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looking to refinance - any better options?

Discussion in 'Finance & Banking' started by danrts, 16th Mar, 2010.

  1. danrts

    danrts Member

    Joined:
    26th Jul, 2009
    Posts:
    14
    Location:
    Qld
    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)
     
    Last edited by a moderator: 16th Mar, 2010
  2. bcoombs

    bcoombs New Member

    Joined:
    1st Mar, 2010
    Posts:
    3
    Location:
    Adelaide, SA

    Which state is the security located?
     
  3. danrts

    danrts Member

    Joined:
    26th Jul, 2009
    Posts:
    14
    Location:
    Qld
    the property is in Qld
     
  4. KimandGlen

    KimandGlen New Member

    Joined:
    25th Mar, 2010
    Posts:
    4
    Location:
    Perth WA
    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
     
  5. danrts

    danrts Member

    Joined:
    26th Jul, 2009
    Posts:
    14
    Location:
    Qld
    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!