Hi Experts,
I am looking to refinance my PPOR loan.
Currently with AMP – Current loan balance of 930K @ 2.89% variable – 18 + yrs renaming and 485K @ 3.85% 3 yr fixed with 1.5 yr appx remaining. Looking for cheapest rate, 100% offset, unlimited redraw and additional payments.
My research for re-finance led to below cheaper options
Super Saver Variable | 2.19%*p.a. Var & Comp | Reduce HL – Just 2.19%
Online home loans | Smarter Faster Simpler | Tic:Toc
Online Home Loans and Everyday Banking Accounts – UBankBoth myself and wife in top MTR bracket.
My questions
1. Is it possible to refinance, if you have a fixed-rate loan component? Will the new lender pay part of the break-up cost with the existing lender?
2. Is there any catch in above mentioned cheaper options? In future, if I want to leverage equity of my PPOR and buy investment property – does online-only lender have that option?
Cheers,
ManishGood Day Manish,
1. Yes can be possible (may very expensive to break & not make sense), ask the lender your with & they should tell you the associated costs & ask the new lender?
2. each product (loan) can have different options/fees/etc as usually fully disclosed in its PRODUCT DISCLOSURE STATEMENT (PDS)
so you need to understand each product you are looking to get into.
Enjoy your week!
Jaxon | Jaxon Avery – Financial Adviser
http://www.jpafinancialservices.com.au
Email Me | Phone MeJPA Financial Services Pty Ltd
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