Good Morning people, can anyone give me approximate cost’s to refinance 3 IP’s which are fixed for five years. Can give more info if required.
Cheers[army]Think & Grow Rich!
There will be possibly exit fees, deferred establishment fees and fixed break cost fees to exit. If fixed rates have fallen, then you could be up for huge costs to exit a fixed loan.
eg I had a $80,000 loan, fixed, sold the property and paid nearly $4000 in break costs!
Then there will be new fees for the new loan, application fees etc. and a few small fees such as Title searches etc, maybe even LMI again if you go over 80% LVR. If you increase the loan size, you may have to pay stamp duty on the increase portion as well.
I would just ring up your lender and ask for a estimate of the exit fees if you paid out the loan today.
Terryw
Discover Home Loans
North Sydney
[email protected]Terryw | Structuring Lawyers Pty Ltd / Loan Structuring Pty Ltd
http://www.Structuring.com.au
Email MeLawyer, Mortgage Broker and Tax Advisor (Sydney based but advising Aust wide) http://www.Structuring.com.au
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