3.88% Fixed for 2 years P & I with NAB - Seems like a good rate?

wow even the big 4 is offering 3.88% for investment loans!?!

my offer from mackquare at 4.89 seems badddddddd

 

Yeh seems they really want to entice you onto PI payments.. once it's down to a certain amount, I'm sure they will raise rates again.

 

westpac got a 2 year introductory rate of 4.18% on P&I investment loans
no offset.

First option investment home loan | Westpac

 

If my IP loan is 500K, will CBA offer me 3.88% for 2 years fixed?

 

3.88% seems a good rate for me, currently I am with NAB for variable IO at 4.89%.

My IP loan is 500K, will NAB offer me 3.88% for 2 years fixed?

 

You need to be careful when doing this - make sure servicing will allow you to refi out when the rate reverts.

So much to consider over and above rate.

 

Probably - ring them and ask! They definitely will if your lodge a discharge form.

 

I'm an expat and just made a purchase, which included leaving St George with an existing property (who upped my IO variable rate 200 basis points from 4.95 to 6.95 - will not be going with them ever again lol), and now am with ANZ breakfree package which has P&I variable rate 4.55 and just fixed most of my loan splits at 2 years P&I at 3.88% and the last split which has offset attached fixed for 1 P&I year 4.29% since the ANZ fixed rate allows offset if fixing up to 12 months.

If no need to change lenders for 2 years, I would say this rate is pretty sweet.

Mine went from 4.95 to 6.95 in one letter from StG. Thank god I did not have 750k or 1m in debt with them (and that I was refinancing when the letter came).

Of course re-set for 30 years. Do that at every possible opportunity you have.

 

Wouldn't hurt to try. As @Jess Peletier said, they probably will when they see a discharge form. On $500k, it would save you $5,050 in interest a year. Just keep it mind you'll be switching from IO to PI, so make sure you can afford it, and it works with your investment plans.

Im on 4.89% IO for my CBA loans atm, but no good for me yet; I still got big PPOR loan

 

Before you rush into this it's important to get your portfolio reviewed and chat about future plans with your broker - depending on your servicing you may not be able to refi or change back to IO so make sure it's a good decision for the long term, not just the next 2 years.

 

Cheers Anthony, 6.95% is criminal! Mine was initially 4.59%, mail of any increase wasn't received so lucky for me I randomly noticed checking the statement online. I'm still yet to hear from my broker here if switching is an option due to tighter non-resident servicing. & then still torn between paying down loan with P&I which cash flow at present can manage or as Jess mentions looking longer term whether reverting to IO may not be an option.

 

Ok so the broker has returned with ANZ not being able to service with the foreign income so that leaves having to remain with St George on one property & the crossed loans with Westpac. St George on offer has 4.68% P&I variable / 4.19% Fixed P&I for 2 years / IO variable 0.54-.64% higher / IO fixed 0.3-0.5% higher.

My head sways me to the 4.79% IO fixed for 2 years, sure helps cash flow compared to the current 6.22% I’m currently on. Sound ok?

Another big question is do we believe Morningside (South east Brisbane Townhouse) is a quality suburb to hold onto for the coming few years (maybe for another forum)? Currently I’m out 6+k yearly in cash flow, the 5k depreciation schedule then helps bring this back. My wife not surprisingly says sell! Any thoughts would be super appreciated!

 

Cool will do Y-Man, whether I hold this property will help to decide if & how long I lock rates in. I can't imagine variable rates dropping below the current fixed period in the foreseeable future so the numbers would suggest fixing

 

Hey is anyone here being offered CBA's 3.88% P&I 2yr fixed, for investment loans?? I'm on the phone to them now (and am a Wealth package customer, if that helps?); and they seem flabbergasted that I'd even mention an investor rate with a 3 in front of it!

Would love to know if anyone was able to secure this from CBA?

 

Yep - floating around 3.88-3.92% depending on what way the wind blows that day. It has to be negotiated so unsurprising their first response isn't to fall over signing you up for it.

Get your broker onto it, they'll be able to get pricing down and you all switched.

 

Key is to mentioned the other major banks that's offering it

 

The big hint when trying to get a pricing request done - CBA doesn't put much weight in competing against 2nd tiers.

 

Yes they have always been big on matching OFI, finding since the recent update it's more lender specific.

Before was more tier, now you need to make sure you get the right lender to match also.

Right now NAB 3.88%

 

Yes I've done this for my clients