Yes I am a dummy when it comes to finance so I would be grateful is someone who knows finance could give me some guidance
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Either a load with 1st year fixed 6.39 & variable .5 off after that, or variable from the start at 6.62 for the life of the loan.I think both look really good but which one should I take??? Hope a finance expert can help me
thanks in anticipation
[blink]JULES1
Email MeHi Jules,
Are you referring to the CBA Pro Mav package with a $300 annual fee or $495 pa for the Mav Plus package, the .5% discount applies to loan amounts between $250K to $349KYou can get .7% discount elsewhere for borrowings between $250K & $500K in VIC without the high annual fee, Cheers.
Regards
Steven
Mortgage BrokerMobile Mortgage Market
Ph: 0402 483 216
[email protected]
http://www.mobilemortgagemarket.com.auPLEASE note comments made should not be taken as specific taxation, financial, legal or investment advice.
The MAV does not give you the full discount if you take their intro unfortunately.
I often tell clients that an intro rate is only good if you are going to continually change your loan every year to take intro after intro. This is effective for those with high levels of borrowings but I prefer not doing it.
If it is a choice between an intro and a standard rate from the start, I would look at what is more important to me. Do I need the slightly cheaper rate now for one year and then a higher rate for the next 29 years or do I take a good rate for the whole 30 years.
I prefer the good rate for the full 30 years.
Robert Bou-Hamdan
Mortgage AdviserThanks Guys
Steven I have tried every trick I can think of and the lender won’t increase the discount rate further or drop the fees because its a package buy. they just seem to stick to the rules although I have negotiated a slightly higher discount.Robert thanks, I also thought this might be the best strategy to take, but seeing as it is variable I thought I might be seen as mad. So I am glad I have found someone to agree with me.
Thanks again for your opinions.
JULES1
Email MeWith most loans, there is no reason why you cannot fix your loans later if you feel worried about moving rates.
Robert Bou-Hamdan
Mortgage AdviserHi Jules,
If you don’t require a package then I would look for another more flexible lender who will give you a better discount off the SVR along with lower fees,
I have sent you a PM with some info on a lender for you to consider, cheers.Regards
Steven
Mortgage BrokerMobile Mortgage Market
Ph: 0402 483 216
[email protected]
http://www.mobilemortgagemarket.com.auPLEASE note comments made should not be taken as specific taxation, financial, legal or investment advice.
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