Yeah I thought they were joking. I'll send them an email and if they don't want to budge I'll give you a call 
CBA Variable Rate
- Thread starter Bungee
- Start date
Yeah I thought they were joking. I'll send them an email and if they don't want to budge I'll give you a call
No dramas. Keep us posted with how it goes, id be surprised if they don't shave off a fair bit of the rate. Its always good to pick up most recent info on where each lender is at in terms of discounting.
I've got some fixed rates ending soon and enquired with my lender STG as to what rates I can expect both variable or fixed. I have some x col although if current valuations are done they would probably be able to be all standalone. Thye came back with 5.14% variable and their advertised 4.99 for 5 or 3 for 4.79. I have 1.3m with them so all you mortgage brokers out there whats my best option. I'm happy to split them between other banks if I can't get a better interest rate than that obviously
St George rates offered me the following for loan amount of $800K 78% LVR
4.79% variable
4.69% fixed for 3 years
4.99% fixed for 4 or 5 years
Damn you and your awesome rate. Yeah they dont even seem interested in trying to keep me.
Give a broker a call/email and I'm sure they will resolve it quick smart. The rate's that Chilliblue is getting is fairly par for the course of what we're getting through pricing at the moment.
CBA in my opinion won't negotiate to match competition to keep you, or take your business.
Few years ago, NAB advertised rate was 0.05% less. CBA refused to match NAB so I refinanced.
Few months ago, I made a new purchase. NAB offered 4.63%. Asked CBA if they do better if I refinance all over. Their offer was around 4.73% and won't do any better after I revealed NAB offer.
Few years ago, NAB advertised rate was 0.05% less. CBA refused to match NAB so I refinanced.
Few months ago, I made a new purchase. NAB offered 4.63%. Asked CBA if they do better if I refinance all over. Their offer was around 4.73% and won't do any better after I revealed NAB offer.
This happen to me also.
$1.5m with CBA on 4.80%.
$0.5m with NAB on 4.88%
CBA refused to go down to sub 4.6x or 4.7x simply because I already negotiated within the 12months.
I ended up moving $0.5 from CBA to NAB, so both are now $1m. NAB new rate is 4.63% and I accepted, but CBA remains 4.80%
Come March 2015 expiry on last negotiation with CBA, good to know my best rate I can haggle is 4.7x%..
I also find that CBA top up valuation, it is almost all that they require full valuation.
While NAB is ok to accept kerbside valuation, even for a house + granny type properties..
1. you will find if you bring new money to the bank...the bank will automatically reduce the rate ( if you ask)....so with the above if RR refinance the 0.5m NAB to CBA ...CBA would do 4.62-4.65% on new and old loan
2. CBA valuation is actually a lot better than NAB....CBA allow for
- Desktop val
- Drive by and full
- No val policy too....
Again you just need to ask....else it's automatically presume and done- full or desk etc..
3. NAB, having the lowest market share out of the big 4...they traditionally are pretty good with price matching- especially in the lower loans under $750k
CBA/westpac and ANZ perform much better in terms of rate in the sub 1M loans+
It's like a game of poker ...know when to fold/all in and when to call BS.
2. CBA valuation is actually a lot better than NAB....CBA allow for
- Desktop val
- Drive by and full
- No val policy too....
Again you just need to ask....else it's automatically presume and done- full or desk etc..
3. NAB, having the lowest market share out of the big 4...they traditionally are pretty good with price matching- especially in the lower loans under $750k
CBA/westpac and ANZ perform much better in terms of rate in the sub 1M loans+
It's like a game of poker ...know when to fold/all in and when to call BS.
The message I am hearing from my own broker and some of the broker here is CBA is harder to neg lately, and I am hearing $1m loan (new or refianced to CBA), the best we could get is 4.7x, about 1 base point from NAB for the same size loan. 80% LVR, un-X, serviceability not an issue, never missed a payment...
Have been with CBA for over 10 years... One of the loans goes back to Coloniel days that was ported over the CBA.
Are broker here finding CBA hard to neg lately? If you're with what is your best rate and what loan amount?
