Best discount from commonwealth bank 0.94 off variable rate
- Thread starter tamugrg
- Start date
6.82% (0.85% discount over entire term) is the ongoing offer from NAB for >$500K loan.
Can confirm this, $700K in loans with the NAB and was offered 0.85 off when I asked for break costs (took a few calls and emails to get this).
Anyone done any better in the sub-$1M range with NAB?
I believe 1% discount is possible on $1m loan with NAB. Their cost of funds is so much lower than Westpac and CBA, although I can see that CBA is trying much harder to compete than Westpac. I really do believe that these banks have different customer profiles, eg. Westpac is likely to have inelastic customers who are not bothered to move unless that is a significant price differential.
What was your discount before they increased it to 0.85%?
6 months ago, 85bpts - 1% discounts were something to shout about. Now? seems you're doing yourselves out of a lot of dough when you an get 6.58/6.59.
Seems unusual that so many investors on this forum would continue to post about obtaining discounts on products that are simply uncompetitive now. Is it brand loyalty? Is it apathy? Is it fear of something different?
That's a big discount - what loan value was it for?
I had a st.George client pre westpac who ended up getting a 1.15% ongoing discount on a $300k loan ($600k in total loans) somehow. It was a packaged loan so shouldn't have been charged a monthly fee but was. That was what triggered my client to query it with me. We both decided to not draw the banks attention to the monthly $8 / m fee once we worked out and triple checked the rate discount!!
Who are the certain brokers? I have about 950k with ANZ.
ROlf are you able to do this?
Any broker's who are accredited with ANZ...which are most broker's i would think including ROLF.
Shoot ROLF a PM.
Regards
Michael
Hi Dan and nan
Rang ANZ for a payout figure, told them that NAB had offered 6.75%.
ANZ came back with 6.78%, loans around your amount.
Cheers
Pete
Will do that tomorrow. We are pretty heavily leveraged though so they might know I am bluffing. Worth a shot.
Loan Discounts
Loan discounts of 1% are quite easy to come by at the moment. In the future maybe not. It won't last forever so jump on the bankwagon while you can. (i know its bandwagon!)
You can deal with a bank directly but you are much better off dealing with a mortgage broker that deals with investors. There are many of them located in all states on this forum. You won't need to look too far.
It's not just getting the best rate now. Property is the long term investment and you need someone to let you know if you can switch your loan (yes, not refinance) with your current bank in the future. Or refinance if that is the better option. Believe it or not your bank will never contact you to let you know there is a better deal. Your mortgage broker will because they want to keep your business. (not speaking on behalf of all mortgage brokers here)
It all depends on if you actually want to save money or not. I let a lot of clients know we can switch (sometimes for no cost) and they don't take up the offer. But if you genuinely want to find out the info then call your local mortgage broker. They will be only too happy to help you.
Loan discounts of 1% are quite easy to come by at the moment. In the future maybe not. It won't last forever so jump on the bankwagon while you can. (i know its bandwagon!)
You can deal with a bank directly but you are much better off dealing with a mortgage broker that deals with investors. There are many of them located in all states on this forum. You won't need to look too far.
It's not just getting the best rate now. Property is the long term investment and you need someone to let you know if you can switch your loan (yes, not refinance) with your current bank in the future. Or refinance if that is the better option. Believe it or not your bank will never contact you to let you know there is a better deal. Your mortgage broker will because they want to keep your business. (not speaking on behalf of all mortgage brokers here)
It all depends on if you actually want to save money or not. I let a lot of clients know we can switch (sometimes for no cost) and they don't take up the offer. But if you genuinely want to find out the info then call your local mortgage broker. They will be only too happy to help you.
Is it possible for a client or a broker to get a better deal than the other ? Guess what I'm asking is though brokers should know what is possible, is it possible for a client to sometimes get a better deal themselves ? Of course this only pertains to "the moment", I agree that brokers should give a better long term result due to the reasons you mentioned.
Yes it is and that's when you are looking for a bigger discount with your existing bank - as per this thread. A good broker will know all the best deals if you are comparing banks & products. But if all you want is to ensure the best discount on your current set-up then IMO it's always best for you to call straight through to the Retentions Dep't.
Definately worht a shot Dan. I'm doing it atm with Bankwest and getting them to waive the switch fee. ($495)
Regards JO
Just spoke with the retention team at ANZ, they will get back to me on Monday but I think they will reduce my rate down. I have a feeling he knew I was bluffing.
Similar threads
