I am in Melbourne, suffering in lockdown, and I want a haircut.

Discussion in 'Loans & Mortgage Brokers' started by Harry30, 8th Sep, 2020.

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  1. Harry30

    Harry30 Well-Known Member

    Joined:
    4th Aug, 2017
    Posts:
    792
    Location:
    Melbourne
    Approaching the 6 month point of a new loan.

    Is it worth a phone call to the bank seeking a 0.1% haircut.

    Hairdressers in Melbourne are all closed, so the only organisations I can approach to take a haircut are the banks.

    Some questions for the brokers out there:

    1) Is 6 months the right time? My experience is that banks will not look and adjust the loan unless >6 months.

    2) In the current COVID era, are banks more willing to give a haircut? (or less willing).

    3) Does being on a 3 year fixed rate prevent you getting a haircut? Assume you don’t need to break and refix.

    Loan is in good order, low LVR (<50%), P&I, OO, multiple millions.

    Would be happy with 0.1% off.
     
  2. wylie

    wylie Moderator Staff Member

    Joined:
    18th Jun, 2015
    Posts:
    11,625
    Location:
    Brisbane
    If you have a fixed loan, you have locked that in.
     
  3. datto

    datto Well-Known Member

    Joined:
    23rd Jun, 2015
    Posts:
    5,074
    Location:
    Mt Druuiitt
    I'd be tempted to grow a mullet.

    But seriously, grow a mullet, no I mean what I'd be doing is doing my numbers and shopping around. Some banks are offering cash back on refinance. But the numbers would have to stack up ie will I be in front?
     
    Terry_w likes this.

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