Hi all havent posted for a while..
i've got 2 homeloans, one for a PPOR ($367006 owing on $400k property. 7.75%pa fixed 2 years ANZ) and one for an IP ($368400 owing on $400k property 7.24% pa variable CBA) both loans over 30years.what i want to do is transfer both loans into one institution/bank but keep the loans separate instead of one big loan of $730k…i understand there'll be a transfer fee.
reason for this is to keep things simple and maybe get a discount on the interest rate since i'm transfering a large loan. Also both banks charge fees, anz charges a monthly account fee and cba charges $300 pa for my homeloan credit card.
i've been checking the net and this one looks pretty good, what does everyone think?
http://www.mecu.com.au/Borrowing/Loans/Home-Loans/premium-home-loan-250000.htmlYour CBA loan will come down to 6.24% this month with the latest rate drop.
You will have to pay break costs on your fixed rate loan (which could be big) and depending on how long you have had these loans you may pay a deferred establishment fee.
Another large fee would be the paying of mortgage insurance again as your LVR is over 91%.
To save a few monthly fees and maybe a 0.1% discount it doesn't seem worth it to me.
The current 2 year interest with Anz is less than your existing fixed rate so there will be a break cost.
You can do a lot better these days than mecu so if you were going to refinance I can think of several better lenders however have to agree with Fud to save a dollar here and a dollar there and find it costs you more than the 2 added together hardly seems worth it.
When the 2 Year fixed rate expires and from the top of my head i think it has around 1 year to go renogitate the loan to a new fixed rate.
Richard Taylor | Australia's leading private lender
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