My current interest rates? Can I get better than this ?

Discussion in 'Loans & Mortgage Brokers' started by rogerG, 21st May, 2018.

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  1. rogerG

    rogerG Well-Known Member

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    Brisbane
    Hi All,

    Just wanted to get your feedback on my PPOR and INV Loans, interest rate scenario.

    PPOR Loan: 400k
    LVR: 69%
    Interest Rate: 4.47 %, Variable Interest Only ( Idea to keep IO was if I may change my home to Investment later ) with CBA


    INV1 Loan: 275k
    LVR: 80%
    Interest rate: 4.4%, IO, Fixed until 2020 with ING

    INV2 Loan: 256k
    LVR: 80%
    Interest rate: 4.24%. P&I, Fixed until 2020 with NAB

    INV3 Loan: 450k
    LVR: 80%,
    Interest rate: 4.32, P&I, Variable with CBA

    INV 4 Loan: 485k
    LVR: 80%
    Interest rate: 4.2 %, P&I Variable with CBA

    I would like to ask if I can get better than above especially from CBA ! And also when my fixed term expires, I am not sure I can keep doing Interest only with my INV loans.

    Cheers,
    Roger
     
    rogerG, 21st May, 2018
    #1
  2. Terry_w

    Terry_w Lawyer, Tax Adviser and Mortgage broker in Sydney Business Member

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    cheaper rates are available, but whether you can get them or not will depend on a few things.
     
    Terry_w, 21st May, 2018
    #2
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  3. Property Twins

    Property Twins Mortgage Brokers & Buyers Agents Business Member

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    Hi @rogerG

    INV3 may be able negotiate a little lower. Overall, CBA rates look in line with what I have seen in recent times.
     
    Property Twins, 21st May, 2018
    #3
  4. Peter_Tersteeg

    Peter_Tersteeg Mortgage Broker Business Member

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    The CBA isn't the most competitive lender right now (in fact they rarely are), so there are better rates available.

    They do have reasonably good qualification policies however, so a proper assessment would be required before suggesting alternatives.
     
    Peter_Tersteeg, 21st May, 2018
    #4
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  5. rogerG

    rogerG Well-Known Member

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    Thanks. What is the rate I can get if I change my PPOR loan to P&I. We are considering not to move out. Refinancing is not an option at this stage unfortunately. So have to negotiate with CBA.
     
    rogerG, 21st May, 2018
    #5
  6. Property Twins

    Property Twins Mortgage Brokers & Buyers Agents Business Member

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    High 3's
     
    Property Twins, 21st May, 2018
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  7. John_S

    John_S Mortgage Broker

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    I've seen CBA rate matching when two loans of the same type have different rates, definitely worth a call to see if they'll bring INV3 down to match INV4
     
    John_S, 21st May, 2018
    #7
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  8. Rolf Latham

    Rolf Latham Inciteful (sic) Staff Member Business Plus Member

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    Assumed or real and fleshed out road block ?
    ta
    rolf
     
    Rolf Latham, 21st May, 2018
    #8
  9. Handyandy

    Handyandy Well-Known Member

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    What does INV3 and INV4 mean?
     
    Handyandy, 22nd May, 2018
    #9
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  10. Phar Lap

    Phar Lap Well-Known Member

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    Read OP, you'll get it then.
     
    Phar Lap, 22nd May, 2018
    #10
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  11. Phantom

    Phantom Well-Known Member

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    Investment property 3 & 4. It was mentioned in the OP.
     
    Phantom, 22nd May, 2018
    #11
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  12. Stoffo

    Stoffo Well-Known Member

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    I agree with @Terry_w
    With high LVR you may struggle with other lenders
    Change your PPOR to P&I and pay the extra into the offset ;)
     
    Stoffo, 22nd May, 2018
    #12
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