How much of a fine do you have to pay to the bank say if you pay a mortgage of in ten years and the loan repayments was set for twenty five years?
Adam
Success comes from the mind and heart!
[strum]I know of no loans that charge an “early payment fee” on loans that have been held 15 of the 25 years currently in circulation.
Most loans are within the first 5 years of the loan though I don’t think many actually have 5 years as their standard. Mine was 3 years.
Shouldn’t be any fina at all.
Some lenders have a deferred settlement fee which kicks in, usually in the first five years, if you pay the loan out early.
But if there is one it will be spelt out in your loan docs.
Cheers,
Simon Macks
Mortgage Broker
http://www.mortgagehunter.com.au
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.
thanks everyone
I never worry about that, if I get a better deal and a better percentage with another lender Im there. Shortest loan I have had to date was 3 months before I refinanced. Paid $35k deposit and with a better deal pulled out $30k 3 months later and bought 2 more in tassie.
Do what you want and if you are ballsy enough and do your diligence on other options regularly you will eventually not be concerned with early payouts.
Good luck
DD
Don’t sweat the small stuff,and it’s all small stuff!!
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