Third-Party
Providing an update on recent lender changes this last month and what the majority of my client base has been doing this past month.
Current offers: CBA is still running this deal. Ive gotten 4 clients approved under CBA deal below in the past month.
Hidden deal - CBA - 2.19% 2 year fixed rates 3.99% comp rate which is greatly reduced after a pricing request for owner occupied after pricing escalations on their packages for new customer refinances sub 80% lvr. 2k cashback with cba. 6 of my clients got this they advertise online at 2.29% 2 year fix.
Most of my variable package clients that want an offset and aggressive pricing are going to CBA in the majors and Suncorp in the mid tiers. Both are being very aggressive in the variable discounts offered under the packages.
NAB similar rates to the other majors. No major promotions running right now for refinance cashback offers. So i havent sent much here as there are more competitive offers. They are focusing on the first home deposit scheme after they were flooded in January so they are trying to do right by those customers at this point in time.
ANZ had 2.19% it got bumped up to 2.29% 2 year fix comparison rate 4.02% + 3k from anz + 1k from me - main issue is the sla is service levels, They are going through the end of May 2020 submissions this week. I expect their sla to come down after all of the end of May 4k rebate clients are processed. Also their 2.49% 2 year fix 3.92% comparison rate for investment p&i is still available but if you are under 70% lvr most clients are taking Westpac now as its the same rate and much quicker sla. 3k rebate offer still valid until the end of this month. Also a 2.72% variable redraw product owner occupied 2.76% comp rate up to 80% lvr.
My large portfolios of properties to refinance are going towards Westpac group ie st george westpac bank sa bank of melbourne due to a drop in the fixed rates across both p&i and io + 2k per property cashback. Fixed rates have dropped on owner occupied and investment. You get the lowest rates with them if you are 70% lvr or lower. Their sla's have come down from 30+ days due to covid19 to 5-10 days so much easier to deal with now.
Teachers mutual bank - Ive had a few questions. They run health professionals banks/ uni bank / fire fighters bank / TMU. Most qualify under one of these banks and yes they are lowest by far on 2 year fixed rates investment 2.34% P&I 4.05% comparison rate. Main issue is the 20+ day sla for TMU at the moment + no cashback from the lender to cover your costs.
ING had 2.09% but it got increased to 2.19% 2 year fix around 2 weeks ago. 3.79% comparison rate + no cashback. 1-2 day sla. They are also running a very low 2.64% variable rate owner occupied comp rate 2.98% with offset and annual 299 fee. No lender cashback though.
Variable customers have been targeting St George 2.64% variable rate 2.66% comparison rate + 2k from the lender + 1k from me. Rate changed 3 weeks ago. SLA was 30+ days during covid19 no 1-2 days sla now. it is a bare bones redraw product with no offset and low fees.
Suncorp Most emergency workers or teachers are going here as you get 3-4k cashback for front line workers with them depending on if your loan size is over or under 750k.
Suncorp ive gotten a investment io variable pricing request approved by their banks bdm in the last 3 weeks at 2.99% comp rate 3.00% no annual or monthly fees on 600k loan size with total borrowings on 1.05 mill across 2 loans which is an amazing investment io variable rate. The owner occ variable rate offered to that client with offset was 2.72% comp rate 3.14%. They are the most aggressive on pricing across the board for owner occupied and investment giving plenty of better deals then their online pricing shows on comparison websites. They also do fast refi so you dont need to wait 1+ month to book settlement. Suncorp were doing under the table pricing requests 2.09% 2 year fix about a month ago but are still doing 2.19% sub 80% lvr 3.16% comp rate.
Bankwest 2.73% variable rate comp rate 3.18% owner occupied up to 80% lvr. amazing sla always 1-2 days. If you want a quick deal with no cashback Bankwest should be the top of your list. 2.68% comp rate 3.14% if over 750k loan size. Both products have offset.
Adelaide bank Im getting a few that want the low low rate but also want the flexibility of extra repayment. This is one of the few banks that you can fix for the full balance and have any extra repayments sit in the offset against that product. 2.59% 2 year fix investment 3.18% comp rate up to 80% lvr + full offset against the fixed loan. 2.29% 2 year fixed rate owner occupied up to 80% lvr 2.89% comp rate.
Cashback Deals
ANZ deal is now 3k cashback
Suncorp is 2k cashback 250k – 750k and 3k for 750k+ and an extra 1k from emergency workers or teachers.
Westpac group and St George are 2k per security.
CBA 2k
Virgin money 2.5k
BOQ 2.5k
My experience 7 years in commsec and cba on a margin lending desk and as in in house cba branch home lender. Nearly 4 years as a mortgage broker running my own company.
covid19 Hope everyone is going well in these times. Lenders are being conservative ie using less bonus comms and overtime to use for max borrowing power. They dont like casual work as much(some lenders), lower lvrs offered for self employed. 90% no lmi products for doctors accountants lawyers only 2 banks cba and nab have their products still. Didnt mention ANZ as they are quite slow right now. Westpac group is now 85% no lmi for professionals. Valuations are coming in lower so we monitor this before lodging if we think you are close to 80% lvr.
Kind Regards
Adrian Player | Director
M: 0416643638
W: www.integralloansolutions.com.au
Adrian Player is a credit representative (498364) of BLSSA Pty Ltd ACN 117 651 760 (Australian Credit Licence 391237).
Stop advertising financial services - jokes aside, do you think the time to fix is soon? Is interest only still a considerable avenue for lending?