Browse Forums Home Finance 1 Dec 07, 2008 11:30 am Hi there,
Firsty, wish you all a very Happy Festive season (in advance). I am currently on a fixed loan for 2 yrs term with one lender (loan amount approx $200k) since June this year. Since the interest rates are going down, I am not benefiting of it. I enquired with lender to see whether I can go for variable option, they advised me that I have to pay penalty of approx $11k. What are my options? Should I go for another lender? Any help/suggestions willl be greatly appreciated. Regards, Amalner. Refinancing home loan, refinance advice, refinance help 2Dec 07, 2008 1:28 pm amalner they advised me that I have to pay penalty of approx $11k. Should I go for another lender? That break cost would typically be payable regardless of where you go for your variable rate loan. It is payable on breaking the term you have with your current lender. fixed rate break costs, refinancing home loan to variable 4Dec 07, 2008 1:56 pm amalner so what would you suggest??? stick with it for few more months?? Well, you need to do your sums, cost and benefit analysis. Check the lowest variable rate you can get, calculate how much you will save compared to what you are paying now. If the savings are not greater than your break cost, then?? http://www.homeloanoffice.com.au/calculator.htm Re: Refanancing Options 6Dec 07, 2008 2:09 pm amalner Hi thlo, OK, wil do....thanks for your time and info. It's a pleasure, that's why I'm here. Standard uninsulated double brick has an R value of around 0.7. An insulated standard 90mm stud timber frame can have an R value of around 2.7. Even if you insulate a… 17 12002 Hi there, I'm a conplete newbie to this, but I'm looking to put a floor down in my 6x9m shed. It's currently sitting on a 100mm thick concrete perimeter (dirt floor… 0 6454 Howdy all. I am looking for feedback on what people would do to maximise and make an area as flat as possible. First, out the front of the house is a sloping hill, pretty… 0 20137 |