3 & 5 year fixed rates thread

matto_ said:
Hi - hoping people could provide their input on the above. also - is anyone with CBA - chasing fixed rates?

Thanks, Matto
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Personally 3 years suits because we have a baby so the wife is not working and will only return to part time for a year or so. 2 years is not quite worth it in my eyes and 5 year rate is still up there.

I just make the phone call and ask for a better rate and I give them a few examples of similar offers. I haven't reached the point where I have to threaten to move. Maybe I'm not pushing hard enough.
 
Hi Jason

I think you might have the wrong information with CBA. I was talking to them earlier today and they don't have sub 6 for 2 years.

Please someone confirm if the information is correct. Thanks.

Helen
 
Devo76 - thanks for reply. Assumed it was personal circ's but seemed everybody was heading for 2/3 years, and thought there may have been some additional benefit.

Jason - spoke with my branch mgr today and he couldnt provide anything lower than 6%. Is this a special deal - do you know?
 
matto_ said:
Devo76 - thanks for reply. Assumed it was personal circ's but seemed everybody was heading for 2/3 years, and thought there may have been some additional benefit.

Jason - spoke with my branch mgr today and he couldnt provide anything lower than 6%. Is this a special deal - do you know?
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Yes personal. Cash-flow is more than ok but I like the security of fixing half my loans.if the 5 year rate was closer I would have jumped on them as many would.
My borrowings are close to a mil plus some insurance products so that would help with negotiations. I would try again now as things seemed to have changed a little in the last few days.
 
Locked in a range of loans over the past few days at 5.99 & one at 6% for 3 years. The more I see, and hear from various bank acquaintenances & contacts, I think, unless something catastrophic happens in Europe, we have hit the bottom, well we may have passed it a few months back.

Even with these fixed rates it would take another 2 x 0.25% falls to make the varibale rate equivalent to the fixed rate (for me at least), assuming they are passed on and assuming the RBA changes its mind on monetray policy.

Notwithstanding the micro analysis around the RBA & bank responses about funding costs, interest rates etc. That will save me at least a few hours a month to do something more constructive! :)
 
i agree
will take a few more rate drops to match the fixed rate and i dont plan on moving loans in the next 3 years
will probably fix 50% or so percent of one of my oans and let the offset start building up against the variable part
and hopefully purchase my first IP soon and re evaluate the circumstances again at that time

also anyone on westpac with premier advantage package do you have to pay the $300 fee to fix? i was told i do but though the package waived all those fees...?
 
BMan said:
i agree
will take a few more rate drops to match the fixed rate and i dont plan on moving loans in the next 3 years
will probably fix 50% or so percent of one of my oans and let the offset start building up against the variable part
and hopefully purchase my first IP soon and re evaluate the circumstances again at that time

also anyone on westpac with premier advantage package do you have to pay the $300 fee to fix? i was told i do but though the package waived all those fees...?
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Never paid a fee to fix. :D
 
ANZ fixed rate ?

Hi

I've seen from the webpage that the fixed rate for ANZ (2 years) is 6.19% p.a. What is the real rate, is it still 5.8%?

Thanks

Helen
 
This is really frustrating. I spoke with ANZ as soon as they dropped their three year rate to 5.99% just over 3 weeks ago because I intended to fix my to investment loans for three years as soon as I could get 6% or better.

Not the deal is virtually complete, they have raised them again back up to 6.19%. I now feel like going in there first thing on Monday and saying the deal is off now and to screw up the papers.

I know that you can pay a $750 lock in fee for each loan to hold the rate from when it is quoted, however that simply doesn't make sense unless the loans are $400k plus.

Taking the rate down to 5.99% simply does not give enough time for people to change banks and the necessary requirements through to draw down. Not happy at all with ANZ on this.
 
Petergm said:
This is really frustrating. I spoke with ANZ as soon as they dropped their three year rate to 5.99% just over 3 weeks ago because I intended to fix my to investment loans for three years as soon as I could get 6% or better.

Not the deal is virtually complete, they have raised them again back up to 6.19%. I now feel like going in there first thing on Monday and saying the deal is off now and to screw up the papers.

I know that you can pay a $750 lock in fee for each loan to hold the rate from when it is quoted, however that simply doesn't make sense unless the loans are $400k plus.

Taking the rate down to 5.99% simply does not give enough time for people to change banks and the necessary requirements through to draw down. Not happy at all with ANZ on this.
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U re not alone

But thems the risks one takes on without rate locks.

