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FAQ's
Answers to questions are posted here each week and cleared monthly.
We will leave commonly asked questions and current market issues longer
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will be mentioned.
Question
1:
We
currently have 2 loans against our residential house property, one of
which is a personal home loan and the other a business loan that is
at a higher interest rate. My question is can we refinance both loans
at your discounted variable rate for 3 years which is 6.05% then revert
to 6.31% variable and what are the costs?
Yes
you can and the costs to refinance are Nil. Depending on the Lending
value of your residential home against the total loan amount, a valuation
fee of $150.00 maybe applicable.
Question 2:
I
currently have a variable rate loan and am looking at refinancing my
existing loan and also seeking an increase of $50,000.00. I am also
considering fixing $100,000.00. Can you suggest if this is a good idea
or not?
It
is always an option to consider fixing part or all of your loan,
however when considering this alternative you should look at the following
issues;
Can
I repay increased amounts/bulk reductions during the course of the fixed
rate period? Yes. Penalties could apply, should you wish to payout the
fixed rate portion before the maturity date. Therefore your short to
long term goals are a consideration as to the term of the fixed rate.
Also the reason why you are considering fixing part/all of your loan
is knowing that the repayments you are going to pay are considered acceptable
irrespective of the variable rate (market rate) further decreasing or
increasing during the course of your fixed rate period. Obviously should
the variable rate increase during the course of your fixed rate period
this would be to your advantage.
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