Best variable interest rate???

Current Bank:CBA
Current Interest Rate: 4.7% SVR
Total Lending is $845,000 with 2 IPs
LVR <70%

So I just got passed on an offer from my broker.

Bank:NAB
Interest Rate: 4.32%
Proposed total lending: $1,040,000 (Top up of $195,000)
LVR @ 80%

+1st year package fee waived
+$1000 cash back bonus


Should I be able to get a better rate than this?

Thanks
 
Best rates I've got are

3.96% variable (no offset, but fees waived)
4.4% variable (offset, fees waived) plus 0.4% cash back. So on a $1m loan get back $4000.
 
Current Bank:CBA
Current Interest Rate: 4.7% SVR
Total Lending is $845,000 with 2 IPs
LVR <70%

So I just got passed on an offer from my broker.

Bank:NAB
Interest Rate: 4.32%
Proposed total lending: $1,040,000 (Top up of $195,000)
LVR @ 80%

+1st year package fee waived
+$1000 cash back bonus


Should I be able to get a better rate than this?

Thanks


depending on what your goals are, the CBA offer may be a much better thing long term.

ta

rolf
 
Current Bank:CBA
Current Interest Rate: 4.7% SVR
Total Lending is $845,000 with 2 IPs
LVR <70%

So I just got passed on an offer from my broker.

Bank:NAB
Interest Rate: 4.32%
Proposed total lending: $1,040,000 (Top up of $195,000)
LVR @ 80%

+1st year package fee waived
+$1000 cash back bonus


Should I be able to get a better rate than this?

Thanks

CBA can take your rate down to 4.35% and CBA from an investors point of view would def be a better fit...seeing that you have 2 IP...im gonna presume your an active investor?

Without knowing your financial position and long term goal....i would say staying with CBA would make sense...esp if they will offer you a similar rate of 4.35% + give you equity too.

Note there is a cost to refinance.
 
CBA can take your rate down to 4.35% and CBA from an investors point of view would def be a better fit...seeing that you have 2 IP...im gonna presume your an active investor?

Without knowing your financial position and long term goal....i would say staying with CBA would make sense...esp if they will offer you a similar rate of 4.35% + give you equity too.

Note there is a cost to refinance.

Thanks for your comments on my position.

In the mean time, I'm living with parents so therefore they're both IP's.

Been calling up CBA in the recent weeks, to ask if they could match on some interest rates i've quoted. However, they haven't been following up my request at all until I've asked for a discharge form 2 days ago.

So far the relationship manager I dealt with says he may be to offer 4.35% provided they can approve my top-up to a total lending beyond 1mil.

Meanwhile, my NAB application has already finished their valuation and documents gathering me and in the progress of approval and awaiting my signature of the contract.

So I'm wondering if I should hold off from signing with NAB and see if CBA can get me 4.35%?

Thanks
 
Hi Peoples,

Stumbled on this great site and thought I'd sign up.

I saw a retail broker variable rate of 3.99% with Mortgage Ezy (LVR 90% for purchases). Haven't looked into it in depth but I don't think it is restricted to a honeymoon period.
 
depending on what your goals are, the CBA offer may be a much better thing long term.

ta

rolf

Thanks for your comment.

Why is it that I should consider my short and long term goals as a factor in deciding to go with NAB or CBA?

I was advised to stay with CBA despite the fact that NAB is able to offer a more competitive rate and is able to cover most of my refinancing cost.

Would retaining a portfolio with CBA be more preferable than a portfolio with NAB?
 
Thanks for your comment.

Why is it that I should consider my short and long term goals as a factor in deciding to go with NAB or CBA?

I was advised to stay with CBA despite the fact that NAB is able to offer a more competitive rate and is able to cover most of my refinancing cost.

Would retaining a portfolio with CBA be more preferable than a portfolio with NAB?

I dont know anything about your circumstances ..........

I do know that if you qualify for the same lending at CBA and at NAB, id recommend CBA 99 % of the time for someone looking to build a portfolio.

NAB is a higher serviceability lender for someone with a big porfolio, so you would use them when you need them.

The banker/broker you are working with hsant asked about your long term goals, or you havent articulated them well enough, or perhaps the banker broker doesnt know any better, or you need to spend more time defining or mapping your goals

Note this isnt having a go at you personally, its a VERY VERY common thing I see.

ta
rolf
 
Note this isnt having a go at you personally, its a VERY VERY common thing I see.

rolf

No no! It's great that you pointed that out.

So far I'm focused on staying with a major bank and looking for the best deal I can get in terms of interest rate.

In terms of goals, I do intend to have a crack at getting a 3rd IP in 1 or 2 years depending on how the property market is going.

So in this instance, I should be really be striking a balance between a good interest rate and also the opportunity of expanding my portfolio further??

My current situation is that I've spoken to a few brokers. The best I can get from CBA is 4.45% due to my serviceability being at a stretch according to their assessed rate and would not be able to borrow over a total of $1mil hurdle.

NAB on the other hand, I'm able to make it over the $1mill hurdle hence able get 4.32%

So right now, I'm kind of torn between the great rate that NAB is offering but also portfolio building opportunities which people seem speak about CBA (and also the wonders of their netbank and the abundance of their ATMs for my every day banking).
 
My current situation is that I've spoken to a few brokers.

.

there is part of the challenge right there ..........................

the "speaking" has not resulted in a defined outcome for you.

Id suggest that if you have the heart to heart convo with the broker/banker of your choice, as to what you are actually looking to achieve long term, they will often be able to help you " choose and move".

More often than not, the fog comes about because of confused product and rate knowledge, and no one has had the confidence to really "peel the onion" to see where your goals and fears are really at.

Once you go through that guided discovery process your choice will be obvious

With Certainty of Direction comes clarity of the path.....


ta

rolf
 
Hi - not sure if anyone out here can offer advice - I've been talking to my broker but not sure if "the best deal" we can get from CBA is accurate.

Long term CBA customer (dollarmites anyone?) - not that that means anything I guess...
Three loans across two properties (PPOR and IP)
LVR 81%
Total loans $1.063M
Current rate: 4.6%

Offer from bank to go to 4.5%. On wealth/MAV package. Not keen to tip extra $ into bring LVR to 80% - will likely move into IP property later and make PPOR IP.... want to maximise debt against it.

Seems like there have been many offers for better rates - is 4.5 what I should expect or should they go better? (based on my reading in this and other threads).

TIA
 
Hi - not sure if anyone out here can offer advice - I've been talking to my broker but not sure if "the best deal" we can get from CBA is accurate.

Long term CBA customer (dollarmites anyone?) - not that that means anything I guess...
Three loans across two properties (PPOR and IP)
LVR 81%
Total loans $1.063M
Current rate: 4.6%

Offer from bank to go to 4.5%. On wealth/MAV package. Not keen to tip extra $ into bring LVR to 80% - will likely move into IP property later and make PPOR IP.... want to maximise debt against it.

Seems like there have been many offers for better rates - is 4.5 what I should expect or should they go better? (based on my reading in this and other threads).

TIA

If your total lending is 1mil and over, you should be able to get 4.35% with ease without touching your LVR.
 
Hi - thanks. When they look at total lending do they take into account cash in offset accounts? If they included that it would be under $1M but total loan size definitely over.

Not getting much love from the broker - he thinks the bank will go to 4.45% if I come back to 80%. Says the sharpest rate he's seen from CBA is 4.45 on $3M loans.

Any advice on how to proceed from here?
 
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