I found this offer on finder.com.au.
1 Year Fixed Special. New Borrowings Only. Drawn down before 30/6/15.
Based on Sydney median house price, this product could save average borrowers thousands, even taking into account the refinance cost after honeymoon rate expires.
Any recommendations or comments from existing customers?
Yep 4.53% is a killer and then after the year is up their variable rates aren't that competitive either.
I dont think looking at comparison rate on fixed rate loans gives you the full picture. Generally the comparison rate will take into account the variable rate for the remaining term of the loan, but youll be free to switch lenders after the fixed rate is up.
This. If you can save 15 or 20k in the first year and bugger off with no penalties then it's a very sweet deal. The comparison rate is based on 25 years, you'd be a mug to stay with it that long. In fact you are a mug if you aren't shopping around your loan every couple of years anyway.
no establishment or ongoing fees. sounds like a great deal for 1 year, and then revisit. no offset but unlimited redraw
All the above, but be careful of the so called 'bubble in housing' . We need to look at terms -WHEN housing prices drop, and you wish to change without revaluation.
. Further the terms and conditions could mean that if there is a fall in security valuations you may need to have further lending ratio contributions, increased mortgage insurance, or demand to clear the debt.
.. Harsh call, but it has happened in some complex cases and the 'terms and conditions' may call for it.
Give me the deeds to your ranch. Evil black hat cowboy.
I think I need to close my transaction account with these clowns.
Every other financial institution is starting to tighten their lending whilst this place is advertising bait rates.
again…..look at the comparison rate
not a deal….sorry