"ME Bank offers lowest 3 and 5 year fixed home loans in the market"..
3 yrs 4.59%
5 yrs 4.69%
does anyone feel the Big4 will follow?
3 yrs 4.59%
5 yrs 4.69%
does anyone feel the Big4 will follow?
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SMOKE & MIRRORS...
Loan Application Fee $500 (includes 2 splits)
Each Split After $150
Solicitors Preperation Fee - at cost
Valuation fee - at cost
Seach fee - at cost
Loan top up - up to $250
Split request $500
Switching fee $500
Redraw fee online $15
Assisted redraw fee $30
most of those would not be applicable if you decide to leave after 1 year.
even if you had $1000 of setup fees, you are looking at a comparison rate of 3.79%
You then need to factor in the goverment mortgage registration cost.
Credit Union Discharge Cost
Government deregistration cost
Then you need to start the whole process at a different bank because the rate offered and fees are far from competative. Which could likely incur you cost with that bank at the time and also government registration cost.
Or could look for a reasonable priced financial institution that matches your service needs, banking needs, minimal fees with a consistant rate.
My broker recently asked me if I wanted to fix my CBA home loans with:
2 years 4.84% p.a.
3 years 4.69% p.a.
5 years 4.69% p.a.
I think under the CBA wealth package it is 4.54% for the 3 and 5 Year fixed.
CBA Fixed Rates changed today.
1YR 4.69%
2YR 4.59%
4YR 4.99%
5YR 4.59%
Note all discounts listed are on CBA Wealth/MAV Package
FYI the 3YR is 4.69%
Just to give you more info on the borrowings:
PPOR: 500K loan, valued at ~1M
IP: Looking at buying 550-600K
So I definitely have some equity on my PPOR to borrow 100% on IP but he said that I should do borrowing 80% on my IP from standard loan, and 20% from newly setup LOC so it won't cross securitise my PPOR.
I still need to read more about it and understand how it all works but the offer is definitely 1.25% discount off standard variable rate over life of loan, which is really attractive.
He did say that both me and my wife's total capacity is like 2.6M so probably they want us to borrow that much but just not have to draw it all down.
NAB just offered 4.58% on a loan of $440k, is this a gd enough offer? Still deciding between NAB and BankWest's 4.34% for the time being.
Also, just wondering if NAB is playing a hardline for saying they can't do any upfront valuations for existing clients until an application is submitted to increase loan amount?
Would appreciate any of your thoughts on this.
Nab on $440k at 80% LVR im guessing? 4.58% is about right maybe 4.55-4.56 if you nag and ask.....
The bankwest 4.34% is a 3 years special only so beware...
Also NAB can do upfront val without an application( Via broker anyway- im guessing it should be the same with retail nab)