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    #46
    Originally posted by uuheels View Post
    Quick question for Morgs if you don't mind...

    Say you have a IO loan that has the balance fully offset by cash.
    The IO period is about to end and it's going to be switched to P+I..

    What happens here? I'm guessing the bank will start reducing the credit limit on the loan at the rate they would have been charging the principal component of the P+I payments each month?
    Yep - it'll start paying itself down. The way it calculates the repayment will be based on the remaining loan period and principal balance.
    As an example, if it was a $500k loan with 30 year loan term and 5 year IO period then it'll pay itself down based on paying that $500k down over 25 years.
    ASIC have a good calculator that contrasts IO vs. P&I here:
    https://www.moneysmart.gov.au/tools-...age-calculator

    As a side note - you should also get a discount on the interest rate as IO lending is a premium to P&I lending.
    Find your Freedom
    Home Loans | Car Loans | Investment Portfolios | Property Management
    www.FreedomFunding.com.au
    www.ProgressiveProperty.com.au

    Click for PF Loans
    If you're thinking of buying, or that you may be paying too much on your home loan PM me for a no obligation chat!

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      #47
      Originally posted by nastysven View Post
      So whats the best rate going around now for an owner occupier with good equity?

      We just had ours bumped to 4.69% p.a.
      Best rate is a relative term - relative to what features you need and what sort of lender you want to go with.
      Cheapest on my panel at the moment is 3.49% but certainly a rate in the 3.x%s is where you'd want to be!
      Find your Freedom
      Home Loans | Car Loans | Investment Portfolios | Property Management
      www.FreedomFunding.com.au
      www.ProgressiveProperty.com.au

      Click for PF Loans
      If you're thinking of buying, or that you may be paying too much on your home loan PM me for a no obligation chat!

      Comment


        #48
        Is all the info I gave you a month or two ago still fine to use?
        .... because every driver experiences the destructive potential of the effortless surge of power available through the smallest of body movements.

        Dr Hoon
        .

        DrNick is king!!!! No, Mark Webber is now! Long live the king!... hold on a minute mate, Ricci is in charge now

        Comment


          #49
          Originally posted by nastysven View Post
          Is all the info I gave you a month or two ago still fine to use?
          Yep sure is!
          Find your Freedom
          Home Loans | Car Loans | Investment Portfolios | Property Management
          www.FreedomFunding.com.au
          www.ProgressiveProperty.com.au

          Click for PF Loans
          If you're thinking of buying, or that you may be paying too much on your home loan PM me for a no obligation chat!

          Comment


            #50
            For anyone who missed the interest rate thread- looks like their may be some relief around interest rates on the horizon. I can quantify that with a man on the street measure -> couple months ago Sportsbet were paying $1.01 for rates to stay unchanged. For the June RBA meeting that has blown out to $1.65 for no change and now a decrease of 0.25% is paying $2.10. Interesting times!

            We're seeing it play out with lender fixed rates - particularly in the 2-3 year horizon they have dropped significantly. For instance today Bankwest announced P&I rates for 3 year fixed owner occupied at 3.48%! Can combine that with a variable split at 3.68%.

            Equally, lenders are battling massively for new business with refinance incentives up to $2K. Good time to review to make sure you're able to capitalize on these lower rates as often banks will keep their existing lending at higher rates.
            Find your Freedom
            Home Loans | Car Loans | Investment Portfolios | Property Management
            www.FreedomFunding.com.au
            www.ProgressiveProperty.com.au

            Click for PF Loans
            If you're thinking of buying, or that you may be paying too much on your home loan PM me for a no obligation chat!

            Comment


              #51
              Is a variable rate of 3.89% with a 100% offset account in the ball park or worth reviewing?

              Comment


                #52
                Originally posted by Nugs View Post
                Is a variable rate of 3.89% with a 100% offset account in the ball park or worth reviewing?
                That isn't a bad rate but yes worth a look - depending on loan size etc - taken to PM
                Find your Freedom
                Home Loans | Car Loans | Investment Portfolios | Property Management
                www.FreedomFunding.com.au
                www.ProgressiveProperty.com.au

                Click for PF Loans
                If you're thinking of buying, or that you may be paying too much on your home loan PM me for a no obligation chat!

                Comment


                  #53
                  I have an investment place, about 85% LVR, currently with ANZ at 4.29 with no LVI (Doctor) and paying P&I. Much point trying to refinance?
                  POWER CHIP free since 2003.

                  Comment


                    #54
                    wish i'd seen this before getting fucked around by current broker
                    Originally posted by Walt Kowalski
                    Memes are only detectable by NSA.

                    Comment


                      #55
                      Originally posted by timtx5 View Post
                      I have an investment place, about 85% LVR, currently with ANZ at 4.29 with no LVI (Doctor) and paying P&I. Much point trying to refinance?
                      Replied by PM!
                      Find your Freedom
                      Home Loans | Car Loans | Investment Portfolios | Property Management
                      www.FreedomFunding.com.au
                      www.ProgressiveProperty.com.au

                      Click for PF Loans
                      If you're thinking of buying, or that you may be paying too much on your home loan PM me for a no obligation chat!

                      Comment


                        #56
                        Have gotten Morgs on the job to try and sort me out on a refinance on my Mortgage. So far extremely happy and responds to emails in a flash even with my nooblike docile requests and questions.
                        Should have done it ages ago.
                        I climbed Mt Druitt

                        Comment


                          #57
                          Originally posted by bigshipengine.jpg View Post
                          Have gotten Morgs on the job to try and sort me out on a refinance on my Mortgage. So far extremely happy and responds to emails in a flash even with my nooblike docile requests and questions.
                          Should have done it ages ago.
                          Thanks for the opportunity bigshipengine - been a pleasure to be able to help deliver you some solid savings that may or may not be put to good use
                          Find your Freedom
                          Home Loans | Car Loans | Investment Portfolios | Property Management
                          www.FreedomFunding.com.au
                          www.ProgressiveProperty.com.au

                          Click for PF Loans
                          If you're thinking of buying, or that you may be paying too much on your home loan PM me for a no obligation chat!

                          Comment


                            #58
                            Haha for sure probably a bit of both!

                            Sent from my SM-G930F using Tapatalk
                            I climbed Mt Druitt

                            Comment


                              #59
                              For anyone not keeping tabs on things - lending has changed significantly in the last few months due to 3 things: Liberal election win, RBA rate cuts & APRA assessment rate changes now in effect. Full Info/Details Here

                              In simple terms this means now is the right time to re-evaluate:
                              1) If you have an existing loan - you may be able to save a significant amount by refinancing to another lender.
                              2) If you were looking to upgrade or purchase but your borrowing capacity held you back - it is likely you'll be able to borrow more now with the changes.
                              3) If you had investments and were unable to extend the interest only term due to borrowing capacity - this may now be possible again.

                              Here to help if anyone has any questions!
                              Find your Freedom
                              Home Loans | Car Loans | Investment Portfolios | Property Management
                              www.FreedomFunding.com.au
                              www.ProgressiveProperty.com.au

                              Click for PF Loans
                              If you're thinking of buying, or that you may be paying too much on your home loan PM me for a no obligation chat!

                              Comment


                                #60
                                email sent...

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