Browse Forums Home Finance 1 May 02, 2010 12:10 am 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. Re: Change loan/Bank after settlement 2May 02, 2010 12:27 am Hi Jarqus, It's depends on which loan product you have. I'm sure you know many banks have different products to suit everyone's needs. If you're looking to change to a fixed rate they will generally charge you a penalty rate plus a reestablishment fee for the lost interest they'll make from you. If you're looking to switch banks to get a better rate... you might want to think again... CBA like any bank will charge you a fee for exiting the contract. It's probably not worth it until you've had your home loan for a few years. I hope that helps FS 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 11846 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 35189 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 18894 |