I generally don't like fixed home loans but have been offered 5.69% fixed for 2 years, with a major financial institution (not big 4 but not a small player either, I can't say the bank's name)
No est. or annual/monthly fees but- $100 valuation fee, $300 odd solicitor fee
Am considering putting half the loan into this fixed amount
With variables around 6.5-6.7, its almost 1% below current var. rates
no offset and $10k extra p.a. That is why I was only looking at doing half on fixed - put extra funds into the variable (which has offset).
I will ask my source if I can let you know the bank lol
2 years is not that long when comparing it to the total life of the loan, but still seems like a good rate.
Sounds like a good deal to me..
Would be interested to know where I can get this rate to.
No offset and a restriction of just $10k a year seems a bit of a bummer, but I'd be interested in a bit more info too please. What is the comparison rate?
so far i wasn't aware any finance company/bank that have fixed rate home loan with 100% offset account or redraw account. please let me know if there is a bank or finance company that have 100% offset account or redraw account on fixed rate home loan. thanks
http://membersequity.com.au/personal/home_loans/
100% offset, redraw, fixed available, zero ongoing fees
this is very good product, thanks for sharing this information
so far i wasn't aware any finance company/bank that have fixed rate home loan with 100% offset account or redraw account.
If the loan is split though, having a 100 % offset on the variable part can make a significant difference.
CUA's premium fixed rate loans have these features too - 100% offset, unlimited lump sum repayments, unlimited redraws ($1,000 min), no account keeping fees.
Sounds tempting, but makes me wonder how much the banks predict the rates will drop further. I currently have a mortgage that is fixed at 9.14% until February, looking forward to standard variable rate :)
ange1a - fixed at 9.14%??? that's terrible. sound like a big bank cash grab offer. How long have u been stuck with that rate?
3 years in February :(
We fixed when rates were going up, up ,up, and the media was saying that they were going even higher. So we fixed, then they started coming down.
We did the same… and had to go up a rate to fix it. I won't do a fixed loan again. Ours finishes in December.. I can't wait!!
Most funders will allow a redraw on fixed rate loans but only equal to the extra paid less 1 months repayment.
As mentioned above a split fixed/variable is the best way to go & use the variable to place all your extra payments as it will invariably have the higher rate.
Not bad. I think it's a good deal.
http://www.theaustralian.com.au/business/interest-rates/jpmo…
May or may not be worth the gamble, as it is after all, gambling on a lot of as-yet unknown (rises/falls/contagion) worldwide economic conditions.
Which bank?
Offset acct?
Extra repayments allowed? If so, how much?
Then tell me where I can get this rate too!