CBA Start to cut rate discounts

[Qlds007]

Loans submitted on and after Monday 23 March 2009 will be entitled to the standard Mortgage Advantage Tier discounts based on total home lending.

The standard Mortgage Advantage tier discounts are:

Total Home Lending Balance
Discount

$150,000 $349,999
0.50% pa

$350,000 to $749,999
0.60%pa

> $750,000
0.70%pa


Interesting to see how the other lenders react to these cuts.

 

[Bradsdad]

ANZ reacted months ago

 

[zayne]

I noticed the same. Ive got 0.85% off mine but when I applied for my latest IP they were only willing to offer 0.8% after me kicking up a big fuss.

 

[Rolf Latham]

All this equates to is that the average borrower will now have close to the same effective interest rate across all the 4 majors...................had to happen again didnt it, was fun for the last 4 mths where we had some competition.

ta
rolf

 

[buzzlightyear]

Richard, how does that compare with today's discounts and threshold levels?

 

[Qlds007]

Brad

Yes you are right Anz did react a few months ago although thankfully we have still managed to negotiate 0.7% discount for clients with them up until now.

 

[perky29]

What about on fixed rates across the loans - is it still .15% off?

 

[caporale]

Perky,

Yes CBA are still offering the .15% of their fixed rates under the MAV package.

Westpac are still offering .20% off their fixed rates under their PAP package.

 

[perky29]

Perky,

Yes CBA are still offering the .15% of their fixed rates under the MAV package.

Westpac are still offering .20% off their fixed rates under their PAP package.

OK that's good - thanks. Now lets hope their rates come down to be comparable to the others!!