Browse Forums Home Finance 1 May 04, 2010 11:50 pm Hey H1'ers, So with the Reserve Bank announcing today that they have risen the official cash rate to 4.5% (up 25 basis points), what's your mortgage interest rate? We've got a variable loan with the Commonwealth Bank, we're paying $300 a year for their MAV Package which gives us a .15% discount on their standard variable rate... following the RBA announcement our loan is going to increase to 6.66%! Who is your mortgage with, and if you've got a better deal, would you recommend your bank to those looking at refinancing their current home loans? ii Re: What's your mortgage interest rate? 2May 05, 2010 8:54 am We just got notification of our increase and our new rate will be 7.2%. This is with a credit union, I appreciate it isnt the cheapest interest rate but there are no account keeping fees, loan service fees or any other fees, all our accounts are with them, we pay no fees on any of them, B pay, direct debit etc is free - the only charge is for transferring money to other financial insitutions, very rarely do this, very occasionally if I am putting some money in DD's Westpac account. Also have re-draw facility, no penalties for extra repayments of any amount, even during interest only construction phase, or for early closure of loan - I remember we toyed with some other loans which had cheaper interest rates but very heavy break fees, especially in first 5 years. In short, yes, we are very happy with the overall deal - being with a credit union has worked for us for long time (previous morgtage etc which we actually started with Bank SA or whatever it was called then and transferred to credit union part way thru) - always pays to look at whole package, not just the interest rate in isolation. Re: What's your mortgage interest rate? 3May 05, 2010 9:06 am Risen to 6.24% Lucky enough to get employees deduction with one of the big banks through my father, who retired 1 month after we got the loan... Re: What's your mortgage interest rate? 4May 05, 2010 9:20 am I'm with St George which gives me 0.7 discount when I pay a $395 annual package fee. Works out to be 6.73% after the rise, higher than other banks as it's owned by Westpac anyway, I'm happy with the package as its offset facility is saving me a heap of interest Re: What's your mortgage interest rate? 8May 05, 2010 10:53 am DamNita 6.23% with BankWest. It is the Rate Tracker home loan and am really happy with them. This loan has redraw and offset account also. Have been with them for over 2 years, and am really happy. Me too. Although haven't heard if they've increased it with this latest rise *sigh* viewtopic.php?f=31&t=22766 - my build thread! Time waits for no man. Unless that man is Chuck Norris. Re: What's your mortgage interest rate? 9May 05, 2010 12:11 pm Before this new rate rise: 6.43% on our land loan as of 9/4 with CBA 7.21% on our construction loan as of the 28/4 with CBA (this isnt a home loan though, its a Line of Credit, so the interest rate is more. We will refinance at the end of our build to get one large home loan) Custom European Cabinets - Melbourne Kitchen Specialist PM for business details as website currently being updated! Our Crazy Owner Builder Journey! Re: What's your mortgage interest rate? 10May 05, 2010 12:50 pm We are with ANZ variable and get a 0.7% disc for being in Breakfree. Not sure what the standard variable rate is now, but last time I looked we were on 6.46% but I don't know if that is with or without yesterday's increase Blog: http://bluemistkids.blogspot.com "Never be afraid to try something new. Remember, amateurs built the ark, and professionals built the Titanic." Re: What's your mortgage interest rate? 11May 05, 2010 6:15 pm *phewww* now I don't feel quite so bad... looks like most of our loans are in the same ball-park, interest wise at least Re: What's your mortgage interest rate? 12May 05, 2010 9:32 pm Westpac 6.81% with out .7% discount........... Go Westpac (or should I say do not go Westpac) Re: What's your mortgage interest rate? 14May 05, 2010 11:20 pm was 6.43 with cba.. now 6.68%.. and we don't pay any account fees or setup fees etc.. Re: What's your mortgage interest rate? 15May 06, 2010 1:06 am The latest rise will mean we pay 6.63%, with CBA. We get a slightly discounted rate on top of our normal 'economiser' rate because when the construction loan reverted back to a normal loan, it was treated as a new loan, and the special at the time for new 'economiser' loans was a cheaper rate, for the first 3 years. Geoff - Decophile. Re: What's your mortgage interest rate? 16May 06, 2010 3:14 pm We're on 6.56% with ANZ, it's a construction loan currently on interest only (frame stage just finished yesterday). Edit: We're on 6.81% currently (May 2010). It's the ANZ variable rate - 0.6% Metricon Riva 33 - http://herlihy-riva.blogspot.com Site start 15/03/2010 - Handover 23/12/2010 9 months and 8 days (284 calendar days) from site start to handover Re: What's your mortgage interest rate? 17May 07, 2010 8:01 am Our interest only loan during our construction is in the low 7% area. In January this year we elected to go on fixed rate for two years while we were in our previous home. Right after this we sold our house and bought our land. However, the fixed rate that we signed on at (high 6% range) remains and will be our interest rate when our build is finished later in the year and will be locked in for two years from handover. In some cases this would be bad, but in the current interest rate climate we think that is a pretty good deal for us. And as our new loan will be higher than our previous, it is really comforting to know that our repayments are fixed at a good rate for at least the first two years in our new home. Painting finished, time to tile! HANDOVER - THURSDAY 3RD MARCH 2011 Re: What's your mortgage interest rate? 18May 08, 2010 3:58 pm i think these days a fixed rate is a better option since interest rates are progressively increasing. what does everyone think about this? 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 Re: What's your mortgage interest rate? 19May 08, 2010 7:42 pm Pepto471 i think these days a fixed rate is a better option since interest rates are progressively increasing. what does everyone think about this? I'm thinking that you MAY be right, but the only true indicator of whether it is the right thing to fix or not is gut feel. Howcome none of the so-called experts advised people to fix their loans a year ago? Geoff - Decophile. Re: What's your mortgage interest rate? 20May 08, 2010 11:59 pm Pepto471 i think these days a fixed rate is a better option since interest rates are progressively increasing. what does everyone think about this? nah I don't like fixed rates... very hard for you to win out.. banks will win 90% of the time.. so unless you get lucky you are better off sticking with variable. Thanks mate. Yeah good points! Leaning towards Option 3 to get a bit extra space in the cabinets but not going too crazy high (and expensive). Would require a mini… 13 40163 Broker here - legislation says that every true broker must put the clients best interests before theirs so in theory they must offer you the best options for you on their… 2 46172 The worst thing you can do is sign a building contract without a pre contract review. Over the years many people have come to me with disputes where they just signed… 0 8523 |