Refinance Home Loan

1x1hunter on 23/08/2023 - 14:13

The end of my low fixed rate mortgage is coming up in mid Sept. What's the latest best deals in the market? So far i manage to find ME bank and Bank of China (fixed) still offering $2k-4k cashback and St George at $2k.

Loan amount at 400k with possibility of it being under 60%LVR depending on how the bank value my apartment.

Looks like variable rate ranges from 5.99% with ubank to 6.39% for others. Bank of china fixed 5.99% for 1 year.

It is an investment property and but really can i just pay an owner occupier since i rentinvest? What's the risk?

Any good deals out there that anyone knows of and your experiences with bank of china, uloan and Me bank will be appreciated.

Thanks

Financial Home Loan

Comments

  • Cho0028 on 23/08/2023 - 14:22
    +1

    I'd suggest speaking to a broker or even doing a quick search in the Ozbargain search.

  • Taro Milk Tea on 23/08/2023 - 14:36
    -2

    I don't know

  • geekcohen on 23/08/2023 - 14:49

    Bank of china fixed 5.99% for 1 year.

    Really?

    • 1x1hunter on 23/08/2023 - 16:14

      Yes.. Go check it out.. But only for owner occupier

  • Tee Rex Arms on 23/08/2023 - 17:04

    Back of china. Thought as much.

  • Some Human on 23/08/2023 - 17:38

    I just refinanced with ANZ to get that sweet 4k and a lower rate than BOM.

    That is finishing soon (if it not already)

  • Indomietable on 23/08/2023 - 17:55

    It is an investment property and but really can i just pay an owner occupier since i rentinvest?

    Its between you and the bank. If the bank didn't picked up on it then it's your luck. I did this for 2 years and nothing happened.

    • 1x1hunter on 24/08/2023 - 14:01

      That what i heard from others as well. I don't even know what the justification is for bank to charge different interest rate

      • Indomietable on 24/08/2023 - 18:10
        -1

        Bank interest rates are based mainly on risk factor. Bank thinks IP is riskier (ie. it can be vacant).

  • miwahni on 23/08/2023 - 22:03
    +1

    If you choose owner occupier rates then the bank won't take rental income and investment interest addback (negative gearing) into servicing. So you'll need to service on your income alone.

    • 1x1hunter on 24/08/2023 - 13:58

      I don't get you. Isn't interest on loan calculate by me when i submit my tax return?. Thought all i need to do is apply the total interest paid to my tax?

  • lgacb08 on 23/08/2023 - 22:20
    +2

    If you choose bank of China beware that currently they're taking 2 months for approval. Also their refinancing fees are higher, using the old fee schedules that most others have ditched, you'll end up with about $1000+ in fees, for reference last time if refinanced with ANZ total fees was only around $3-400.

    • 1x1hunter on 24/08/2023 - 13:56

      Thanks for this.. I was reading further into BOC and reckon they probably not for me.

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