Quick Rate Review
The benefits of a quick rate review (all we need is a snap shot of your income & expenditure “as at today”)
- Faster, easier, less expensive & much more flexible because we already know you
- The loan does not start all over again increasing ones total life of loan interest component.
- No application, valuation or legal fees apply. No mortgage discharge fees apply.
- No disruption to ones internet banking, direct debits & ease of use.
- Requirements are minimal compared to the application process and paperwork needed for a new loan.
- Non invasive because we don't call your employer or accountant.
- A good chance of a better outcome (no guarantee implied)
- When your review has been successful, your rate will reduce no other changes to your loan. The new rate will take effect from your next repayment if the acceptance is received more than 5 NSW business days prior to the next interest charge date if less days then it will be the following repayment . Customer Care will update your repayments which is $100 per loan account and notify you of the new repayment amount
- Merging loan accounts isn't possible unless i) rates & ii) loan purpose are identical.
- Loan purpose changes (investment to owner occupied & vice versa) will require a file update via an updated MSt 013 Rate Review form
- It is your responsibility to provide Mortgage Street with accurate & complete information and any other required documents (leaving flawless execution to chance is notadvisable).
- Interest is calculated daily (on the loan balance.) & charged monthly
- Save interest & reduce the term of your loan by depositing all your income into your loan account; online redraw access is unlimited, free of charge & always available ($20,000.00 per year limits apply to fixed rate loans only), less your next scheduled repayment. Some premium loans offer Visa debit cards too.
- It is cheaper, more convenient, and faster to seek a review or top up with your existing lender
- Weekly payments are understood to be monthly payments divided by 4, rounded up to the nearest $1 (further reducing your loan balance & interest bill).
- Offers are strictly open for 10 NSW business days only and not inclusive of changes recently announced by the Reserve Bank
- Fees will be applied as per your loan contract. Note these are Non-negotiable.
- It is your responsibility to provide Mortgage Street with accurate & complete information and any other required documents (leaving flawless execution to chance is not advisable).
- Allow 5 NSW business days for processing.
- Random e-mails will not be acted upon, absent of a comprehensively completed & signed form received & acknowledged
- Altering or modifying a fixed rate loan will most certainly attract a break cost
- Fees will be automatically debited to the loan account where there is available redraw. If there is insufficient redraw you can credit the required amount to the loan account using BSB and the loan number prior to returning signed form to prevent delays.
- Where multiple changes are required to each loan account these will in turn attract multiple fees as well as a fee for express service when requested.
- Switching to weekly or fortnightly repayments can only be commissioned in the 1st week of the monthly payment cycle.
- Merging fixed rate loans are not entertained.
- Always conduct thorough independent research before deciding between variable and fixed rates, as both will fluctuate, necessitating careful consideration for optimal choice.
- All prior conversations, communications or actions are hereby expressly revoked and replaced by this document.