Have been with CBA for over 10 years... One of the loans goes back to Coloniel days that was ported over the CBA.
Are broker here finding CBA hard to neg lately? If you're with what is your best rate and what loan amount?
If my clients insist on best rate, CBA isnt the place to be.
You can have service, quality or price
choose any 2
ta
rolf
Only a few months ago my rate moved from 5.05 to 4.93 (with CBA)
I am about to settle on another property that will bring my loan value up to $1m. LVR is around 87%.
My banker requested a rate adjustment and they came back with 4.8. He put an appeal through to the pricing team but they didn't budge.
Is this a fair rate given my LVR?
Would next steps be calling the cba switch line and requesting a pay out figure?
I am about to settle on another property that will bring my loan value up to $1m. LVR is around 87%.
My banker requested a rate adjustment and they came back with 4.8. He put an appeal through to the pricing team but they didn't budge.
Is this a fair rate given my LVR?
Would next steps be calling the cba switch line and requesting a pay out figure?
it is if you want to squeeze that extra 0.04-0.07 out of cba.
at 87 % current LVR retentions should be smart enough to let you walk................ new LMI at 87 % with a new lender id guess is worth a fair bit more
If you are crossed as well............. then you dont need magic but a miracle
ta
rolf
Hi All,
My mortgage broker has come back to me to say he thinks i should go with CBA at 5.90% on a loan of $168000 for an IP. This is my first loan so I'm new to the whole lending thing.
Am I being robbed.......
A friend of mine has 4 IP with another bank earns half my salary, has LMI on all 4 properties and gets a rate of 4.99 with CBA for her 5th IP.
Is the rate am being offered due to the low $ amount of my loan?
My mortgage broker has come back to me to say he thinks i should go with CBA at 5.90% on a loan of $168000 for an IP. This is my first loan so I'm new to the whole lending thing.
Am I being robbed.......
A friend of mine has 4 IP with another bank earns half my salary, has LMI on all 4 properties and gets a rate of 4.99 with CBA for her 5th IP.
Is the rate am being offered due to the low $ amount of my loan?
Ohhh wow....that's the CBA normal standard variable rate...which im pretty sure nobody takes upfront... so yes you are being robbed by a lazy broker....
CBA has a few products...even for the smaller loan amount - rate from 4.89%- 5.20% both with no on going fees and for loan as small as $50,000- but the only drawback is that it won't have an offset account.
Given it's your 1st loan, i would suggest an offset account. So i would recommend you consider the smaller banks or credit union. UNLESS you have a unique security??? ie it's a studio or under 35 sq meters etc...
Regards
CBA has a few products...even for the smaller loan amount - rate from 4.89%- 5.20% both with no on going fees and for loan as small as $50,000- but the only drawback is that it won't have an offset account.
Given it's your 1st loan, i would suggest an offset account. So i would recommend you consider the smaller banks or credit union. UNLESS you have a unique security??? ie it's a studio or under 35 sq meters etc...
Regards
Thanks Mick!
I have pushed back on him and he said It not about chasing the best rate. I need to look at the loan structure so that the bank will release equity down the track to purchase another IP.
He reckons he might be able to get me 0.50% more.
well
no
id say your broker isnt quite with the CBA options, but then I dont know the ins and outs of your needs and resources
5.9 as mentioned is rack
Paying 400 a year for a mortgage advantage pack ill bring the rate down to 5.40............
If it has to be CBA, due to security, borrower credit profile issue or "badge envy", we use the 4.84 intro with no offset for many starters looking to add within the next 1 to 3 years.
The majors dont target sub 250 k lending..................
ta
rolf
It's not all about rate, but even 5.40% is fairly awful. This is what the CBA's published rate is for their fully featured professional package, but they will negotiate more off this.
That said, at this price point, I don't know that the CBA is the ideal lender for this deal. There'd need to be a specific reason to go with the CBA unless you're okay with a very basic loan.
That said, at this price point, I don't know that the CBA is the ideal lender for this deal. There'd need to be a specific reason to go with the CBA unless you're okay with a very basic loan.
