Westpac 3 Year Fixed

I requested a fix on one loan last week, still waiting for the paperwork to arrive.

I just called their loan centre then and confirmed that if the rate was to change tomorrow (and they didn't say it would) I have 14 days from the letter of offer to accept else any new rate would apply. Seems like a free 14 day rate lock, but let's see what happens !
 
Kewl ...

I am wandering how one could work out re-payments on a P+I when it's fixed for 3 years for a large sum. There are plenty of calculators out there just don't know how this is worked out.
 
$721,500. If it's fixed @4.99% for 3 years what would P+I repayments look like ?

Depends on loan term.

On 30 year loan P & I repayment is $3868.76 per month.

On 25 year loan P & I repayment is $4213.61 per month.

If interest only loan repayment is $3000.24 per month, no matter what the term loan is.

Hope this helps.
 
with CBA I had 10 year fixed with 10 year IO.. I think with CBA you can have max 10 years interest only. (lucky I got out of the fixed a few months ago!!! $300 exit fee thank-you CBA)
 
Could it be a scare tactic?

What happens if Oz falls into deeper recession, won't the RBA have to cut rate further down again?

Just watchingto the news now, IMF says you aint seen nothing yet, more stimulus needed, the French finance minster says we have to err on side of deficits easing to combat deflation so I cant see how they can tighten yet.
I think they are going to loossen interest rates more in Australia before this is over so Im going for best discount variable now
Look at Canada too :
Bank of Canada slashes interest rate to 0.25%


KEVIN CARMICHAEL
Globe and Mail Update
Tue, 21 Apr 2009 09:35 EDT

OTTAWA — The Bank of Canada cut its key lending rate to the lowest possible, saying the recession is deeper and will last longer than thought.

The central bank on Tuesday shaved its benchmark overnight target a quarter-percentage point to 0.25 per cent, which is “the effective lower bound,” the central bank said in a statement Tuesday because anything deeper would disrupt short-term money markets.

The Bank of Canada said that rock-bottom interest rates are necessary to fight a recession that has turned out to be deeper and more persistent than Governor Mark Carney was expecting at the start of the year.

In January, Mr. Carney was counting on multi-billion stimulus programs pledged by governments in the Group of 20 major economies to reverse the effects of the financial crisis by the third quarter of this year. Those policies are taking longer to roll out than policy makers anticipated, a delay that's exacerbating the downturn.
 
Obvously the Canadian media is more moderate in its language

Their Central Bank "shaved" 25 pts.....................our media would say 'slashed" 25 pts.

Interesting isnt it ?

ta
rolf
 
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