AMP IP Rates

Finance is not my strong side

ive just discovered/had my head buried in the sand, im paying 6% on a IP Loan PI

ive asked them to discount it they said 3.XX is not possible ,the best is 4.97, maybe a tad less,

unfortunately, im not in a position to refinance,

is this a good rate, and what is usually the best way to get a good rate?

edit: I actually forgot taht I have 2 loans with them, but didnt tell them that ,so I might be able to get a better rate if negotiating with two

 

No, but...

Potentially look at switching to P&I, or maybe fixing? If you are really not in a position to refinance, then you don't have much choice. Have you checked with a broker?

 

I have not, however since its not a refinance, then the broker wont get any commission so I feel kinda bad asking them

currently on PI trying to get it as low as possible, any suggestions please?

 

Tell them you need to get to x% across both loans and if they're not able to help ask them where to find a discharge form.

Ultimately 4.97% is better than 6% but they're writing new IP P&I business in the low 4s.

 

I have IP with AMP on P&I

Variable was paying 4.48% but just switched to 2 year fixed at 3.82%

 

that is a good rate......jealous!

 

Why can't you fix? You got a full offset account?

 

happy to fix for a low rate too, even for 5 years

 

Brokers are still paid on a refinance, same as a purchase If you can't refinance a broker can at least help you get the rate down.

 

im not refinancing, just negotiatin a lower rate

 

If you contact the broker who set the loan for you, they usually quite happy to help

 

Unfortunately I've lost contact with them, plus i think theyre no longer active

 

If you are happy to fix just give AMP a call...3.82% is the published rate on their website for 2 & 3 years fixed under the professional package (Investment, P&I).

 

Thanks At that rate. I'd certaibly be happy to oblige

Lets hope they don't give me some bs excuse as to why im not eligible

 

If you cant refinance. Your best option is to ask for a good rate, bare in mind they dont know you cant refinance so just provide them with some competitive rate on the market atm.

The other thing to think about is if you want to keep it as variable or fixed. There are some good rate out there even from the big 4. Personally I am looking to lock down 4.09% fixed IO with cba for 2 year through negotiate rate from variable 4.89% IO.

 

@3.82%, I'm very tempted to fix mine for 3 years...just worried rates may fall if the RBA drops teh cash rate in June/July. Do it now or wait?

 

May i ask from which lender?
Not sure interest cut to variable will impact fixed rates though.

 

AMP. Per this thread.

 

interesting!

called up amp, apparently im on the basic package and not the pro package that Vassago mentioned,
they said they could change me to it however there is a $350 change fee as well as a $350 annual fee, (I dont pay an annual fee at moment)

they had a special for 3 year fixed for 3.99% with no change fee on the basic package so took that,
pretty happy

 

With offset attached to each loan?