Hi All,
Been offered 2 k cash and 3.34 and 1 year annual fee waived. By NAB
At the moment I’m 3.96 and no fees, so I thought this will still save me some money why not do it and trying to pay it down as much as I can, My loan is 155k, any good offers out there
Who offered this?
Nab Terms and conditions say minimum 250k loan for cashback
i think he meant his current balance is 155k
Yep
I think NAB is the incumbent bank.
If it isn't, OP should obviously go to their bank and ask for a better rate.
I tried my current bank they won’t budge at all
Then you should absolutely take the NAB deal if it is a full feature home loan.
When I spoke to person at NAB they advised take 250000 and put 100k in offset then when u get the 2 k put it straight on home loan
just leave them in offset , no difference on interest charged
unless they're suggesting you can switch to no fee no offset HL for free right after pocketing the $2k
That’s my plan After year I’ll get rid package fee just need to work out what’s better
What the banks not telling you is that when switching, there are costs involved that may significantly eat into the $2k. Ask your current lender what the fees will be to move your mortgage away from them.
Just got told 500 discharge fee, when I signed up it was 300, so I’m asking for the contract I signed
While you're at it, check up on NABs setup fees as well. Specifically these two: Registration fee mortgage $138.80 and Discharge of mortgage fee, also $138.80. This was from 2 years ago so they may have changed since then.
Hi I had something similar happen to me
You'll likely get the following response…
'Our fee did increase on (insert date) to $500 and notification of this was set out in the statement issued.'
It will be written somewhere in the contract T&Cs that the discharge fee can increase
Your right apparently they changed it and advised customer via there statements all the way in the fine print. I signed up on a fix rate knowing that its 300 or so and they just decide to change it in my fix rate period. I think its wrong they can get away with it
Also as my fixed rate is ending they can re fix me free of charge, or if i want variable i need to pay $350 to go variable. Can they get away with this?
Hey do you have a link for this deal?
Hi SilkySmooth
Mortgage broker here. I work for a company called Azura Financial and work with a panel of about 35-40 lenders. We are currently negotiating from the following rates:
Owner Occupied:
- Virgin @ 2.99% (3 Year Fix)
- Westpac @ 3.18% (2 Year Fix)
- Macquarie @ 3.14% (Variable)
Investment:
- AUSWIDE @ 3.39% (3 Year Fix)
- Macquarie @ 3.44% (Variable)
- Better Choice @ 3.57% (Variable)
Would be happy to be of assistance for anyone with any questions or queries.
Best Regards,
Nick
Hi Nick, do you service Melbourne clients too?
Hi HoneyB,
Abnsolutely! The company I work for is actually based in Sydney however we have a client base that stretches all over the globe.
Considering you are in Melbourne and we are both running on the same time zone; communication is simple.
Please feel free to get in touch as I would be happy to be of assistance.
Best Regards,
Nick
Thanks Nick,
I’m in Melbourne 2, do u come out and meet?
Just currently in a disagreement with bank as they change there discharge from 200 to 500 without letting me know. I’m trying to short that out before I begin anything
Hi SilkySmooth,
Sounds like you are in a bit of a pickle!
Happy to arrange a meeting if you decide to proceed with one of the options presented.
Would you be happy enough to inbox me with some further details on your current lending scenario?
I am aware that you have already been offered a cashback from NAB, more than happy to look at other lenders that can offer a cashback which may help with your discharge fee if you are forced to pay the extra amount.
Look forward to speaking soon.
Best Regards,
Nick
HI Nick,
I am keen to know what are the monthly fees and the annual fees for the loans?
Does any of them have an application fee?
This would help our fellow ozbargainers making an informed decision.
Many thanks for your assistance
Hi Knowwhat,
Sorry, I didn't realise that I had not responded directly
Apologies in advanced for being a little bit vague as fees will differ between packages.
Generally speaking you will find both the application fee and annual fees will range from $0 - $300 depending on the lender & product you proceed with.
If you are looking for a package with minimal fees I would be happy to put together a side by side product comparisons for any OzBargainers interested in seeing how each of the packages compare
Best Regards,
Nick
Nick, could you give us more info on the Macquarie rate, including any fees/cashback incentives etc? Does it include an Offset?
Hi Jas0nt, based on a loan amount of $500,000 I can secure you the following rates with Macquarie.
Macquarie Offset Home Loan Package Variable (P&I) - Owner Occupied 3.24%
Package Details:
- Construction Capabilities
- Extra Repayments
- Redraw Facility
- 100% Offset Facility
Mortgage Fees:
- Discharge $400.00
- Annual $248.00
Macquarie Basic Home Loan Variable (P&I) - Owner Occupied 3.24%
Package Details:
- Extra Repayments
- Redraw Facility
- Construction Capabilities (Max 90% LVR)
Mortgage Fees:
- $400.00
At the moment there are no cashback incentives with Macquarie Bank however we are negotiating refinances cash backs of $2,000 with 4 other lenders.
Hi Nick
Don't mean to be 'that guy' but what benefit is there in going through you versus Macquarie directly, given everything you quoted is identical to what I can get from them?
@OzBrogains: Hi Jason,
Great question!
The benefits of our services extend beyond initial product selection.
Applying through a broker gives you access to one point of contact from start to finish and acts as a liaison between lenders, solicitors and yourself.
Furthermore we review your loan annually to ensure you remain on the most competitive rate for the life of your loan. The lender will never voluntarily lower your rate for you.
We are flexible and work around our clients often outside of standard work hours.
If at any point throughout the life of your loan there is a more attractive offer available that we can secure you, we can facilitate the switch and provide advise on product and structure.
The list goes on…
Please feel free to get in touch if you have any other questions about this product and/or the service we provide.
Best Regards,
Nick
Hi Knowwhat,
Apologies in advanced for being a little bit vague as fees will differ between packages.
Generally speaking you will find both the application fee and annual fees will range from $0 - $300 depending on the lender & product you proceed with.
If you are looking for a package with minimal fees I would be happy to put together a side by side product comparisons for any OzBargainers interested in seeing how each of the packages compare
Best Regards,
Nick
Hi Nick,
My broker just quoted 3.54% for Macquarie (investment P&I 30% deposit) which is 0.2% higher than yours, I believe my application with all info is in the Macquarie's system as my house purchase did not proceed last month due to B&P. I just signed another contract this week just wonder if I go with you, can you take over my application or you have to start it over?
Hi Hoangdekiem,
I would love to be of assistance. Would you be kind enough to send me a private message?
Best Regards,
Nick
Probably