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.
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06-06-2016 17:09 #11
06-06-2016 17:17 #12
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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06-06-2016 17:21 #13
06-06-2016 17:24 #14
06-06-2016 17:47 #15Senior Member
- Join Date
- Jan 2014
I'm in the midst of this decision also. Need a crystal ball!
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06-06-2016 18:41 #16
06-06-2016 18:59 #17
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.
06-06-2016 19:55 #18Senior Member
- Join Date
- Oct 2015
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.
06-06-2016 20:14 #19
06-06-2016 20:18 #20
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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