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  1. #11
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    Quote Originally Posted by BigRedV View Post
    We are discussing fixing half of our home loan. The fixed rate is 3.75% for 2 years and our current variable rate is 4.17% (we are with ANZ and the fixed offer is from our ANZ broker)

    The only thing I don't like about fixing a loan fully is some banks charge penalties if you pay it off early and you can only pay a certain amount extra off.

    Our fixed rate would be maximum $5k extra repayments a year so that's why we are only fixing a portion.
    We are also with anz, offering that fixed deal. Hmm I need to see if we can get 4.17 for our variable portion! I am not too concerned if we pay extra off it would be off the variable portion, that's what they suggested to us too. We already have our Loan with them so no set up fees. Understand the exit fees etc.

    Just need to figure out what proportion to fix/keep variable.

    Changing banks is a big ordeal at this point in time especially with me on maternity leave etc. But so far it seems that rate is quite competitive.

  2. #12
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    We are with NAB and have a combo of fixed and variable. We fixed a large chunk of it because it's a bigger mortgage than we used to have and we wanted to manage our risk (we also have another mortgage for another house). For the variable portion, we just made sure we selected an amount that was above what we would ever feasibly have in the offset account in order to ensure we always get the benefit of it

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    sunnygirl79  (06-06-2016)

  4. #13
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    Quote Originally Posted by sunnygirl79 View Post
    We are also with anz, offering that fixed deal. Hmm I need to see if we can get 4.17 for our variable portion! I am not too concerned if we pay extra off it would be off the variable portion, that's what they suggested to us too. We already have our Loan with them so no set up fees. Understand the exit fees etc.

    Just need to figure out what proportion to fix/keep variable.

    Changing banks is a big ordeal at this point in time especially with me on maternity leave etc. But so far it seems that rate is quite competitive.
    Do you have the breakfree package?

  5. #14
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    Quote Originally Posted by BigRedV View Post
    Do you have the breakfree package?
    Yes

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    I'm in the midst of this decision also. Need a crystal ball!

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    sunnygirl79  (06-06-2016)

  8. #16
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    Quote Originally Posted by sunnygirl79 View Post
    Yes
    How much is your mortgage?

    Ours is big but our broker got us a better deal when I asked about fixing a portion after he sent an email to breakfree customers.

  9. #17
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    I fixed my loan when I bought my ex out as rates where going up and up so we thought it was best. Then boom 6 months later they where crashing down and I was locked in. It cost me $14k to get out of but the amount I have saved since then with the lower rates and now my rate is 4.87 with anz, it's variable I only owe $145k which isn't to bad either and I still manage to pay the higher rate off my mortgage that it was when it was fixed so I've paid off a heap more then if I was only paying the minimum.

  10. #18
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    Quote Originally Posted by sunnygirl79 View Post
    No fee but it's with our current bank so not sure if the no fee is because we are already customers. It's not advertised on their website. I think they are trying to keep customers from switching to another lender.
    I used to be with ANZ and had to pay the lock rate fee described on http://www.anz.com/personal/home-loa...ns/fixed-rate/ in order to make sure they kept the fixed interest rate we agreed to while the application was processed. I was on their breakfree package as well. Just want to make sure you are aware of this as it came as a bit of a shock to my husband and I when it was time to sign the papers for the fixed rate as they and our mortgage broker conveniently forgot to tell us about this $750 fee. I'm guessing you can choose not to pay it and then take the risk that they hopefully won't have any changes to the interest rate in the application processing time.

  11. #19
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    Quote Originally Posted by gypsychild View Post
    I used to be with ANZ and had to pay the lock rate fee described on http://www.anz.com/personal/home-loa...ns/fixed-rate/ in order to make sure they kept the fixed interest rate we agreed to while the application was processed. I was on their breakfree package as well. Just want to make sure you are aware of this as it came as a bit of a shock to my husband and I when it was time to sign the papers for the fixed rate as they and our mortgage broker conveniently forgot to tell us about this $750 fee. I'm guessing you can choose not to pay it and then take the risk that they hopefully won't have any changes to the interest rate in the application processing time.
    Thanks I will double check. We didn't have to pay that last time we fixed. But would obviously check any fees associated with any changes before making them. We are dealing direct with the bank.

  12. #20
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    Quote Originally Posted by BigRedV View Post
    How much is your mortgage?

    Ours is big but our broker got us a better deal when I asked about fixing a portion after he sent an email to breakfree customers.
    It's decent, approx half a mil.

    Had a chat to DH and we are going to get the place valued first then make a decision. I think most likely we will look at fixing a portion but it's figuring out what portion to fix etc. We need to look at a few scenarios. Whilst interest rates will likely come down we can be saving a significant amount while we wait for them to come down too. By which time we will be half way through the fixed term etc, for example.

    Will see what our valuation comes back as and go from there. The special offer is on until end June.


 

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