Ta

Rolf

Ta

Rolf
 
Understand the frustration Peter. After two weeks of trying to get together with my broker to fix @ 5.8% on Breakfree we finally meet and that very day the fixed rate changes to 5.99%. I still went ahead and like you rejected the rate lock because even if ANZ put the rate up again I would still be better off not paying for rate lock. Now just one week later fixed has been raised again. It is going to take ANZ another two weeks to process the loan so fingers crossed no more rate rises.
 
Rolf Latham said:
U re not alone

But thems the risks one takes on without rate locks.

Ta

Rolf

Ta

Rolf
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Well, I will be phoning them on Tuesday .... public holiday here on Monday and telling them to either honour the original rate or not worry submitting the documents to CBA to transfer the loans. Less that a month is not a realistic time period to drop a rate and have people cross-over .... more like trapping them.
 
Mine is similar, I went in on the 28th of Feb, I knew what I wanted, they just stuffed around for a week and a half so I missed the rate lock.

I'm already incredibly unhappy with ANZ from when I originally got the loan as the lost my paperwork multiple times, and I ended up wasting over 1 weeks holidays because although we had been ready and organised months and months in advance of settlement the bank just kept stuffing up, but promising us it would be tomorrow or the next day.

Then when I complained about it nothing happened I never even heard back from them after ringing them multiple times.

The staff at this branch (different branch then where I got the loan initially) are quite nice and seem to make an effort unlike the other branch, but they say one thing and something entirely different happens though I think that this is just all the stupid crap from HO as it seems the bank staff are just as out of the loop as the customer.

I'm gonna ask for the old rate, Newcastle Permanent still has it at 5.99% for 3 years, it's really more than 2 strikes imo, so I'm ready to walk and if I do I certainly won't be back and they will only get negative publicity coming from my mouth too.

I know you shouldn't make emotional decisions but going elsewhere isn't exactly going to cost anymore anyway and it's the only way to make a point (not that they would care anyway about 1/4 mill in loans as it's well below median).
 
Petergm said:
Less that a month is not a realistic time period to drop a rate and have people cross-over .... more like trapping them.
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One can do a full refi in less than that time if needed included discharging the outgoing bank mortgage or doing a FAST refi if they want to be tough.

The problem isnt the time frame, the problem is that lenders stinky process.

We have one in at the moment where the lender is saying we probably wont honour you rate lock................you used an old form.

4 hours plus work to get the deal written processed and NCCP documented, not a brazz razoo of income and the lender plays those games......

ta

rolf
 
Rolf Latham said:
One can do a full refi in less than that time if needed included discharging the outgoing bank mortgage or doing a FAST refi if they want to be tough.

The problem isnt the time frame, the problem is that lenders stinky process.

We have one in at the moment where the lender is saying we probably wont honour you rate lock................you used an old form.

4 hours plus work to get the deal written processed and NCCP documented, not a brazz razoo of income and the lender plays those games......

ta

rolf
Click to expand...
Rolf, I would be interested on your thoughts with this situation.

We signed all the necessary documents at ANZ on Friday afternoon to allow the change of our lending from CBA .... and then discovered on Friday night that the interest rates had changed.

Obviously nothing has occurred yet due to the weekend and the CBA wouldn't have even received the advice. ANZ expected drawdown could possibly occur by late next week or the early the following week.

Whilst we have signed the documents, would it still be possible to bail out and contact the CBA and request they do not action any requests from ANZ? .... or because we have signed, we have no option?

Regards,

Peter
 
Petergm said:
Rolf, I would be interested on your thoughts with this situation.

We signed all the necessary documents at ANZ on Friday afternoon to allow the change of our lending from CBA .... and then discovered on Friday night that the interest rates had changed.

Obviously nothing has occurred yet due to the weekend and the CBA wouldn't have even received the advice. ANZ expected drawdown could possibly occur by late next week or the early the following week.

Whilst we have signed the documents, would it still be possible to bail out and contact the CBA and request they do not action any requests from ANZ? .... or because we have signed, we have no option?

Regards,

Peter
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U should be fine to jump

Cba won't Generally process a disch for a week or so, like most other lenders.

I don't recall anz having a fast refi process (a process that doesn't require the other side to attend settlement).

In any case u can ask anz to pull a settlement right until they hand over the cheque to cba

Ta
rolf
 

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