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Mortgage questions

Mortgage questions   

18 members have voted

  1. 1. Mortgage questions

    • I don’t have a home loan
      6
    • I have a loan via a bank
      7
    • I have a loan via a mortgage broker
      5
  2. 2. When did you last review and or swap loans

    • I don’t have a home loan
      6
    • Since signing up, I’ve never swapped
      6
    • I’ve reviewed in the last 12 months
      6
    • I’ve reviewed in the last 3 years
      0
    • I’ve reviewed but over 5 years ago
      0


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Just a random poll. 
 

I just called my broker and he knocked us down to 2.98%.  No hassle. Nothing.  Just did it. 

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Currently have a mortgage, but today we accepted an offer to sell the house and signed the contract of sale.  Mortgage was via a broker 12 years ago through colonial (subsidiary of commonwealth).  Will be debt free in 60 days 😄.  Then the hunt for a retirement block in the sth west (margs, busso) begins.

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Generally never had a home loan long enough to make changing worthwhile.  I think the longest up till now was only 5 years.

We've looked into changing loans a few times but more often than not,  the expenses and break fees were more than the interest we would have saved from moving to a different loan with a smaller interest rate.  Might be different on the current one because we're not likely to rush into to paying it quickly.   We have it in a position where it's cashflow positive and so we can just let it pay for itself and redirect our cash to other financial pursuits aimed at making our retirement a little more comfortable.  ☺️

 

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Have had a few loans, but only really changed when big changes were happening, like renovations or when we sold and moved on.  But also only ever been on the variable rate, never had a fixed.  Would love to change, but would have to go no docs to get another one, so we'll just try and stick it out.  It's only money after all!

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I compared rates online a few months ago then rang my bank and they matched the best comparable one.  The bloke said it was because he could see I've been a loyal customer for over 40 years, I almost told him to stick it based on that alone 😂

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Technically I have a mortgage but its a line of credit type one, ad its in the black not the red. 

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I was speaking with my mate yesterday (broker). He said tons of people are renegotiating their loans. ING have a fixed rate of 2.18% and floating of 2.8%. A lot of people are now locking in part of their loan, the rest floating with an offset account. This allows you to pay more money Than just a full fixed rate account. This again reduces your interest owed  

Me, well I’m lucky, I own my place.

FM

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On ‎22‎/‎05‎/‎2020 at 7:39 AM, roxii said:

Technically I have a mortgage but its a line of credit type one, ad its in the black not the red. 

Echo.... Use it as a just in case facility.

 

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