I'm trying to figure out the threshold amount of interest/fees savings in order to make it worthwhile to move lenders (refi).
Say I have a $250k loan PPOR no LMI 80% LVR (plain vanilla type of loan), and want to refinance, how much interest and fee savings would it take for it to be worthwhile considering the cost of discharging a loan from old lender and applying for a refi to another lender?
I was thinking:
Discharge and legal fees to old lender $500
Valuation application and legal fees payable to new lender $500
So the new loan should save me more than $1000 to make this refi sensible?
Are there other fees I'm missing?
Assuming other things being equal e.g. quality of service or whatever.
Say I have a $250k loan PPOR no LMI 80% LVR (plain vanilla type of loan), and want to refinance, how much interest and fee savings would it take for it to be worthwhile considering the cost of discharging a loan from old lender and applying for a refi to another lender?
I was thinking:
Discharge and legal fees to old lender $500
Valuation application and legal fees payable to new lender $500
So the new loan should save me more than $1000 to make this refi sensible?
Are there other fees I'm missing?
Assuming other things being equal e.g. quality of service or whatever.