Hi all,
Quick question on my loan.
I have a variable loan with the cba and my loan is about 3 weeks away from being fully drawn.
1. Can I change to a fixed loan upon settlement
2. Can I also switch banks to get a better interest rate.
Cheers
DJ.
Browse Forums Home Finance Re: Change loan/Bank after settlement 3May 05, 2010 11:30 pm With the CBA's rate at the moment and i think it costs $700 early repayment fee along with the settlement fees, it wouldn't take you long to get your money back. Fixing your rate should be easy enough, with CBA or any other lender. I'm picking you are looking at fixing due to the rates rising but you need to look closely at the fixed rates as they are rather high at the moment. CBA's fixed rate for 3 year is 7.89 (7.47% comparison) whilst the better rates are around the 7.45% mark (6.65% comparison). Glen Re: Change loan/Bank after settlement 4May 08, 2010 4:08 pm glenglen With the CBA's rate at the moment and i think it costs $700 early repayment fee along with the settlement fees, it wouldn't take you long to get your money back. Fixing your rate should be easy enough, with CBA or any other lender. I'm picking you are looking at fixing due to the rates rising but you need to look closely at the fixed rates as they are rather high at the moment. CBA's fixed rate for 3 year is 7.89 (7.47% comparison) whilst the better rates are around the 7.45% mark (6.65% comparison). Glen there is always a catch!! VICTORY 1800, EN-SUITE, DOUBLE GARAGE, FAMILY ROOM AND ALFRESCO Land Settled: 20 July 2010 Site Scrap: 30 August 2010 Slab Pour: 20 September 2010 Frame Complete: 23 September 2010 Fascia and Gutters: 28 September 2010 Roof Complete: 06 October 2010 Lock-up complete: 28 October 2010 Plaster complete: 29 October 2010 Fix-out complete: 22 Nov 2010 PCI 7 FEBRUARY 2011 How much are you ahead in payments compared to where the build is at? Have you fully drawn down the loan? 5 11893 Hi, you've probably already resolved this, however, Commbank will probably pay the funds to you after you send evidence the work is done regardless the change in the quotes. 1 35305 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 19068 |