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A borrower obtained a fully amortising loan of $800,000 at 4% p.a. for 25 years. After 5 years, mortgage rates have dropped, so that a fully amortising 20-year loan can be obtained at 3.5% p.a. The early repayment (exit cost) and other refinancing costs will be $4,000.
i. What is the current monthly payment and current total outstanding balance after 5 years?
ii. Is refinancing desirable?
iii. Due to Covid-19, the new lender offers interest-only mortgage payment for the next 12 months. Assuming the borrower agrees to refinance and accepts this offer from the lender, what is the interest-only mortgage payment of the first month on the loan balance after 5 years?
iv. If interest-only mortgage payment is maintained for the entire 12 months period, explain how would this impact on the loan balance
Finance is about Gunns Ltd, a company in dealing with forestry products in Australia. The company has also been listed in Australian Stock Exchange. As many companies producing forestry products, even Gunns Ltd is facing various problems. Due to the ..
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