All Topics / Finance / 15 year fixed interest loans anyone looked at this

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  • Profile photo of lukis plukis p
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    @lukis-p
    Join Date: 2004
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    October 26, 2004 - 8:00 am

    hi I recently found Commonwealth Bank is offering 15 years fixed at just under 8%. I am thinking about fixing for my 4 ip’s has anyone got one of these loans or does anyone know about this loan?
    I did note the application fee was fairly high $600. Probably worth trying to get them to reduce or waive that fee per loan.[argue]. 15 cyears would give me great security.[medieval]

    Profile photo of Mobile MortgageMobile Mortgage
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    @mobile-mortgage
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    October 26, 2004 - 8:14 am

    I would think long and hard before fixing for 15 Years

    Regards
    Steven
    Mortgage Broker

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    PLEASE note comments made should not be taken as specific taxation, financial, legal or investment advice.

    Profile photo of Richard TaylorRichard Taylor
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    @qlds007
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    October 26, 2004 - 9:09 am

    15 years is nothing in the UK Bear Stearns was the first Bank to offer 25 year fixed loans back in the early 80’s.

    Still I agree with Steven’s sentiments it’s a bloody long time.

    Cheers Richard
    richard at fhog.com.au
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    Profile photo of DerekDerek
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    @derek
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    October 26, 2004 - 9:32 am

    HI Lukis,

    Too long.

    Things change and you could be up for significant break costs if ‘things changed’.

    Derek
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    Profile photo of TerrywTerryw
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    October 27, 2004 - 1:47 am

    On the weekend i found an old pamphlet from about 1995 advertising a 10 year fixed rate at 9.95% with colonial bank. imagine if you had taken that.

    Terryw
    Discover Home Loans
    North Sydney
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    Profile photo of investroninvestron
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    @investron
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    October 27, 2004 - 3:11 am

    I signed up for 10 years fixed, at 8% in 2000 and have regretted it ever since, but if rates had gone up instead of down, I would be as happy as a pig in s#*t,
    the penalties are far too high if you need to break out,
    a lot of things change in 15 years.

    Profile photo of PropertyGuruPropertyGuru
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    October 27, 2004 - 3:55 am

    I think maximum one should fix is 3 year.

    Cheers
    PropertyGuRu [sultan]
    Mortgage Consultant
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    Profile photo of yackyack
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    @yack
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    October 27, 2004 - 3:59 am

    Good point Terry.

    I bought a unit in 1999 in Sth Frankston for $95k. Now worth about $230k. I signed for a 10 yr loan at 7.5%.

    I dont regret it and the certainty has been good. I suppose you could say you also spent an extra $10k over the 10 yrs ie. difference between fixed rate and variable rate.

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