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How much will it cost to break a fixed-rate mortgage?
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Bob Korver

How much will it cost to break a fixed-rate mortgage?

By Bob Korver
0

With rates at record lows, more and more investors are turning to fixed rates — but if you change your mind, what sort of costs are you facing? 

Blogger: Bob Korver, owner, Mortgage Choice Eight Mile PlainsEight Mile Plains, QLD Eight Mile Plains, QLD

Two cuts to the official cash rate in 2016 has helped take home loan interest rates to all-time lows.

And it is not just variable rates that are sitting at low levels. Today, most lenders are offering incredibly sharp fixed-rate pricing.

If you are looking for some certainty around your home loan repayments, then a fixed-rate home loan (or a split rate mortgage) may be the ideal solution for you.

As the name would suggest, a fixed-rate home loan is a mortgage that boasts the same fixed interest rate for the duration of your preferred fixed period.

Generally speaking, people will fix their mortgage from somewhere between one and five years, with three-year fixed-rate products being the most popular across the country.

And while there are many benefits associated with fixed-rate home loans, there are also some pitfalls associated with this type of product.

One pitfall associated with a fixed-rate mortgage is the break fee.

There are couple of ways you can be charged a break fee, namely:

  • If you switch to a different product and/or lender before your fixed-rate home loan term has expired;
  • You make additional home loan repayments in excess of the amount stipulated by your lender;
  • You repay your loan in full before the fixed rate term has expired;
  • You default on your mortgage repayments.

Depending on the size of your fixed-rate mortgage and how much time you have left in your fixed-rate loan term, a break fee can be very expensive.

Lenders will typically finance your home loan on the wholesale market with a fixed maturity date.

At the time you switch loans or repay your loan early, your lender will use the Bank Bill Swap Rate (BBSR) or BBSW to calculate your early repayment cost.

Of course, it is important to note that break fees will vary from borrower to borrower and lender to lender. As such, it is important to consult your lender before you decide to break out of your fixed-rate home loan.

If you are currently in a fixed-rate product and would like to break free from the mortgage, I can help you identify exactly how much your individual break fee might be.

I can also talk to your lender about having your break fee reduced and/or removed.

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About the Blogger

Bob Korver

Bob Korver

Bob Korver is the owner of the Mortgage Choice Eight Mile Plains franchise in Queensland. He has more than 20 years’ experience in financial services, having held various senior positions at one of Australia’s major banks before joining Mortgage Choice in 2011.

With a Certificate IV in Financial Services and a Diploma of Finance and Mortgage Broking Management, Bob is well equipped to help his customers with a wide range of enquiries, including business lending, commercial property finance, equipment finance, car loans, personal loans and home loans.

Traditionally known for providing customers with expert home loan advice, today Mortgage Choice in Eight Mile Plains is well equipped to help customers with more than their home loan needs. The franchise can also help customers with their broader financial needs, including but not limited to, commercial loans, personal loans, business lending, equipment finance and even car loans.

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Tune in to the latest episode of Property Showcase, the podcast with the inside track on the products and businesses that will help turbocharge your portfolio, maximise returns and make your overall investment experience seamless and stress-free!

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To hear more about these services, make sure to tune in to this episode of Property Showcase!




 Make sure you never miss an episode by subscribing to us now on iTunes!
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Mortgages in a tighter lending economy and why Brisbane is a good option 
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Will Magee has had ambitions to enter into the Australian property market for quite some time, but it has been more than just finances holding him back.  Having been granted permanent residency just two weeks ago, Will is wasting no time and is now in the process of signing papers and finding his first investment property.

"
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In this episode of the Smart Property Investment Show, Will joins host Phil Tarrant to share why he is purchasing his first property in partnership with his brother, discuss the complications that can arise from such a strategy, and unpack the ongoing plan for building a joint property portfolio with his brother.


Will will also share how they approached saving for their first property, why he is taking out the mortgage in his name exclusively, and share their savings plan for the year ahead.




If you like this episode, show your support by rating us or leaving a review on iTunes (The Smart Property Investment Show) and by following Smart Property Investment on social media: Facebook, Twitter and LinkedIn.


If you have any questions about what you heard today, any topics of interest you have in mind, or if you’d like to lend your voice to the show, email [email protected] for more insights!



RELATED AREAS OF INTEREST:

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  ["title"]=>
  string(75) "Regional Victoria showing up Melbourne in price performance, new data finds"
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Median house prices in regional Victoria outperformed that of Melbourne in the June quarter, the latest REIV figures reveal. 

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Median house prices in the regions rose 4.0 per cent to $419,500 but in Melbourne they dipped by 0.6 of a percentage point to $840,000.


The result in Melbourne was due to a 0.8 of a percentage point fall in prices achieved at auction; this was despite a lift of 2.3 per cent in private sales.


Inner Melbourne suffered due to auction prices, where median prices fell by 4.9 per cent to $1,459,000 but it was middle Melbourne that was hardest hit, with a 5.4 per cent drop to $974,500.


Outer Melbourne had a good quarter with the median rising by 0.5 of a percentage point to $681,000.


Apartment prices in regional Victoria grew by 3.7 per cent to $304,500 while the metro media was up by 0.5 of a percentage point to $604,000.


REIV President Richard Simpson said that despite fewer sales, many sectors of the market were performing well.


“2017 was a bumper year and while the trendline has flattened, despite the fall in median house prices in the June quarter, median prices are still up this calendar year for both houses and units, in Melbourne and in the regions,” Mr Simpson said. 


In particular there was been strong growth in regional centres which is probably due to the first-home buyers’ concessions said Mr Simpsons.


“The first-home buyers’ concession has been a boon for regional areas. A new entrant to the property market buying a house at the regional median will pay no stamp duty, while a first home buyer of an apartment in Melbourne at the median price would pay stamp duty of nearly $25,000,” he said.


Mr Simpson said that more prospective buyers are looking towards regional Victoria which is also having an effect in Melbourne.


“Melbourne’s outer perimeter continues to grow. Small increases in the June quarter mean that the median prices for both houses and units have risen over 10.5 per cent from a year ago.


Mr Simpson said moving forward that vendors need more realistic expectations as the highs of 2017 are now over.


“Negative chatter about the future of the sector coupled with stronger lending controls by financial institutions has created some uncertainty and vendors need to be realistic with their price expectations,” Mr Simpson said.
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Regional Victoria showing up Melbourne in price performance, new data finds

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