Which bank is offering the lowest SVR rate with 90% LVR and I/O (loan ~$430k) ?
My specific question : I have an unconditional loan from CUA fixed for 3 years at 4.84 I/O, with 100% offset. I am yet to settle on my PPOR and I am beginning to think fixed for 3 years is not a good idea. If I walk way from this, what sort of penalties would I pay, if any ?
Looking at past trends, looks like fixed rates are most of the times an indicator of what the variable rates will be. So I am thinking I will go variable now and fix it down the track.
It will be an extra hit on my credit file but I wont be able to purchase my first IP untill mid/late 2016 with my current plans anyway (and no other purchases requiring credit inquiry), so I guess this extra hit wont make a difference. Till date I have only three queries (I hope) Toyota, NAB and CUA.
My broker is just tired of me asking him all these questions and making him change my loan application a few times. I am just learning along the way and want the best in my interest.
My specific question : I have an unconditional loan from CUA fixed for 3 years at 4.84 I/O, with 100% offset. I am yet to settle on my PPOR and I am beginning to think fixed for 3 years is not a good idea. If I walk way from this, what sort of penalties would I pay, if any ?
Looking at past trends, looks like fixed rates are most of the times an indicator of what the variable rates will be. So I am thinking I will go variable now and fix it down the track.
It will be an extra hit on my credit file but I wont be able to purchase my first IP untill mid/late 2016 with my current plans anyway (and no other purchases requiring credit inquiry), so I guess this extra hit wont make a difference. Till date I have only three queries (I hope) Toyota, NAB and CUA.
My broker is just tired of me asking him all these questions and making him change my loan application a few times. I am just learning along the way and want the best in my interest.