My current Investment loan with Macquarie is : $600k
2.49%
2yrs fixed P&I, 30 yrs term
80% LVR
Just started 6 months before.
Total fees for exit from Macquarie Bank is….
Discharge Fees : $400 (fixed)
Break Cost : $319.91 (which changes daily)
== $719.91 (as of today)
Looking to switch to another bank which is currently giving better rate and cashback. What are my options?
So have you actually found a better investment P&I loan which makes all the effort/cost involved with the discharge/break worthwhile?
you will have to crunch the numbers if the cashback and rate you will get is worth it.
break cost sounds way off tbh….
As a reference: https://unohomeloans.com.au/fixed-rate-break-cost-calculator…
If anything macq should be paying OP. The 2 year rate has been going up.
You locked in for 2 years with Macquarie just 6 months ago and your total cost to break out is just over $1,000? How is that possible? My understanding of fixed rate loan is that exit costs are way higher early on and can run into tens of thousands. I may be mistaken in my understanding of your situation, but for your own sake, please make sure you are working off correct numbers.
Investment loans are always higher than owner-occupied loans. 2.49% seems reasonable. Why are you looking to move banks when you are locked in?