Variable. No limit on extra repayments.
+ Reply to Thread
Results 11 to 17 of 17
30-04-2014 20:16 #11
The Following User Says Thank You to BigRedV For This Useful Post:
French Pear (01-05-2014)
01-05-2014 11:58 #12
We have been on variable the last few years and I have preferred it to fixed, but I do like the assurance of no rate rises whilst on fixed.
I think that's why I'm leaning to the spilt loan.
For those that have done the spilt loan @MummaOJ @ClearCrystal how did you decide the ratio and are you happy with having your loan set up that way?
01-05-2014 16:40 #13
We wanted equity in our house rather quickly and can afford to pay that 1/3 off in hopefully 2 years or less and have the fixes for 2 years. In 2 years when it comes out of fixed we will reassess if we want to keep another 1/3 out and fix the other 1/3 for 2 more years. And then hopefully in 6 years we would of paid or been close to having the house paid off in full.
01-05-2014 16:47 #14
The Following User Says Thank You to MummaOJ For This Useful Post:
01-05-2014 17:28 #15
01-05-2014 17:36 #16
It really depends on your circumstances and disposable income - ie. how much you will be able to pay back each fortnight. If you will have 'extra' money above the repayments then you will definitely want to have the option of extra repayments through variable or line of credit. We originally had a split loan of 2/3 fixed, 1/3 variable and because we couldn't have kids when we wanted to we found that we had the variable paid off and applied to the bank to start paying some off the fixed. The interest rates were much higher than our fixed at the time so they loved us paying it back so that they could lend it back out at a higher rate. We now have line of credit and it works for us as we are good with money and all monies go into that account to keep the interest low and it means we have easy access to money if needed.
The Following User Says Thank You to Little Ted For This Useful Post:
02-05-2014 12:41 #17
Thanks for the replies everyone. This gives me some ideas
By LoveLivesHere in forum General ChatReplies: 0Last Post: 05-09-2013, 09:11
Pea Pods Reusable NappiesPea Pods are the smart choice when it comes to choosing what's best for you, your baby and the environment. Affordable ...
LATESTToilet training: when is the best time to start?Why it is OK for your child to be differentWhat is a blessing way? How is it different to a baby shower?
POPULARWhen can I start giving chores to my children?New baby nursery checklist – a guide to newborn essentialsWhat to pack for labour and hospital – a checklist
FORUMS - chatting now ...
IVF babies due Sep/Oct/Nov 2017pregnancy and babies through IVF
Miracle March TTC and Testing ChatConception & Fertility General Chat
Tell me about your high school reunion/s!General Chat
Implantation sickness?Conception & Fertility General Chat
Food supplements for kidsGeneral Parenting Tips, Advice & Chat
Am I the only thread killer??General Chat
TTC later in the yearConception & Fertility General Chat