Close mortgage account? - Aussie Stock Forums

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  1. #1

    Default Close mortgage account?


    Not sure what to do. After paying our place off early a few years ago (took a 30 year loan and paid it in 10), wondering if to close the account early or not. It does have a redraw feature but don't need it.

    Is there any risks in keeping the property under a "Mortgage and Broker Originator/lender?"

    They have been around for a while but still not a big/known company.

    When we started the loan, the interest rate was well below the big banks but today their rate is 9.47% which seems high. The loan has no ongoing fees and redraw etc but still seems odd to me being so high now.

    A reason to keep it open is because I would need a place to store the mortgage papers but wondering if I'd be better just to close it.

    Where do you store them?


  2. #2

    Default Re: Close mortgage account?

    Can it.

    Put them in a safety deposit box or your safe.

    You can un lock equity if you need it through any institution.
    Those rates are ridiculous.

  3. #3

    Default Re: Close mortgage account?

    Quote Originally Posted by tech/a View Post
    Can it.
    Those rates are ridiculous.
    Thanks Tech.

    Yeah, fortunately when we had a balance on it the rates were good. It's just been the last 2 years I've watched their the rate go above and beyond.


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