Home Loan Experiences

Islund on 23/09/2015 - 11:33
Last edited 23/09/2015 - 12:17 by 1 other user

I have a home loan with the same CBA that raised their rates independently by 0.27% last month taking my rate out to 4.71%.

Thought I would go looking for the most attractive variable rate - found Loans.Com.Au at 4%.

Swapping will save me almost $39k over the life of the line (I pay fortnightly and almost double the P&I) plus, $5.5k in 'package fees'.

I want to swap but need to know if anyone has any experience with Loans.Com.Au.

I also experimented with the "Jaws Home Loan Calculator" online and see that I could save $123k if I could find a lender that calculates and charges interest fortnightly - is there any such lender in AU that anyone is aware of?

Thanks for your comment in advance

• 

  tomleonhart on 23/09/2015 - 11:58

  +1

  Consensus on loans.com.au on Ozbargain is very positive.

  CBA raised your rate most likely because your loan is categorized as an investment loan with them.

  ING direct is having a really good deal on at the moment but it's for owner occupied only. https://www.ozbargain.com.au/node/209403

  • 

    dasher86 on 23/09/2015 - 13:07

    i agree Tom. that is a cracker of a deal.
    I'd change too but i dont know if it is worth my hassle.

• 

  zealmax on 23/09/2015 - 12:52

  +1

  I can't think of a lender that doesn't calculate the interest on the daily balance. Interest is calculated daily, and paid monthly or what ever your payment frequency is.

  • 

    Islund on 23/09/2015 - 12:58

    interest calculated by the lender fortnightly and charged fortnightly to me

    • 

      zealmax on 23/09/2015 - 12:59

      So if you make a redraw and repay it before the day interest is calculated, the bank wont charge you interest?

• 

  sagax on 23/09/2015 - 20:16

  +1

  +1 for loans.com.au. I moved over 12 months ago and it was simple, just be prepared that your existing bank may take a little while to get their house in order (I wasn't with CBA).

  Also don't forget that if you have any of those packages that give you $0 credit card annual fees etc., that they may charge you at your next anniversary for both the package and the credit card fee, so you may want to ensure you cancel them ahead of time.

• 

  naritas on 05/10/2015 - 13:11

  You may find this deal appealing: https://www.ozbargain.com.au/node/213246 (Full disclsoure: We're associated with the deal). The deal we are referencing, however, is cheaper than the ones mentioned by earlier posters and is on topic - so we're not trying to spam anyone here :)