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5 questions from our users
sharon k.asked
Do you offer SMSF loans? If so do you have fixed rates?
1 answer
Mortgage E.Mortgage Ezy
Hi Sharon
Thanks for your query.
We have several options for SMSFs up to an LVR of 80% for residential & commercial security. Please contact me by phone or email for more info or if you have a scenario & I will provide our best solutions - [email protected]
Regards
Paul Robinson
Account Manager
0400444399
Chrissyasked
Hi, I’m an Australian citizen working in USA. I work for a Fortune 500 company and would like to borrow 80% for an investment property in Sydney. Is it possible?
No answers
Catherineasked
We recently got an investment loan. The rate has been increased TWICE in the last three months! This is not in line with RBA announcements. Prior to taking this query further we're providing Mortgage Ezy with the right of reply. Has an error been made?
2 answers
My rate when from 3.65% to 4.50% in matter of a few months due to lending costs which is crap as they are now offering new home loans at 3.49%. They are doing this to everyone and they wont reduce your rate and wont help you at all. Ask yourself this why am i paying 4.50% on a principal and interest loan my House is worth 700K and that is being modest and i only have $425,000 left on my loan that is more then 30% equity! but they are offering new loans which i would qualify for at 3.49% because it's to get you in the door and to rip you off this company is ripping you off.
Could you supply me with more detail before I choose mezy. I’m currently in discussion to bring my loan over.
Hamasked
Is travel insurance included in the mortgage?
1 answer
Mortgage E.Mortgage Ezy
Hi Ham,
To ensure we keep our interest rates low we do not include these add-ons.
Thank you.
Nashasked
Hi what's the advantages & disadvantages going with broker rather than directly dealing with the bank?
1 answer
There are 3 things Bankers care most about in this world. 1. My Bonus. 2. My Bonus. 3. My Bonus. - Quote from Jack Welsh, retired CEO of General Electric (GE).
Going with a Broker?
"Possible" Pros:
Better interest rate as they do the shopping around for you. May have access to "special deals" depending upon your occupation, income and LVR. Less stress, they do/coach you through all the paperwork.
Cons:
Brokers need to eat ! Brokers are the middle man/woman between Lender and Borrower. Brokers get paid by the lender, so at some point the lender needs to recover funds to pay that Broker. Those funds ultimately come from YOU the borrower in some shape or form. Like a mosquito, you may or may not notice you've been bit and be missing some blood, aka money to pay the Broker. (100% legally of course).
Get offered a worse interest rate than had you shopped around yourself. (Happened to me once, the Broker still tried to sell me it. Very persuasive selling skills, almost had me thinking I'd be better off with a higher rate. I think he tried to hypnotised me?)
Not sure if this only happens with Broker's but again myself and a friend both got the run around on how much we could borrow. The Broker would give you one number with 100% confidence, then come back days later with a lesser amount, then a lesser amount after that. It's like a reverse auction.
How hard can it be for a Broker to hold their tongue until they're 100% sure of the amount of a loan they can get for you? Sure, by all means offer a guess-a-mate.
Comments:
Do your own numbers and make sure it's the "comparative rate" you're looking at. That's the rate that includes all the ongoing fee's/charges if they exist on the loan.
As an extreme example, no point in signing up for a fantastic 2% interest rate if the monthly fees are $2000. It's the comparative rate that will tell you if the lender is trying to pull that one on you.
One final thing to look for is FORM. I've read a large number of reviews recently about lenders offering great low rates, but then start INCREASING the interest rate within 4 months of issuing the loan. These increases continue until rate becomes worse than your prior lender. They also have high exit fees which is suppose to deter you from going to another lender. So WATCH OUT.
Hopefully it's only isolated lenders going this, but look out for "consistent reoccurring" comments on reviews !!!
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