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hey ns gang,

 

As we all know the current housing market is on a low so its been suggested that now is a good time to get into the property market. im looking to purchase an investment property, got a deposit all sorted just need to find a bank that offers the best deal. The market is quiet competitive in that banks really do want our business and sometimes approaching their investment brokers/lenders/home loan specialist you seem to get alot of BS from them trying to "hard sell" you there products without being competitive in any sense with a better deal/offer/interest rate.

 

So im after all you ns people who have already purchased a home/in the market for a home/know about home loans to help a brother out. Basically what im after is who have you found(bank) to offer the best competitive home loan, by which i mean best interest rate, annual fee's waived, special offers, these added "schemes" where you pay X amount and get a discount rate etc.

 

Having gone through most of the big name banks' offers its hard to gauge what the bottom line best offer is when theres so many options.

 

help a brother out in a time of confusion. any help would be greats :D

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so you have 20% plus legals and a 5% buffer saved?

20% plus legals but maybe 3-4% buffer but yes.

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I'm with Commonwealth, no complaints here. Products seem good and competitive, and easy to get to someone on the phone for any questions. I just locked my previously variable loans in for a year at 6.33% and it was as easy as spending 5 mins on the phone...no extra charges etc. Don't go through Bernie Lewis though. I've been screwed by them twice. Aussie may be better, but if you're savvy enough you should be able to shop for a decent deal yourself.

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You need to layout your investment goals,cash flow etc before picking a loan. A loan that suits me may not suit you.

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I'm with Commonwealth, no complaints here. Products seem good and competitive, and easy to get to someone on the phone for any questions. I just locked my previously variable loans in for a year at 6.33% and it was as easy as spending 5 mins on the phone...no extra charges etc. Don't go through Bernie Lewis though. I've been screwed by them twice. Aussie may be better, but if you're savvy enough you should be able to shop for a decent deal yourself.

 

seems that 6.33-6.5% seems to be the ball park figure of fixed interest rates from a few banks/lenders iv seen so far.

You need to layout your investment goals,cash flow etc before picking a loan. A loan that suits me may not suit you.

indeed. just as an idea, first property is entirely as an investment to get my foot in the door and build some equity for future purchases. in terms of cash flow i have no issues, i have a steady income with the capacity to earn more, work for the government so i can get concessions with 'salary sacrifice' to reduce taxable income but still be in a high enough tax bracket to adopt negative gearing, etc with everything. i dont intend on living in it so its purely investment. i have 0 debt, no credit cards no nothing, only a HECS debt but i dont think you can count that. also helps i live at home lol :) and have literally no expenses, only phone bill, petrol and food haha

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The only shit thing about CBA is the MISA account, it is a complete joke and a deal breaker for me...

 

You should have no loyalty to the bank itself, if you find a banker that is good I'd say stick with the person even if they switch banks...

 

The standard discount off the variable rate is usually about 0.8% A bank manager should be able to authorise a 0.9% discount on the spot and an area manager could probably swing ~1.2% depending on circumstances.

 

You want to have the loan interest only with and offset account. Even for your main residence. The only time to actually pay off a loan should be when you are in a house that will never conceivably get rented out.

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