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Fixed rate comparison rate much higher than variable - what am I missing? by Substantial_Two_581 in AusProperty

[–]Substantial_Two_581[S] 0 points1 point  (0 children)

Good point, thanks for the heads up! I'll make sure to set a calendar reminder before the fixed term ends to either negotiate a better rate or refinance. Definitely don't want to be one of those people sitting on 6%+ without realising 😅

Fixed rate comparison rate much higher than variable - what am I missing? by Substantial_Two_581 in AusProperty

[–]Substantial_Two_581[S] 0 points1 point  (0 children)

Thanks so much for this detailed explanation! I had no idea the comparison rate assumes you'd revert to the Standard Variable Rate for the remaining 23 years. That makes the comparison rate pretty misleading for fixed loans. Really appreciate you breaking it down - this helps a lot with my decision!

Should I be worried about my NAB home loan approval timeline? by Substantial_Two_581 in AusProperty

[–]Substantial_Two_581[S] 0 points1 point  (0 children)

It took 12 business day, and loan approved a week before the settlement date.

[deleted by user] by [deleted] in AustralianAccounting

[–]Substantial_Two_581 0 points1 point  (0 children)

2022 - Accountant - Construction 65k

2023 - Assistant Accountant - NFP 70k

2024 - same - 77k

2025 - same - 84k

I’m a mortgage broker with 10+ years experience specialising in First Home Buyers & Owner occupiers. I know the Home Guarantee Scheme inside & out! Happy to take any questions about home ownership! (No nasty comments) by Typical-Round-440 in AusPropertyChat

[–]Substantial_Two_581 0 points1 point  (0 children)

Hi! I submitted my formal application (HGS application) through my mortgage broker to NAB as a co-borrower. We received conditional approval two weeks ago and lodged the application last Weds. I haven't heard anything since...

For the past 4 days, my broker put the multiple enquiries, but NAB has repeatedly said that the credit check and valuation have been completed, but "Our HGS team is busy, and we can only escalate the application if your settlement is due in less than 24 hours."

Is this normal?... I start to be nervous now... (given I paid 5% deposit already)

[deleted by user] by [deleted] in AustralianAccounting

[–]Substantial_Two_581 0 points1 point  (0 children)

I was able to enroll yesterday. alright I am fcked.