cheap one year fixed

[ali]

Hi all, I thought I would share this for those interested in cheap rates.
We signed up for a one year fixed rate for a new IP at 6.64% a couple of months ago. The property settled on Monday and I just got a letter from the credit union to say the one year fixed rate has dropped to 6.10%! Note this is not a honeymoon rate - just a straight one-year fixed that reverts back to the variable rate - currently 6.94% - at the end of the year. I have just done the sums and the property will make us about $10 a week straight away.
Cheers Ali

 

[RumpledElf]

Nice ... we're paying 7.8%!

Its enough to make you want to refinance lol, we've only made one repayment on this loan too. Found out yesterday they dropped the early break fees, we thought we were stuck, the fees were $4000+.

 

[Aaron_C]

7.8%? That's pretty high...is that fixed?

 

[RumpledElf]

Nope, variable. We had amazing trouble getting a loan, these were the only guys who'd give us one and boy did they make us jump through hoops to get it. Like I said, its a new loan, we've only made one payment so far.

Its all a bit ironic considering within about 2 months of taking the thing out it'll be around half paid off.

 

[Aaron_C]

Nope, variable. We had amazing trouble getting a loan, these were the only guys who'd give us one and boy did they make us jump through hoops to get it. Like I said, its a new loan, we've only made one payment so far.

Its all a bit ironic considering within about 2 months of taking the thing out it'll be around half paid off.

I see. Being self-employed everyone wants to screw you.....been there before But sometimes it's not about the actual interest rate you pay - it's whether you can find someone to lend you the money at all!

 

[jonmardell]

the rock is currently 5.99% which reverts to 6.99%

 

[ali]

the rock is currently 5.99% which reverts to 6.99%

What is their 3 and 5 year fixed rates? I want to fix another loan soon.
Cheers Ali

 

[jonmardell]

What is their 3 and 5 year fixed rates? I want to fix another loan soon.
Cheers Ali

the 3 year is 6.49 which is not bad but better out there. you could get a better deal refinancing cause there is some good specials at the moment for refinances.

 

[martialp]

Nice ... we're paying 7.8%!

Its enough to make you want to refinance lol, we've only made one repayment on this loan too. Found out yesterday they dropped the early break fees, we thought we were stuck, the fees were $4000+.

Just saw 6.69% standard variable and a 3 year fixed rate of 6.39% at mortgage mums.com.au.

 

[Rolf Latham]

oh lord

another thread on rates : (

important yes

Structure and as already said capacity to obtain the funds for now and the future much more so

ta
rolf