Coming off a 2.8% mortgage interest rate - what to do

[vgrace]

Interested in what people are thinking when it comes to choosing a floating interest rate or fixing for a period?

 

[bachert24]

@vgrace Have a bit of a cry and then take a punt.

Do you have rates offers yet?

 

[mjeduar]

@vgrace "Don’t Cry Because It’s Over; Smile Because It Happened"

 

[zoss]

@mjeduar Maybe the real treasure was the debt you made along the way?

 

[gariocho]

@zoss You'll be more interested

 

[spinny]

@mjeduar i like this thinking!

 

[chalison]

@vgrace Just pay off the full balance. Easy!

 

[blessedisshe]

@chalison Banks hate this one trick!

 

[pleng28]

@chalison This is like the financial advice stories in Stuff, written by a 20 something who owns 5 houses.

"I found it easiest to pay off the whole balance, so I wasn't paying interest, then I could remortgage and buy another property"

Then at the bottom it's like "John had a bit of help from the bank of mum and dad, who helped get him started by giving him $2.5 million and giving him four of their investment properties they held in the family trust."

 

[w4lt3r]

@pleng28 We need more entrepreneurs like John! We should all be smarter about the family we choose to be born in to!

If we’re born to a middle class or lower family, then shame on us!!!!!!!!!!1!!!11eleven

 

[naveenjiram]

@pleng28

 

[banchocanh]

@pleng28 Not to be rude here. There are plenty of people who did it without the bank of mum and dad. It would be harder today with the new tax and rental laws. But it's not impossible.

 

[catholicbat]

@banchocanh you know shit's fucked when the most uplifting cases the media can find are invariably some rando with access to intergenerational wealth...

 

[amer]

@banchocanh Man if you think those taxes are the problems you have a problem yourself.

 

[superduck]

@banchocanh Agree. Poor me blah blah

 

[naveenjiram]

@chalison Stop being poor... It's that easy

 

[heidibear1974]

@naveenjiram Well it’s really your own fault for not being born into wealth. Try harder next time you’re born.

 

[guitardude93]

@chalison An easy hack that banks don’t want you to know!

 

[acmb0101]

@chalison I love it when they say “oh, if you pay off the whole balance there will be a early payment fee”….like wtf, if I just paid off my whole mortgage at once I don’t think a fucking fee is going to break my balls Gerry.

 

[kld22462000]

@chalison Get a small loan of a million dollars from your parents.