All Topics / Finance / Wizzard HL

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  • Profile photo of Genesis01Genesis01
    Member
    @genesis01
    Join Date: 2003
    Post Count: 56

    Good evening all;

    Has anyone had any dealings with Wizzard  Home Loans.

    Their Rate Breaker H/L is currently at 6.46% (AAPR 6.49%)

    No Estab Fee, No Ongoing Fee & No Discharge Fee.

    May be worth a look!

    Regards
    Daryl

    Profile photo of Kipper57Kipper57
    Member
    @kipper57
    Join Date: 2006
    Post Count: 252

    That would be a honey moon period and then go onto a higher rate than a standard discount rate at the finish; often only last 6mths to 1 year ,  you need to take the whole loan into perspective.  Also they may have no discharge fee but have it disguised under a different name.  eg defered establishment fees DEF

    Profile photo of crjcrj
    Participant
    @crj
    Join Date: 2004
    Post Count: 618

    I went RateBreaker on our PPOR purchase last year.  There are initial costs of $760 and a deferred administration fee if you pay off the loan in the first 4 years.  Not quite as flexible as some other loans eg must make monthly payments (suited me I get paid monthly).  I was very happy with the service and efficiency.  Compared to what I could get elsewhere we're in front if we keep the mortgage for 2 years.

    Profile photo of Alistair PerryAlistair Perry
    Participant
    @aperry
    Join Date: 2004
    Post Count: 891

    Except for very specific circumstances this loan would cost most people money. Rate is a strong marketing tool, but is only one feature of a loan that needs to be considered. 

    Regards
    Alistair

    Profile photo of frankzanfrankzan
    Member
    @frankzan
    Join Date: 2006
    Post Count: 2

    Hi Daryl,

     

    The Wizard Rate Breaker product offers excellent value. It is an ongoing rate; however, the loan offers little flexibility.

     Pros

    Low rate

    Cons

    No extra repayments

    No lump sum repayments

    80% LVR

    Cannot be used for investment property
    Limited loan features

    If you want something similar with more flexibility contact me

    Frank

    [email protected]

    http://www.smartsearchfinance.com.au

Viewing 5 posts - 1 through 5 (of 5 total)

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