IO rates

Hi All


I currently have an Investment loan that expires in a little over two years


283k IO variable at 4.27% with a 46k split P&I variable 3.58%.


Could I improve on these rates refinancing?


I may be looking at a career change and potential return to study so I’m thinking refinancing IO again before my financial situation changes.


It may scrape in at 80% lvr, maybe.

@Property Twins

 

You can definitely improve these by refinancing. But if you have to pay LMI probs won't be worth it - see if your existing lender will come to the party first.

It'll be worth getting your broker to order a few valuations if it's going to be tight valuation wise.

 

May not be worth it initially however if you situation does change then you may be on the back foot for a number of years. Always set your self up for the medium to long term. See then if the calcs work.

 

If you can get it to be 80% LVR then yes it would be worth it, look at the true end cash flow position.
There are better rates out there should you wish to refinance