Best discount from commonwealth bank 0.94 off variable rate

Resurrecting an old thread :)

So we have 1% discount on our ~$700k worth of debt with Commbank currently at 6.41% variable (inc discount). With the announced .4% variable move (to come in on May 11th :/ ) it will come to 6.01% variable (inc discount).

Has anyone got recent tales of pushing the other 3 banks or commbank lower on their discounted variable rates?

Have pushed CBA to get 1.05% off their Discounted Variable Rate...Should be 5.96% with the rate cut...:)
 
Hmm...was pushing them for 1.10% off SVR and threatened to walk away with my business but they didn't budge...

I am able to get cheaper loans with NAB but the difference is not worth all the effort of switching.
 
Have pushed CBA to get 1.05% off their Discounted Variable Rate...Should be 5.96% with the rate cut...:)

That's a very nice discount indeed.

I've been pushing hard but couldn't get them to budge past 0.8% discount. Even with threatening to take my loan elsewhere, but other lenders weren't offering much better.

Apart from loan size, what other factors can help further the discount?
 
That's a very nice discount indeed.

I've been pushing hard but couldn't get them to budge past 0.8% discount. Even with threatening to take my loan elsewhere, but other lenders weren't offering much better.

Apart from loan size, what other factors can help further the discount?

the particular lenders risk appetite at the time. for instance late last year ANZ was giving over 1% discounts to loan amounts under a mil. It was a 'special promotion' since ended. Westpac did the same after their bananna smoothie fiasco to help their retention team. A lot of the time, its just luck as to when you apply for the discount, not necessarily your particular details.

You can always ask them for a discount again in 3 months time....
 
I was told a week or so ago by my CBA relationship manager that CBA were doing (unadvertised) 1% off for under 80% and over $1 mil, new to bank clients. Unfortunatley haven't had a client in this position in the last week to test it on.
 
Generally speaking anything under 75-80% LVR and you can do some better negotiating with discounts.

True...mine is below 80%. And its true it also depends on the timing. I heard the CBA guy telling me that someone got as high as 1.15% discount around July-Aug of last year before the euro crisis started and bank costs went up.

I don't know anyone personally so cant confirm it...
 
SO how do people generally ask for a discount for an existing loan? Just ring up and say you want a bigger discount or your will consider taking your business else where?

Any risks to be aware of?

Any change if the original loans were setup by a broker? (whom I'm no longer in contact with).

Currently have 0.7% discount on CBA loans (wealth package) below 80% LVR.

Regards,

Jason
 
Last edited:
If you had a lot of front, the best way to ask for a discount is to submit a discharge form, saying you were refinancing to another lender. It triggers the customer retention team to give you a call.

Otherwise, you go cap in hand to the bank manager/lending manager/call centre and ask. As they have no bonuses or KPI's around what is essentially giving the banks money away, you might find it dificult getting a response.

Depedning on the lender, broker originated loans can be requested by the broker. Again, there is nothing in it for the broker, so only the most proffessional will give you any of their time chasing a discount for you.
 
SO how do people generally ask for a discount for an existing loan? Just ring up and say you want a bigger discount or your will consider taking your business else where?

Any risks to be aware of?

Any change if the original loans were setup by a broker? (whom I'm no longer in contact with).

Currently have 0.7% discount on CBA loans (wealth package) below 80% LVR.

Regards,

Jason

I rang up CBA when we had the a .7% discount and ANZ were running the 1% discount promotion. When I rang CBA I said I wanted the paper work sent through for transfering/closing loan, when the operator asked why I was transfering I said to get the 1% discount at ANZ and then they said they would check if they could match it. I said ok and later that day they rang back and matched it. Easiest money I made all year.
 
Any tricks to asking? I'm with ING at the moment re-financing to CBA (Direct with a relationship manager) I know some people have gotten huge 1.1% off in the past, I would be happy with a 0.94%!

My loan value with CBA will be $760k with 79% LVR. My CBA guy said he can probably get me 0.8% but doesn't feel he can get 1% off as that was a special promotion a few months back.

Any way to make them go to the 1%? I'm in a rush to buy the property so not sure I have time to run through the other lenders processes and not confident they would lend in my situation anyway (business owner with income up and down) He said he can put in a request for the discount of 1% but can I give him any info to make it have more impact?
 
I've got 1.1% with StG (5.94% soon going to 5.76%) but that was to stop me taking my business elsewhere. ANZ with a 1.0% discount (6.04% dropping to 5.79%).
 
Back
Top