Best interest rates in the market in 2021

Discussion in 'Loans & Mortgage Brokers' started by thunderstrike888, 6th Jan, 2021.

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  1. thunderstrike888

    thunderstrike888 Well-Known Member

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    Just a note for the guys looking to lock in their interest rates or reviews coming up.

    Please please make sure you guys double check the term when the new rate comes into effect. CBA screwed up and took off 5 years off the loan term for ALL of the properties. I nearly had a heart attack when I saw the new repayment amounts.

    So basically a home with 23 years remaining they were calculating the repayment amount using only 18 year term remaining. I have no idea why or how that happened but just some advice for you guys to check.

    When you multiply this error by 9 loans just with CBA well that is a considerable amount of money that's better in my pocket. They fixed it very quickly within 48hrs but if I didnt pick this up it I dont think they would have either.
     
    Propin, Francesco, Anne11 and 3 others like this.
  2. menty

    menty Well-Known Member

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    CBA gave me 1.79 2y fixed OO P&I, but wanted 2.91VAR for their OO.
    Are the lowest 2year fixed rates for Inv P&I still 2.24 or is there lower? I can switch those loans to 2.29% easily but want to see if there would be more movement.
     
  3. Lindsay_W

    Lindsay_W Well-Known Member

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    How much of a difference is 0.05% interest going to make to your total repayments?
     
    Parkzilla likes this.
  4. menty

    menty Well-Known Member

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    Maybe they will give more than 2.24% for 2y fixed P&I, as when I called CBA they dropped it lower than what I was asking
     
  5. Thrifty

    Thrifty Member

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    Hi everyone,

    Just checking what’s the best discount below SVR that anyone has negotiated with the 4 major banks and other key banks?? Thanks
     
  6. Switchtronics

    Switchtronics Well-Known Member

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    What's everyone's thoughts on current rates? Alot of fixed rates above 3 years seem to have factored in increased pricing.
     
  7. thunderstrike888

    thunderstrike888 Well-Known Member

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    I would say if you can lock in now to do it. Banks are hiking 3, 4 and 5 year loans now and it will probably keep rising next year especially the longer term rates.

    I'm glad I made the right choice locking in 2.19% for 3 years. I cant get that rate same today not from CBA anyway.
     
    ChrisP73 likes this.
  8. Dave Radelaide

    Dave Radelaide Well-Known Member

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    Yep 1.89 for 4 years last month looking good now.
     
  9. Thomas007

    Thomas007 New Member

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    Bank of Melbourne?
     
  10. Dave Radelaide

    Dave Radelaide Well-Known Member

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    CBA.
     
  11. Coolbeans

    Coolbeans New Member

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    Nsw
    Any opinions on macq ppor rate variable at 2.34% pa. Is that a good rate for a bank?
     
  12. andy ngo

    andy ngo Well-Known Member

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    CBA offer me

    PPOR: 1.79 FIXED 2 years 2.58 variable

    INVESTMENT: 2.29 FIXED 2 years 3.14 variable

    anyone get a better rate for investment ?

    thanks
    regards
     
  13. philm

    philm Member

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    Existing CBA customer and just got:

    2.83% variable for PPOR $290K @ 45% LVR. Was hoping for better than that.
    2.85% variable for IP $310k @ 60% LVR.
     
  14. andy ngo

    andy ngo Well-Known Member

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    wonder why don't you fix?
     
  15. David Hui

    David Hui Well-Known Member

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    Worth a look elsewhere? Assuming your current income/position is okay for a refinance it would definitely be worth speaking to a broker to see what deals are out there for you.
     
  16. bythebay

    bythebay Well-Known Member

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    You should be able to do a little better on the investment variable with The other major banks but may not be worth the hassle of refi.
    The other rates look good.
     
  17. Clive Palmer's Yacht

    Clive Palmer's Yacht Well-Known Member

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    Settled PPOR with SGB at 1.84% 4yr fixed (plus some at 2.44% var with linked offset). 2x inv IO loans (not crossed security) with BCU at 2.29% 3yr fixed, which I think is still available..
     
    ChrisP73 likes this.
  18. philm

    philm Member

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    I just finished a 1yr fixed term at 2.29% and was just looking for the best variable rate that i could get with them. About to do some debt recycling and may fix part of it again at 2.09% for 1yr once I have sorted that out.
     
  19. alps

    alps Well-Known Member

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    Think I need to start shopping.
    I've always liked the flexibility of variable rates and plan to stay that way.
    Currently with CBA on 2.7% with PPOR and 3.28% with IP, with no cross collateralisation.
    Last reduction I had from CBA was when I approached them in Nov '20 and even then they couldn't match the rate Wespac were offering me at the time (2.54% and 2.89% respectively, with a $5k rebate back then)
    Been holding off a little because I will need to consolidate my PPOR lot titles soon (which is going to give the bank an even better LVR :( ) and IP loan is currently linked to IP property currently on the market (feeling the market till EOFY and seeing if there is a buyer).
    Any advice?
     
  20. Gen-Y

    Gen-Y Well-Known Member

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    I have just locked in with SGB on 1 IP fixed for 2 years at 2.29%
    I can't see it drop any lower from the big 4 banks.

    Time to just chill and let the market do their things.