Any body got a LOC calc so I can see which one i’d beeter better off with at the end of 5yrs??
Ive got a break down of my current 5yr fixed, with various payment options so at the end of the 5yrs I know what I’ll owe… just wanna know what i might owe with the LOC (esp with int rates creepin upwards.) ..
No luck finding a LOC calc online…Tried the infochoice calc but hard to get yearly figures from that.
Any help would be great… can email amount owed, income and average monthly spend…
Kelvinh
[email protected]Kelvin, can’t help with a calculator, other than to check out the one in Excel XP – I think it allows you to add your extra payments in monthly and works out your figures.
Personally, I like the idea of 5.99% for 5 years – as long as you don’t intend selling of course. I’ll swap you my LOC for you fixed rate?[
]Cheers
MelThats an attractive rate you have there. Tell us some more about why you prefer an LOC?
Cheers,
Simon Macks
Mortgage Broker
[email protected]
0425 228 985Comments may not be relevant to individual circumstances. If you intend making any investment, financial or taxation decision you should consult a professional adviser.
Melbear
Yeah ive got the extra repay info… its that tricky little LOC calculation that Im trying to learn alitle more about….Simon
LOC.. the lure of the possiblity of quicker repay…Yeah Im happy with my current fixed… but just wanted to run some figures to see if the LOC might put me ahead at the end of the 5 yrs…
Hi Kelvinh,
If i could tell you what the future holds, id tell you the answer, though 5.99% for 5 years… Very Attractive [:X]… Though if your going to sell… not sure… unless you plan to hold for the next 5 years.
Cheers,
sisSIS
Yep plan to hold… its my PPOR…
Surely there is a way to make an educated estimate based on monthly income directly put into loan, and average monthly expenses taken out. with different interest rates scenarios…
Regards
Kelvin
Kelvin,
Is someone trying to sell you a Mortgage Minimisation scheme?
Simon Macks
Mortgage Broker
[email protected]
0425 228 985Comments may not be relevant to individual circumstances. If you intend making any investment, financial or taxation decision you should consult a professional adviser.
hi all
kevin i’m with the fixed rate.
i believe the benifits of LOC’s are greatly over stated although i have one (they can be of benifit). But i’ve seen some computer calulations that have been manipulated to exagerate the LOC’s benifits. Have any of you Mortgage brokers come across this practice ? is it common ?
regards westan
I find +ve cashflow deals in New Zealand which I sell to other investors. To be on my database send an e-mail to [email protected]
There are brokers out there, and I use the name loosely, who charge clients to create for them a mortgage minimisation plan based on a LOC. They are paid by the lender and by the borrower. Some of them are quite unscrupulous when making a sale.
Cheers,
Simon Macks
Mortgage Broker
[email protected]
0425 228 985Comments may not be relevant to individual circumstances. If you intend making any investment, financial or taxation decision you should consult a professional adviser.
“Is someone trying to sell you a Mortgage Minimisation scheme?”
Simon
Yes… thats right.. but Im not sure if what there telling me is completely correct… obviously she’ll be pushing her product, so I wanted to do some calc’s of my own.
From the links on the net .. e.g infochoice, westpac, it look like even though I’ll be on a much higher interest rate, I’d still be better off…
But like Westan says, these may be exagerated.
Confused…
Kelvin
Kelvin,
Give me a call for a chat – I promise I wont try to sell anything to you – I just want to make sure you understand what they are signing you up for!
Cheers,
Simon Macks
Mortgage Broker
[email protected]
0425 228 985Comments may not be relevant to individual circumstances. If you intend making any investment, financial or taxation decision you should consult a professional adviser.
Hi Kelvinh,
IMHO the low life who sell these Minimization programs are vultures,
Please Contact Simon or any broker on this forum.
Regards Steven[email protected]
http://www.mobilemortgagemarket.com.au
Ph:0402483216
VictoriaPLEASE note comments made should NOT be taken as specific taxation, financial, legal or investment advice. Please seek professional, specific advice.
Thanks crew…
Simon has been kind enough to run the numbers… So i’ll have some independant information…
Will definitely be wary when dealing with these “mortgage minimisation” people…
hi all
thanks Simon and Steve, and you other guys who are Mortgage brokers, your contibutions are a huge help to heaps of us.
[]a year or more ago the guy i spoke about LOC’s was using a senario were i would be putting and extra $200 per week onto my loan, no wonder it was paid off in half the time. i only discovered his sneaky tactic when i was looked closely at his figures.
regards westanI find +ve cashflow deals in New Zealand which I sell to other investors. To be on my database send an e-mail to [email protected]
Originally posted by MortgageHunter:Kelvin,
Is someone trying to sell you a Mortgage Minimisation scheme?
Well spotted Simon.
Kelvin the only thing that could make the LOC ‘better’ is the fact you CAN pay it off faster (which is not to say that it happens – you then have a BIG credit card), although I think a lot of the banks let you pay some off your fixed rate anyway.
From a rate of 5.99% to a rate of 7%+ is a big hike in my book.
Cheers
Melyep
Some of the banks i believe give you the ability to pay of an extra $10k p/yr.. don’t Quote me though
Believe half of what you hear and none of what you see and you’ll be safe…old drunks tale ![8]
REDWING
“The man that thinks at 5o as he did when he was 20 has wasted 30 years of his life”
Believe half of what you hear and none of what you see and you’ll be safe…old drunks tale ![8]I always thought it was half of what you see, and none of what you hear?
Cheers
MelHow about just dont believe anything till you have the FACTS. hehe [:p]
did I hear someone say 5.99% fixed for any length???
We just did some fixing last week, 150k @7.15 for 1 year!!! Did we get ripped?
I’m still learning the banking part, poss not very well.Originally posted by Phil:did I hear someone say 5.99% fixed for any length???
We just did some fixing last week, 150k @7.15 for 1 year!!! Did we get ripped?
I’m still learning the banking part, poss not very well.Phil, I don’t like that rate very much! Isn’t variable rate only 7.07%? Although if there are no fees to get out of the loan at the end of the year it might be alright?
Cheers
Mel
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