Forums / Property Investing / Help Needed! / In need of a mortgage broker

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  • Profile photo of MikkoMikko
    Participant
    @mikko
    Join Date: 2013
    Post Count: 26

    Hi guys,

    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.

    Profile photo of TheFinanceShopTheFinanceShop
    Participant
    @thefinanceshop
    Join Date: 2012
    Post Count: 1,271

    Why did you go with Anchorage? Did you have a default in the past?

    Regards

    Shahin

    TheFinanceShop | Elite Property Finance
    http://www.elitepropertyfinance.com
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    Residential and Commercial Brokerage

    Profile photo of Made_ManMade_Man
    Participant
    @made_man
    Join Date: 2013
    Post Count: 35

    Give Shahin a call. He week be able to set everything up from you. He knows what he’s taking about.

    Profile photo of MikkoMikko
    Participant
    @mikko
    Join Date: 2013
    Post Count: 26

    I went with RAMS in 2007, who then became RHG, who then became Anchorage!! I want out!!!!!

    Profile photo of Jamie MooreJamie Moore
    Participant
    @jamie-m
    Join Date: 2010
    Post Count: 5,065

    Hi Mikko

    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.

    Cheers

    Jamie

    Jamie Moore | Pass Go Home Loans Pty Ltd
    http://www.passgo.com.au
    Email Me | Phone Me

    Mortgage Broker assisting clients Australia wide Email: [email protected]

    Profile photo of TerrywTerryw
    Participant
    @terryw
    Join Date: 2001
    Post Count: 16,110

    Gee that is a high rate – you will be pleasantly surprised at the drop in interest each month!

    Terryw | Structuring Lawyers / Loan Structuring Pty Ltd
    http://propertytaxbook.com.au/
    Email Me

    Lawyer, Mortgage Broker and Tax Advisor (Aust wide) http://propertytaxbook.com.au/

    Profile photo of Shell HShell H
    Participant
    @shell-h
    Join Date: 2010
    Post Count: 32

    Ouch! That is very high.  You won't know what to do with your surplus cash  each month when you refinance!

    Profile photo of PLCPLC
    Participant
    @plc
    Join Date: 2012
    Post 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.

    Cheers

    Tom

    PLC | Phoenix Loan Consulting
    Email Me | Phone Me

    Melbourne based Mortgage Broker | Making Finance Simple

    Profile photo of Jamie MooreJamie Moore
    Participant
    @jamie-m
    Join Date: 2010
    Post 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.

    Cheers

    Jamie

    Jamie Moore | Pass Go Home Loans Pty Ltd
    http://www.passgo.com.au
    Email Me | Phone Me

    Mortgage Broker assisting clients Australia wide Email: [email protected]

    Profile photo of Richard TaylorRichard Taylor
    Participant
    @qlds007
    Join Date: 2003
    Post 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.

    Cheers

    Yours in Finance

    Richard Taylor | Mortgage Broker helping investors build their wealth thru property
    http://www.mortgagecapitalaustralia.com.au
    Email Me | Phone Me

    0-40 Properties in a decade with a unencumbered portfolio value in excess of $40M. Ask me for a copy of my API Interview.

Viewing 10 posts - 1 through 10 (of 10 total)

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