Forum Replies Created
Hi Connie and Luke,
I have spoken to the Office of State revenue and they have confirmed that stamp duty on the transfer is calculated based on the date of contract / not the settlement date.
You can visit the office of state revenue website http://www.osr.qld.gov.au/
Cheers
Shane
Buyers Choice Home Loans
07 38207161Hi,
At the end of the day, unless refinancing to a new Bank will save you a lot of money in the long run, then why would you want to change.
You must consider the costs involved in re-financing, such as: early repayment fees, Banks discharge fees, registration fees, stamp duty and the new Banks application fees.
A Bank Manager or Broker can show you that you can save $50,000.00 over 30 years, but in what likelyhood will your loan go for 30 years?
If you have a $300,000.00 and the new bank's rate is 0.20% better than your current rate, then you are looking at a $600.00 per annum. But if its cost you $1500.00 to re-finance then its two and a half years before you are starting to get ahead.
Remember a Bank isn't going to turn away new business as their lending officers all have sale targets to meet and a Broker stands to make money on your transaction if you go to new lender – so be aware that you are the one that should benefit from any refinance, not someone else.
Banks all have retention teams, if you ring your Banks home loan hotline and suggest to them that you are talking to a Broker / another Bank about a refinance – it would be highly likely that you will talk to a member of that retention team. You may will end up with a better deal from that call, if not you know that your current Bank doesn't value your business.
Cheers
Shane
Buyers Choice Home Loans
07 38207161
[email protected]Doing the research now may save you in the future.
There are many diferent loan options on the market and you may find a lender that has similar features as Wizard, but without the 1.2% or 0.90% early repayment fees.
If you do have to sell or refinance your loan within a 2, 3 or 4 year period those early repayment fees will hurt. and Wizard's offering maynot seem in hindsight so sweet.
Also find out what are Wizard's valuation or legal fees – cost for their Solicitor to do your documents / attend settlement. They may not call this an application fee, but its still a fee. A big 4 lender may charge an application fee, but don't charge separate valuation or legal fees.
Good luck
Shane
Buyers Choice Home Loans
07 38207161
[email protected]You can always put in an offer, you just need to ensure that there is a finance clause in the contract that you sign, as it would seem that getting finance could be the issue that may come between you and your dream home. So you need to ensure that you can pull out of a contract if you cant get finance.
You have equity in another property so you can use this to help get your new home, there are a few different ways that you can be done.
Probation could be the biggest issue that you will need to overcome in order to get finance. There are lenders that will consider lending to people on probationary periods. Things that they look for include:
* Previous work experience in roles that are similar to your current field of employment are highly regarded.
* Teritary qualifications or employment in a field of employment that is highly sought after are highly regarded.
* A letter from your employer stating that probationary period no longer applies in also very helpful.Getting some good advice from a Broker would be very timely.
Cheers
Shane
Buyers Choice Home Loans
[email protected]
0402 408944
SE Qld
