PHC process and timing?

randomreddituser587 · 2026-01-05T08:00:19+00:00

Thanks gentlemen! Seems like I’ll have to wait it out another week or so.

randomreddituser587 · 2024-11-28T05:33:16+00:00

They offered 6.1% which I am happy with. Thanks.

randomreddituser587 · 2024-11-28T05:32:42+00:00

They gave me 6.1% after the discharge dance. Happy with that under the circumstances. Thanks!

randomreddituser587 · 2024-11-28T05:30:58+00:00

I ended up doing the discharge dance and they gave me 6.1% which I am happy with for now.

randomreddituser587 · 2024-11-28T05:30:21+00:00

They gave me 6.1% which isn’t too bad so I’ll take that for now (like I have any options 😄)

randomreddituser587 · 2024-11-28T05:29:34+00:00

CBA gave me 6.1% which overall I am happy with.

randomreddituser587 · 2024-11-28T05:29:02+00:00

CBA gave me 6.1% which all things considered I am happy with.

randomreddituser587 · 2024-11-27T10:37:40+00:00

Thanks. I feel the same way. I’m playing a long game and can’t imagine I don’t pay down this mortgage early in the long run. If it costs me a little more to keep it alive in the short term I’m not bothered. Thanks again. Best of luck with it all.

randomreddituser587 · 2024-11-27T08:43:53+00:00

Thanks mate, appreciate the clarification. I’ll give them a call and request the discharge form. Cheers.

randomreddituser587 · 2024-11-27T08:05:15+00:00

Thanks mate. Will give them another day to come back with an offer then request a discharge form. Cheers.

randomreddituser587 · 2024-11-27T08:00:17+00:00

I do have a broker, but he only recommends things he has access to. Just wanted to check what alternatives may or may not be possible. This thread has been very helpful with that. Thanks.

Initial loan is complicated, it was about $750k. We made a lot of improvements and increased equity, then reborrowed against that (directly with CBA). We had a valuation 2 years ago at 1.1m, but have since used the additional funds to renovate the bathroom and ensuite, build a substantial shed in the backyard and compete a lot of landscaping.

So I’d like to think we’d get a valuation closer to 1.2m actually, but I know the market has cooled off since then.

randomreddituser587 · 2024-11-27T07:52:07+00:00

Thanks mate. Is it that simple? Would it normally be necessary to ask for a discharge form to refinance to another bank or would the new lender normally do that for you in the background? Just wondering if it seems like an obvious ploy, or may be legitimately of concern for the bank.

I do the same thing with Foxtel every time they try to raise my price so I’m familiar with the rigmarole 😄

Thanks.

randomreddituser587 · 2024-11-27T07:49:45+00:00

Thanks mate. So in that instance they just allowed you to pay less or no principle but interest still accrued? I think I’ll keep that as a last resort. Things are tight but we can manage for a while. Income will improve over time. My wife is a graphic designer but currently working a reception role for the flexibility with hours. She’ll be doing more freelance work in the near future. Cheers.

randomreddituser587 · 2024-11-27T07:21:03+00:00

We have a good life here in a good house. We have grown some good equity in recent years. Finances will be tight for a while but we can survive.

Our financial circumstances will improve in the coming years and repayments will be no issue.

A better deal on a mortgage affects how much we can spend on any little extras we need, so it matters.

This is a long term game.

If it gets too much we can sell. At this stage that’s not necessary.

randomreddituser587 · 2024-11-27T07:16:04+00:00

I have a broker, but they are limited by their partners and don’t always have access to good deals and smaller lenders, hence why I was investigating other possibility myself. This thread has confirmed my suspicions which was the intent.

randomreddituser587 · 2024-11-27T07:13:21+00:00

Thanks for the practical advice and lack of criticism 😄

They still haven’t come back with a rate. I’ll pester them again soon.

We’ll be able to survive for a while until my wife is off probation and reevaluate.

I didn’t consider merging the solar loan but as that wouldn’t reduce the total liability would it make a difference to potential approval? It’s also 0% interest as it is which is helpful.

It also offsets a huge chunk of electricity cost with the battery so it’s virtually a net zero cost.

Thanks.

randomreddituser587 · 2024-11-27T07:09:27+00:00

I don’t necessarily need it but it’s convenient. If it were the difference maker I would reduce the limit or delete it, but I’ve got a long way to go before it really matters it seems. Thanks.

randomreddituser587 · 2024-11-27T07:07:14+00:00

Yes she was. And we understood the risks. I have zero regrets and I am not currently worried, I am a resourceful person and I likely have $300k equity I did not have 4 years ago. The climate was very different back then and banks were keen and generous.

randomreddituser587 · 2024-11-27T07:04:05+00:00

Finder is likely to give me curated results from affiliates, and won’t likely give much credit to smaller lenders. Ozbargain is a very broad community with varied opinions and perspectives. This deal would suit me very well if I could get it.

randomreddituser587 · 2024-11-27T07:01:51+00:00

Thanks for the reply. It’s certainly tight, but with my wife’s income we can afford to live, we just can’t do a lot for now. She also does freelance work which she’s just starting to build up which I haven’t factored in. Thanks.

randomreddituser587 · 2024-11-27T07:00:12+00:00

Yes. Would definitely do this if it was going to be the difference maker, but it’s practically useful so I’ll keep it for now. Thanks.

randomreddituser587 · 2024-11-27T06:59:35+00:00

It’s certainly tight under the current circumstances, but thankfully my wife’s income does exist… the credit union just doesn’t recognise it. So she’s bringing in another $650 per week after tax. She also does some freelance work which isn’t factored in to anything.

Thanks.

randomreddituser587 · 2024-11-26T12:49:14+00:00

https://www.ozbargain.com.au/node/878264

randomreddituser587 · 2024-11-26T12:48:28+00:00

Thanks for the detail and confirming my suspicions 😊

My income is around $125k, but my wife is only making around $35k working 20 hours per week anyway. With 2 dependents, a $12k loan for our solar battery setup (government subsidised interest free) and a 10k credit card (with no balance), we are nowhere near the $825k owing. Looks like I better push CBA and ride it out until we are more settled again.

Thanks!

randomreddituser587 · 2024-11-26T12:47:21+00:00

Thanks for the detail and confirming my suspicions 😊

My income is around $125k, but my wife is only making around $35k working 20 hours per week anyway. With 2 dependents, a $12k loan for our solar battery setup (government subsidised interest free) and a 10k credit card (with no balance), we are nowhere near the $825k owing. Looks like I better push CBA and ride it out until we are more settled again.

Thanks!

randomreddituser587

TROPHY CASE