We have been informed NAB will be increasing the rate on our home loan by 0.16%, which is very disappointing. Our loan is $780,000 and the rate will now be 4.15% - should we be looking to refinance or is NAB just the first and the other banks will be increasing their rates soon? What is the best rate we could get if we did refinance?
I can get you 3.54% p.a. variable rate on owner occupied. I can assist you with the refinance. You can also consider fixed rates. It will also depend on your loan to value ratio so I would need to know the value of your home before we can really quote you. I will also need your credit score and mortgage statements to see if your past behaviour is acceptable to my panel of lenders.
In answer to your first question, they will definitely be raising rates. They need to protect their business.
If cashflow is a concern for you, refinance is quick and easy. You can email me on firstname.lastname@example.org or call me on 0434 528 186.
Most lenders have increased rates over the last couple of months. NAB were in fact the last major to increase rates! If you are rate sensitive then I suggest fixing all or the majority of your loan.
I am not going to quote you rates as this is pointless without completing a preliminary assessment of your financial situation.
Happy to have a 15 minute no obligation chat to get things going if you like. Click the following link to schedule a date and time for me to contact you:- https://mortgage-broker.appointlet.com/s/phoneconsult
There are better rates than 4.15% available in the market at the moment. I would suggest sitting with a broker so you can be assessed and compare the cost of switching with the savings you could potentially make to decide which loan is the most suitable.
If a loan is not suitable, it can cost you thousands of dollars so be careful to consider all features and costs not just rate
Best of luck