Discounts on home loan, any one got above .7

tdh78au said:
bagged another IP over the weekend (Sat 19th); casually asked ANZ to increase 0.7 discount further to get my business ... and they have come back with 0.9 across the board (verbal for now. waiting for paperwork). FYI: This will now be my 3rd loan with them with total borrowing > 1M
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0.9% discount is great - I had been verbally offered that too but it didnt come through.
Was instead offered 0.87 disc with ANZ - was your offer with a waiver of the annual breakfree package fee ~$394 and waiver of Loan Approval fee ?

I am still waiting to hear back from CBA - they seem to be very slow in responding.

Wasn't going to approach NAB and Westpac but will do so if that means getting a better rate. I am also going to still negotiate with ANZ.
 
STG have agreed to offer 0.8% discount on 600K loan on a property in HDT. Waiting for the docs to arrive in mail. Have to take up their pro pack though.

Cheers,
Oracle.
 
tobe said:
There is an a\rticle on page 3 of the fin reveiw on Westpac and home loan discounts, so now everyone is going to get on the bankda\wagon. I wonder if this will mean they will have to jack up the svr to win back margin they lose with all their discounts?
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I would wager most who read AFR already know of or on at least 0.7%. Must buy or subscribe as not free on the net.

The Big $ dont want to lose the "high net worth" or CBA calls me "sophisticated investor" but want to clean up with Joe Average, Batttle Mums and Dads.

Peter
 
MelbGal said:
0.9% discount is great - I had been verbally offered that too but it didnt come through.
Was instead offered 0.87 disc with ANZ - was your offer with a waiver of the annual breakfree package fee ~$394 and waiver of Loan Approval fee ?

Wasn't going to approach NAB and Westpac but will do so if that means getting a better rate. I am also going to still negotiate with ANZ.
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hhhmm ... interesting you mention 0.87%. That was their initial offer ... and when I worked NAB into the conversation they were happy to round it to 0.9% :)

No waiver of the annual breakfree package fee ... and I don't pay loan approval fees (on the breakfree package)

Good luck
 
Shadow said:
Upon request, Westpac increased my discount by a further 0.2%, to be reviewed in three months.

I was on 0.9%, and now I'm on 1.1% discount.
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For real!!!!!! Tell me how my friend. My next loan will put me over the 1 mil mark and the most I can get above the .7 so far is an extra .05% on the variable and .01% on the fixed.
 
devo76 said:
For real!!!!!! Tell me how my friend. My next loan will put me over the 1 mil mark and the most I can get above the .7 so far is an extra .05% on the variable and .01% on the fixed.
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It's not very hard to get 1.1% off through Westpac. Just ring them up, mention that their recent .45% was a lot higher than other banks (they are very sensitive about this point).

I too got 1.1% off for 3 months, negotiable at the end of this period. They are a lot more receptive if you ring up yourself rather than getting your broker to it for you.
 
I have just been given a 1.0% 'permanent' discount by WPac:D. I was on 0.8% discount but have recently gone over the $1M in borrowings with WPac, so I rang them directly (not thru MB), complained about the recent 45bp increase, extolled my loyalty as a customer etc etc. The bloke at the mortgage centre was unsure I'd get the 1% discount but I insisted he still apply. Couple a days later (which happened to be my birthday) he called to say the 1% was accepted - no review date in 3 months. However the discount on any new loans will need to be negotiated. Fair enough.
 
I've been on 85bps discount with Westpac for 12-18months now and have waaay over $1m in borrowings. The higher discounts received by some on this thread is great news - makes for some great cannon fodder to increase mine further now the precedence has been set.

Thanks for sharing.
 
devo76 said:
To all the people negotiating a bigger discount. Is it for just the one loan or all there loans ?
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It's for all my loans.

Interesting about the 1% permanent discount. I'll be expecting the same when the 3 months comes up as my loans total about 1 million. Westpac, as I thought, are very accommodating at the moment, not like CBA who won't budge any more than .05%
 
Nth Brisbanite said:
It's not very hard to get 1.1% off through Westpac. Just ring them up, mention that their recent .45% was a lot higher than other banks (they are very sensitive about this point).

I too got 1.1% off for 3 months, negotiable at the end of this period. They are a lot more receptive if you ring up yourself rather than getting your broker to it for you.
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Yep, that's all I had to do. They seemed very willing to 'reverse' their extra 0.2% rise in order to keep existing customers happy.

We have well over $2M in loans so I think the discount is appropriate. Hopefully I can persuade them to maintain the new discount level after the initial 3 month period...
 
tdh78au said:
hhhmm ... interesting you mention 0.87%. That was their initial offer ... and when I worked NAB into the conversation they were happy to round it to 0.9% :)

No waiver of the annual breakfree package fee ... and I don't pay loan approval fees (on the breakfree package)

Good luck
Click to expand...

Thanks for the tip.

I will speak to NAB soon to see what they can offer and then see what the counter-offers are. NABs SVR rates (without disc) seem to be lower than most already so will see what they come back with.

Cheers
 
newb question: but where do i find the std rate from which this discount is based on?

I didn't realise the discount rates quoted by banks (eg 0.08% discount) was a means of comparison across banks. I always look at the comparison rate and use that figure as opposed to whether the bank says they give me a 0.08 or 0.01% discount.

My point being, as an example, if Westpac and CBA's disc rate is 0.01% and 0.02% respectively but CBA has a higher std rate, than it doesn't matter what the discount rate is.
 
Last edited:
Hiya Clack

Your broker can help with that.

If you are a direct borrower, the individual websites for each lender will list the SVR rate.

I find most of the comparison sites out there are slow to update current lender data and are not reliable.

ta
rolf
 
hi Rolf

Thanks for this.

But that was precisely the reason for my question.

Throughout this thread people have been saying things like wow CBA gives 1% discount and then another would say, but Westpac gives 1.25% discount. It appeared to me from the way they were describing it, that all banks had the same SVR as they kept focusing on the discount.

And I think you clarified it for me that in fact they don't ... right? Each bank's SVR is different so comparing discount rates between banks is irrelevant.
 
Shadow said:
We have well over $2M in loans so I think the discount is appropriate. Hopefully I can persuade them to maintain the new discount level after the initial 3 month period...
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Ditto and Ditto...

They've already agreed to .9% ongoing once my three month 1.1% period lapses, but I think I'll push for them to retain the full 1.1% discount indefinately.

Cheers,
Michael
 
clackers said:
newb question: but where do i find the std rate from which this discount is based on?

I didn't realise the discount rates quoted by banks (eg 0.08% discount) was a means of comparison across banks. I always look at the comparison rate and use that figure as opposed to whether the bank says they give me a 0.08 or 0.01% discount.

My point being, as an example, if Westpac and CBA's disc rate is 0.01% and 0.02% respectively but CBA has a higher std rate, than it doesn't matter what the discount rate is.
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Correct - I'd expect that everyone is not just looking at the discount rate but is comparing the overall offer from the bank.
 
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