Browse Forums Home Finance 1 Jul 24, 2009 2:54 pm Guys, As many of frustated people , i am stuck with CBA on a fixed rate home loan. My rate is fixed at around 8% and everytime i look at current fixed and variable rates my heart sinks. Is there any way to come out of fixed term loan or re finance it without having to pay breakup cost to CBA?? Its very diffcult to imagine that i would have been savings 200-300 $ per month had i not fixed my home loan.. Any way arounds ?? Re: Refinaning a fixed term loan 2Jul 24, 2009 5:07 pm Absolutely no way of breaking the loan without a substantial cost to the Bank. Look at it this way - they are getting almost 3% more off you then someone on a variable rate - if you were the Bank would you let that money walk out the door without a breaking cost? It isn't necessarily right but that is the bad side about fixing your loan during times of uncertainty. Some things are worth waiting for. Refinancing fixed term loan 3Jul 24, 2009 5:20 pm namz Any way arounds ?? Let's put it this way; if there is a way it's the best kept secret. This issue is often on current affairs shows. Every time one of my customers considers it they get the pay out figure and get me to do a calculation of how long it would take to start benefiting from the refinance, they change their mind and stay put. Re: Refinaning a fixed term loan 4Jul 27, 2009 7:19 pm My advice would be to stick it out thats what I am doing.we have fixed rate loan 0f 9.20per cent due to finish august next year.about 1 month after we signed rates started to come down.We look at breaking it but were told in some cases people have payed as much $50,000 in fees.We figure theres only 1 year left.Theres not much that you can do so I guess you have to live with.There is one postive I feel that if rates were to back to that you know you will have no trouble making the payments as long as you have job I guess. finished building 40 square home on 5 acres with perry homes.working on the landscaping just finished pool deck with ://forum.homeone.com.au/viewtopic.php?f=31&t=2217 The biggest challenge will be if you take out a loan and then run out of money - you'll have an incomplete security and lenders do not like this so you can get stuck.… 2 19096 Thank you so much everyone. This all makes a lot of sense. I guess when you talk to a builder who butters up everything to look very polished, you get to start believing… 7 17581 So AFAIk the outcomes of the BAL ratings form part of a clause that allows them to pass these costs on to you. However the more relevant detail is how did it go from 19… 1 9153 |