MoNkEy
Kennel Enthusiast
- Joined
- Jul 8, 2007
- Messages
- 1,658
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Yep.7.24%?
Is that right?
It will no doubt rise to 7.49% in the next few days.
Yep.7.24%?
Is that right?
After all the bullshit rises mine is 4.74%Can’t be! Must be 5.24%
Bro.... call ME Bank TOMORROW!
I'm not paying any interest mate, my mortgage is fully offset.Bro.... call ME Bank TOMORROW!
Mine is 4.74%
How's that work? Genuinely have no idea.I'm not paying any interest mate, my mortgage is fully offset.
So I have my savings account linked to my mortgage.How's that work? Genuinely have no idea.
Definitely do it mate and put all your salary, money for bills, holiday money etc into it if you can. To be fully offset is great & so is a 2.19% rateHow's that work? Genuinely have no idea.
EDIT: just read up on it. Pretty good system
That's awesome brother!So I have my savings account linked to my mortgage.
The balance of the savings account (the "offset" account) is deducted from the mortgage and you only pay interest on the residual balance of the mortgage.
The balance in my savings account is currently larger than the mortgage balance, therefore I pay no interest.
Not all mortgages allow offset.
That's awesome, will definately check it out.Definitely do it mate and put all your salary, money for bills, holiday money etc into it if you can. To be fully offset is great & so is a 2.19% rate
I tell everyone if you’re on a fixed rate don’t pay the minimum if you can, pay the extra to get ahead.Cheers mate. I’ve got a 2% fixed rate coming off soon & will see what I can get. Apparently rates will start dropping by November but who knows and we may see another couple of rate rises before that. What are your thoughts?
Exactly right. Know of an applicant at a major bank that was declined for further lending due to having done close to 26 balance transfers in 3 yrs. Banks wouldn’t touch him even though he had no defaults and no late payment history.But it’s not just paying them off.
Applying for credit cards (0% balance transfer, bonus FF points etc) affects your credit score, so if you’ve applied for a lot of cards in recent years (regardless of successful application or not and whether you paid them off in full every month or not) it’s considered ‘applying for a loan’ which can work against you in applying for larger loans such as refinancing a mortgage. Just one thing to be wary of, regardless of how well you’ve managed the card accounts.
Yep my Dad left in 84, wanted to sell the house so he could buy something too. Mum went to court to keep it and by 89/90 the lender she refinanced with was at 21% (non bank). She lost the house. Sad days for some.Yes, of course it was hard back in the late 80's and early 90's when the interest rates were very high. Life was a lot simpler back then too which helped. Households had one car per family and two cars were a luxury, now having two cars per family is the absolute minimum, some have 3 or 4 cars. You didn't have to fork out money for expensive IT products like laptops, there was no mobile phone bills or internet bills, there was no foxtel or pay TV bills to pay and many other new age subscriptions(they add up). People home cooked a lot more, and drank instant coffees at home. Going out for a bite or restaurant was a big deal, now it's very very normal if done everyday.
Interested to see the data by the end of the year on many repos actually happen.Caught up with a mate this morning who’s in real estate. He mentioned that a property in his area was just re-possessed (foreclosed) by the lender and the repo guy told my mate (they know each other) ‘the lender has advised us we’re going to have no shortage of work this year’ - the story goes that there’s a fair amount of stock in the ‘double whammy’ basket where people bought at the peak between late 2020 to late 2021. They’re now in a position where they can’t service the loan due to rate rises but the property value has fallen to a point where they have negative equity so they walked away for the bank to sell it. Ugly - and probably what no-one wants to say out loud. The RBA saying during Covid that ‘interest rates would unlikely rise until 2024’ was pretty irresponsible in hindsight - it likely fuelled what ultimately might burst the bubble. Interesting to see where things at at by mid-year.
Agreed. If you’re fixed pay the max you can without penalty. I’ve got a broker but thanks a lot anyway mate. There are a few people here who should definitely contact youI tell everyone if you’re on a fixed rate don’t pay the minimum if you can, pay the extra to get ahead.
Yes hearing the same about rates dropping at the end of the year. But was also hearing in 2021 that rates wouldn’t rise until 2024. And we know how that went.
Let me know if you need any help when you get close to that fixed term expiring. [emoji4]
Some lenders offer multiple offset accounts too, so if you want to divide money up say for Bills, Kids, Holiday etc you can have targets and all of it works to offset interest on your mortgage. Not for everyone but cool if you like the granular approach to your dough.That's awesome, will definately check it out.
I feel like you should be able to get around that with a broker? For example if I have a 500k salary, willing to put a 20% deposit down on a 1 million dollar dwelling, would a bank really say no to that based on credit history?Exactly right. Know of an applicant at a major bank that was declined for further lending due to having done close to 26 balance transfers in 3 yrs. Banks wouldn’t touch him even though he had no defaults and no late payment history.
I definitely feel for those in that situation mate and they were irresponsible comments from Governor Phillip Low re rates not moving until 2024. Forced sales are never fun especially if there are young families involved. Fortunately we live in a country where there are plenty of options.Agree mate. The example I sighted was likely an outlier exacerbated by inflation but likely there’s some pain ahead for those without sufficient buffer. Imagine walking away because you don’t have a choice - ouch.
Wouldn't it be beaut if they did that with credit cards......just saying.I'm not paying any interest mate, my mortgage is fully offset.