MikkoParticipant@mikkoJoin Date: 2013Post Count: 26
I have just finished a 5 year fixed term of an unbelievable 8.54% with Anchorage home loans, and it has now reverted back to 6.71%. I am now free to exit – (with a discharge admin fee of $590) and am looking to move across to a much lower rate elsewhere.
Any tips as to how I should go about this?
Mikko.TheFinanceShopParticipant@thefinanceshopJoin Date: 2012Post Count: 1,271Made_ManParticipant@made_manJoin Date: 2013Post Count: 35
Give Shahin a call. He week be able to set everything up from you. He knows what he’s taking about.MikkoParticipant@mikkoJoin Date: 2013Post Count: 26
I went with RAMS in 2007, who then became RHG, who then became Anchorage!! I want out!!!!!Jamie MooreParticipant@jamie-mJoin Date: 2010Post Count: 5,065
At least the five year fixed term has expired at a time when rates are quite low – I'm sure your cashflow will improve once you get onto a more competitive product!
It sounds biased but I'd contact a decent broker, have them assess your situation and make some recommendations. At least with a broker you get access to a range of lenders/products.
You might even get a cash rebate for refinancing depending on the lender.
JamieTerrywParticipant@terrywJoin Date: 2001Post Count: 16,110Shell HParticipant@shell-hJoin Date: 2010Post Count: 32
Ouch! That is very high. You won't know what to do with your surplus cash each month when you refinance!PLCParticipant@plcJoin Date: 2012Post Count: 400
I've had a fair few of these come to me to refinance the last few months. It seems that a lot of people at the end of 2007 and early 2008 were scared of the high interest rates at the time and expecting rates to increase further decided to lock them into long term fixed rates.
Fast forward 5 years, the GFC and record low interest rates, all these people who have had high repayments can finally breath a sigh of relief as they exit their term loan and refinance at much lower rates.
I think you will see many more of these 5 year fixed deals expiring in the next few months as well.
TomJamie MooreParticipant@jamie-mJoin Date: 2010Post Count: 5,065
Yep, have seen quite a few as well.
Most recent being a WBC client who was fixed in the 8s for a number of years! Still has a while to go before it ends.
Crazy to think that they're currently offering sub 5s at the moment.
JamieRichard TaylorParticipant@qlds007Join Date: 2003Post Count: 11,992
Yes the beloved RHG.
i had two forum members contact me this week alone wanting to get out of RHG.
Course this is the bit that Westpac didn't want to pick up when they did their big shining white knight act and bailed out the old RAMS.
You can certainly do better.
Yours in Finance
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