What is the highest interest rate you are currently paying

Discussion in 'Loans & Mortgage Brokers' started by Whitecat, 23rd Jun, 2021.

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  1. Whitecat

    Whitecat Well-Known Member

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    I am not referring to bridging finance or development or commercial loans what is the highest interest rate you are paying on a residential property?
     
    Whitecat, 23rd Jun, 2021
    #1
  2. Danny370z

    Danny370z Well-Known Member

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    2.95% IO Investor is my highest
     
    Danny370z, 23rd Jun, 2021
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  3. K1200

    K1200 Active Member

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    2.99% on an investment loan for a rural residential property
     
    K1200, 23rd Jun, 2021
    #3
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  4. Rolf Latham

    Rolf Latham Inciteful (sic) Staff Member Business Plus Member

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    We have had clients come to us recently that were on 4s for IO variable investment .......when the discharge lands in PEXA, they can suddenly reduce rates by 120 pts :)

    ta
    rolf
     
    Rolf Latham, 24th Jun, 2021
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  5. Casteller

    Casteller Well-Known Member

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    Above 4, P&I, trying to sort it out but Westpac useless. Starting to think they deliberately stuff things up hoping you'll give up and stay on the higher rate.
     
    Casteller, 24th Jun, 2021
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  6. samiam

    samiam Well-Known Member

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    Fixed above 4 IO three years ago, now expired and going P&I at 3.78 variable. We may sell this IP so leaving it as it is for now. It takes a lot of time and energy to sort out with some banks unfortunately…
     
    samiam, 24th Jun, 2021
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  7. Whitecat

    Whitecat Well-Known Member

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    What do you have to do to get a 'discharge to land in PEXA'? Just submit a discharge form?

    I notice that some lenders have a fee for processing a discharge form so presumably you would have to be prepared that they call your bluff.
     
    Whitecat, 24th Jun, 2021
    #7
  8. Whitecat

    Whitecat Well-Known Member

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    can you service with someone else?
     
    Whitecat, 24th Jun, 2021
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  9. Vivian

    Vivian Member

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    3.29% IO 5 years fixed with CBA, discharged the loan with NO cost last week, now we are at 3.5% variable as thinking to get equity release.
     
    Vivian, 24th Jun, 2021
    #9
  10. PropDir

    PropDir Well-Known Member Business Member

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    4.34% liberty home loans.
     
    PropDir, 24th Jun, 2021
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  11. PropDir

    PropDir Well-Known Member Business Member

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    Rest are around 2.5% on fixed rate.
     
    PropDir, 24th Jun, 2021
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  12. Whitecat

    Whitecat Well-Known Member

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    Can you refinance?
     
    Whitecat, 24th Jun, 2021
    #12
  13. standtall

    standtall Well-Known Member

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    2.49% 3 years fixed IO investment loan
     
    standtall, 24th Jun, 2021
    #13
  14. The Y-man

    The Y-man Moderator Staff Member

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    Damn I thought I had claim to the highest at 3.4%.....

    The Y-man
     
    The Y-man, 24th Jun, 2021
    #14
  15. Gen-Y

    Gen-Y Well-Known Member

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    2.29% Fix for 2 years - highest so far till 2024
     
    Gen-Y, 24th Jun, 2021
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  16. Casteller

    Casteller Well-Known Member

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    Not really - living overseas, income from trading and investments.. I'll stay with Westpac just have to keep applying to change it.
     
    Casteller, 24th Jun, 2021
    #16
  17. Lindsay_W

    Lindsay_W Well-Known Member

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    Only payable if the discharge is actually processed, if you stay then there's no discharge and therefor no fee charged.

    If they 'call your bluff' then you just proceed with a refinance to a lender with lower rate, if you don't actually qualify for a refinance then the worst they can do is leave you on the same rate.

    Multiple times I've requested lower rates on existing loans for clients prior to refinancing, outgoing lender typically says 'that's the best we can offer' yet when the discharge form is submitted suddenly they can offer much better rates to get the client to stay.
     
    Lindsay_W, 24th Jun, 2021
    #17
  18. Lindsay_W

    Lindsay_W Well-Known Member

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    Simple pricing request should be able to bring that rate down, this can be completed by your Broker or Banker.
     
    Lindsay_W, 24th Jun, 2021
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  19. Ruby Tuesday

    Ruby Tuesday Well-Known Member

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    BoM LOC 4.67 %.
     
    Last edited: 24th Jun, 2021
    Ruby Tuesday, 24th Jun, 2021
    #19
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  20. Whitecat

    Whitecat Well-Known Member

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    "The discharge administration fee of $395 will apply once we receive your instruction even if you chose not to proceed with the discharge. This fee may be debited to your loan account or included in your payout figure."
    https://www.aicnsw.com.au/wp-content/uploads/2018/01/Liberty.pdf
    Whats going on here?
     
    Whitecat, 24th Jun, 2021
    #20
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