fixed rate exit fees
- Thread starter seank
- Start date
Yes you will
And noone can work it out without more numbers! It'll be in the fine print on your loan doc.
And noone can work it out without more numbers! It'll be in the fine print on your loan doc.
You'll need to contact the NAB for exit costs. There'll probably be an administrative fee, a deferred establishment fee and an economic cost. The first two are fixed and will be easily found in your original loan documents.
The economic cost is anybodys' guess, it can change on a daily basis and depends on the economic conditions on that day. Anything they quote you today will probably be completely different by the end of the week.
The economic cost is anybodys' guess, it can change on a daily basis and depends on the economic conditions on that day. Anything they quote you today will probably be completely different by the end of the week.
Yes, you will be up for break costs.
If you do decide to sell, it may pay you to find out the break costs and then convert the loan to variable while you go through the sale process.
There was a story in the weekend papers about a seller who inquired at the bank about break fees and was quoted $6,000 at that time. By the time the sale settled the costs had blown out to $29K after a couple of further interest rate cuts.
Be aware that any quote you are given is only for that particular day, and can change at any time.
Marg
If you do decide to sell, it may pay you to find out the break costs and then convert the loan to variable while you go through the sale process.
There was a story in the weekend papers about a seller who inquired at the bank about break fees and was quoted $6,000 at that time. By the time the sale settled the costs had blown out to $29K after a couple of further interest rate cuts.
Be aware that any quote you are given is only for that particular day, and can change at any time.
Marg
I learned something today on a very similar note,
if you exit a fixed IO loan by selling before the end period, 3,5 years etc your loan is treated like youve switched from fixed to variable and have to foot the bill, you learn something every day they say. .
if you exit a fixed IO loan by selling before the end period, 3,5 years etc your loan is treated like youve switched from fixed to variable and have to foot the bill, you learn something every day they say. .
i had no choice at the time and secured a loan for $850k for 12 months i re consolidated in 10 months and dispite not missing a beat @ 9% pa my exit fees were,Discharge settlement fee of $980 and the killers early repayment fee $17,986 and the big one was called call protection fee $28,778, so does any one know a way i could fight for the return of this rediculas fees, as i think they are dishonest and un justified.and i think i should try and fight for the $47,769 back.
the refi protection one I like the most 
Ya godda pay da protection muney
.................we had a case this week of a loan with a months penalty interest if the loan was repaid before it ran the full 30 years , cute hey !!
ta
rofl
Ya godda pay da protection muney
.................we had a case this week of a loan with a months penalty interest if the loan was repaid before it ran the full 30 years , cute hey !!
ta
rofl
Seank,
It all depends on your loan/business manager.
You can negotiate and explain you are an investor and will keep doing business with them if they look after you. They have the discretion to charge or not. If they know they can make more money from you in the future than what they want for exit fees it may work in your favor.
It all depends on your loan/business manager.
You can negotiate and explain you are an investor and will keep doing business with them if they look after you. They have the discretion to charge or not. If they know they can make more money from you in the future than what they want for exit fees it may work in your favor.
Wow, Craig, are you saying you were TWO months short of the period expiring, and they charged you $47,769? Did you know this would be the charge? And if so, why didn't you wait two more months?
Hiya Y33
Our experience is that funders look at "what is" rather than "what might be".
That order of $ fixed break is not unusual, even understandable.
The anti refi fee is only levied by a few funders, one of whom we do have to use sometimes.
ta
rolf
Our experience is that funders look at "what is" rather than "what might be".
That order of $ fixed break is not unusual, even understandable.
The anti refi fee is only levied by a few funders, one of whom we do have to use sometimes.
ta
rolf
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