Hi All,
I thought I would post my experiences on refinancing.
As per some of my previous posts, it looks like I am closer to refinancing two of my loans with ChoiceLend at 6.69% for two years. Note the cavest here is that you need to have a LVR below 65% to get this loan....anything up to 80% attracts another 0.1%.
So far, my experience as follows:
1. Loan 1 with OnDirect (a discontinued subsidary of ANZ)
Initially, the call centre guy said that I had to pay a $1000 exit fee on top of an administration and settlement fee (about $320). I decided to complain via the customer relations Department.....and surprise surprise got a call at 8:30am today informing me that $1000 is waived...but $320 stands.
So based on that I this and a $550 refund of the commission....it will cost be about $250 to exit this loan!! Based on my calculation the payback on this loan is about 4-5 months. I expect rates will go up further so this may come down further.
2. Loan 2 with CBA
This has proved to be an absolute pain....have logged a couple of complaints and will keep going till i get resolution. So fat they have informed me it will cost me $1445 after the comm refund about $575..it will cost be about $870 to exit the loan...about a 1 year payback at this point. But I am DETERMINED TO LEAVE the CBA.
Well....it is worth it....in my eyes ABSOLUTELY....I don't want to be one of the many who whinge but do not do anything. I am also planning to pull everything off the CBA and move all my business over the next 6 months. It probably won't worry them ....but imagine if lost more people do this!
I am hoping I have moved these two loans by the new year!!
Would love to hear other peoples experiences.
I thought I would post my experiences on refinancing.
As per some of my previous posts, it looks like I am closer to refinancing two of my loans with ChoiceLend at 6.69% for two years. Note the cavest here is that you need to have a LVR below 65% to get this loan....anything up to 80% attracts another 0.1%.
So far, my experience as follows:
1. Loan 1 with OnDirect (a discontinued subsidary of ANZ)
Initially, the call centre guy said that I had to pay a $1000 exit fee on top of an administration and settlement fee (about $320). I decided to complain via the customer relations Department.....and surprise surprise got a call at 8:30am today informing me that $1000 is waived...but $320 stands.
So based on that I this and a $550 refund of the commission....it will cost be about $250 to exit this loan!! Based on my calculation the payback on this loan is about 4-5 months. I expect rates will go up further so this may come down further.
2. Loan 2 with CBA
This has proved to be an absolute pain....have logged a couple of complaints and will keep going till i get resolution. So fat they have informed me it will cost me $1445 after the comm refund about $575..it will cost be about $870 to exit the loan...about a 1 year payback at this point. But I am DETERMINED TO LEAVE the CBA.
Well....it is worth it....in my eyes ABSOLUTELY....I don't want to be one of the many who whinge but do not do anything. I am also planning to pull everything off the CBA and move all my business over the next 6 months. It probably won't worry them ....but imagine if lost more people do this!
I am hoping I have moved these two loans by the new year!!
Would love to hear other peoples experiences.