Third-Party
Broker Cashback $500 for balances between $400,000 and $750,000 net of offset & $1000 cashback for balances over $750,000 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.
You can book an appointment straight into my calendar - https://calendly.com/adrianplayermortgagebroker/15min
Update March 8 2022: The information below is out of date, but cashback offer in title remains active.
Providing an update on recent lender changes this last month and what the majority of my client base has been doing. Subject to client profile and policy:
Interest rate changes & policy changes
- 3-4 large increases by the major banks in the 2 and 3 year fixed market for owner occupied with Westpac increasing again last week 0.15%
- Asic and apra putting debt to income ratio limits on certain lenders ie 6 x for citibank 6 x for virgin money 7 x for ing
- 3% instead of 2.50% loading to the assessment rate - ie the rate the banks stress test your borrowing at on 1 mill loan size this can decrease your borrowing power by 50-70k.
St George - 3k rebate flat now - undisclosed under the table refinance offer we are not allowed to market publicly. Can pm. 3-4 day sla much quicker. Most people are selecting the basic variable loan for owner occ and investment p&I sub 80% at the moment here. Smaller 250-500k loan size is going here due to larger rebate. 2.19% owner occ comp rate 2.19% and 2.49% investment comp rate 2.49%. Also 15% deposit $1 lmi for first home buyers going here.
Westpac 3k rebate flat now - quick sla 1-2 days. Most people are taking the 2 year variable intro rate offer here p&I variable sub 80% 2.29% owner occ comp rate 2.29 & 2.59% investment comp rate 2.59%. Also sla is good so if you need an assessor assessed deal not an auto computer assessment. Good place to send these currently.
Citibank - 3k 4k 6k refinance rebate for refinance - Investment variable refinance is going here a lot on p&I under 80% lvr 2.21% comp rate 2.22%
CBA Self employed mainly. Interest rates arent as competitive here currently. 2k refinance rebate.
BOQ 2k investment purchase rebate started last week. 2.44% variable comp rate 2.49% P&I investment sub 80% lvr. Also 1.98% variable owner occ p&i sub 70% lvr comp rate 2.03% + 3k refinance rebate. Sending a lot of 250-500k loan size here due to lower requirement on the rebate compared to other lenders.
Suncorp - 3k buying and refinance rebate + no annual fee for life on hpp package + solar rebate (cant stack solar rebate with 3k bonus). 1.99% variable owner occ p&I 2.00 comp rate sub 70% lvr. Doing a lot of pre approvals to buy here and large loan refinances.
GOLD level status with Suncorp which means i get quick sla's and service levels here.
ING SLA has blown out to 15+ days. Top 3 best sharp variable rate on owner occ and investment currently so they are overloaded. 3k rebate for balance over 500k - investment p&i variable redraw 2.29% comp rate 2.29 and owner occ p&i variable redraw 1.99% comp rate 1.99% sub 70% lvr. Good as long as you are patient.
Bluestone Getting the majority of my low credit score / poor repayment history deals here due to prime product rate and no credit scoring and no comprehensive credit reporting ie they dont call your old banks to see how poor your character was there.
Firstmac SMSF deals mainly + investors or clients wanting to get a better rate then big 6 banks + debt to income ratio in the range of 8 to 9 x income depending on scenario as most majors are capping clients currently at 7 to 7.5 DTI
Self employed ANZ CBA and (Adelaide just changed their policy and wil accept most recent tax return even if the income has ticked up quickly.) ANZ and cba had this market for a long time so good to see Adelaide bank has joined the party giving more options.
Low doc and no doc self employed Resimac & Ratemoney on a sub 3-3.50% rate self declaration on abn 24 months with accountant sign off depending on lvr under 80%
AMP Mainly debt recycling clients due to multipe loan splits + multiple offsets + will do large cash out over 100k + master limit facility if needed. Also getting a lot of investment INTEREST ONLY done here 2.59% variable io investment up to 80% lvr comp rate 2.39% + 3k rebate for refinance.
Me bank Last bank moving their 2 and 3 year fixed rates on owner occ P&I so rate locking clients and refinancing here a lot. Also still doing multiple 3k rebates for separate applications where each one is over 250k loan size on its own. So sending 250-500k loan size here and boq a lot. Due to lower requirement for the rebate.
Construction Im getting the majority of these done with Advantedge - white labelled nab / Suncorp / Me bank / Bankwest quick sla good rates and not causing issues on valuations and construction process.
Probation periods Getting these done at cba / bankwest / suncorp / ing / nab / white labelled nab
First home buyers mainly ing st george suncorp - due to getting 95% lvr even as a new to bank customer(some block access at 90% lvr to new to bank customers) and most competitive rates on the higher lvrs.
NAB Not much sent here unless its a pre approval thats needed quickly due to auto pre approvals in 1-2 days
86 400 Mainly the 85% no lmi product with valuation ordered is going here. Not bad on the variable rates.
Large cash out refinance of over 100k up to 1 mill with client controlling the funds bit harder now then 3+ months in the past with asic and apra changes NAB / AMP / Suncorp / Macquarie / CBA / BOQ / Virgin money(but low dti so not as easy as in the past at virgin)
Refinance rebates min loan size for most of the offers is 250k
ING 3k - loan size over 500k
Bankwest 2k
CBA 2k
AMP 3k over 500k loan size
NAB 2k
BOQ 3k
Virgin Money 3k
Westpac 3k
Me bank 3k
St George 3k + undisclosed offer we cant market openly - can send via pm only - lender direction
Citibank 3k 350k loan size to 750k and 4k for balances over 750k under 80% lvr purchases and refinance 6k over 1 mill+
ANZ 3k
Suncorp 3k over 750k loan size + no annual fee for life saving 375 annually + solar rebate
Other rebates for buyers
Citibank - 3-4-6k purchase rebate
BOQ - 2k investment purchase rebate - investment
Suncorp - Lifetime annual fee waiver for buying + solar rebate + 3k buying rebate 750+k loan size
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.
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.
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
W: www.integralloansolutions.com.au
Adrian Player is a credit representative (498364) of BLSSA Pty Ltd ACN 117 651 760 (Australian Credit Licence 391237).
refinancing every year for that cashback outweighs most interest rate increases. For example fixed 1 year @ 2.04p.a.% + $3k cash back for a 500k loan and the refinancing after the year end to another year @ ~3p.a.% + $3k cash back —- vs —- fixed 2 years @ 2.5% + 3k cash back. You end up winning with the first option (and that is if the interest rates for 1 year fixed goes to 3% same time next year). So I think that's why banks / brokers hate it when you fix and refinance every year. the only downfall is you may have a bad credit score from switching too often. But aside from that I don't see any reason not to go with this option esp if you're young