All Topics / General Property / A way to save your THOUSANDS $$$$, TRY!
Hi There,
Currently, my IPs interest rate is 5.56% pa, one month later, after the money moon period is 6.57% pa.with CBA. one of finace brokers suggested me that If i agreeed to refinance my IPs changing to AMP, he would redund the dischange penalty and all refinancing fees to me, that involved $2250, 1st yr rate is 5.59%, 2nd yr is 6.55%, then i would save abount $7,000 – $10,000. If it’s the case, both of us , me & the broker, are in win win situation.[strum][strum][strum]What do you guys think? your any input is welcome. [inlove][inlove]
Hi Simon, Could you give me some ideas?
Julian [worried]
THERE IS ALWAYS A BETTER WAY!
Hi Julian,
You should consider the long term implications of refinancing from one lender with a discount introduction rate to another lender with an introduction rate, The revert rate after the honeymoon period being the main consideration,I assume you would qualify for a discounted variable rate loan with better rates than the 6.55% revert rate,
Keep in mind, interest rates should not be the primary reason for choosing a lender, Your long term investment plan and choosing the lenders that will accommodate your investment strategy will play an important role,
Regards
Steven
Mortgage Broker[email protected]
http://www.mobilemortgagemarket.com.au
Ph:1800 820 500
VictoriaPLEASE note comments made should NOT be taken as specific taxation, financial, legal or investment advice. Please seek professional, specific advice.
Agree..
look at Discharge fee’s, ability to make extra repayments, extra’s etc and ascertain if it truely is the ‘better deal’..do the maths
If alls good then[thumbsupanim]
REDWING
“Money is a currency, like electricity and it requires momentum to make it Effective”
Originally posted by redwing:Agree..
look at Discharge fee’s, ability to make extra repayments, extra’s etc and ascertain if it truely is the ‘better deal’..do the maths
If alls good then[thumbsupanim]REDWING
“Money is a currency, like electricity and it requires momentum to make it Effective”
My math is not too good. but I will try. [inlove]
Thank you REDWING & STEVEN
THERE IS ALWAYS A BETTER WAY!
I agree with Steven. Start with the end in mind and work backwards from there. I’m a novice but I’ve learned that structuring, personal saving habits, loan restrictions, personal goals, etc should all be considered. Not just kick backs, discounts, etc. They may cost you far more over the long haul.
Cheers,
Gatsby.
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