Fixed Rate loans..........

Good to see if anz will drop the fixed rates as I have fixed rates loans maturing next month n another one with cba in May. Want to see if 2.29% is applicable to investor loan or not

 

At 2.29%, I won't hesitate. Knowing my luck, it'll be 2% next month.

 

yes I will lock 3 yr if it’s at 229%

 

I mean seriously did anyone ever contemplate that we would see rates this low? It's unfathomable!

 

That would be a first world problem You couldnt be too upset if rates went to 1.99 and you were on 2.29, surely?

 

ANZ dropped their 3 year pro pack rate to 2.64% @ 4 weeks ago... At the time it looked really cheap, but then ING hit with 2.45% and then AMP hit with 2.49% . I think WBC, ANZ and NAB are going to need to sharpen the pencil quite a bit or see volumes drop away fast

 

Well, maybe a little.

 

They can't keep up with SLAs anyhow so no point sharpening the pencil.... (well ANZ are OK)

 

I agree... 20 + business days just to look at a deal.

 

I fixed my interest rate 5 months ago with CBA at 2.99% for 3 years. I called up today and paid a break fee equal to 0.15% of the loan value. I've found previously it has been uneconomical to pay the break fee, but today it was a no-brainer.

I was told that the 2.29% OO fixed rate will take effect from 30th March and that investment fixed rates for 1,2 & 3 years will drop to 2.69%.

 

What happens if you get a fantastic low rate locked in for say 3 years and the bank goes belly up?

Anything can happen.

 

Broke fixed rate yesterday after hearing about the emergency rate cut. Had 1.5 years left. Paid $1.9k for the break fee. If I fixed it today, for the equivalent time of 1.5 years, I'd save myself 6k.

 

I was on hold for more than 1.5 hrs to speak to someone to find the cost of breaking the fixed term....bloody no luck....so much for having Aus based call centres of CBA

Who was your old bank abd who is your new bank?

 

Would you mind sharing how to calculate what the break fee will is?
Mine's at 4.09% IO with cba.

 

I was on hold for 1hr45min with cba this evening. They eventually answered at 8.15pm which is after their scheduled 8pm close

 

It's one of the world's great mysteries. Based on the difference in funding costs at the time of fixing the loan and thy funding costs for the remaining term. Only way to find out is to ask the bank for the break cost.

 

Thanks!

 

Yeah but you borrowed from them, how would you feel if it was the reverse?

 

It would be very difficult to describe the range of feelings.