Hi Maree, I hope you're well? There are plenty of better options than the one you have described and all you need to do is let an experienced broker like myself and others on here, do all the proper calculations and relevant information gathering to provide some better options for your needs. I have access to many better options similar to the products you have described and I can also provide you with some other extensive options they may assist you a lot better than your current lender or the lenders you have already approached for information? I can be contacted by you clicking on my profile? Kindest Regards. Glenn Rowan
Hi there Maree, That is not a good rate and I could save you 1.15% on that but you need to be careful before choosing a fixed rate. Both in terms of the rate period and the impact if you wanted to break it because of early termination fees. Also if the is any LMI involved. Please call me so I can point out important factors and help you to know which lenders you qualify for and understand your fixed rate requirements. I have almost 13 years experience to pass on. Kind regards Greg
Hi Maree, That is not a good rate and you would be best to shop around if it is practical but you have not supplied sufficient information to know if something an be done. If you want help you need to make contact and move from there. My contact detail is on my profile if you wish to make contact. Blessings Graeme C
OK, yes that makes a big difference then Maree. You won't really be able to change lender if you only have 5% equity. You'll end up paying many thousands of dollars in Mortgage Insurance and even if the rate was to drop to 3.5% you probably wouldn't be in a better position overall. It maybe a good idea to try and negotiate a better rate from your bank. Who are you with? I'd be happy to see if I can get you a better deal if you'd like. Thanks again for your enquiry. Ian.
Hi Maree, as per the other comments, the rate your current lender want to charge is way above what is available. If you live near the Bayside area I would love to help you save on your mortgage costs. Kind regards Andrew Goggin
Hey there Maree. That rate is certainly very high, as mentioned by the other brokers here. If you're in Melbourne check out my reviews and make contact. Would love to show you why we're the #1 reviewed and rated broker in Vic. :) If not, you have quite a pool of great, keen brokers here who I'm sure will get the job done. Good luck Lee
Hey Maree. Definately not good. Find your local HashChing broker and email them through their profile. Good luck!
Maree, it sounds like you can do better: contact me to understand the situation completely. There is not enough detail to give you accurate feedback.
Thank you all for your replies and advice. We are in Melbourne, it is an owner occupied property at 95% borr****.is that perhaps why the rate is not as competitive?
Hi Maree, At least you are looking around! I can get fixed rates from 4.19% for 5 years - owner occupied. If you are interested - please contact me via my Profile page. Look forward to hearing from you. Thank you. Lezli
HI Maree, That rate is not good - you can do better. Is the loan Owner Occupied or Investment??? I suggest you talk to a good local broker & perhaps consider changing to P& I as well. If you are in SE Qld please call me - regards Steve
If your loan is below 80%LVR then the current rate on offer will be 3.79%pa with an offset if required
Hi Maree the 4.94% 3 year fixed you have been offered doesn't appear competitive. We can certainly do better for you. If you are in Qld, contact me on the broker finder and give me a call and we can discuss your options Thanks Bernie
Hi Maree. There's one at 3.78 for 3 years. Why do you need interest only. Is this an investment property?
Hi Maree, yes you should definitely look elsewhere. To be frank, that rate is terrible. You can get fixed rates from around 3.69%. How long do you want to fix for? There are a number of details we'll need in order to get you an accurate rate (what is your debt, what is your home valued at, is it owner occupied or investment etc). Definitely don't take the 4.94% I can get you a much better deal. Thanks, Ian.
Hi Maree, I can do a rat from as low as 3.88% for 2 years. You will also find that your repayments wouldn't change much by paying P&I. If you incest on IO then the lowest rate will be 4.09%.
Hi Maree I can access up to 30 banks and will find you the best rate available. Feel free to give me a call. Thanks James
Hi Maree Thank you for your question 4.94 for 3 years fix is not a good rate. 3 years fix rates start around the 3.79% I would recommend you fill in the contact form and a broker close to you will contact you Alternatively, you could contact myself via the broker finder (I'm in WA) but can help Australia wide. Guido
Hello Maree Assuming it is Investment we can get 4.29% fixed for 3 years. If it is owner occupied not many lenders are doing IO loan anymore. You might be better off doing P& I at 3.79% for 3 years. Thanks Jassie
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Michael
Hi Maree, yes you would look elsewhere. If an owner occupy loan can do rates at 3.59% 3 year fixed.