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Dave I've had half my portfolio fixed for years on Interest Only with Westpac.

Depends on loan term. On 30 year loan P & I repayment is $3868.76 per month. On 25 year loan P & I repayment is $4213.61 per month. If interest only loan repayment is $3000.24 per month, no matter what the term loan is. Hope this helps.

Thanks for the heads up Noel. Ive just got off the phone from Westpac and organised fixing 6 loans rolling out from 6.49% & 6.59% over to another 3 years @ the 4.99% rate. The guy at Westpac also confirmed new rates on Wednesday.

Noel, can anyone deal with westpac BDM you deal with or just brokers??

How do you know? Westpac just phoned me to say they dont know when its changing.

I think you are right!

Buzz, I take it you were dealing with Westpac's Mortgage Centre (TMC) based in Adelaide? I take it that you are aware TMC isnt even Westpac? Westpac outsource TMC to a privatised company employing non Westpac employees.

Yeah Im doing the same...Will play the wait and see game until after the RBA sits again in Feb/March and see what Westpac is offering then.. Im looking for a 5/7 year fixing as I believe 3 years will not be long enough (after the current economic crisis subsides) to ride me through the high...

Im also a current Westpac customer. Westpac have already told me if you are a current customer on the premium advantage package you are eligible for 0.2% discount off their advertised fixed rates.. This being the case their 3 year advertised fixed rate is 5.19% bringing it down to 4.99% with...

I totally agree on both counts! :)

I think the opposite Lynn.. I reckon the bank is wanting to roll the majority of their current loans book over to the 3 year deal because they want them all to roll out into what they predict will be a higher rate climate at that time - making a back end deal killing.

That is my plan of attack also. Fix on a good rate for as long as I can. Contrary to popular belief if you fix low and long and rates do rise (which is increasingly likely the longer you fix) you still have loan flexibility without incurring fees should you wish to move property securities...