Banana Bank (westpac)

We have quite a substantial loan with westpac AKA banana bank.
I am getting a fantastic rate with them as my wife works for them and we get the 1% discount, my standard variable is 5.76%.
Due to their .45 increase on rates I would like to refinance on principal and my question is, does anyone know of a equal or better rate.
Thank you in advance.
 
Not too sure about the "on principal" part. They can do what they want to run their business....It's just a matter of weighing up if they are the best deal for you or not. CBA, ANZ and NAB are no saints when it comes to caring for you....and as for the local money lender...why i'm sure he has a heart of gold....yours if u let him. :)

JB
 
We have quite a substantial loan with westpac AKA banana bank.
I am getting a fantastic rate with them as my wife works for them and we get the 1% discount, my standard variable is 5.76%.
Due to their .45 increase on rates I would like to refinance on principal and my question is, does anyone know of a equal or better rate.
Thank you in advance.



Yep. Got quite a few at 5.49% or less - but what size is your loan, what LVR, etc etc

A rate in isolation doesn't really mean much, and make sure that your 'principles' don't end up by costing you heaps.

If you switch to another major they all play tag with each other anyway. You could be out of the frying pan and into the fire!

CBA said the other day 'what a relief to get back to a 4% mark up' or words to that effect.


Anyway, the answer is yes, there are plenty of lenders running at below your Special Staff Rate so if you feel you really must jump ship there are plenty of other boats in the harbour.

Cheers
Kristine
 
I think it may be still too early to refinance from Westpac.

It is likely at the next RBA rate increase all the other banks will put their rates up higher than the RBA increase with Westpac limiting themselves.

This could mean if you move now you will be paying more later.

Also, worth mentioning, one of my clients rang Westpac to complain about their condesending letters/emails (bananas etc) and they gave him an extra 0.25% off over the phone - for a period of 3 months (This suggests they think the above will happen)
 
I agree with Terry, I might just stick it out with westpac, I am getting a good rate at the moment and the last thing I want to do is go to another lender which will increase more than westpac next rate rise.
I know if you take out a substantial loan most banks will neg there rate, but if you are on a staff rate I dont think they will move at all.
 
People getting upset with Westpac need to put it into perspective before they start taking action like changing a whole bunch of loans around to different lenders.

With the amount of backlash they've received from this latest move, I think the next .25 rise in Feb they will either stick to whilst the others move .30/.35 etc or if the other guys move .25 - Westpac will undo some of their bad call this time by only increasing by .10 etc.

Of course they'll give a nice reason at the time (cost of funding down), but it will be to bring them back into line with the others and undo some of the bad publicity they've been receiving. This is already being evidenced by the extra margin discounts they're currently offering clients who are asking for it by extending them .10/.20 extra for the next 3 months until it's "reviewed" aka the RBA moves again and they can take the action I described above.

So by all means shop around, but don't expect WBC to stay that much higher indefinitely. They'll be removing the egg from their face at their first opportunity without actually having to go through the even bigger publicity fiasco of reversing their decision publicly.
 
People getting upset with Westpac need to put it into perspective before they start taking action like changing a whole bunch of loans around to different lenders.

With the amount of backlash they've received from this latest move, I think the next .25 rise in Feb they will either stick to whilst the others move .30/.35 etc or if the other guys move .25 - Westpac will undo some of their bad call this time by only increasing by .10 etc.

Of course they'll give a nice reason at the time (cost of funding down), but it will be to bring them back into line with the others and undo some of the bad publicity they've been receiving. This is already being evidenced by the extra margin discounts they're currently offering clients who are asking for it by extending them .10/.20 extra for the next 3 months until it's "reviewed" aka the RBA moves again and they can take the action I described above.

So by all means shop around, but don't expect WBC to stay that much higher indefinitely. They'll be removing the egg from their face at their first opportunity without actually having to go through the even bigger publicity fiasco of reversing their decision publicly.

very perceptive post.
One other point i think, if the difference is only a few basis points then is it 'worth' the bother. If the difference starts to widen to 100 basis points+ then i can understand the desire to switch.
 
Of course they'll give a nice reason at the time (cost of funding down), but it will be to bring them back into line with the others and undo some of the bad publicity they've been receiving.

I've corrected your post for you.

Of course they'll give a nice reason at the time (cost of bananas down), but it will be to bring them back into line with the others and undo some of the bad publicity they've been receiving.

:)
 
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