Pre-Approval question

[COLJP]

We have been pre-approved for an investment loan via CBA at 6.04% variable.

If we take out loan after IR drops lower (assuming it does), are we stuck with 6.04% or does the loan offer automatically get adjusted to whatever the current rate might be?

Sorry if this is a bit of a dingbat question. Not keen on asking my MB as he can be a bit patronising when it comes to responding to questions. Won't be using this guy next time around methinks.

 

[Rolf Latham]

Hiya

If the product is a normal Standard variable rate under the MAV package ( CBA pro pack), and not any form of a fixed rate loan you will be fine.

Any variable rate redn that CBA make to their rate will be passed to your loan.

ta
rolf

 

[Bradsdad]

We have been pre-approved for an investment loan via CBA at 6.04% variable.

If we take out loan after IR drops lower (assuming it does), are we stuck with 6.04% or does the loan offer automatically get adjusted to whatever the current rate might be?

Sorry if this is a bit of a dingbat question. Not keen on asking my MB as he can be a bit patronising when it comes to responding to questions. Won't be using this guy next time around methinks.

It's only a "dingbat" question if you have to ask numerous times. The real silly ones are the ones you never got around to asking. Sounds like you're spot on with your MB as 1 would have expected he would have covered off on pros and cons of fixed V variable where this issue would have already been covered.

As Rolf has already stated, you'll be Ok if it's a variable product. OH and id the CBA decide to pass all/some of it on

 

[Minxdamanx]

Sorry if this is a bit of a dingbat question. Not keen on asking my MB as he can be a bit patronising when it comes to responding to questions. Won't be using this guy next time around methinks.

My first MB was like this too so I empathise. You won't get that sort of response from the MB's here. The only stupid questions are the ones you don't ask!