I recently reviewed my mortgage from commbank,was 4.35% had this loan for last 20 years,now im mature aged unemployed and no money i reviwed it and rang them,they offered me 3.89%,seems toomuch but they didnt care,even though they advertise at 2.89
i still owe 100k,the unit
is worth around 400k
Anyone know of a bank or broker who can get me a lower rate but with redraw ,even if its $20 a month less im happy
whats your current rate ?
DM me and I will send you some details
Look at fixed rates. Even for 2 years it is 0.3% - 0.5% lower than the variable.
If you are going to try, then try a no frills bank like Ubank etc. Worse that can happen is they say no.
take the 3.89% for now, less is always better than nothing, and look to refinance later.
The reason there is a discrepancy is they always increase the rates at the full rate but when the rates decrease they always give partial.
over the last 20 years that difference would make sense, you should be asking for rate reductions every 6 months or so.
now im mature aged unemployed and no money
Good luck.
Are you not allowed to switch to a different product within the same bank?
It is not like you are asking for extra credit.
That rate is very high.
Out of curiosity, if the unit is worth $400k now, how much did you purchase it for 20 years ago - noting prices have easily gone up 3x to 4x in many parts of the country.
Variable at CBA should be around 2.8%.
3.89 in this market is way too high
You've had a mortgage 20 years, of an older age and still owe $100k? Have u only been paying the minimum?
it is a bit high, but I don't think any bank will take your loan with low rate as you got like 100k only.
Yeah Much too high, I'm with CBA and was on 3.95% I called CBA and basically said that X competitor is offering X rate and I'll be refinancing with them if I can't get a lower rate (Which I was going to do). They wouldn't match the competitor, but they brought it down to 2.8%
Bit hard to refinance if you are unemployed to be honest.
Best bit to sit on it and pay off that 100k