Best discount from commonwealth bank 0.94 off variable rate

I rang up and asked for a payout figure as "I had got a better rate from another" bank. They asked if they could make an offer to keep my business, to which i agreed. They basically drove it from there.

I hadn't even spoken to another bank, but I had checked out what rates were plausible based off info here.

Jason
 
Wells lets see how that goes, just requested the pay out figure from CBA for my 4 home loans so as to facilitate refinancing to another lender.

Will wait and see there response.
 
We didn't have to ask. Last year when we saw our bank manager to get a LOC for a reno she changed all our loans over to a breakfree package (ANZ) which has a 1% discount off the standard variable rate. With the latest rate cut we will be on 5.8%. From next year though it costs us an annual fee of $350 to have this package (includes no account fees, loan application fees, valuation fees etc.
 
We didn't have to ask. Last year when we saw our bank manager to get a LOC for a reno she changed all our loans over to a breakfree package (ANZ) which has a 1% discount off the standard variable rate. With the latest rate cut we will be on 5.8%. From next year though it costs us an annual fee of $350 to have this package (includes no account fees, loan application fees, valuation fees etc.

Hiya


Sorta makes you wonder why the bank didnt set i up that way in the first place ?

ta
rolf
 
With WBC, we have just over $1m in variable loan (and $500k in fixed).

LVR is around 83% overall. Best discount I have been able to get is 90bp.:mad:

(Edit - we are existing 4-5 yr WBC customers)
 
We are on 5.78% with NAB, a 1% discount, just over $1M and just under 80% LVR.

But we had to push for that we were on 0.8% and were looking at increasing by about $400K and they offered to increase the discount to 0.85% :eek: I wasn't too fussed about using them only if the discount was going to be worth it as it was our PPoR loan we were refinancing. So I just said don't worry about it we will shop for another lender then they came back with an increase to 1%
 
With WBC, we have just over $1m in variable loan (and $500k in fixed).

LVR is around 83% overall. Best discount I have been able to get is 90bp.:mad:

(Edit - we are existing 4-5 yr WBC customers)

you could probably do a little better, there are a few tricks to negotiating with westpac in my experience.
 
Best CBA discount

G'day

Just been told that CBA have changed their discount rates for new loans as of Jan this year. Late last year we got a 1% dicount on our existing loans, we are just about to have a new loan funded and the best they will do is .8%. This new loan takes over the $1m mark with them and <80%lvr.

Anyone done better recently or can confirm this?

Cheers,

Ben
 
G'day

Just been told that CBA have changed their discount rates for new loans as of Jan this year. Late last year we got a 1% dicount on our existing loans, we are just about to have a new loan funded and the best they will do is .8%. This new loan takes over the $1m mark with them and <80%lvr.

Anyone done better recently or can confirm this?

Cheers,

Ben
Leaving aside the structure question of why you wouldnt put more than 1 mill with a single lender, are any of your facilities fixed? Have they reduced the discount on the rest of your lending to .8%, or are they leaving that at 1%?
 
G'day

Just been told that CBA have changed their discount rates for new loans as of Jan this year. Late last year we got a 1% dicount on our existing loans, we are just about to have a new loan funded and the best they will do is .8%. This new loan takes over the $1m mark with them and <80%lvr.

Anyone done better recently or can confirm this?

Cheers,

Ben

You can get 1% discount still for over $1m and under 80% LVR. Gotta give them the special code that's all ;)
 
Leaving aside the structure question of why you wouldnt put more than 1 mill with a single lender, are any of your facilities fixed? Have they reduced the discount on the rest of your lending to .8%, or are they leaving that at 1%?

Nothing fixed atm, they are leaving existing loans at the 1% discount.
 
G'day

Just been told that CBA have changed their discount rates for new loans as of Jan this year. Late last year we got a 1% dicount on our existing loans, we are just about to have a new loan funded and the best they will do is .8%. This new loan takes over the $1m mark with them and <80%lvr.

Anyone done better recently or can confirm this?

Cheers,

Ben

You should be able to get a 1% discount on almost all lenders. The question is what is the original rate. Get your broker to send a pricing request to a few places to see what rate you are able to get.
 
The question is what is the original rate. Get your broker to send a pricing request to a few places to see what rate you are able to get.

I tend to have a preference to have a look at the end rate result.

Some of these discount from XYS arent overly relevant in many scenarios.

If they were my client, I wouldnt bother with chasing pricing with CBA or other lenders.

Id prep a discharge for the client to sign...........and send to CBA.

The retention teams at CBA and NAB will generally not let good business walk away for 10 or 15 pts.

It also discourages churn which isnt good for anyone but the broker in the end.

ta
rolf
 
we have received 1.07% discounts from Westpac this week for a couple of customers. I think the days of 1.1% discounts are over for the time being :-(
 
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