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
DarylThat 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
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.
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
AlistairHi 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 featuresIf you want something similar with more flexibility contact me
Frank
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