joeyjoejoejuniorshabadoo

knew it before I scrolled... I would have been pissed ifnot was something else

$300k because mohsen

too modern... I'm still running 3's

should have used ABEC3's instead bro indestructible

take the evo simon... make it fair

would be if you weren't made aware when signing a fixed rate contract...

Technically no, exit fees are fees added to a loan if the contract is broken and are associated purely with the loan exit. Economic costs, although often charged in a lump sum at loan termination are not fees, but costs that were due to be debited to the loan over a period of time and not an addition to your standard contractual repayments. You can also be charged economic costs if you wish to simply terminate the fixed rate and return to variable on the same product (not common)

yeah, there is a cap (usually $10kpa) for extra payments on fixed interest loans. so you can only pay $200/w extra max. Problem is if you break the fixed interest period there can be massive economic costs incurred and this is something that banks are VERY conservative about wavering no matter what the circumstance. Reason being the money was purchased up front by the bank at a specific rate when you borrowed it and the repayments are calculated based on that. By paying it out early the bank may not see the return required to cover what they paid, and it will certainly reduce the profit in any case. It is also to prevent people from constantly refinancing to a new fixed rate every time there is a drop and then leaving it when it rises.

Not to mention you if you go fixed rate you can not sell for any reason until the fixed period is up without getting absolutely f**ked on economic costs

It's the general rule for most loans with an IOL component.

Bad idea, because risk. I deal with people every day who were in dezz's position (dezz used as example as pat's comment directed towards him) then got sick, injured, fired etc etc... You never know what the future holds.

Nah can do IOL as a line of credit facility over standard contract length. It's not something we ever recommend for owner occupiers or amateur investors. Most loans revert to P&I after 5 years max

could be... happens more than you'd think, in the other direction too...

custom

it's the beard isn't it

The housing market is where Al and I swap. Here he's all "spend spend spend, don't worry about the future" and I'm 100% conservative. Lol

Better move to have a 400k investment prop geared at 80% than a $500k investment prop geared at 95%. It's not like you are living in it enjoying the nicer peoperty.

With higher risk and likely worse rates. No one (virtually) is going to lend at 95% without LMI which at $400k will slug you an extra $8-10k As an investment property that you may want to sell at any time depending on the market it is unwise to gear it so highly. For an owner/occupier it's more logical as you intend to live there for a while.

We don't lend without a full val. Contract price could be anything.

Just go in with U bank's offer and tell them you will jump ship but would like to see if they can match it or at least come close as you really like the CBA service. They wont beat it, but they might drop your rate

The lower the better. That's all you need to know

CBA, just speak to them. They are some of the best with rate matching. Their bankers have more pricing discretion than most.

Bank valuations should never be made privvy to the client although some banks allow it. It's for litigious reasons. I wpuld never let a client know... you think it's bad for a house try explaining to someone you aren't telling them what the commercial val is when you just charged 10k for it

Its a differences ballgame when you drop below 80% (reason being banks apply shading so for a standard property we view this as 100%)

I wouldn't worry... it's owned by usThe only downside is there is no customer service... but what service do you need really? It's not like you call the bank to check in on your homeloan and have a general chat.