Refinance Home Loan

1x1hunter on 23/08/2023 - 14:13

The end of my low fixed rate mortgage is coming up in mid Sept. What's the latest best deals in the market? So far i manage to find ME bank and Bank of China (fixed) still offering $2k-4k cashback and St George at $2k.

Loan amount at 400k with possibility of it being under 60%LVR depending on how the bank value my apartment.

Looks like variable rate ranges from 5.99% with ubank to 6.39% for others. Bank of china fixed 5.99% for 1 year.

It is an investment property and but really can i just pay an owner occupier since i rentinvest? What's the risk?

Any good deals out there that anyone knows of and your experiences with bank of china, uloan and Me bank will be appreciated.

Thanks

Financial Home Loan Loan

Comments

  • Cho0028 on 23/08/2023 - 14:22
    +1

    I'd suggest speaking to a broker or even doing a quick search in the Ozbargain search.

  • Taro Milk Tea on 23/08/2023 - 14:36
    -2

    I don't know

  • geekcohen on 23/08/2023 - 14:49

    Bank of china fixed 5.99% for 1 year.

    Really?

    • 1x1hunter on 23/08/2023 - 16:14

      Yes.. Go check it out.. But only for owner occupier

  • Tee Rex Arms on 23/08/2023 - 17:04

    Back of china. Thought as much.

  • Some Human on 23/08/2023 - 17:38

    I just refinanced with ANZ to get that sweet 4k and a lower rate than BOM.

    That is finishing soon (if it not already)

  • Indomietable on 23/08/2023 - 17:55

    It is an investment property and but really can i just pay an owner occupier since i rentinvest?

    Its between you and the bank. If the bank didn't picked up on it then it's your luck. I did this for 2 years and nothing happened.

    • 1x1hunter on 24/08/2023 - 14:01

      That what i heard from others as well. I don't even know what the justification is for bank to charge different interest rate

      • Indomietable on 24/08/2023 - 18:10
        -1

        Bank interest rates are based mainly on risk factor. Bank thinks IP is riskier (ie. it can be vacant).

  • miwahni on 23/08/2023 - 22:03
    +1

    If you choose owner occupier rates then the bank won't take rental income and investment interest addback (negative gearing) into servicing. So you'll need to service on your income alone.

    • 1x1hunter on 24/08/2023 - 13:58

      I don't get you. Isn't interest on loan calculate by me when i submit my tax return?. Thought all i need to do is apply the total interest paid to my tax?

  • lgacb08 on 23/08/2023 - 22:20
    +2

    If you choose bank of China beware that currently they're taking 2 months for approval. Also their refinancing fees are higher, using the old fee schedules that most others have ditched, you'll end up with about $1000+ in fees, for reference last time if refinanced with ANZ total fees was only around $3-400.

    • 1x1hunter on 24/08/2023 - 13:56

      Thanks for this.. I was reading further into BOC and reckon they probably not for me.

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