This may be an ozbraggin post… I'm not sure… We'll see…
Just curious to see the Ozbargainer with the best interest rate. I'm on 3.47% for my PPOR. Can anyone beat that? It's fixed till the middle of this year… P&I obviously at that rate. Was an introductory rate for first home ownership (my wife took out the loan).
~$350 per year annual package fee… but we got it waived. NAB.
lol not sure! Good point :)
might want to start applying for bank of sydney 3.63
House paid off in 2001. Current interest rate = 0%.
Haha yea mate. Nice!
Well, they did say it was a brag post :)
Livin' the Aussie dream!
@The Wololo Wombat: Absolutely. Interest rates were high, original cost was low(ish). Every spare penny got tipped into the loan - it was a no brainer back then.
@try2bhelpful: Do you wish you'd bought more properties back then? Or was that impossible due to the high interest rates?
@The Wololo Wombat: Oh man, do I wish I had bought more properties back then. The problem with the high interest rates is if you lose your job you lose your house. However, if I knew my job was going to be secure then I would've bought a bunch of them and been sitting pretty by now.
That said, my personal ethos is that people should be able to get a tax break for their own home and one investment property and then it becomes a lot more expensive after that. Using tax payers money to offset an investment portfolio is not something I agree with. Owning your own home is just too important, particularly if you want pets and security.
yr2001 … was it 7% ?
would be fun to see that figure again
this time it'll be bloodbath followed by carnage on the street
@phunkydude: Our original house was bought in 1987. Interest rates were 18% and our place cost us $93,000 for a one of a pair in Glenhuntly. We paid that off by the time we sold it in 1992. Rates were nuts but so was yearly wage increases. If you could get ahead of the game inflation paid off the house.
We now have a converted warehouse in Fitzroy. We bought the shell in 1992 and then did it up; not looking to move from here.
House prices now are just scary; how anyone has the cajones to put down a million plus on a property is beyond me. Best of luck to all you people buying your house. The best thing we ever did was get our own place.
Username checks out :)
ANZ LOAN
Loan Amount - 450k Plus
IR - 3.85%
Fees - $350.Year
100% OFFset, No Annual Fee for Credit Card
P & I loan type
Depend on the loan amount I find for the IR.
Did you get your home loan years and years ago? ANZ tried to sell me a home loan earlier this year, but said they didn't have offset.
I've got a 2.2% IR.
Only problem is that it's investing and not borrowing :/
3.88 fixed 2yr p&i investment
HSBC 3.59% Variable. OO, P+I. 60%LVR,400k. No fees and no frills. Hope to have paid it off in the next 7 years.
you have less than 3 years before interest rate hits over 5%++
Why do you say this?
you mean why interest rate will rise ?
we hit the bottom and it's bound to rise as with other nations (Feds will continue to raise theirs, EU to follow)
regardless of RBA moves to curb 200% household debt to gdp,
we got $1 trillion foreign debt with 75 % loaned to private (aka households, housing loans, etc)
so when bank's funding cost goes up, it'll get passed on eventually.
with the level of debt we currently have, makes you wonder how much of that $7 trillion AU housing market are made up of hot air, propping price up from pure debt,
just like US, Ireland, Iceland, Spain, Italy, every other housing booms fueled by debts and you know well how they ends.
@phunkydude: I Dunno mate. I dunno. It's an issue of supply vs demand. Certainly demand will not change (population is only rising) only way supply with change in that senario if there is MASS bankruptcy, forcing investors to sell…. This will have so much collateral damage, I'd expect the powers at be will avoid that at all costs.
same with HSBC, website experience improved, quite pleased with a bank after my bad experience with ANZ
Originally when I bought the house it was over 7%, I'll cope. Refinancing shouldn't be a problem with such a low LVR if needed
Just grabbed 3.59% from Macquarie with 100% Offset. Pretty pleased.
How you get 3.59%?
Through a Broker :)
Can you PM me the broker contact pls.
PM me details too please?
be careful when sharing your private information with the brokers. I once shared my contact information and then I got many calls from different financial institutions asking if I was looking for refinancing or applying for a new homeloan.
Are you able to PM me the details as well :)
Can you PM me the broker details please.
Can you please PM the brokder Details Please
PM broker details please Skramit !
Any annual fees?
$248
includes black credit card, 10 offsets, apple pay….
plus their iphone app is good.
so i reckon it's alright.
Has everyone's Macquarie rates gone up? They announced a rate hike 2 days ago by 10bps.
