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  • Profile photo of RastussRastuss
    Member
    @rastuss
    Join Date: 2004
    Post Count: 12

    Hi,
    i just got my first home (ppr) using fhog, i got the place for a good price in a good area, it was listed for 390.000 and i finished up paying 300.000. the loan i have is at 7.350% on a 100% loan and it has a 1.5% exit fee.[worried]
    Should i be looking at refinancing, are there better deals around, i couldn’t really choose which lender i used at the time.
    P.S. the house i think will be around the 350.000 price range going by what the area is selling for atm.

    Any idea’s please.[biggrin]

    Cheers Mark 0438352824

    Profile photo of TerrywTerryw
    Participant
    @terryw
    Join Date: 2001
    Post Count: 16,213

    If you refinance you will be hit with around $4500 in exit fees. Your rate is not too bad, so it may be better to wait a bit for some more equity to build up – generally refinances are only available up to 90% LVR. Oh, and you would be up for LMI again too!!

    Terryw
    Discover Home Loans
    Parramatta
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    Terryw | Structuring Lawyers Pty Ltd / Loan Structuring Pty Ltd
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    Lawyer, Mortgage Broker and Tax Advisor (Sydney based but advising Aust wide) http://www.Structuring.com.au

    Profile photo of AnitamarshallAnitamarshall
    Participant
    @anitamarshall
    Join Date: 2005
    Post Count: 79

    I agree with Terry – you rate might not be the best but it certainly isnt terrible and its going to cost you quite a bit to change. Another option may be to go back to the same lender and see if there is any product switch available – for a small fee you might be able to swap to another loan type with a more competitive rate.

    Anita Marshall
    Advanced Finance Solutions
    http://www.advancefinance.com.au
    [email protected]

    Profile photo of v8ghiav8ghia
    Member
    @v8ghia
    Join Date: 2005
    Post Count: 871

    Hey Rastus. Good on you for getting a good deal like that for your PPOR. Honestly. a 100% finance, there is not that much better rate you will get (excepting loan sharks and fine print type loans) and as the others said with your LMI and exit fees forget about it. If it is of any help, to put things in perspective, the best rate you are likely to find for a reasonable loan like this is between 7.02 and 7.14%, and the standard variable rates are still 7.82 from the banks, and their ‘discounted rates’ with monthly fees are around the 7.2 to 7.3% so what I say is a big congratulations on your new home…..and forget about the mortagea for a few years at this rate and enjoy your castle.! [biggrin] All the best.

    Profile photo of RastussRastuss
    Member
    @rastuss
    Join Date: 2004
    Post Count: 12

    Thank you all for your information, just wanted to make sure i wasn’t paying anymore than i had too and judging for all the info i’ve got i’m not to bad off.
    It’s like being a teenager again! willing the years away so you can start driving a car……..[biggrin]

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