Home Loan Scoring System & Loan Situation

[Corey Batt]

Nicky who cares about the rate if you can't even get the loan?

And on such a small loan amount it will factor to <$200 at a max..

 

[NickyG]

Nicky who cares about the rate if you can't even get the loan?

Very True Aaron

 

[NickyG]

And on such a small loan amount it will factor to <$200 at a max..

Sorry $200 per what? from my calculations the change in rate would cost an extra $30000 over the life of the loan assuming for the basis of comparison that the rate doesn't change. Or am I missing something?

 

[luckyone]

They probably mean per year.

 

[Corey Batt]

Nicky who cares about the rate if you can't even get the loan?

Sorry $200 per what? from my calculations the change in rate would cost an extra $30000 over the life of the loan assuming for the basis of comparison that the rate doesn't change. Or am I missing something?

And when CBA/ANZ moves their rates at different amounts and the margin changes, what happens then?

Average life of loan is less than 7 years, people refinance, change structures etc. To worry about such a small amount of interest without looking at the greater picture is selling yourself short.

Otherwise just head off to Firstmac and pay sub 5% variable.

 

[Jamie M]

Sorry $200 per what? from my calculations the change in rate would cost an extra $30000 over the life of the loan assuming for the basis of comparison that the rate doesn't change. Or am I missing something?

Hi Nicky

I think Cjay was referring to the per annum cost.

Most loans don't last the entire 30 year term. Chances are you'll end up refinancing or selling well before then.

Like Aaron said - don't get caught up in the rate. You need to focus more on getting this approved.

Cheers

Jamie

 

[NickyG]

Thanks so much for all the information. The news of the knock back really threw me today and you all have steadied the ship so thanks. Lets hope I have good news for you all in the next few days.