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Investor Loan with Interest Only Repayment 3.99% Variable Rate (4.12% Comp Rate) for >$500k loan

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Investor Loan with Interest Only Repayment 3.99% Variable Rate (4.12% Comp Rate) for >$500k loan
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Associatedsodhim on 30/10/2015 - 17:05 hashching.com.au (290 clicks)
Last edited 30/10/2015 - 18:14 by 1 other user

Hi OzBargain community members,

Just want to share this Investor & Owner Occupied Home loan deal

Investor Loan with 3.99% p.a. variable rate | 4.12% p.a. comparison rate^
  • Interest only repayments option available for Investor loans
  • Owner Occupied and Investor loans from major lender
  • Available for both new home loans or refinance existing home loan with borrowing loan amount above $500,000
  • One free residential valuation and free redraw
  • Flexible repayment options and top up
  • $100 cashback on loan settlement
  • 4.15% p.a. variable rate with comparison rate 4.28% p.a. applicable to borrowing loan amount between $150,000 and $500,000
  • Max LVR up to 80%, no application fee, $10 monthly fee
  • Lender's mortgage insurance required if the amount borrowed is more than 80% of the valuation of the security property. Applies to both owner-occupied and investment loans. Max 90% LVR for Investor Loan and 95% LVR for Owner Occupied
  • Available to self-employed applicants as well. 100% Mortgage offset to personal customers only
  • Not available for building construction loans or self-managed super funds

^The comparison rates are based on a loan amount of $150,000 and a term of 25 years. This comparison rate is true only for the examples given and may not include all fees and charges. Different terms, fees or other loan amounts might result in a different comparison rate.

Hashching Pty Limited ACN 600 101 184 is a credit representative (Credit Representative Number 475352) of Australian Credit Licence 390261.

Financial Home Loan Loan

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closed Comments

  • pyramid on 30/10/2015 - 17:12
    +4

    How this is a bargain. Its just your ad.

  • Goldsac on 30/10/2015 - 17:17

    Advertising your business, not a product.

  • Associatedsodhim @ HashChing on 30/10/2015 - 17:17
    -2

    Hi Pyramid, The mortgage brokers secure deals from banks and lenders directly and provide us a deal. I believe there are not many Investor Loan deals with interest only repayment option at 3.99% p.a. so I have shared it here.

    • edgar28 on 30/10/2015 - 17:21
      +1

      So many variables to be consider a deal……

      3.99% from which bank? Finance institute ? 20% LVR ?

      MOre detail would be good. e.g. XXX bank at 3.00%

    • malouphix on 30/10/2015 - 17:26

      I believe there are not many Investor Loan deals with interest only repayment option at 3.99% p.a. so I have shared it here.

      Where's your proof?

      I believe I can fly.

      malouphix on 30/10/2015 - 17:26 (Collapsed - Offtopic. Show)
      • edgar28 on 30/10/2015 - 17:29
        +3

        i believe i can touch the sky

        edgar28 on 30/10/2015 - 17:29 (Collapsed - Offtopic. Show)
      • pais on 30/10/2015 - 17:32

        If you've got a home loan and have shopped around recently, you'd know that that's about right. You can get 3.99 from ING, and there's a building society that is slightly less, but both of these are for O/O and require 80% LVR. So 3.99 for O/I at <90% LVR, that's great.

        • edgar28 on 30/10/2015 - 17:54
          +1

          If it's ING yeah not bad, what if it's Malouphix Financial Institute ? will you borrow from them? Obviously yes? (Captain America dude)

  • malouphix on 30/10/2015 - 17:27
    +2

    Sorry, I should of just said it, SPAM

  • malouphix on 30/10/2015 - 17:31
    +1

    Also, you may want to have your website looked at.

    At the top it states "NOT A BROKER", but at the bottom just above all the famous logos it states "Our verified partner brokers work with"

  • samehada on 30/10/2015 - 17:37
    +2

    This is clearly spam to advertised your site, I don't think this post comply with ozbargain guideline

  • Whatisthatvelvet on 30/10/2015 - 17:39

    Fail

  • Click_It on 30/10/2015 - 17:48

    Seems like some knowledged people here, I was going to use the forums later but seeing as this appeared I'll start here.

    I'm presently a home owner, selling soon and equity rich, but income poor.

    Looking to buy again ASAP, I will have a 60-70% cash deposit, only need a small loan but have been told I have no chance, that massive deposit is more or less worthless without a significant income. The frustrating thing is the repayments will be half of rental costs, in otherwords I know it's very easily servicable.

    If there is anyone here who thinks they could help, directly or indirectly please send me a PM and I'd love to have a chat.

