Hi all
Haven't time to do a lot of homework as of to Thailand on hols.
Just found that an interest only loan was switched to P & I. They hit me for a $5600 principal payment.
Loan is for $750k lender is CBA on their wealth package so get a whole .15% discount.
Currently LVR on this portion of our portfolio is just under 42% with 3 properties secured against the loan, properties are worth about $600k each.
I want to put this loan back on a fixed interest only loan (with 100% offset) for 3 or 5 years. Also want to release one of the properties and end up with an LVR of about 60%.
So the question is what interest rate should I be able to achieve with the CBA and also with other organisations? How much effort will it be to move the loan?
Don't really want to apply for a new loan (with another bank) as we live of rent and be it that there is more than enough cash flow and net income most standard banks would be hard pushed to come to grips with our financial situation. It is not a nice neat one income tick the box application.
The CBA quoted me 4.44% and she mumbled when I mentioned that I wanted to release one of the securities.
Thanks in advance.
Haven't time to do a lot of homework as of to Thailand on hols.
Just found that an interest only loan was switched to P & I. They hit me for a $5600 principal payment.
Loan is for $750k lender is CBA on their wealth package so get a whole .15% discount.
Currently LVR on this portion of our portfolio is just under 42% with 3 properties secured against the loan, properties are worth about $600k each.
I want to put this loan back on a fixed interest only loan (with 100% offset) for 3 or 5 years. Also want to release one of the properties and end up with an LVR of about 60%.
So the question is what interest rate should I be able to achieve with the CBA and also with other organisations? How much effort will it be to move the loan?
Don't really want to apply for a new loan (with another bank) as we live of rent and be it that there is more than enough cash flow and net income most standard banks would be hard pushed to come to grips with our financial situation. It is not a nice neat one income tick the box application.
The CBA quoted me 4.44% and she mumbled when I mentioned that I wanted to release one of the securities.
Thanks in advance.