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Sorry, I made another mistake when I said
the rate will always be the SAME, I should have writtenit will always be LOWER then one made with a different bank on the SAME DAYThanks to everybody for the reply.
I honestly don`t know were to go, am I an Engineer and I can do the math but I understand nothing about investments.
Sorry I wasn`t clear when I said the interst would be 60000$, what I meant was the difference of a 0.5% in 30years.
So, in case I get an interest of 5% today more then 4.48% I would pay 60000$ more then with the lower rate.The increment of the interest rate should be the same for all providers and it should be the increased cost of the money decided by the Australia Central Bank. The increase in general is done in 0.25% as long as I know.
So if I start today with this rate it will be always the same compared with a different loan made with a different bank, isn`t that right?What do you mean about equity? The possibility of paying off only interests and have the mortgage lowered for some years?
How would you suggest me?
I am with Commonweath bank and what they offer me (a broker did) was an interest of 4.8$ roughly for three years and the 5.24% variable.
Suncorp was the best with 4.99$ variable.Still, I don`t know how variable mean and how much it changes on the market (I guess the variable word for someone like me is just a big uncertainty…)
Anyway, going back to the point, if the loans.com.au is worth to be trusted (signed off by Firstmac I have seen) and it offers the best rate on the market, with a 100% offset account and the chance of pay back extra money on the mortgage, I don`t know why I should go with them.
This is a very important decision for me and my family and I am a bit scared to take the wrong choice, I hope someone can help me to find the best (if there is one) solution./
ThanksClaudio
Hi everyone,
I am new to the forum and I need some advice about my first home.
I don`t know if this forum is meant to be for investors or also for everyone else.
We are buying our first home and the cheapest interest rate is 4.48% which is 0.5% less then the cheapest, I was advice of, from a bank (Suncorp 4.99%)
On an loan of 450000$ means an interest of 60000$ in 30 years, 2000$ at year, and this is the reason why we have decided to go with them.My question is, I see they are signed by Firstmac, are they worth to be trusted?
What can be the difference to us if we choose them instead of a big bank?
On one side the interest is very convenient, on the other one I would feel more confident to go with a big bank (I actually have an account with CBA).
I don`t know what to do, thanks to everyone who will reply to us.Thanks
Claudio