Yes my Macquarie rates have gone up
3.69% variable, no annual fees, owner occupied via aussie home loans, can redraw without fees
3.64%: loans.com.au, but would not recommend them at all. They have quite terrible service, have half been thinking of refinancing. Especially reading threads like this, and it's surprising to see big players are also quite competitive if you negotiate. I just hate the unknown of it all though, rate rises uncorrelated to any rba movements, can just cite "global conditions" at any time.
Mine is variable 3.49% with Freedonlend - Perpetual Trustees is the lender with no fees at all. There wasn't any fee other than Mortgage registration (~$114) which came from my pocket otherwise Freedonlend paid all the rest of the fees. Redraw, 100% offset is included. I moved from Westpac last year. Happy with my move. Thanks
Thats a cracker of interest rate. P&I i suppose.
Is your dealing mainly over phone? Sydney or Melbourne?
Any idea whats their source of capital - website is skinny on details.
Yes it is P&I. I dealt with Mark at their Melbourne office. We had 2 coffee catch-ups before I applied - just to get satisfied.
Give Mark a call and he is always happy to go through the details over the phone as well
called him. Same rate but about $700 moving fees plus my existing bank discharge fee.
I thought discharge fees were abolished. I need to read up.
With bank of Sydney, through natitas, 3.55% P&I, full offset account.
how is Bank of Sydney?
Will be interesting to hear from someone who has been with Freedomlend or bank of sydney for like 4-5yrs how they have behaved with out of cycle increments as compared to big banks !!
They are fine if you don't mind supporting/financing Bank of Beirut. Not my cup of tea personally.
Supporting Beirut is not an issue for me personally. Just need to ensure that amount below the bank deposit guarantee ($250k) is in offset account.
One of my clients told me after they tried BOS Aand regretted it due to a few issues but this is what I found unusual.
You have to pay
20 to replace a lost card (Whattt?)
$12 per month or year (can't remember) to have a visa debit card attached to the offset. (an offset with no card is essentially a redraw)
3% foreign transaction fees on card/account
$20 to raise disputed transaction!
5-600 reapplication fee after first attempt
Valuation fees payable after initial application
You can find banks that will offer all the above at no cost and really only 5-10bps higher. Worth it IMHO but that's my 2c.
I'm with BoS. I pay nothing for my visa debit. I also had the valuation fee covered up to the value of 300 or something. What's a reapplication fee? Can't comment on the others as they aren't an issue for me.
I can't speak for previous promotions but this current one at 3.69 has the following costs.
12 fee if you want a visa debit card
A reapplication fee is if you apply for more money, vary your loan (eg split, fix it or change it from. Fix to variable) you have to then pay the following, they won't waive it the 2nd time.
Valuation fee
Legal fees
Application fee
Variation fee.
I don't know about you but I feel. Uneasy with a bank where if I. Want to make changes I get slugged. I want to be flexible incase the market turns.
@andrewfinance88: Every bank will slug you if you want to switch loan product. If you want to switch product and you don't like your current bank's offering for that product type, inclusive fees, you can always refinance to a bank with a deal you like. Don't see the problem.
I also checked BOS with Naritas but the reason I didn't go with them was due to their clawback fees/charges. I also have recently got investment construction loan with Pacific Mortgage Group at 3.79%. Their were no fees - just the registration fees. If you are refinancing then yes you may have to pay discharge fees from your previous lender. To me Freedomlend and PMG have been the best as I didn't have to pay huge upfront fees and got everything e.g. free redraws, 100% off-set a/c, fees refund etc.
o/o 3.59% variable, p+i 100% offset. I don't see the RBA changing interest rates in the next 3-4 years … and I don't think AMP will move their prime lending rate
Is that with amp?
3.69%
5% deposit
P+I
No annual fees
Fully fixed for 3 years with redraw facilities (no offset).
There are banks that can do 3.59% with no offset account to 3.63%P+I with offset facility for your PoPR and Investment property as well.
AMP/ING/Suncorp are currently very active to gain some market share from the big4.
It all comes down to your personal scenarios and the loan structure you want to achieve to minimize your tax liability.
interesting..hv u got 3.59% for Investment?
3.59% was for PoPR with the Big4.
My personal structure allowed me to get 3.63% for investment and PoPR.
Thanks - is it possible for you to PM the name of bank and give some idea of what you mean by structure - assuming it is not LVR u r talking
@CheapSticks:
Structure is how your Loans are setup with regards to whether the loans are cross collateralised, how the equity has been used including the LVR etc. The best rate that can be secured needs consideration of these factors as well.
Don't care. 100% offset, no interest paid this year.
What's your re-vert rate? That's where you will likely be hit unless you refinance.