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Hi all,
Just wondering what rate other ppl are paying on their variable home loans.
Mine's 6.74%...hmmm doesn't seem to have come down quite as much as it should. It's more than we were paying when the loan started even though the RBA's rates are at a 30 year low...
Currently ours is 6.41% will be going down to 5.41% after the rate last week.
Ours is now 6.91 and will be 5.91 soon due to last week's rate cut.
I think maybe the reason you are paying a higher rate than when the loan was first set up is because your bank hasn't passed on the full rate cut each time?
Hope that helps
:)
Ours is currently 6.34% and as of the 16th February, it will drop to 5.34%
ours is 6.04% and will drop to 5.04% when they finally adjust the rate :dance:.
Ok, rang the bank, they are dragging their heels (making a profit like usual) and the rate will change by a full 1% on the 13th. There was a rate change last week - but that was before the RBA's announcement (ie prolly the bank dragging their heels making a huge profit on the previous rate cut).
Ours is 5.43% and we have to wait until the 19th to see how much of the rate cut will be passed on.
We're currently paying 6.01% and with the rate cut will be at 5.01%
I work for a credit union and currently our staff rate is 5%!!!!!! Pity my loan isn't with them and Wizard want to charge me $14K to get out of my fixed loan!!!!
amysarah - I though that the gov fixed it all up so that people could change loans without being charged huge exit fees?
Unfortunately that doesn't apply to fixed home loans - it's a different contract. Banks used to charge huge amounts for simply exiting a variable home loan if it was within a 5 year period.
aaahhh poo, that sucks then.
Hey Megan who you with ? we are about to change our lender:
It does suck, we're in the same position Amy, we have about 18 months left on our fixed rate but we're only paying 6.5% and have no other debt so we're ok about it for now....if they go under 5% we'll be miffed! LOL, but gotta think of the money we've saved over the last 3.5 years too, I think we'd still come out ahead.
Ours is 6.35% at the moment, and when the rate cut kicks in it will go down to 5.2%. I'm quite happy about that as they're lowering it by more than what the official cut was. We're with a credit union.
We were on a fixed rate last year and once the variable rates dropped below what our fixed rate was, we changed back to variable. There was no break cost, so it was no big deal to change it back. I know some people who fixed their home loan at 9.2% for 3 years (or maybe it was 5 years?) and have to pay almost $20,000 to break the fixed rate. I'd hate to be in a fixed rate like that.
Sorry Lou, only just saw this. We're with Commonwealth at the moment and went with them 12 months because they had the best cheap loan! It's their very basic home loan for new lenders and we only get the low rate until 2010 (3 years).:
Karina that is exactly us...we are about to break our loan and will be up for $19,000 in break fees...even with that however our repayments are going to be substantially less to refinance onto a vriable rate at this stage...it sucks but we gotta do it.
Our loan is now 5.1% - we got a special rate when we got our variable with the commonwealth that for the first 3 years of the loan we get an extra .25% of the rate. love it....I checked today to see our repayments and if we keep paying what we are at the moment our homeloan will be paid of in 11 years :o .... as if that is going to happen
5.07% with Heritage, I love heritage! They pass on the full rate cute every time, unlike some of the other banks (grrr!!!).
Melbel, I guess as long as its going to save you money then why not change!
Ours went from 6.060% to 5.060% last week.
:)
We are 5.43% and Wizard (GE money) are not going to pass on any of the last rate cut.. They have sold to Aussie, and they are basically getting out of the home loan market. There is some post of their website about waiving fees for leaving them, but i'm not too sure about what our options are, so i'm waiting to have a meeting with our home loan guy next week, but looks like i'll be in the market for a new home loan.
Ok, for those that have their interest rate in the 5's - are you able to make f/nly and extra repayments? Do you pay ongoing fees, or only application fees?
I pay weekly, a bit more each week than is required, and I think our application fee was either $400 or $600.:
HTH
Yael,
we're on 5.2% for our home loan. We're with a credit union and there are no monthly fees for it, although we had to link it to our savings account with the same credit union and they have been charging a $2 per month fee for the savings account.
When we applied for our loan, we applied for a "first home buyers home loan" and there were no application fees at all, then we changed from that loan to our current loan and we paid $200 to switch it over. I think normally there is an application fee but I'm not sure how much it is. We can pay monthly, weekly or fortnightly, and we have a redraw facility where you can redraw as little as $1 or as much as the entire amount available in your redraw. We pay ours fortnightly, it just comes directly our of DH's pay and the credit union puts it straight into the home loan account.
I rang the bank and double checked...our home loan is actually 5.01% - an econmomiser loan. our repayments are now $999 a month....:o : I am in shock!!!!! they have dropped $450 in a matter of 2 months.
We pay an $8 monthly fee and have not decreased our payment amount....Id rather redraw on it (it cost us $50) if I really need to other then that its staying put to get ahead. I know one of the terms of our loan is that we cant pay more then $10,000 extra into our loan per year...god I wish though!
Are any of you guys with BankWest? That is who we are thinking of changing to.. the Rate Tracker Ultra Home Loan.
They have it so that is it .9% lower than the average of the 4 majors - It is currently 4.9% for 3 years, and then after 3 years you change over to a 'normal' rate, but they also don't have an exit fee so you can re-evaluate then and change around.. Our mortgage guy said that average length of the loan was 3.5 years before people change.
Hey Yael, i highly highly recommend AMP.They are sooooooooo helpful with my ongoing many questions.
There is a $300 odd dollar application fee, then there are no monthly fees. It is free to pay fortnightly, weekly or monthly, and you can make any additional payments with no extra charge. You can make lump sum contributions or ask them to debit extra out of your bank account each week etc etc.
The extra money that is available in your account (redraw) is FREE to withraw at any time with no minimum to be withrawn.
And you get internet banking so you can see everything online
4.54% :dance: :clap:
we have 5.19% with an extra 0.06% discount - so 5.13% With INGDirect. No other fees or charges, free redraw with no minimum or maximum. It is a pretty good package.
Mum of 3 girls - who are you with? that seems to be a very good rate.
thats the new amp interest rate
I can also go with ING, they are an aussie product.
Is ING govt secured?
We are currently paying 5.19%:D