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Thread: Mortgage Broker - Let us save you some money!

  1. #31
    Gas Turbine enthusiast da9jeff's Avatar
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    Quote Originally Posted by Joey_P View Post
    Do you work with interstate clients?

    Spoke to a broker recently and he reckons the banks require brokers to have in person meetings now?!?!
    I think they need at least 1 meeting for positive ID? Or you have to verify through post office etc.
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  2. #32
    Super Moderator Morgs's Avatar
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    Quote Originally Posted by Joey_P View Post
    Do you work with interstate clients?

    Spoke to a broker recently and he reckons the banks require brokers to have in person meetings now?!?!
    Hey Joey sure do.

    Some lenders require you to meet face to face but these are often not the best / most suitable option. ID requirements still need to be covered off through a certification process (as per above) and this varies depending on lender ranging from going into a branch to having a representative visit you in person.
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  3. #33
    Super Moderator Morgs's Avatar
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    Just having a look back at the numbers this year... on average those on PF who refinanced saved on average $3,430 per year in interest per loan. That is pretty much bang on average for non-PF refinances which delivered an average $3,465 per year saving!
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  4. #34
    Peoples Champ Fatboy's Avatar
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    I'd rather pay an extra $35 a year and stay on PF - is that ok ?
    The older i get, the better i was...

  5. #35
    Super Moderator Morgs's Avatar
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    Quote Originally Posted by Fatboy View Post
    I'd rather pay an extra $35 a year and stay on PF - is that ok ?
    Everyone should be putting in their $35 a year to PF donations in either case

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  6. #36
    infantile egomaniac CussCuss's Avatar
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    I think I already know the answer, but any way to get around LMI when refinancing at >80%LVR or am I shit out of luck? We are at around 85% I would guess at the moment.
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  7. #37
    Super Moderator Morgs's Avatar
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    Potentially it can be done:
    1) We could run valuations with different lenders to see what comes back (can be be +/- 10%)
    2) There are also some lenders that do a niche 85% no LMI product

    Drop me a PM or email if you want me to take a look
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  8. #38
    infantile egomaniac CussCuss's Avatar
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    cheers, will wait till everythings sorted here and then contact you.
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  9. #39
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    Quote Originally Posted by CussCuss View Post
    I think I already know the answer, but any way to get around LMI when refinancing at >80%LVR or am I shit out of luck? We are at around 85% I would guess at the moment.
    Get a job at a bank? Staff loan goes up to 90% LVR with no LMI.
    If in doubt power out

  10. #40
    Super Moderator Morgs's Avatar
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    Quote Originally Posted by Rona View Post
    Get a job at a bank? Staff loan goes up to 90% LVR with no LMI.
    Yep & some lenders will do it for specialized professionals - e.g. doctors, accountants, lawyers, etc
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  11. #41
    Super Moderator Morgs's Avatar
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    Click image for larger version. 

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    Financed this last month
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  12. #42
    Ellis Juan mizone's Avatar
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    Quote Originally Posted by Morgs View Post
    Yep & some lenders will do it for specialized professionals - e.g. doctors, accountants, lawyers, etc
    Hi Morgs, Bit of a question regarding lending practices that banks do and if you can do them as a broker. Friends are in medicine and excutive big wigs. Banks give them really cool options like supplemental loans and speical discount rates. I ask my bank for them and get blank stares. Do mortgage brokers have access to get these deals for their clients?

  13. #43
    Super Moderator Morgs's Avatar
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    Quote Originally Posted by mizone View Post
    Hi Morgs, Bit of a question regarding lending practices that banks do and if you can do them as a broker. Friends are in medicine and excutive big wigs. Banks give them really cool options like supplemental loans and speical discount rates. I ask my bank for them and get blank stares. Do mortgage brokers have access to get these deals for their clients?
    Hey Mate, yeah we can. Might be easier if you PM me to chat as it'll depend on the exact circumstances, occupation etc as to what the options are and which lender can do what.
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  14. #44
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    Quick question for Morgs if you don't mind...

    Say you have a IO loan that has the balance fully offset by cash.
    The IO period is about to end and it's going to be switched to P+I..

    What happens here? I'm guessing the bank will start reducing the credit limit on the loan at the rate they would have been charging the principal component of the P+I payments each month?

  15. #45
    Pollitically incorrect
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    So whats the best rate going around now for an owner occupier with good equity?

