Residential Investment Rate Review (6.02% P&I Variable)

bluespider on 05/04/2023 - 17:05
Last edited 05/04/2023 - 17:32 by 1 other user

I have about $600k residential investment loan with Macquarie Bank @ 6.02% P&I variable.

Looking for options to move to the other bank with better rate and cashback (if possible).

Appreciate your recommendations.

Comments

Drakesy on 05/04/2023 - 17:24

+1

Sheesh $36k in interest a year.
Almost $700 a week rent before even making anything.

Banks would guarantee a better return
- brendanm on 05/04/2023 - 17:30
  
  You're forgetting the capital gains.
  - Drakesy on 05/04/2023 - 17:32
    
    +3
    
    I was going to include them, then realised OP was in Sydney.
    - brendanm on 05/04/2023 - 17:33
      
      +3
      
      Capital loss then. Plus the pain of living in Sydney. It's really not fair.
      - Drakesy on 05/04/2023 - 17:34
        
        @brendanm: Good point.
      - El-Rhi on 06/04/2023 - 06:44
        
        @brendanm: Depends when they bought.
        
        brendanm on 06/04/2023 - 07:08
        
        @El-Rhi: It was a joke.
deme on 05/04/2023 - 19:04

Appreciate your recommendations.

Sell
netjock on 05/04/2023 - 19:48

+1

How much deposit you got? Bank of Australia with 80% loan is 5.4% with offset. 5.25% for basic.

Depends on whether you want fancy features. Ubank gives you 5.34% + $4k cash back.
Gotchas on 05/04/2023 - 21:01

+1

Are cashbacks on investment loans taxable income ?
How many cash backs/ refinances can one do per year ?
Ghost47 on 07/04/2023 - 15:31

Get a second job.