Cheapest investment lender

Im currently paying 5.12% interest only on $2.6mill (11,000/month)

Anyone know of a lender who can do around 3.6% interest only variable for 5 or 10 years

It will save me about $4k per month.

 

Have you requested a discount from your current lender? Your rate is quite high so it might come down with a quick phone call and a threat to leave.

3.6 is hard to get for P&I owner occ

Cheers

Jamie

 

Agreed, ask your current bank first. Variable interest only is going to be a fair bit higher than the 3.6% you're seeking @Westnblue

It's tricky for us to throw rates around without knowing full details so you're better off speaking direct to a broker. At a guess though you'll be looking at somewhere in the 4s which I know is a pretty big bracket but there's too much variability to narrow it down without further info.

 

From your previous posts I think a super cheap rate is the least of your concerns - being able to refi at all seems to be a hurdle for you, unless I've got the wrong end of the stick?

Even if you could, 3.6% is unrealistic for INV IO, assuming you're referring to INV lending. It's more in line with PPOR, P&I.

 

www.ratecity.com.au
Sort low to high

Who needs a broker???

 

If you find one, send them my way. Maybe I'll be able to negotiate them down a percent or two, 1.6% sounds about right to me.

In all seriousness though, you should be able to get 3.89% P&I which would have repayments similar to your existing IO loan, but you're paying it down at the same time. That's the route I've taken and would take again (even with my trip up along the way).

 

yeah im thinking doing this. im servicing on p&i anyway.

ive found a few that do 3.65% as intro for first year then 4% after but thats for refinancing investor.

Rams have agree to drop my rate to 4.99% but still not good enough.

 

You might want to expore some p&i inv fix rates as most banks are offering some pretty good deals at the moment on fixed inv p&i

 

I have plenty of clients switching to fixed inv P&I paying out similar or less cash, it may be a good time to take advantage and pay down some debt.

 

Rams have got me on 4.1% IO one loan and a 3.75% P&I Oo loan.. around 1.1m - within the last 2 months.. I’d try get onto a better contact within rams because your current one isn’t doing you much favours they should be able to offer something similar