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LOC rates cheaper than Investment mortgages

Discussion in 'Property Finance' started by S.T, 24th Aug, 2015.

  1. S.T

    S.T Well-Known Member

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    Noticed with my two loans with BoM, LOC (Portfolio loan) and Investment home loan, that the LOC is now 0.10% better on rate.

    Something to keep in mind if getting equity out again and if they push a further rate increase to investors, might be worthwhile re-financing to a LOC product for a rate reduction, who would of thought.
     
  2. Jamie Moore

    Jamie Moore MORTGAGE BROKER - AUSTRALIA WIDE Business Member

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  3. S.T

    S.T Well-Known Member

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    Good question, I'll have to check loan documents. Security is owner occupier though and bank knew I was asking for the LOC as a deposit for a new property but may have just dubbed it owner, think I took the loan out about 4 years ago now.
     
  4. Jamie Moore

    Jamie Moore MORTGAGE BROKER - AUSTRALIA WIDE Business Member

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  5. Peter_Tersteeg

    Peter_Tersteeg Finance broker and strategist Business Member

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    It's almost certainly been registered as an owner occupied loan. Nice that you've got an unexpected bonus, but this isn't a way around rate increases.
     
  6. Jess Peletier

    Jess Peletier Mortgage Broker - Australia Wide Business Member

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  7. Marty McDonald

    Marty McDonald Mortgage broker Business Member

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