Good news....Our offer had been accepted yesterday for a 4X2 property in Thornlie for $348K and Bad news followed it..........today RBA raised 0.25 points. I received an email from mortgage broker that I shaould fix for 3 years. If I do not fix, the interest rate is 6.76% (variable) but it can be raised in few days.
Here are my questions, please advice.
(1) Loan amount $313,000. The cost for fixing the rate is .15% of your total loan, therefore the cost is $469.8 (.15% of $313,200). If I do not do it, what could happen in 3 years?
(2) I have 2 loans with RAMS at 6.76% variable($700,000). Should I leave it as it or fix for interest rate of 7.39%
(3) Two more properties loan with ANZ at 6.71% ($846,000). Should I leave it as it or fix for interest rate of 7.56%
Just confused and need some support/advice from you all.
Thanks.
Here are my questions, please advice.
(1) Loan amount $313,000. The cost for fixing the rate is .15% of your total loan, therefore the cost is $469.8 (.15% of $313,200). If I do not do it, what could happen in 3 years?
(2) I have 2 loans with RAMS at 6.76% variable($700,000). Should I leave it as it or fix for interest rate of 7.39%
(3) Two more properties loan with ANZ at 6.71% ($846,000). Should I leave it as it or fix for interest rate of 7.56%
Just confused and need some support/advice from you all.
Thanks.