Best discount from commonwealth bank 0.94 off variable rate
- Thread starter tamugrg
- Start date
westpac
Hi
Unfortunately westpac seem to be playing hard ball.
I have 10 individual loans (i/o) totaling $1.8m on IP'svalued at approx $3.6m, and I have 0.8% discount off the variable rate.
Plus there is the annual Premier package fee - $350? pa in total.
The answer seems to be to ask for a discharge form/s, and suggest that I'm moving to, say CBA.
That is, unless anyone thinks that westpac will start to catch-on and increase their discounts, eg 1.0%.
Regards
Tony
Hi
Unfortunately westpac seem to be playing hard ball.
I have 10 individual loans (i/o) totaling $1.8m on IP'svalued at approx $3.6m, and I have 0.8% discount off the variable rate.
Plus there is the annual Premier package fee - $350? pa in total.
The answer seems to be to ask for a discharge form/s, and suggest that I'm moving to, say CBA.
That is, unless anyone thinks that westpac will start to catch-on and increase their discounts, eg 1.0%.
Regards
Tony
I'm in the process of applying for a loan of just under $500k with the NAB on their Choice package. This will be the only loan I have at the moment.
Because of this post, I've asked my broker to ask the NAB nicely if I could get a discount of greater than the 0.7%. What are my chances of getting anything?
Because of this post, I've asked my broker to ask the NAB nicely if I could get a discount of greater than the 0.7%. What are my chances of getting anything?
Hi Nrt Brisbanite ,
I am with CBA too and my borrowing is similar to you also on the Wealth package. I asked my broker today and she said I will not get any further discount ie at 1% as you just got, I am currently at 6.96% (0.85% discount).
Could you let me know how you negotiated or any contact that I could you to get the same discount as you? Much appreciated.
thank you,
Anne
Its not the bank rather the individual. I've been with Westpac for a while, I had the same issue until I spoke to the manager who was very approachable and appreciated my business ended with 6.85%. Last week my local branch invited me to a business seminar at the branch, good informative night for free.
Hi Joan
Sounds like they have you as a captive client : )
I suspect if you move a loan or 2 away from them you might get more of a look.
Note that pricing at WBC is NOT just based on volume, the ROI is affected by other things as well.
If all fails, and it really bugs you, and its worthwhile ............ MOVE : ), but do it in a way that works for you, not a lender !
ta
rolf
Hi Tony
As I just replied to Joan, move in need, but do it in a way so you dont end up in the same boat : )
ta'rolf
Anne, I spoke to a Paul who I think, was from the loan retention section. Originally I rang the central number (can't remember it but easily obtained from their website) and was then directed to the home loan section. The lady was very pleasant and promised that someone would contact me which they did within 2 days.
The whole process was very smooth with no need to be aggressive (which is not my nature). My loans are around $1 million so the reduction will be dependant on the size of your loans.
I've just checked that the reduction went through and sure enough, it was activated on the day that I spoke with them. My rate is now 6.81%. My broker has suggested that I use this rate as a leverage to get my loans at other banks down to the same rate.
CBA are also offering nil switching fees at the moment.
CBA are now advertising 0.95% discount as standard for new loans, conditions are for borrowings over 750k with less than 75% LVR:
http://www.commbank.com.au/personal/home-loans/wealth-package/rates-fees/default.aspx
We have just secured the discount, can't imagine they wouldn't offer this to existing customers if they asked... the trick is, you've just gotta know to ask.
Now I'm trying to get Westpac to match it.
http://www.commbank.com.au/personal/home-loans/wealth-package/rates-fees/default.aspx
We have just secured the discount, can't imagine they wouldn't offer this to existing customers if they asked... the trick is, you've just gotta know to ask.
Now I'm trying to get Westpac to match it.
FYI - WBC offered .85%, up from 0.7%. Wouldn't go to .95 unless we moved accounts, credit cards over to them... they called our bluff and we took the .85
This thread is awesome.
For me, ANZ have just agreed to match the CBA offer of .9% discount for borrowings between $500k-$775, with <75% LVR....
For me, ANZ have just agreed to match the CBA offer of .9% discount for borrowings between $500k-$775, with <75% LVR....
Thank you Nrt Brisbaneite and Yorsie for sharing the info. I also got a discount from CBA of 1%, however they did not waive the first year fee. I am quite happy about ( they gave me back some of what they took from me .
Apparently with new offer you get .85% off standard var rate any way if you are on a Wealth Package.
I really enjoy reading the info on the forum. It really broadens my views on investing.
Thank you all for sharing.
.Apparently with new offer you get .85% off standard var rate any way if you are on a Wealth Package.
I really enjoy reading the info on the forum. It really broadens my views on investing.
Thank you all for sharing.
All these 0.9-1% discounts are fantastic on paper, until they lift their SVR 15, 20 or 30 points more than the RBA with the next RBA increase, or pass on 10 of the 25bpts discount on the next RBA reduction, like they've already demonstrated their enthusiasm and willingness for, more than once previously. Then you're back to square one, and nowhere.
loans.com.au is offering a 6.85% rate. Offset. 10 free splits. no fees. tracked to the RBA rate for 5 years so whatever the RBA does, the loan does, then a loyalty discount of another 10bpts after 5 years. The comparison rate is 6.79 and its ranking number 1 on cannex , ratecity and infochoice and all those kinds of consumer sites that monitor such things. I think its funded by firstmac, who have kept their rates below the big 4 right throughout the last few years.
At least you'll know that the rate really is the rate for at least the next 5 years. Seems like a pretty good deal. There are a few other pretty cracking deals on there too..
http://www.ratecity.com.au/home-loans/search
Bank marigins are the highest they have ever been not sure if locking in that margin in for the next 5 years is a wise move (effectively what you are doing with loans.com).
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