Hello everyone,
Just a quick question regarding Early Repayment Adjustments on CBA Home Loans if paying over the $10k per anniversary year. I have been told different theories on what would be applicable. I am fixed at 5.50% until April 2012 and paying double my minimum repayments. I have been told there could be an ERA and $50 admin fee charged if I go over this cap. Can anyone advise if this is a 1 off charge or is it ongoing every month I go over?
Someone told me because of my low rate an ERA may not even be applicable? I am considering putting a lump sum on there however dont want to incur ongoing penalities but a one off $50 charge does not bother me if it cuts years off my term and saves me interest in the long run.
If anyone can clarify the correct info for me I would really appreciate it.
Thanks,
Jacqui
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