Discounts on home loan, any one got above .7

Staff on commission ??????????????????

news to me, I thought staff by definition meant you had some income surety regardless of ur sales performance, with soem bonus as comm. Comm only by definition arent staff ?

ta
rolf
 
traveller said:
You should be able to get it for anything over 700K. If less then that the person selling you the loan is earning a fat commission. Remember all the CBA staff are mostly on commission.
Click to expand...

Hmm, my total lendings will soon be at this level...

Was your 0.9 negotiated via a broker?

If not, can it be and are there any Brokers who have had any success with this of late?

I am assuming you are also a Wealth Package customer? How long have you been with the CBA?
 
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According to the experience i have had this is the case in CBA. Even the branch staff gets commission if they cross sell you credit cards, home insurance etc. I think one of them told they get something like A$50 etc.

I will have to admit that i have no first hand experience or proof of all this but i have been definitely told of this by CBA guys itself...

In one of the instance when i threatened to move away from CBA if they didnt increase the discount from .88% to .9% the person on the phone told me that she would do her best to get me the discount as only then she gets paid as well and obviously i got the discount. I don't remember which department she belonged to but i had dialled their home loan number and it got routed to her from there. Never met her face to face.

Mortgage Innovation group is definitely on commision fully. They get no base salary....
 
schmick said:
Hmm, my total lendings will soon be at this level...

Was your 0.9 negotiated via a broker?

If not, can it be and are there any Brokers who have had any success with this of late?

I am assuming you are also a Wealth Package customer? How long have you been with the CBA?
Click to expand...

Yes i am wealth package customer but no broker. Have been with them for 10 years.
 
Westpac discount

Hiya

Got a 0.9% (from original 0.8%)discount after hubby kicked a stink last night with Westpac!

(more than 500K loans tho' ) Retention team said it is for 3 months tho"; they are adopting a wait and see for the other big banks!

To me, that was a PR disaster...

cheers
 
traveller said:
According to the experience i have had this is the case in CBA. Even the branch staff gets commission if they cross sell you credit cards, home insurance etc. I think one of them told they get something like A$50 etc.

I will have to admit that i have no first hand experience or proof of all this but i have been definitely told of this by CBA guys itself...

In one of the instance when i threatened to move away from CBA if they didnt increase the discount from .88% to .9% the person on the phone told me that she would do her best to get me the discount as only then she gets paid as well and obviously i got the discount. I don't remember which department she belonged to but i had dialled their home loan number and it got routed to her from there. Never met her face to face.

Mortgage Innovation group is definitely on commision fully. They get no base salary....
Click to expand...


I can back this up. I have a friend at CBA. There are sales targets and commissions. She is told to meet certain targets per month or else! This is not only at CBA....

Regards, JO
 
The more you borrow, the better your bargaining power....and the higher your exposure. Hm-m.

(I also have 1 mil with BankWest on 0.8% discount from roughly 4 years ago.)

It seems Westpac are swallowing a few "we are going to make it look like we are sorry but then amp the rates up at the next meeting" pills. :)

Regards JO
 
Dont mean to spoil your party virgo, but just speaking objectively, westpac should be giving atleast 1% discount to break even with other banks as they are that much higher than others...


virgo said:
Hiya

Got a 0.9% (from original 0.8%)discount after hubby kicked a stink last night with Westpac!

(more than 500K loans tho' ) Retention team said it is for 3 months tho"; they are adopting a wait and see for the other big banks!

To me, that was a PR disaster...

cheers
Click to expand...
 
Re the CBA staff.

They have sales targets which they get assessed and paid bonuses on. Virtually the same as any PAYE employee does (or should).

Years back staff used to get paid to refer to 'specialists' or to open accounts as well but I believe this got moved.

With the Mortgage Innovators, more or less they solely sell cba so obviously they're commission based.

The overall scheme that banks are looking at is how profitable you as a customer are... take out a 1000 insurance policy to save .1 in rate and 800 a year, with them knowing that the profit is in renewals and when you lodge a claim they hit you for 300 per excess to make it up.

Spin and spin.
 
I have been on .7 previously but have been given the verbal on .9 for the life of the loans. Scarey thing was i added up all my loans which i hadn't done previously. Was a bit surprised to see the total a tad over 2M. Not fully drawn however.

Called through the the morgage call center, got put through to the relationship people, and this was the offer they came up with.. Will let the dust settle then look at it again when we go for the next one.

Seems like there was quite a queue of people doing the same thing also.. Once again, its us pro-active people that avoid it, and the mums and dads that seem to get stung..
 
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traveller said:
Hi All,

I get offered .9% discount by CBA but i think NAB is trying to join the party and give me a bit more like 1%.

Its definitely time to negotiate hard with the banks....
Click to expand...

Did you actually get .9% off CBA or was it just an offer? I has just been given .75% but they won't budge any more.

I've got loans over $1 million. Are your loans about the same?

If you definitely got .9%, I'm going to send this link to my broker asking him to get the same for me?
 
Anybody else have any experience at getting > 0.7% with CBA?

Again, particularly interested in those with loans arranged via a broker.
 
Nth Brisbanite said:
Did you actually get .9% off CBA or was it just an offer? I has just been given .75% but they won't budge any more.

I've got loans over $1 million. Are your loans about the same?

If you definitely got .9%, I'm going to send this link to my broker asking him to get the same for me?
Click to expand...

I have .9% off now and for last 1 year atleast on loans about the same but grown since the discount but not through broker.

CBA has become bit difficult to deal with though in last few months but i can and will switch if a better deal come from another bank.
 
Best of luck with CBA and trying to get above 75 pts

Not consistently possible at the moment.

They pretty much know they dont need to /...................

ta
rolf
 
Nth Brisbanite said:
You should have got more but I suppose it depends on the value of your loans.
Click to expand...
I only have a 400k loan so dunno if I have much room to negotiate. 0.95 off for 3 months and 0.75 off after with a view to neotiating is where I am at, at the moment. Anyone have better ideas on getting better rates with We$tpac ...
 
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