Hi Guys,
Wondering whether to fix or not and I came across a few banks that have fixed rates with one year payment in advance.
Bank 3 yr 5 yr
ANZ 5.99% 6.84%
Bankwest 7.04% 7.69%
St George 6.79% 7.44%
NAB 6.89% 7.09%
Westpac 6.99% 7.64%
ANZ looks pretty good @ 5.99% for 3 yrs. On a $300K loan this would mean payment of $18K in advance.
This is 1% lower then the normal fixed rate which would mean a saving of $3k pa on a $300K loan. Since you only pay one year in advance, interest on $18K is about $1k so it apears to be saving a total of $2k pa?
What do you think?
Cheers,
Bazza
Wondering whether to fix or not and I came across a few banks that have fixed rates with one year payment in advance.
Bank 3 yr 5 yr
ANZ 5.99% 6.84%
Bankwest 7.04% 7.69%
St George 6.79% 7.44%
NAB 6.89% 7.09%
Westpac 6.99% 7.64%
ANZ looks pretty good @ 5.99% for 3 yrs. On a $300K loan this would mean payment of $18K in advance.
This is 1% lower then the normal fixed rate which would mean a saving of $3k pa on a $300K loan. Since you only pay one year in advance, interest on $18K is about $1k so it apears to be saving a total of $2k pa?
What do you think?
Cheers,
Bazza
