All Topics / Help Needed! / Loan Structure for Construction loans

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  • Profile photo of dachopperdachopper
    Member
    @dachopper
    Join Date: 2012
    Post Count: 21
    March 2, 2012 - 4:14 pm

    Hello again guys,

    Just wanted to know if any investors on here have actively switched there mortgage over from bank to bank to save money ?
    and if so, what magnitude of interest rate reduction would normally be necessary to allow it to happen ?

    I currently have 4 Ip’s with the same bank, and paying about 6.75% floating rate

    Nick

    Profile photo of Jamie MooreJamie Moore
    Participant
    @jamie-m
    Join Date: 2010
    Post Count: 5,069
    March 2, 2012 - 10:31 pm

    Hi Nick

    Investors refi all the time but it’s usually not due to the rate. It’s usually due to their current lender not being conducive to their investing needs or because a messy structure has been set up from the start.

    Depending on your current borrowings and LVR, you might be able to negotiate a lower rate with your current bank with the threat of leaving.

    Cheers

    Jamie

    Jamie Moore | Pass Go Home Loans Pty Ltd
    http://www.passgo.com.au
    Email Me | Phone Me

    Mortgage Broker assisting clients Australia wide Email: [email protected]

    Profile photo of mike.12mike.12
    Member
    @mike.12
    Join Date: 2010
    Post Count: 36
    March 3, 2012 - 12:16 am

    Hi Nick,

    Check with NAB,getting 6.51% with 3 IP. Agree with Jamie,just call  and indicate you are leaving .
    You might get a better deal.
    cheers
    Mike.

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