This post is mainly for investors. Ive had a few clients recently wanting to know where the good deals are at for investor loans on INTEREST ONLY.
Virgin Money - Is part of the Bank of Queensland group. They are offering the same Investment Variable rates regardless of repayment type, meaning some very sharp interest only rates on investment.
Most of the investor INTEREST ONLY up to 80% lvr variable loans are going to the following lenders in this order:
Virgin money 3k rebate over 300k loan size up to 6 debt to income ratio 2.49% variable IO comp rate 2.54% + OFFSET
Then Citibank 3-6k rebate over 350k loan size which is also 6 debt to income ratio if they dont like Virgin money 2.58% variable io investment up to 80% lvr 2.22% comp rate acess to REDRAW no offset
Then AMP 3k rebate over 500k loan size 2.59% variable comp rate 2.39% + OFFSET debt to income ratio limit can go to an 8 with a 500 surplus on the servicing calc
Virgin Money Cashback Terms and Conditions
For all new refinance applications received between 01 February 2022 and 15 April 2022 (inclusive) and have their loan settled by 29 July 2022.
Minimum loan amount $300,000 and up to 80% loan-to-value ratio.
You will need to open a Reward Me Home Loan Companion account alongside your loan, where the $3,000 cashback payment will be credited within 60 days of settlement.
They also have a retention promo if you sell your house and take out the new loan with virgin they give you 2k terms and conditions on virgin website for this one.
Types of clients suitable on a plus 3.00% rate? or havent reviewed your mortgage in 18-24 months?
We are also looking for long term relationships with clients, if you intend to refinance again, fully offset the balance with cash 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.
Broker Cashback $500 for balances between 400k and 750k net of offset & $1000 cashback for balances over 750k net of offset. Broker rebate paid post settlement normally 2 months post settlement. If all variable we pay in 2 instalments at 2 months and 24 months.
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
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).
Last year Income and current year income was in red. Home value 2.5 million. Loan refinance 600k. Any luck?