How prevalent and/or difficult is it to get the 1% discount?
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How prevalent and/or difficult is it to get the 1% discount?
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.
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.
(Edit - we are existing 4-5 yr WBC customers)
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
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%?
You can get 1% discount still for over $1m and under 80% LVR. Gotta give them the special code that's all
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
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.
Any new ideas/reductions people have been able to wangle?