Are you considering fixing your interest rates...

[Aceyducey]

There's been some upward pressure on interest rates in the media & longer-term fixed rates have increased for several banks....

Are you currently moving to fix your IP interest rates?
Or do you believe the Reserve Bank will allow things to remain as they are and let the hype do the work for it?


Cheers,

Aceyducey

 

[Simon]

Just fixed my current purchase at 5.89% for three years.

Cheers,

 

[MarkB]

I don't (yet) have any IPs, but I did respond to the survey.

At this point in time (don't you love caveats) there is no question, IMHO, that the next move in interest rates will be up.

But the BIG questions are whether:

- we are on the verge of a tight MP cycle (ie. sustained and successive increases)

or

- what we will see is merely a bump on the road (a rise or two, followed by falls again)


The RBA (and now Treasury) are seen as being publicly concerned about the "asset price bubble" which has affected us all (be it as landlords, tenants, or both).

What makes this particular passage of time tricky (and interesting) is that sometime within the next 12 months a federal election will be called.

The RBA is independant - but the Treasurer is a very persuasive man.

MB

 

[abcdiamond]

Originally posted by Simon
Just fixed my current purchase at 5.89% for three years.

Cheers,

I didn't think that rate was still available anywhere?

Is it available for everyone ?

 

[Simon]

Just a special offer for my clients.....

 

[Rolf Latham]

Hi All

Looks like it is still available folks - Simon go go go.

ta

rolf

 

[Simon]

I have just spoken to the lender and they have a policy of locking the interest rate from the time the application is received. Free of charge.

This means that, if during the period between application and signing of the mortgage documents the rate should rise then you will still have the benefit of the original rate you applied for.

This might sound fair enough but it isn't the usual banking practice

Cheers,

 

[BUNDY]

Can we ask which bank/finance company??

Bundy

 

[suggo]

Ok, for those of you who have/are fixing.

What length of time and at what rate are you fixing?

 

[Simon]

Bundy,

Its a mortgage originator using money from Bendigo Bank. They are called Sapphire Mortgage Services and are located in Sydney.

I have set up a channel with them and have been assured of priority speed and service.

Fees are $400 App, $200 Val and no annual or monthly admin fees.

Email me if you have any specific questions.

Cheers,

 

[Aceyducey]

Originally posted by Simon
Its a mortgage originator using money from Bendigo Bank.

Fees are $400 App, $200 Val and no annual or monthly admin fees.

Simon,

One public questions:

Up to what % LVR

Cheers,

Aceyducey

 

[Simon]

80% no LMI.

95% PPOR with LMI and

90% IP with LMI.

 

[Simon]

Just got off the phone with the lender. Please forgive me for what may sound like a pressure sales tactic but I can assure you it isn't - I am not that sort of guy.

Fixed Rates will be going up next week and they believe this will be reflected accross all institutions - we have already recieved notification from several lenders..

Their offer of rate lock still holds even for finance pre approvals although these will need to be exercised within a reasonable time frame.

Cheers,

 

[Les]

Acey, Acey, Acey,

Where is the "Already done and dusted" vote??????


I haven't voted, 'cos "Yes, I'm in the process" doesn't quite fit...

Can it be re-shaped to allow for conservative types who've ALREADY fixed???

Regards,

 

[Simon]

Rates went up today.

 

[Simon]

Maybe time to revisit this thread.

Current rates with these guys are 6.09% for three years, 6.19% for four and 6.29% for five.

Just been advised to expect a 0.25% increase across the board next week.

Once again I have negotiated free rate lock at these rates for my applications submitted to them by Monday 10 November.

Email or call for details - but time is of the essence!

Cheers,

 

[Peter 14.7]

Again late but hay! I wasn't around in Sept. (forum baby) Interesting to see the comments all written before RBA action. It seems we were a lot of optimists back then.

Hi Acey, needed an "already done deal" button

Fixed 5 years 6.19% in August with which bank?

Peter 147

 

[Aceyducey]

Originally posted by Peter 147
Hi Acey, needed an "already done deal" button

Peter,

That's the top option:

'Yes I have begun the process to fix some or all of my IP loan rates'

So you've begun the process & fixed them all

Cheers,

Aceyducey`

 

[Peter 14.7]

Hi Acey

Noted. By the way I am always interested in your polls as they tell a reader a lot about the forum user’s makeup and psychology.
Ever considered a poll on PPOR status?

I know the recent "tell us about your self" thread one did have some info but I found it interesting the mix. I was intrigued by the 20ish year old forumites with IPs but no PPOR and more mature with still some PPOR debt but plenty IP/s. Very common in Sydney way to IP first. Jan Somers says pay off first PPOR if you can, so you think a poll say as below is off interest? Compare fourmites with oz wide figures of PPOR ownership (I think 66%)

Do you own a PPOR? Or IP/s

• No, I don't own PPOR
• No, I don't own PPOR but have IP's
• Yes, I am buying PPOR and have no IP's
• Yes, I am buying PPOR and have IP's
• Yes, I own (no debt) PPOR and have no IP's
• Yes, I own (no debt) PPOR and have IP's

Perhaps some work on the words as "buying" may confuse/offend?

Peter 147

 

[Simon]

I don't believe that fixed rates are as an attractive an option as say a month ago.

Having said that many borrowers benefit greatly from the security of knowing where they stand rate wise.

Cheers,