Home loan lenders and banks have been making use of new APRA regulations/requirements to increase rates across the board. While in some cases this may be justified I remain sceptical. It’s all too easy for lenders to jump on the bandwagon and increase profits when an opportunity presents itself.
There’s not much we can do other than to see what other cheaper/better options are available. There is also no point in jumping out of the “frying pan into the fire” so any consideration to refinance your loan should be weighed up over the longer term. Sometimes it is possible to save substantially and I would like to give you some information about a product from BankWest (owned by Commonwealth Bank).
The reason this product I believe is worth considering it is that it is a very competitive fixed rate loan – this means that over the short term (3 years) the lender cannot increase the rate and you have the comfort of a great rate and the certainty of knowing exactly where you stand. – As it is part of a package – at no extra cost – you can split the loan into part variable and part fixed giving you the “best of both worlds”.
This loan is available for owner occupied loans only.
It goes without saying that before making any decision on a new loan I would like to run through it with you to make sure that it will be to your benefit.
In a nutshell the details are:
- 3.95% fixed for 3 years ( as at 23/11/2015)
- Nil application fee
- $395 annual package fee
- 40% offset against fixed rate loan
- Extra repayments on fixed rate loan up to $10,000 per year
If you would like more information or would like me to run a comparison for you to see if it will be worth your while – please do not hesitate to contact me anytime on 0411 875504.
KEITH MARSHALL | DIRECTOR
AUSTRALIAN MORTGAGE AND FINANCIAL ADVISERS
The information provided in this page is general in nature and does not constitute personal financial advice. The information has been prepared without taking into account your personal objectives, financial situation or needs. Before acting on any information you should consider the appropriateness of the information with regard to your objectives, financial situation and needs. You should seek independent advice from your financial adviser before making any decisions.
AUSTRALIAN MORTGAGE AND FINANCIAL ADVISERS (AMAFA)
Phone: 07 3378 2056
Fax: 07 3378 2069