    I've never been a renter my entire life and really don't want to start now, just in a difficult position at the moment.

    • Steptoe on 30/10/2015 - 18:07

      I'd still do a forum post.

      • Click_It on 30/10/2015 - 18:10

        I hear you
        :)

    • joeiwu on 30/10/2015 - 18:34

      @Click_It, I feel you, we are in the same situation!

      • Click_It on 30/10/2015 - 19:07

        Oh really, you too?

        I feel like we're in the "too hard basket" for lenders. The way I see it, the banks can't lose in this situation. Assume we somehow default on our tiny repayments - they fire sale the house and still make money.

        I need to be on $65,000 + super for that tiny 30% remaining finance. Not talking about Sydney or Melbourne house prices either, where people are driving cars worth more than I'm talking about borrowing.

        • betheball on 30/10/2015 - 19:41
          +2

          Have you spoken to a broker?

        • downtime on 30/10/2015 - 20:24

          @betheball: +1

          @Click_It, this calculator says that $65K pa enables $445K loan, while $42K pa means $260K (well, assuming every other input is 0): https://www.stgeorge.com.au/personal/home-loans/tools/home-l…
          Your current main bank may know more about your history (income & spending)…

        • Click_It on 30/10/2015 - 21:01

          @betheball:

          Sadly, quite a few. No good news yet.

        • Click_It on 30/10/2015 - 21:04

          @downtime:

          Hmmm.. Vastly different to what I'm hearing. A single $1k credit card, no debts of any kind. Something is a miss. I'll look at that link tomorrow.

          Fwiw I'm talking about a 150-180k loan.

          I've most likely got a 45k role to be offered to me next week but all my advice has been I need a figure 20k above that to even be considered. Very exhausting. We haven't had any luck in rental land yet either, something I want to avoid but must pursue to avoid being homeless in 4 weeks time.

        • joeiwu on 31/10/2015 - 13:01

          Yes we am in the exact same situation as you.
          Whilst we are not wealthy, we've always serviced our loans well, in NZ that is.

          Apparently that credit history doesn't count for anything towards Australia applications, and also doesn't matter how much assets you hold, it is always all about "income" to "Service" the loan, something they come down to blaming what they call "responsible lending" criteria.

          Because we had stable income in NZ, we did not have trouble at all getting mortgage, credit cards, etc…but totally different story here even though we have assets and want a loan for just 1/3 of the settlement value of the house, apparently its a risk.

          Brokers pretty much give the same story unfortunately, unless I am hitting up ones which are not good enough?
          Many banks don't even want to hear your story, they jump to the question of how much income you have? oh that much? Sorry, you can't get a mortgage, end of conversation.

        • Click_It on 31/10/2015 - 13:40

          @nizsmo:

          'tis like looking in a mirror…

          I hear what the lenders (and clubhonda below) say about serviceability requirements. But even an unemployed doley could service the loan we're talking about. And we're not unemployed.

          We're talking about having lower income to service a tiny mortgage. If we need to be on $65,000 to service a $150,000 loan (which could be paid out completely in 5-7 years), how are others in similar boats qualifying for $400,000 loans while barely producing 20% deposits.

          Would we benefit from downplaying the capital we have? Maybe…

        • joeiwu on 31/10/2015 - 20:44

          @Click_It:

          Yes, its just plain hard when you are not earning a "salary" like a normal 9-5 person does or in your case not "enough"; if you have your own endeavours or business they ask for way more information and require full financials from the commercial side too.

          So I guess it does come down to serviceability and its just a hard criteria they go by; I can appreciate it to a certain extent as there's probably a lot of people who borrowed too much and couldn't repay properly before hence this whole responsible lending thing.

          I just wish they would look at more factors than just your regular income, because it seems like that weighs 100% and everything else weighs 0 on the scale.

        • JuryWheel on 01/11/2015 - 09:56

          Regarding serviceability, when going through a broker especially I have always wondered how accurate to be when answering questions like money spent on 'utilities, groceries etc'. Do banks actually take these into account or do they use their own figures. Reason I ask, is it a good idea to downplay these by saying you spend $50 a week on food rather then $150? Hope that makes sense.

        • Click_It on 01/11/2015 - 12:44

          @cjb:

          They (lenders) have their own living cost calculations so it wouldn't matter. FWIW I've mixed up some numbers before and the end result is very little. Nizsmo's comment about about 100% on income 0% on everything else is pretty accurate in my experience - anything outside of income has next to no impact on eligibility.

