should I switch mortgage

[selfbuild]

Hi - I have my mortgage on my PPR with First Active - I got notice from them the other day that the interest rate was going from 4.78% to 5.03% ...

I feel that this is a bit high - I checked to REA web site and note that the First Active Variable rate is the highest variable rate among the financial institutions listed ([broken link removed])

My question is should I switch mortgages? How do I go about doing this and what are the costs involved

thanks

sb

 

[Froggie]

The cost of switching can vary greatly depending on your circumstances. If the outstanding mortgage is less than 80% of the property value you may get your costs paid by the new lender. I think you get other consessions if the value is less than 60%. I would talk to REA.