CBA will drop rate by .21% from 8.53% to 8.32% and for those with 500K plus on the wealth package you can add a .60% discount makes for 7.72% 
CBA to drop standard var. rate by .21%
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CBA will drop rate by .21% from 8.53% to 8.32% and for those with 500K plus on the wealth package you can add a .60% discount makes for 7.72%
I would have thought at least a 0.70% should be applying.
I was thinking about going with the wealth package but i only have 290k with the CBA. So they wouldnt drop it further under 500k? I wonder if it would even be worth going with the wealth package. I have a personal loan which is 9k and i am in the process of buying a house which is 280k and thats all so maybe wouldnt be worth while.
On the down side, no more package discounts for Low Doc, therefore effective increase of .50% or so.
How so?
That new rate is for new customers who have over 500K to spend, or people switching back to variable rate, even better if you ave over 750K as its a .70% discount.
I have 2 loans with CBA both Fixed at 8,19% for one more year (500k+), was told it would cost about $7000 to break the loan, not worth my bother until rates hit around 6.5%, better off just riding out the remaining year. No point adding on the extra 7k onto my loans!!
Hi
Just a thought you might want to follow up on - but if rates go to 6.5 and you're looking at breaking then, then your exit costs will likely increase proportionally
Also you dont cap them to your loans, you usually have to have the $ available somewhere to pay for the adjustment.
To cap to your loan would (I'd imagine) mean you have to go back to the bank to do a new application to borrow the $ again which would be a PITA.
So I'd agree with your stance.
Note also a few fixed's out there at present at 6.99%. Makes that cracker HSBC offer from a while back not look so great now huh
Not sure, guess my mortgage broker is good?
Hey,
Well I don't have 7K available to pay this fee up front anyway (I know, not ideal) so I guess thats an other point not to pay the fee and likt you said the more the rate drops the more the exit fee will be. I'll just wait till it rolls back for free.
I don't think it's to hard to get a .7% discount on the wealth package with CBA. Early last year I only had 150k in borrowings with them and was still getting the discount. I deal directly by phone with there home loans division in Brisbane (even though I am in Perth) and they have been exceptional. I guess by doing this directly it gives them more scope to discount. Also they seem to have a lot more knowledge than the local branch and can structure things to get a mortgage application through to approval.
Awesome news!
Im with CBA Colonial and have noticed the drop quite substantially, its great
Almost makes things CF neutral.
Im with CBA Colonial and have noticed the drop quite substantially, its great
Almost makes things CF neutral.
I with CBA and get .6% discount. I want to buy IP no 4, but now I don't know what to do. Stay with CBA on the wealth package or use another bank.
If I stay with CBA I get the discount, no fees, but they have security over all IPs and PPOR as security.
If I use another bank, monthly fees, loan approval costs etc, probably interest would be dearer??
Any comments pls would help.
If I stay with CBA I get the discount, no fees, but they have security over all IPs and PPOR as security.
If I use another bank, monthly fees, loan approval costs etc, probably interest would be dearer??
Any comments pls would help.
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