        • JuryWheel on 01/11/2015 - 13:15

          @Click_It:
          Yeah, so the actual lender just looks at income, then any debts you have and repayments you make, then add their standard living costs to work out loan amount? And I assume they work this out at a couple % higher then the current rate. Only reason I ask is because my broker got me to estimate all living costs etc but I don't think they make their way to the bank, just the lender who uses the data to give an indication f borrowing power.

        • JuryWheel on 01/11/2015 - 13:16

          Further to this, anyone know how maternity leave is taken into consideration for a bank? At the end of the day, you are on a contact worth a certain amount per annum, you are simply on a set period of unpaid leave so does this concern them? Would they ask for a contract as opposed to bank statements/pay slips?

        • CapeFin on 02/11/2015 - 11:28

          If the lenders policy accepts maternity leave income (which plenty do), then you will usually need a letter confirming your return to work date and conditions along with a recent pay slip. The banks wants to be comfortable with the income you will be earning when you are returning to work and that you won't be having a period of no income to support the debt being proposed.

        • Click_It on 07/11/2015 - 22:20

          @nizsmo:

          I thought I'd update you on my plans (you have PM's disabled)

          I ended up with 2 options (since I'm in need of relocation).

          1. Keep existing property, turn into investment and security swap to a cheaper 2nd house
          2. Sell existing, rent, build new employment history, buy the type of house I want

          I'm going with option 2, I only need 3 months employment - or 1 day in a full time permanent role of the same industry (actually quite hard for me given the industry has collapsed). So I'm giving this one a go. There were actually several options I had but it came down to the above. A security swap wouldn't get much in the area I wish to move to so it was simple in the end.

          Scary though, I've never been a renter, don't even believe in renting but that little under-employment issue gave me no other choice. So I'm seeking new employment and will go hammer and tongs for 90 days, then back off into what I would be otherwise doing anyway (since repayments are tiny… stupid banks)

        • joeiwu on 07/11/2015 - 23:47

          @Click_It:

          Thanks for your update, appreciate it!
          Glad you found a way forward, and wish you success in your plan….our crunch time is mid next year so we have a bit of time to get things sorted, but it is a bit of pressure until we are confirmed to get the mortgage approved…so fingers crossed.

          Good luck to all of us…!

          Cheers,
          Joe

        • joeiwu on 07/11/2015 - 23:53

          @cjb:

          They take into account around $20-$25k as a standard for "living costs" for a year last time I heard, so whatever is on top of what is going to service the mortgage.
          Obviously they will take your other debts into account too (e.g. if you have a monthly car repayment) and this would be on top of the "living costs".

          I guess they are just catching the "average person" and covering their basis as that assumption for living costs will obviously vary person to person; I could be only earning 30k but search for bargains on everything I do and buy (on ozbargain off course) and could only be spending 5k on living costs as a hypothetical example…

          I know its hard to get right, but sometimes I just feel banks just want to cover their basis legally (responsible lending) and put everybody else that doesn't fit in the "category" into the "too hard basket" and move on.

    • SuiCid3 on 30/10/2015 - 21:04

      One way to immediately boost your income is to rent out your current residence (assuming that's where you're living and what you're selling).
      This can be done in a few different ways to benefit your situation and make the banks a little more happy to lend to you.

      Alternatively, speak to a couple of brokers to see if they can find something suitable.

      • Click_It on 30/10/2015 - 21:06

        Probably too late for that option. House is under offer, pending finance approval. Thanks for the comment though.

        • clubhonda on 31/10/2015 - 09:38

          No responsible lender will lend it to you if you can't meet the serviceability. This is partially due to APRA mandates and also to cover themselves down the track should your personal circumstances chance. You'll be surprised the number of borrowers who cry foul and claim the banks practiced irresponsible lending by lending them the sums they were given access to.

          It doesn't matter how much assets you have if you can't meet servicing.

  • Steptoe on 30/10/2015 - 18:18

    Care to disclose the lender? Need to understand the lenders (greed) history with respect to Interest rate Rises/Cuts before considering.

  • RohBoat on 30/10/2015 - 19:21

    Doesn't this sound better on paper?
    90% LVR
    No monthly or setup fees

    https://www.amp.com.au/personal/home-loans/products/home-loa…

    There are a few more products on google that have the same rate without looking into it further.

  • rgr on 30/10/2015 - 20:01
    +5

    stopp investing in houses people…god

  • JuryWheel on 30/10/2015 - 20:43

    any idea who the lender is? good to see an ip loan at a good rate on ozbargain for once, all is needed is more info re the lender to be a deal imo

  • Jumpingmanjim on 30/10/2015 - 21:03
    -4

    Interest only loans should be banned.

  • Steptoe on 07/11/2015 - 13:26

    Anyone find out who it was with?

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