Basic variable rate loan with redraw?

[Azza]

If you revert to variable with your current lender you will need to go and see a branch manager to get discount under package to 0.7% or 7.11% and yes the MISA is a bit lame. $350 annual fee for the package.

If you move it will be a $350 discharge fee from CBA, potential additional $700 if you have had the loan less than 4 years, titles office fees to release the existing mortgage and titles offices fees for the new mortgage. This is before any of the new lenders charges.

Say you got a loan with offset etc at 7.0%. It could take up to 4-5 years to recover the cost. By then the rates will have moved anyway.

Of course you can walk in to any bank or broker office and get 100 reasons to move. Good for them - no real financial benefit for you!

Mate, you are a legend! Short and sweet summary...

This is exactly what I was suspecting.... just getting reasonable renew rate from CBA is probably a good option....

PS
My CBA lender from 3 years ago is now a branch manager - good for him!

I've called bank and they told me a new loan manager will contact me "in a few days"... will probably walk in the branch to make things faster... my loan expiring 27 December...

 

[artlez]

state custodians looks alright... 6.97% with offset and no entry/on going fees. the exit fees are a bit steep though (1% in the first 3 yrs i think)