$10 account keeping fee on home loan
- Thread starter Connie
- Start date
If you get their package you can waive the $10 fee, plus get discounts off your variable rate and a host of other things. It has an annual fee that i can't remember off the top of my head - prob around $395 or something but usually the discount off your variable rates more than pays for that.
Not really.
Consider that the comparable product for CBA, Westpac, ANZ and even NAB Choice package is an annual fee of $375 - $395. Your loans are costing $360 per year in total.
Each of these lenders has a basic product with no ongoing fees, but you'll find that the rates aren't anywhere near as good and they won't negotiate rates on those products.
You should also give your broker a call and ask if they can negotiate on the existing loan interest rates. I haven't known NAB Broker (HomeSide) to negotiate on fees, but they will negotiate on rates and are one of the most competitive out there right now. They're significantly more competitive than the other major lenders including the regular NAB professional package.
Consider that the comparable product for CBA, Westpac, ANZ and even NAB Choice package is an annual fee of $375 - $395. Your loans are costing $360 per year in total.
Each of these lenders has a basic product with no ongoing fees, but you'll find that the rates aren't anywhere near as good and they won't negotiate rates on those products.
You should also give your broker a call and ask if they can negotiate on the existing loan interest rates. I haven't known NAB Broker (HomeSide) to negotiate on fees, but they will negotiate on rates and are one of the most competitive out there right now. They're significantly more competitive than the other major lenders including the regular NAB professional package.
Just checked - it is $395, and you get 0.8% off your variable rate as well.
Jess that's a rate of 5.08% with the highest ongoing fees available. Every lender can do better than this if you're borrowing more than $250k.
If you're borrowing less than $250k the better deals are with the smaller lenders at the moment.
I had this and my broker got rid if it
With Nab Broker (formerly Homeside as of a week or so ago) I can usually get them to waive the $10 fee if there's more than a couple of splits (so from loan 3 onwards) and the aggregate borrowings are high(ish).
I doubt they'd waive it on one (or two loans) - and as Pete mentioned, it's still quite cheap compared to the other annual fees charged for comparable products.
Cheers
Jamie
I doubt they'd waive it on one (or two loans) - and as Pete mentioned, it's still quite cheap compared to the other annual fees charged for comparable products.
Cheers
Jamie
Hey Jess
I think your talking about NAB direct rather than NAB broker (which is Homeside) who the OP is talking about.
With NAB direct there's an annual fee of $395 - with NAB Broker there's a $10 per month fee ($120 p.a per loan).
Cheers
Jamie
Thanks Jamie, you're right - I assumed straight NAB but their monthly fee is $8, not $10. Thanks for straightening me out!
Peter - was not suggesting it was the best loan out there, merely a way to make fees in an existing loan do a bit more work.
Which it won't, now that I realise it's a broker loan not straight NAB!
Peter - was not suggesting it was the best loan out there, merely a way to make fees in an existing loan do a bit more work.
Which it won't, now that I realise it's a broker loan not straight NAB! How would I go about pressing Homeside for an interest rate reduction? Is it just a matter of calling them and threatening to walk to another lender?
I've got $320k of debt with Homeside at 79% LVR. Current rate is 4.95%.
Should I be happy with what I've got or should I be pressing them for something better??
4.95% is their normal rate for that sort of loan size and LVR - and it's not too bad but you could get your broker to ask the question.
Cheers
Jamie
Contact your broker. I'm easily getting better rates for 80% lends at the moment, they're actually surprising me with what they'll do.
You could easily get better. I have just moved one property to them and My rate is lower and its at 90% lvr.
NAB is very aggressive on pricing ATM so all you need to do is get your Broker to submit a pricing request to the bank.
The waiver of the $10 fee is close to impossible with less than 3 accounts but certainly possible with more than 3.
The waiver of the $10 fee is close to impossible with less than 3 accounts but certainly possible with more than 3.
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