dachopperMember@dachopperJoin Date: 2012Post Count: 21
Hello again guys,
Just wanted to know if any investors on here have actively switched there mortgage over from bank to bank to save money ?
and if so, what magnitude of interest rate reduction would normally be necessary to allow it to happen ?
I currently have 4 Ip’s with the same bank, and paying about 6.75% floating rate
NickJamie MooreParticipant@jamie-mJoin Date: 2010Post Count: 5,069
Investors refi all the time but it’s usually not due to the rate. It’s usually due to their current lender not being conducive to their investing needs or because a messy structure has been set up from the start.
Depending on your current borrowings and LVR, you might be able to negotiate a lower rate with your current bank with the threat of leaving.