hi guys
my brother just rang and asked what is the best 5 yr fixed rate available at the moment. I checked Cannex.com.au and the best rate is 6.75%.
can any of you suggest a better rate?
regards westanAre you in Australia ?
Pisces133
6.59% is my best rate. Free rate lock too which ensures that you don’t get stung if the rates rise before settlement.
Also has facility to pay extra and redraw. All three facilities are unusual in a fixed product.
Cheers,
Simon Macks
Mortgage Broker
[email protected]
0425 228 985Comments may not be relevant to individual circumstances. If you intend making any investment, financial or taxation decision you should consult a professional adviser.
simon
what does it cost to have the facility to pay extra and redraw?
and does the leader, lead money if the
property is in a counrty town?
recoveryHI Westan,
Why are you considering fixed rate?
Cameron
hi cameron
it’s my brother who wants to fix. i did some of mine a while ago
westan
Hi Simon,
Care to share which lender?
C2
“Is it true the more you owe the more you grow until the bank steps in?“Shame you guys didn’t ask a week or two ago as we could have locked in 0.25% cheaper. Still a great rate at 6.59% though.
So we got free redraw with no minimum amounts. Up to 20% of the principal can be paid and redrawn over the fixed period – if you want to pay more in then I suggest a split with some on variable – the rate here is currently 6.19%.
Fees are $400 app fee and $200 per val. No annual or monthly fees.
Lender is the National Mortgage Market which are a subsiduary of Bendigo Bank – the broker arm if you like.
Cheers,
Simon Macks
Mortgage Broker
[email protected]
0425 228 985Comments may not be relevant to individual circumstances. If you intend making any investment, financial or taxation decision you should consult a professional adviser.
I have a two-minute philosophy that I would like someone to challenge, if you want to that is!
I’m not an economist, and certainly do not spend days pondering the movements of the financial markets and all the things that drive interest rates.
So, assuming that I don’t know any better than an economist who sets rates for a bank, why would I not believe that they would know better the appropriate interest rate averaged over, say, five years – and have set it that way. In short, why would I think I can beat the banks?
Possible cases against? There are different drivers for fixed and variable rates? So I can lock in a set payment figure for five years? Any others?
I believe Credit Union has an offset facility at the moment which is fixed at 6.3?%, however I have a feeling it’s only over a three year period. That’s fdefinately the lowest I’ve seen at the moment. [
]Alexander,
The lender I am describing offers 3 yrs fixed at 6.29%.
Rubbachook,
I don’t disagree with you nor do I think your viewpoint is still 100% valid (can I have it both ways?). Up til recently I didn’t advocate fixing but it seems to be what the market is demanding. I fixed my loan last month at 5.89% for three years. I cannot imagine regretting that anytime during that three years.
Cases against? Loss of flexibility. Break cost if the variable rates drop well below the fixed rate. In some fixed products you cannot pay extra – but not in all cases now.
Cheers,
Simon Macks
Mortgage Broker
[email protected]
0425 228 985Comments may not be relevant to individual circumstances. If you intend making any investment, financial or taxation decision you should consult a professional adviser.
Hi
I fixed my for 6.3 (National Bank) a couple of months ago
I can not redraw or pay extra
I try to get a better rate, but only the big banks would lend to regional towns
dont know if fixinf is the right thing, I have found when the Banks put up the fix rate without
writing to you they think they are going up
wheen the banks write to you about fixing rates
it is a good time not to
RecoveryRubbachook, the fact is that even though economists have more facts at their fingertips than any of us, they still don’t necessarily get it right better or more often than anyone of us.
What are we to think if one bank puts up their rates whilst another bank reduces their rates.
Or, what is more often the case, one bank changes its rates whilst others remain at the same rate level as before.
Both sides have economists working for them, advising them. That just goes to show how complicated the process of forecasting is (because of the many and constantly fast changing conditions influencing the rates).
Pisces133
Hi
does anyone know were I can obtain
a grath of five year fixed rates for the last 10 years
recovery
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