• The place to find the right expertise and make better decisions
  • Find the right expertise
Henry D.
Henry D.
Haberfield, NSW
3 Likes
1 Followers

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?

8 months ago

Responses

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 marie@mariefergusonassociates.com.au or call me on 0434 528 186.

Comments

Marie,
Here are details of the NAB rate changes:-
An increase of 12 basis points on its owner-occupier principal and interest home loan, from 5.24 per cent to 5.36 per cent
An increase of 16 basis points on its investor principal and interest home loan, from 5.80 per cent to 5.96 per cent
An increase of 16 basis points on its owner-occupier interest-only home loan, from 5.77 per cent to 5.93 per cent
An increase of 16 basis points on its investor interest-only home loan, from 6.25 per cent to 6.41 per cent
Therefore, Henry's loan is either Interest Only if Owner Occupied, or it is an investor loan.

Hi Henry

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

Regards
Sam

Comments

Thanks Sam, I'll log on today to see if we can coordinate a time

No problems Henry. You can also call me on 0414 727 308 if you wish.

Hi Henry,
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
Scott

8 months ago

My opinion no if your a loyal customer generally a bank needs customers so they will look after you now and in the future. Still a good interest rate shouldn’t be to concerned.Always pay more on your payments.

Your Answer

If you wish to include a video or audio response, you can do this by including links to Youtube, Vimeo or SoundCloud (https://www.youtube.com/watch?v=xxxxxxxxxx OR https://vimeo.com/xxxxxxxxx)

<% error.message %>