looking to refinance - any better options?

Am looking to refinance a Homepath homeloan to increase equity in my own property, worth $850k

Looking to refinance to about $680k (max without attracting LMI)

CBA are offering me 6.26% (0.6% off SVR) with wealth package $350/year.
with offset account.

NAB are offering me 6.04% (0.7% off SVR) with choice package $395/year with offset account. (Even though the comparison was 6.41% he said that is because of the $395 annual fee plus the $900 break fee if the loan is repaid within 4 years)

The Guy from NAB said this could potentially be negotiable, but I wonder where I would start?

Anyone looked into similar and getting better a better rate with an offset account?

(Homepath (CBA subsidiary) and Onedirect (ANZ subsidiary) which used to offer discounted homeloans don't seem to take new loans anymore)

 

Which state is the security located?

 

the property is in Qld

 

Do you have to go up to 80%? Homeside does a lower rate but your LVR must be 75% or lower so depending if you need to go up to 80% or not. Homeside is part of NAB.

That is probably the better rate out of the big 4, some mortgage managers probably have something simular but taking into account their fees, wouldn't be cheaper.

Most of the lenders now also will need a reason on what you are doing with the money, their are some lenders out their who dont care up to 80% but they dont have the lowest rate, close but not the lowest

Glen

 

Thanks for the info. The rates for the Homeplus Package I think are 5.97% - their rate table is a bit confusing - and include a 100% offset account - all for $10/month!. I'll ask the guy at NAB if he can match that, as he's pushing me the choice package which has a $395/year fee!