As a Mortgage Broker I have access to over 30 different lenders in the market, in fact, when you add together the different banks, credit unions, lenders, private lenders there is so many different companies and different policies in the market I often find my clients haven’t heard of most of them. What better way to get to know your options and learn more about these companies than with a monthly lender review.
Here is the first of many Monthly lender reviews where I introduce 86 400, what makes them amazing and what client they are ideal for…
86400 Pro’s
They have the fastest turn around time:
Being ‘new kids on the block’ they are eager to impress, and being able to complete most of their verification through your bank statements there is little time wasted in getting back to their clients with a decision.
Their interest rates are competitive:
86 400 have just lowered their Fixed rates (as of 8th May 2020) and their new rates are really competitive which means you’ll be saving money as well as moving your home loan to an amazing lender.
Their products have been created around their App:
Unlike other Banks and Lenders 86 400 planned their user friendly App first. Then they planned their products and the result… an amazing user experience! And for a budget-er like me, their App has features that will mean you will never have a late payment again AMEN!
They save trees:
For anyone following my 2020 Trees program , you would know that my pet hate is the reams and reams of paper banks and lenders waste. 86 400 have everything online (except for Mortgage Documents…. watch this space) so this not only means we’re saving trees but it also means less time wasted waiting for Australia post to deliver urgent documents.
As with all lenders 86 400 is not for everyone, so some of their few Cons are:
86 400 Con’s
They can’t help Self-employed clients (yet):
If you’re self-employed you know that your income is not as straight forward as PAYG clients, and such, 86 400 don’t have the ability to dissect a self-employed income while keeping to the speedy turnaround times they are so proud of.
No Lenders Mortgage Insurance:
If you are borrowing 80% or less of the value of the property (either a refinance or purchase) then you’re fine, but if you go over the 80% then 86 400 are unable to assist you because they don’t currently have a Mortgage Insurer to cover these higher risk loans.
High Living Expenses:
Because 86 400 download your bank statements for a 12 month period they have complete viability around your income and living expenses. Whilst there are some expenses you can discuss and negotiate with 86 400 if you have a high living expense then 86 400 will see and this may throw out your ability to service the loan.
If you want to know more about 86 400 or there’s a lender you would like me to cover off on next pop your comments in below… For more information please contact me here