2 Year Fixed Rate 3.89%p.a. (Comparison Rate 4.91%p.a.) @ Newcastle Permanent

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Newcastle Permanent

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  Phoebus on 29/07/2015 - 09:29

  "The comparison rates are high because they're based on a 25 years loan term and calculated using the applicable variable rate after the fix period expires."
  So it's only a bargain if you pay your house off in three years?

  • 

    maxwellian on 29/07/2015 - 09:32

    Pretty much, and the rest of NPBS's services are pretty poor too, terrible in branch service, poor trading hours and worse still are the fees for using ATMs etc.

    • 

      Jmd on 29/07/2015 - 10:09

      Dewy. Not sure if you are talking about the right place. NPBS service is outstanding, their branch hours are better than almost all banks and their fees are lower than any place I know. I only bank with NPBS and wouldn't touch any other bank with a ten foot pole

  • 

    tomleonhart on 29/07/2015 - 09:35

    +2

    Can always fix again.

  • 

    DealzEddy123 on 29/07/2015 - 09:36

    as long as their initial, ongoing and exit fees are OK, you can just refinance or fix again in 1 years

    • 

      [Deactivated] on 29/07/2015 - 11:32

      credit unions (and banks) are generous when they know you are going to leave. (i.e. speaking to the retention team prior to pulling the business from them.

      Experience tells me that they have no problem waiving 50% or more of the break cost to refix to a better rate, or offer cash back if you are on variable and willing to go on a 3+ yrs fix.

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  smoke87 on 29/07/2015 - 10:03

  +1

  You forgot to mention the comparison rate gets lower as you take out a larger loan.

  • 

    [Deactivated] on 29/07/2015 - 11:33

    +1

    comparison rates are rubbish. based on too much uncertainties that happens in the future. ASIC has done a poor job in such.

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  SmiTTy on 29/07/2015 - 10:17

  how would they know if it is owner occupied or investment ? (ie if you say it is owner occupied on the app)
  (……morals aside :P)

  • 

    tomleonhart on 29/07/2015 - 10:41

    +3

    Lenders use rental income in their servicing calculation for investment loan.

    If you say it's OO but want to use it for investment purpose, make sure your income is high enough to service the loan.

    Plus lender will ask you what will you want to do with the second property ;P

    • 

      SmiTTy on 29/07/2015 - 10:55

      thanks :)

      • 

        Snoop on 29/07/2015 - 21:41

        Plus lender will ask you what will you want to do with the second property

        So will the SRO and ATO!

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  [Deactivated] on 29/07/2015 - 11:34

  Good deal… their 3 years rate has gone up slightly. used to be 3.99%