    We just had ours bumped to 4.69% p.a.
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  16. #46
    Super Moderator Morgs's Avatar
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    Quote Originally Posted by uuheels View Post
    Quick question for Morgs if you don't mind...

    Say you have a IO loan that has the balance fully offset by cash.
    The IO period is about to end and it's going to be switched to P+I..

    What happens here? I'm guessing the bank will start reducing the credit limit on the loan at the rate they would have been charging the principal component of the P+I payments each month?
    Yep - it'll start paying itself down. The way it calculates the repayment will be based on the remaining loan period and principal balance.
    As an example, if it was a $500k loan with 30 year loan term and 5 year IO period then it'll pay itself down based on paying that $500k down over 25 years.
    ASIC have a good calculator that contrasts IO vs. P&I here:
    https://www.moneysmart.gov.au/tools-...age-calculator

    As a side note - you should also get a discount on the interest rate as IO lending is a premium to P&I lending.
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  17. #47
    Super Moderator Morgs's Avatar
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    Quote Originally Posted by nastysven View Post
    So whats the best rate going around now for an owner occupier with good equity?

    We just had ours bumped to 4.69% p.a.
    Best rate is a relative term - relative to what features you need and what sort of lender you want to go with.
    Cheapest on my panel at the moment is 3.49% but certainly a rate in the 3.x%s is where you'd want to be!
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  18. #48
    Pollitically incorrect
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    Is all the info I gave you a month or two ago still fine to use?
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  19. #49
    Super Moderator Morgs's Avatar
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    Quote Originally Posted by nastysven View Post
    Is all the info I gave you a month or two ago still fine to use?
    Yep sure is!
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  20. #50
    Super Moderator Morgs's Avatar
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    For anyone who missed the interest rate thread- looks like their may be some relief around interest rates on the horizon. I can quantify that with a man on the street measure -> couple months ago Sportsbet were paying $1.01 for rates to stay unchanged. For the June RBA meeting that has blown out to $1.65 for no change and now a decrease of 0.25% is paying $2.10. Interesting times!

    We're seeing it play out with lender fixed rates - particularly in the 2-3 year horizon they have dropped significantly. For instance today Bankwest announced P&I rates for 3 year fixed owner occupied at 3.48%! Can combine that with a variable split at 3.68%.

    Equally, lenders are battling massively for new business with refinance incentives up to $2K. Good time to review to make sure you're able to capitalize on these lower rates as often banks will keep their existing lending at higher rates.
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  21. #51
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    Is a variable rate of 3.89% with a 100% offset account in the ball park or worth reviewing?

  22. #52
    Super Moderator Morgs's Avatar
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    Quote Originally Posted by Nugs View Post
    Is a variable rate of 3.89% with a 100% offset account in the ball park or worth reviewing?
    That isn't a bad rate but yes worth a look - depending on loan size etc - taken to PM
    Last edited by Morgs; 15-05-19 at 05:35 PM.
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  23. #53
    Rust proof Alfa... timtx5's Avatar
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    I have an investment place, about 85% LVR, currently with ANZ at 4.29 with no LVI (Doctor) and paying P&I. Much point trying to refinance?
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  24. #54
    Registered User clutch-monkey's Avatar
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    wish i'd seen this before getting fucked around by current broker
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  25. #55
    Super Moderator Morgs's Avatar
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    Quote Originally Posted by timtx5 View Post
    I have an investment place, about 85% LVR, currently with ANZ at 4.29 with no LVI (Doctor) and paying P&I. Much point trying to refinance?
    Replied by PM!
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  26. #56
    Registered User bigshipengine.jpg's Avatar
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    Have gotten Morgs on the job to try and sort me out on a refinance on my Mortgage. So far extremely happy and responds to emails in a flash even with my nooblike docile requests and questions.
    Should have done it ages ago.
    It Places the lotion in the basket!

  27. #57
    Super Moderator Morgs's Avatar
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    Quote Originally Posted by bigshipengine.jpg View Post
    Have gotten Morgs on the job to try and sort me out on a refinance on my Mortgage. So far extremely happy and responds to emails in a flash even with my nooblike docile requests and questions.
    Should have done it ages ago.
    Thanks for the opportunity bigshipengine - been a pleasure to be able to help deliver you some solid savings that may or may not be put to good use
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  28. #58
    Registered User bigshipengine.jpg's Avatar
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    Haha for sure probably a bit of both!

    Sent from my SM-G930F using Tapatalk
    It Places the lotion in the basket!

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