Yep, have seen quite a few as well.

Most recent being a WBC client who was fixed in the 8s for a number of years! Still has a while to go before it ends.

Crazy to think that they're currently offering sub 5s at the moment.

Cheers

Jamie

Hi Max

Welcome aboard.

An ex-German – lol, my wife is one of those as well.

Give Richard a buzz – he's an ex pom, he'll sort it out for you

Cheers

Jamie

Hi Mikko

At least the five year fixed term has expired at a time when rates are quite low – I'm sure your cashflow will improve once you get onto a more competitive product!

It sounds biased but I'd contact a decent broker, have them assess your situation and make some recommendations. At least with a broker you get access to a range of lenders/products.

You might even get a cash rebate for refinancing depending on the lender.

Cheers

Jamie

Hello and welcome aboard.

With the first question – I'd also find out the motivation behind the sale .Why are they selling up? Are they committed elsewhere? Do they need a short/long settlement? Would they be interested in renting it back for a period of time?

For credit and loan structure advice,  any decent mortgage broker/banker that understands investment property structures (there's a lot that don't) should be able to assist. If you're ok with email/phone then it doesn't have to be face to face – you can choose your finance person from anywhere in the country.

Cheers

Jamie

Hi Desertfox

Welcome aboard.

Before jumping into anything, I'd spend some time educating yourself. There's a sticky thread on here with some good recommended reading. There's also a couple of excellent property forums like this one that are fee and full of updated information.

$150k is a good start – and you can do quite a lot with it.

Cheers

Jamie

If it was a favorable purchase (which this isn't) then we can get lenders to take the value.

99% of the time, the valuer will simply value it at purchase price and that's what the lender will go off.

Cheers

Jamie

Well done Joe!

Sounds like the person you spoke to actually ended up forwarding your message onto the retention team.

You're probably not going to do much better on the variable rate based on your current borrowings – you're doing ok there on the 5.5% for $500k in aggregate borrowings. You could prob get 5.4%

If you're wanting to fix your loans, then stick with your guns and tell them that you want the 4.99% for two years. If they don't do it – you have two options. Refi to WBC or stay with CBA at the higher fixed rate but avoid the costs of refinancing.  With refinancing, there will be a discharge fee from CBA for each loan,  state govt. fees (normally around $200) for each loan and you'll be up for a $395 package fee with WBC.

Another important thing to consider is that you've got a decent discount off the SVR with CBA. When the WBC fixed rate expires, you'll go back to a higher variable loan with WBC then you'd have with CBA.

p.s that 5.19% for one year is their normal rate, they're not offering anything special there. The 2 year fixed rates with CBA is 5.29% just in case you were wondering.

p.p.s – I really need to get a life. Posting about interest rates on a Friday night…..what's wrong with me.

Cheers

Jamie

The cost of fences can vary quite a bit so a few quotes is definitely the way to go.

Like Terry said – get it all documented and have the company invoice all parties separately so  you're not the one paying the bill and then looking for reimbursement from the neighbors.

Cheers

Jamie

Hi Carson

Welcome aboard.

The set-up Derek mentioned is quite common and is the way we set up most loans for new investors who are looking to use equity in an existing property to purchase others.

What are your longer term plans? Are you looking to purchase just the one more or build a portfolio?

Cheers

Jamie

That's good then!

The usual process with CBA is that you tell them that you're looking to refinance but would like to give them the opportunity to match. They will then tell you that your request has been put to a customer service (or retention team – whatever they call themselves) who will then give you a buzz in two to three days to discuss.

Just sounds like you got a dud person on the phone today.

Cheers

Jamie