Hi Guys
I am with Imb building society and my professional Mortgage Package is about to expire so I was looking at a 3 yr fixed term at 5.89% comperasion rate 6.42 % .
At this moment I am paying 6.590% not sure what the comparision rate is .With all the talk about rates going down etc I am not sure if I am doing the right thing .
Due to certain circumstances I am bit tight with cash flow so I just like to do the best thing for my family , what do you
guys thinkThank you all in advance
If you are tight on cash flow then fixing might be a good option cause this will set your payments for the next few years and allow you to budget your other expenses. St George has a 3 year fixed rate of of 5.79% with a $700 refinance rebate plus what we give you on top of that.
Hi Zehra- 6.59% is quite a high interest rate to be paying.
I would think that you should be able to refinance to another bank and pay 5.7% – 5.9% on a variable rate (depending on your loan amount). There are good brokers on this forum that can help you- try Richard Taylor or Jamie M.
Cheers,
LukeThanks for the kind words Luke.
There’s more to consider here than just rate.
What are your future plans with the property?
Is it a ppor or an ip?
What’s the current lvr?
Cheers
Jamie
Jamie Moore | Pass Go Home Loans Pty Ltd
http://www.passgo.com.au
Email Me | Phone MeMortgage Broker assisting clients Australia wide Email: [email protected]
HI Zehra – you have mentioned that due to certain circumstances your cash flow is a bit tight. If you are considering refinancing for this reason it is important that you sit with someone you can trust to have a look at your cash flows now. Why are things tight? Is is just the mortgage or do you have other financial pressures that are causing the issues. This will probably help you turn the corner quicker than shaving a few points of the mortgage (not that there is anything wrong with that). If you are a prime client with eligible loan size your broker may as suggested make a pricing enquiry on your behalf to obtain discounts over advertised rates.
If things have been tight for you it will be critically important that your current facility is in good conduct at the moment if you intend to move to another lender to take advantage of a better deal. Perhaps check your Veda file as well to make sure there are no nasties there that you did not know about. These could be the result of the actions of another party such as a spouse or someone else you have shared credit liability with.
Thank you guys for your expert advise , I will be in touch to see If I can do something with my mortgage
zehra rather just refinance for a lower rate i think i would be asking what you intend to do in the future with the property as locking in the rate can reduce your options.
Many a forum client has come to us having wanting one thing and then weeks later changed plans mid stream and decided on anoother course of action.
I think you need to be both flexible and able to change going forward and i can think of a couple of ways around this to achieve what you are after.
Cheers
Yours in Finance
Richard Taylor | Australia's leading private lender
You must be logged in to reply to this topic. If you don't have an account, you can register here.
