Im currently thinking of refinancing my mortgage so that I can take advantage of a promotion that I have seen in this months money magazine. The promotion is $500 when you refinance, and basically guarantees to beat your current home loan rate, plus they take control of the fees and rebate them back to you. I have done a fair bit of research on this, my current loan is at 6.8% and if this can be beaten and fees eliminated, I’m thinking SOLD!
What lender is it?
If it’s a mortgage manager with deferred etc fees I wouldn’t got near it.
Depending on the loan amount I could give you someone in each state at CBA or ANZ that can do the same. Dealing direct with the bank.
Banker
What lender is it?
If it’s a mortgage manager with deferred etc fees I wouldn’t got near it.
Depending on the loan amount I could give you someone in each state at CBA or ANZ that can do the same. Dealing direct with the bank.
Banker
I agree that you should only deal with a major bank, or you will regret it later when you want to change the loan, get a LOC, access equity or exit the loan.
Terryw | Structuring Lawyers Pty Ltd / Loan Structuring Pty Ltd
http://www.Structuring.com.au
Email MeLawyer, Mortgage Broker and Tax Advisor (Sydney based but advising Aust wide) http://www.Structuring.com.au
I agree that you should only deal with a major bank, or you will regret it later when you want to change the loan, get a LOC, access equity or exit the loan.
Terryw | Structuring Lawyers Pty Ltd / Loan Structuring Pty Ltd
http://www.Structuring.com.au
Email MeLawyer, Mortgage Broker and Tax Advisor (Sydney based but advising Aust wide) http://www.Structuring.com.au
mark.p1955 wrote:my current loan is at 6.8% and if this can be beaten and fees eliminated, I’m thinking SOLD!It wouldn't be too hard to beat this – as for the $500 refund, tread with caution as Terry and Banker have mentioned.
Jamie Moore | Pass Go Home Loans Pty Ltd
http://www.passgo.com.au
Email Me | Phone MeMortgage Broker assisting clients Australia wide Email: [email protected]
mark.p1955 wrote:my current loan is at 6.8% and if this can be beaten and fees eliminated, I’m thinking SOLD!It wouldn't be too hard to beat this – as for the $500 refund, tread with caution as Terry and Banker have mentioned.
Jamie Moore | Pass Go Home Loans Pty Ltd
http://www.passgo.com.au
Email Me | Phone MeMortgage Broker assisting clients Australia wide Email: [email protected]
Agreed, there are big banks who are prepared to price a loan and you have better interest rate stability. If it's a lower tier lender that you haven't heard of before, just make sure you do your research to see where their funding comes from and their history.
There are too many stories of people who are seduced by a loss leading promotion to get you in only to get killed on rates at a later stage…
Agreed, there are big banks who are prepared to price a loan and you have better interest rate stability. If it's a lower tier lender that you haven't heard of before, just make sure you do your research to see where their funding comes from and their history.
There are too many stories of people who are seduced by a loss leading promotion to get you in only to get killed on rates at a later stage…
I have done a bit of researching on the company. It’s a financial cashback company and they act as a broker purely to gather the commissions and fees that would be charged, and then rebate back to you on a yearly basis for a single yearly fee. So they are not a lender, they source the lowest rate for you and pass it on.
I have enquired with the no strings attached policy to see what the outcome is. If I can reduce the interest and receive extra cash, its an extra incentive I guess. But I agree, when it comes to lending and so forth, haste is not an option.
I have done a bit of researching on the company. It’s a financial cashback company and they act as a broker purely to gather the commissions and fees that would be charged, and then rebate back to you on a yearly basis for a single yearly fee. So they are not a lender, they source the lowest rate for you and pass it on.
I have enquired with the no strings attached policy to see what the outcome is. If I can reduce the interest and receive extra cash, its an extra incentive I guess. But I agree, when it comes to lending and so forth, haste is not an option.
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