CBA variable rates?
- Thread starter Jenko
- Start date
Both rates quoted above are correct depending on the LVR and total amount borrowed.
At the moment, the best 'non negotiated' rates of the big 4 are between HomeSide and CBA. Both have some niche advantages, but the difference is usually less than 0.05% which is negligible. Even a difference of 0.1% costs less than the annual package fee for most borrowers.
Rate is certainly important, but track record is more important when considering pricing. Westpac currently has a 1% discount special which makes them complete with HomeSide & CBA, but with their higher standard variable, they need the 1% to compete. Long term their SVR has been awful so they don't even get considered when they do not have a special available.
At the moment, the best 'non negotiated' rates of the big 4 are between HomeSide and CBA. Both have some niche advantages, but the difference is usually less than 0.05% which is negligible. Even a difference of 0.1% costs less than the annual package fee for most borrowers.
Rate is certainly important, but track record is more important when considering pricing. Westpac currently has a 1% discount special which makes them complete with HomeSide & CBA, but with their higher standard variable, they need the 1% to compete. Long term their SVR has been awful so they don't even get considered when they do not have a special available.
6.30% is the LOC standard rate (standard variable is 6.15%)
Less whatever discount you're entitled to, for you its 1%.
I would be happy with 1% discount
Which one was more recent?
If it was the 5.3% and both loans have simliar LVR I would suggest you speak to your banker or broker, possibly even staff about sending a pricing request to to have the discount across all your borrowings.
0.10% is not a huge amount, pending the loan size... but better in your pocket
The 5.3% was more recent. I got the first one through a branch, the second through a broker.
My thoughts exactly. Over 12 months it will easily pay the package fee...0.10% is not a huge amount, pending the loan size... but better in your pocket
Through branch or broker is irrelivant.
Different discounts are available at different times.
But if the broker completed the last one I would be asking why he didnt request for the discount to be applied to the existing borrowing.
If you would like to shoot me a PM I would be happy to see if I could help
Dont always have to wait until you're topping up.
0.95% is a good discount.
1% discount is usually for those >$1M with LVR <80%
I've been told very clearly that branches and brokers have access to the same deals with CBA. I have tested this and been happy with the results.
I thought so. Their pricing recently has been great. They are getting a lot better than before.
True - the same pricing guidelines are supposed to apply regardless of the distribution channel and I'm pretty sure they have the one pricing team in Sydney that handles all requests nationally.
Sorry thought I responded to this one.
My understanding is same.
How long does it take for you guys to process and get a decision?
About 24 hours so not too bad.
Ahhk yeah not too bad.
For the branch takes about 3mins to input the request - online form.
Usually comes back within 2-3hours pending queue
The broker process is we fill in an excel spreadsheet, then email it to the pricing team. It usually takes them about 4-6 business hours to assess and respond but I imagine direct entry into an online system would be more efficient for everyone. I'll suggest it to my BDM next time I see him.
Any news on when that offset account is coming from your end?
