First Home Buyers Snap up the Cheapies
You wouldn’t have thought it, but the team at MWM has been flat out putting first home buyers in to their dream home and yes a lot of the houses have been under $ 600,000.( not in the central city either )
Yes we have done a 1m house for a first home buyer but most where around the $650,000 mark.
The main point is they got approved and they brought a house ( effort is the key to wealth )
Auctions finally have their Day
There are the houses out there at the right price and the competition is not that hot so get out to the Auctions as they are falling over or make an offer and contact the Team of Mike and Peter at MWM.
Break fees or early repayment fees
People hate the world break fee when they want to break their fixed term rate with the bank, and yes they can hurt at times, but it is just really the interest you were going to pay spread out over the fixed term but now you just pay it in one large sum.
If you break your fixed term rate the bank has to re sell the same money to another person as to a different rate and they may not make the same money as they would have made from you.
The biggest break fee I have seen is a $ 16,000 with many around the $ 10,000 mark.
Things to Remember
- Do you really need to break the rate? if you are selling the house then you have to pay.
- If the rates go down there is normally a fee
- If the rates have gone up there is no fee, but the bank is making money (they never tell you this)
- Once you Fix a rate you are paying the rate until the end
- Banks don’t care if you leave as they can’t lose money and why should they.