Hi everyone,
I am new to this home loan business, I have given these quotes by a broker,
Background:
First home
Property price- 590,000
20% deposit- 118,000
After discounts,
Commonwealth bank
Variable Rate – 4.3% (5.6 with 1.3 discount)
2 Year fixed -4.09%
3 Year fixed -4.19%
Annual Fee 395$ME bank
Variable Rate – 4.09% (4.88 with 0.79 discount)
2 Year fixed -3.89%
3 Year fixed -4.19%
Annual Fee – NoneSuncorp bank
Variable Rate – 4.3% (5.7 with 1.4 discount)
2 Year fixed -4.19%
3 Year fixed -4.29%
Annual Fee 395$
I am trying to make decisions,
1. Fixing for sometime vs leaving the whole loan at the variable rate
2. If fixing, 2 years / 3 years
3. What would be your preferred bank, out of the above 3 ?
I am very naive for this whole exercise and any opinion would be much appreciated.
Thank you
You know what it will finally boil down to? Which bank properly valuates your land+build (am guessing you are building) quote.
Our first 2 bank valuations came back lesser than the price we were paying. Third one was undervalued by $20,000 again. We just decided to pay the difference from our pocket.
check these things to compare the banks:
- application fees
- account keeping fees
- free offset account
- lots of branches, a lot of builders will want you to bring your final cheque during handover. So you should be able to sort out the banking paper works, ask for the final cheque, and go pick it up from a branch.
We finally went with Suncorp with 0 annual fee etc.