and not causing issues on valuations and construction process.
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
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.
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. Not suitable for fully offset clients.
We are also looking for long term relationships with clients, if you intend to refinance again or sell within 12 months, the banks actually claw us back on our upfront commission completely so we would be unable to help in these circumstances. I will do my best to reply to all comments.
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
Adrian Player | Director
Adrian Player is a credit representative (498364) of BLSSA Pty Ltd ACN 117 651 760 (Australian Credit Licence 391237).