Discounts on home loan, any one got above .7

I get .8% off from Westpac. They gave me 1.1% but this ended on March 8. On Friday,I tried to get them to give me more than .8% but they wouldn't budge. I threatened to take my loans to other banks, even this didn't work.

In conclusion, they said that they may consider increasing the discount if my loans went over $1 million.

Any suggestions on increasing my discount with Westpac? My loans are just under $1million.
 
I got the exact same result Nth Brisanite was the 1.1% for 3 months only??.They wouldn't give me anymore than .8% at wesuck either only difference i am only at the 700k mark.They gave me the same line about get over 1 mill & they will go more than .8%.
 
I got the exact same result Nth Brisanite was the 1.1% for 3 months only??

1.1% was for 3 months only. They said it was a gesture of goodwill but in reality it was stop their customers from jumping up and down.

They promised to look at it again after that time. Now that the politicians and the public have stopped complaining they can do whatever they want again.
 
we are with wesuck and only got .8% we are over 2 mill! but half of it is fixed for 3 years at 5.19% ( 2 years to go) and that was their reasoning to not give a better discount :rolleyes:
 
In conclusion, they said that they may consider increasing the discount if my loans went over $1 million.

Any suggestions on increasing my discount with Westpac? My loans are just under $1million.

Ask Wespac to get their valuers to give you a generous valuation on your properties so that you can maintain the same LVR and increase borrowing to over $1 million.

Just kidding..

Cheers,
Oracle.
 
we are with wesuck and only got .8% we are over 2 mill! but half of it is fixed for 3 years at 5.19% ( 2 years to go) and that was their reasoning to not give a better discount :rolleyes:

We have well in excess of a mil with wbc and get 85bps off our variables (LOC's) and 20bps off our fixed loans (4.99%) also with another 2 years to run.
 
Hi Rick.

Are you saying that your fixed loan is 4.79% with the discount?

Regards
Marty

Hi Marty,

WBC advertised 5.19% fixed for 3 years. With the 20bps discount brought it down to 4.99%. That was January last year.

At the time I had 4 loans just rolled out of a 6.49% fixed period and another 2 loans with 1 month still to run before they also became variable. WBC allowed me fix all 6 loans at the 4.99% including the 2 loans that still had 1 month left to run even though the offer period had expired the month earlier. I was very happy.
 
we fluffed around and missed getting the 4.99 so we jumped in when the 3 year was 5.39 and with our 20pt discount we get 5.19. I am reasonably happy for now....but in 2 years I am going to put the lot to the test.:)
 
Called up Westpac and they gave us an extra 0.05% off (paltry), bringing our total discount to 0.75%.

Will call our broker and see what magic she can work!
 
Called up Westpac and they gave us an extra 0.05% off (paltry), bringing our total discount to 0.75%.

Will call our broker and see what magic she can work!

I got the same. Also .02% on my fixed. And this was only for the two loans not across the board. I will be pushing harder with my current loan request.
 
Well I was just at Westpac today and can get 6.56 % while not great seems ok at this stage, If I go this way. Will sort the finances out in couple of months when I refinance PROP and IP when I complete reno on IP property.

Brian
 
Hiya

WBC used to get a fair slab of our business. The rocket product is and has been on the of the best on the market for a number of reasons.

WBC has become a second tier for us, and we use them only where we have to. Nothing to do with rate at all.

Their silly credit scoring position and lack of positive human involvement in the process means that even strong deals are being knocked back.

ta
rolf
 
Called up Westpac and they gave us an extra 0.05% off (paltry), bringing our total discount to 0.75%.

