Thanks! Damn fees!!
3 & 5 year fixed rates thread
- Thread starter JIT
- Start date
I fixed some loans with RAMS last week @ 5.99%. Was quoted $295 change fee for each, but they ended up waiving 50% of them. No extra fee above that. It was an easy process too. Just give them a call and they do it all over the phone...no re-approval, no forms to sign, etc.
I was actually un-aware that the fixed rate maybe on the way up, until reading this thread. Was fixing because we live overseas now, so prefer to keep things a bit predictable, with fx to worry about and such. Just wonder what you guys thought about the rate, is it on the way up, or is there any possibility of one or more rate cut(s) this year?
Whoops!
Whoops...just read back few pages, and looks like the fixed rate is really on the way up!
Does anyone know if a re-approval is needed for fixing rate with Suncorp, St George and ANZ? Also, what's the best fixed rate you could get from them (with package)? Thanks!
Whoops...just read back few pages, and looks like the fixed rate is really on the way up!
Does anyone know if a re-approval is needed for fixing rate with Suncorp, St George and ANZ? Also, what's the best fixed rate you could get from them (with package)? Thanks!
Last edited:
Whoops...just read back few pages, and looks like the fixed rate is really on the way up!
Does anyone know if a re-approval is needed for fixing rate with Suncorp, St George and ANZ? Also, what's the best fixed rate you could get from them (with package)? Thanks!
Hiya
forget ANZ, the process to go to fixed IO from variable is a process that is worse than a full loan approval when doing a purchase
t
arolf
i have had no issues in getting my rates fixed with anz at all.. (but was not changing to a IO loan) when i had my ppor which is now IP i split my loan into 3, one part var, 2 parts fixed at 1 yr and 2 yrs at the time back in 09. when my loans came off fixed rate i just went back into the bank and they made them fixed from that day again. Was really easy actually. hoping the fixed rates for anz do come down again cause one of my fixed terms is up at the end of june.
added my 2nd IP loan to break free package and got .95% off the var rate too, which for anz was a short time deal they offered back in jan/feb... but score on that one!.
added my 2nd IP loan to break free package and got .95% off the var rate too, which for anz was a short time deal they offered back in jan/feb... but score on that one!.
I suspect these were PI loans, because IO loans require a loan assessment through credit incl new income verification, vals etc .
Great fun when you do interest only in advance every year.
ta'rolf
Thanks
Thanks Rolf & Rowena for the info on anz. I'd leave that one for now then, we only have one small one with them atm, may not worth the hassle for now. Will give StG a call tomorrow and see if we an get to the 5.99% wagon.
Anyone has info on best fixed rate for suncorp? We're on var -1.03% now, wonder if it worth fixing? Ta.
Thanks Rolf & Rowena for the info on anz. I'd leave that one for now then, we only have one small one with them atm, may not worth the hassle for now. Will give StG a call tomorrow and see if we an get to the 5.99% wagon.
Anyone has info on best fixed rate for suncorp? We're on var -1.03% now, wonder if it worth fixing? Ta.
5.98 but I believe its mainly for "new" money so you might need to do a bit of work
Is it worth fixing............hose ur crystal ball, and how long is a piece of string
t
rolf
I'd never go for 3 years fixed as things can change so quickly. Apart from the 50 points decrease today, there is talk of at 2 more decreases before the end of the year. Variables may be less than 5.95% by then.
I always say you can't beat the banks at their own game. They do this for a living and they have people who dedicate 100% of their time to studying the yield curves and forecasting/modelling. One or two might get lucky and fix at that absolute lowest point in the cycle but for everyone else, I don't think so.
How low & how long have they been in Japan US & EU?
But if it's trending down, only a matter of time before a comfortable fixed rate will show up.
CBA is quietly offering 5.99% for 3 year fixed and before today's RBA announcement.
Peter
Peter
Agree totally.
I mostly fix as a form on insurance and sleep at night factor. To date:
1990ish: Fixed at 13.5% unlimited term when they went up to 18% WIN
1995 Fixed at 10% for three when they were 12% and ended at 9%. BREAK EVEN
2003 Fixed at 6.19% for 5 years when they rose to 8% WIN
2007 Fixed at 7.65 when they rose to 8.5% but dropped and I broke costing $3k BREAK EVEN
Rode to depths of 2008 and 2010 WIN offset break
2011 Fixed at 7.1% for three years, break even then, been going down since now at 6% LOSE
No guru here! Peter 14.7
This is poorly thought out.
If the 3yr rate gives you a saving or you think rates will move up then it is not a poor strategy to fix for that long, hell I would fix for 10 years at 6% if I could, who cares if the rates go to 5%, so I would be paying a little bit more than I could have been, but I have certainty.
Using the fact that things change so quickly to justify not fixing for longer periods makes absolutely no sense, this is precisely why most people want to fix for long periods.
Hiya
I had a bunch of clients that did just that 3 years ago with a 10 year fix at 6.10
, and it can work really really wellHaving said that, its strategy that has its own risks such as
1. Dont fix long term if u need to access equity AND the lender is in the lower serviceability range
2. Dont fix loan term if there is any moderate chance of selling during that term
And a bunch of others
t
arolf
