I am looking to refinance my home loans.
Currently I am paying variable (principal and interest) 4.49% on $515k for the place I am living in now, and 4.69% on $442k for investment.
I am with St George bank. I believe I am paying a lot more than the current home loan market rate.
If you guys can give me some advice, I would really appreciate that.
your rates are actually pretty good for a commercial bank. I don't really pay too much attention to bank rates these days but if you're prepared to move to an online lender, I'm with www.loans.com.au
They've been around for a while and they're pretty good. Since you have both a home loan and an investment loan, they'll package them together and give you the home loan rate of 4.14 (full offset variable) on both so it's a big win. Not sure of the specifics because I only have an investment loan at the moment but speak to them.
You get an on offset attached to the account (or multiple if you split your loan up) with a debit card. A few hundred to set up but zero ongoing fees. Website is a bit slow but that's worth several thousand dollars saving each year. I'm a little annoyed that the investment rate has jumped so much recently (im on 4.47%) but it's still lower than the rest.
I used to be with St George, and even with bargaining a 1.05% discount it was still a crapload more expensive. The thing is, with any big bank, the $350 annual fee is wasted money. It's 10,000 over the life of the loan and I could not care less about a "free credit card" since I have plenty free cards with FF rewards anyway.
So scrap the banks and pick a safe online one! (eg loans.com.au, ING, Ubank etc)
Broker here.
It depends on what you want and what your LVR are for your current loan that you can get the rates accordingly.
There are rates available on the market for around 4.1x to 4.2x depend on where you look for oo and investment. Talk to a broker they will help you :
What are both properties valued at?
Recommend that you not finance both properties through the one lender. Cross-collateralisation and "all monies" mortgages can really screw you over if things go south.
Check out a broker. I use EasyLoans. Top brokers in the NT. Always truthful and honest advise
http://easyloans.com.au
These days loan documents can be courered no matter where you are
The Bank staff get paid a wage. When writing loans is your only source of income you'll go the extra mile!
I recently refinanced with Suncorp and they had a promo offer where they waived all fees and offered $1500 incentive. Rate I believe is 4.25% pa which is up from 4.09% just before the recent increase. This is for non investment property.
Your PPoE and Investment loan rate are not actually too bad. You are trying to save a few thousands (0.3% reduction ~ $3000/annum), but the cost of refinancing may end up more than that and you probably end up with lower LVR, depending on how the valuers' view the current housing market.
Recommend to see your broker or your bank and ask for better rate without refinancing. The bank normally gives out better discount if you combine the two portfolios, anything above $800k to a mill.
I got 4.41% on small pathetics loan so Im sure the OPs bank could beat that. but my investment loan is 4.73%
has anyone used matesratesmortgages.com.au?
For me, I used Naritas Finance to refinance my home loan from ANZ towards Suncorp Bank. waived all fees and offered $1500 incentive. Current rate is 4.3%. Also Naritas offers $250 each for both applicant or referrer. Please PM if you are interested to go with Naritas
Hi everyone,
I'm trying to refinance my Sydney place but recently moved to HK - anyone know of any brokers that can service people in my situation?
Thanks,
Saneo
This should be do-able. PM me if you like
Speak to your bank and tell them you can get cheaper rates elsewhere. Maybe they will lower with little effort on your part.
Otherwise a mortgage broker can really help get you better rates. They do the leg work for you for composing rates and knowing banks lending criteria.
If you want to DIY, check out http://www.infochoice.com.au/m/home-loans/variable/interest-… for comparison rates.
For reference, my loan is with www.loans.com.au