Will call our broker and see what magic she can work!
Theyre not interested in buying business anymore... they've dominated the market for ages and have all the mortgages they want, for the moment. And most of the deals theyve done for the last 18 months have been high LVR/First Home Buyers, so they will continue to face increases to their funding costs. Also remember that Westpac's SVR is much higher than NAB's for example ( NAB is 0.2% cheaper or thereabouts) so a 0.75% discount from Westpac is only equivilent to a 0.55% discount from NAB. Its silly to chase rates- you are playing a mugs game by doing that, especially if you are an investor. Its limiting and its short sighted. Whats cheapest now may not be next month. All those poor Westpac and CBA customers are in moire expensive loans than many non banks and tier 2 banks now, even with a 0.75% or 0.8% discount. Forget the discounted packages from the major banks.. go to a mortgage manager and get all the bells and whistles fee free for cheaper than a pro pack (even with 0.75% discount) This is how you get the best deals.
 
Well I was just at Westpac today and can get 6.56 % while not great seems ok at this stage, If I go this way. Will sort the finances out in couple of months when I refinance PROP and IP when I complete reno on IP property.

Brian
Just as an example of what I mean about going away from the big banks- right now you can get 6.19% from Loan Markets own "economy" loan with a $199 annual fee , or 6.21% with offset with a $375 annual fee, from several mortgage managers... compare that to what you get from the big banks, who also charge around $350-$400 annually. Why do people believe the banks are offering good deals, still? Im just saying...y'know?
 
Hiya

WBC used to get a fair slab of our business. The rocket product is and has been on the of the best on the market for a number of reasons.

WBC has become a second tier for us, and we use them only where we have to. Nothing to do with rate at all.

Their silly credit scoring position and lack of positive human involvement in the process means that even strong deals are being knocked back.

ta
rolf
Everyones credit rationing now though, Rolf. They're just all moving at different speeds, so its frustrating to try and figure out who has an appetite for deals and who doesnt. As we know, 6 months ago Westpac and CBA were still writing 95% PLUS deals... open to allcomers almost. Now they dont want to know about that sort of business. Meanwhile Non banks , second tiers and even ANZ had long ago pulled back to 90% and were being very careful with anything above 80%. Both Westpac and CBA have probably realised they have grown a little too fast and have a few too many high LVR deals on their books, and they have a huge number of loans sitting in RMBS set to mature next year, and theres all the APRA changes to capital requirements coming in 2011.... so theyre pulling the reins in, slowly reducing their discounting, reducing their serviceability, reducing LVR's and slowing down the tap, so to speak. Yet ANZ and NAB are being aggressive again because they have the capacity and dont have the exposure to all the high LVR business of the past 18 months. So now its game on for the next few months, meaning delays and more delays. All the while, the second tiers and non banks continue to offer the best deals but are getting very little business. Continues to astound me. Anyway, I think everyone should be asking their broker to look beyond the big 4 or 5 lenders because there are dozens of much better deals around.
 
Another vote for WBC being no good at present...

I posted earlier that I'd been given 100bp discount until March and was asking where to from here and there response was back to 80bp no discussion. I said I've got $2.5M in loans but they wouldn't budge. Something about me not bringing them enough other business such as insurance and super. If I gave them everything then they might consider 90bp for life. Not good enough.

Then today they call me back and say my new development loan pre-approval has lapsed and they now want to consider it a commercial lend at 70% max LVR and 8.79% interest. It was all I could do not to swear at my personal banker over the phone.

Anyway, hung up on her and called NAB immediately. New loan application form into them this week for all my business. Guy I spoke to in the business centre said resi early 6's rate and mid to high 90's LVR. WBC can get stuffed.

Cheers,
Michael
 
Anyway, hung up on her and called NAB immediately. New loan application form into them this week for all my business. Guy I spoke to in the business centre said resi early 6's rate and mid to high 90's LVR. WBC can get stuffed.

Cheers,
Michael

Michael,

If you to 90%+ LVR, you will have to deal with LMI, and in my experience with NAB and other majors, even if they want to lend you the money, it is quite possible that it won't go through LMI, and regardless I think of whether they do ''in-house LMI'' or not.

But they won't tell you that until they've got every bit of personal detail out of you (just to be really sure), including the colour of your jocks, and drawing the process out for several months... So be prepared.

I'm done with LMI, I'm moving forwards without gearing to these levels now, or x-colling if I have to...
 
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