Keep 5yr fixed @ 5.99 or Variable LOC

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Mortgage Hunter
Participant
@mortgage-hunter
Join Date: 2003
Post Count: 3,781
January 18, 2004 - 9:10 am
I am writing one year at the 6.39% and the three year loans at 6.69%.
Surprised with that rate – any reason you chose it?
Cheers,
Simon Macks
Mortgage Broker
[email protected]
0425 228 985
Comments may not be relevant to individual circumstances. If you intend making any investment, financial or taxation decision you should consult a professional adviser.
Phil_2
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@phil_2
Join Date: 2004
Post Count: 45
January 18, 2004 - 12:06 pm
Simon, that was the rate our lender was offering, the load is less than 1 year old so I don’t think we could’ve gone elseware
Mobile Mortgage
Member
@mobile-mortgage
Join Date: 2003
Post Count: 913
January 18, 2004 - 2:05 pm
Hi Phil,
I do not wish to rub salt into the wound, but I have 5.99% One year fixed on my books, If you are locked in for one year the break costs may outway the benifits of changing lenders, but I would Sugest in the future it may be an idea to talk with a Mortgage Broker,
Kind Regards
Steven
Mortgage Broker
[email protected]
http://www.mobilemortgagemarket.com.au
Ph:0402483216
Victoria
PLEASE note comments made should NOT be taken as specific taxation, financial, legal or investment advice. Please seek professional, specific advice.
redwing
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@redwing
Join Date: 2003
Post Count: 2,733
January 18, 2004 - 3:24 pm
Originally posted by melbear:
Believe half of what you hear and none of what you see and you’ll be safe…old drunks tale ![8]
I always thought it was half of what you see, and none of what you hear?
Cheers
Mel
Mel,
When you’re that drunk… you ‘see’ and ‘hear’ things, just the other day i had a drink or two and i’m sure ‘all’ the good looking girls in the pub were looking and talking about me, and after every drink i had and went to the toilet “Hey” suddenly i was better looking.. and found ‘rhythm’
[:o)]
Actually… i once went to a restaurant and in the male toilets was a slogan above the mirror ” No wonder you go home alone”[8]
REDWING[xx(]
“The man that thinks at 5o as he did when he was 20 has wasted 30 years of his life”
Mortgage Hunter
Participant
@mortgage-hunter
Join Date: 2003
Post Count: 3,781
January 18, 2004 - 10:17 pm
Just a tip here. There is a difference between a rate fixed for 12 months and a honeymoon rate for 6-12 months.
Honeymoon rates usually revert back to the lenders standard rate for another set period. This rate is higher than both their basic rate and their professional packages.
Do your sums because a honeymoon rate can often cost you more over the set term (2-4 years depending on the lender) than had you gone for the basic variable or pro pack in the first place.
cheers,
Simon Macks
Mortgage Broker
[email protected]
0425 228 985
Comments may not be relevant to individual circumstances. If you intend making any investment, financial or taxation decision you should consult a professional adviser.