Investment loans - rate increase

Discussion in 'Accounting & Tax' started by Martinez22, 8th Sep, 2015.

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  1. Martinez22

    Martinez22 Well-Known Member

    Joined:
    21st Jun, 2015
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    Perth
    So as the banks are increasing the rates for investments loans, should I be re-financing to a lower rate or leaving it as it is? Are there any implications ?
     
    Martinez22, 8th Sep, 2015
    #1
  2. Jamie Moore

    Jamie Moore MORTGAGE BROKER - AUSTRALIA WIDE Business Member

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    18th Jun, 2015
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    Location:
    Canberra, Brisbane and Sunshine Coast
    Depends on the bank you're with and your overall strategy.

    If the lowest possible rate is the aim of the game - then find a low option, ask your bank to match, then jump ship if they don't.

    Some banks are back to pricing IP loans BTW :)

    Cheers

    Jamie
     
    Jamie Moore, 8th Sep, 2015
    #2
  3. Redom

    Redom Mortgage Broker Business Plus Member

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    Location:
    Sydney (Australia Wide)
    Wouldn't be refinancing just because of this rate rise - as most lenders have applied it relatively uniformly (slight difference for most) and those that haven't, are likely to do so.

    Could be worth investigating as part of broader strategy/loan review though.
     
    Redom, 8th Sep, 2015
    #3
  4. Jess Peletier

    Jess Peletier Mortgage Broker & Finance Strategy, Aus Wide! Business Member

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    Location:
    Perth WA + Buderim Qld
    Bankwest still aren't, sadly. If you're in LMI territory, moving to chase rate soon becomes an expensive exercise, but if you're not it might be worth considering.
     
    Jess Peletier, 8th Sep, 2015
    #4
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