Quote:
Originally Posted by 323Turbo
Mortgage question - sorry if its a dumb question but I'm no financial whizz at all.
ok, I have only 1 mortgage & no other loans, house is worth $870,000. I owe $204,000 but I also have $195,000 in redraw (extra cash Ive paid in over the 9 years).
my mortgage rate is 3.1% variable.
Should I refinance at a slightly lower rate & lose most of the redraw or just keep things as I am and have most of the $200k paid off in about 4 years? Currently paying $650 a week but putting a grand on extra every month or 2.
thanks
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Why not ring your bank & ask them for a lower rate? We’re in no where near as good a position as you are & I got it dropped from 3.17 to 2.97 in a 10 min phone call. I just said whatever bank has this rate going can you match it or get close to it. Didn’t quite match it but it’s still better than what we were on.