Discounts on home loan, any one got above .7
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OKAY, have discussed with NAB and ANZ and below is their first offer. At this point NAB is in the lead. Ive only compared the standard variable rate loan (incl. offset) and the Line of Credit Loan. Both will waive their professional package fees for the first year, possibly 2 yrs.
ANZ Published Discount Actual Rate
SVR Loan 6.66 0.87 5.79
LOC Loan 6.81 0.87 5.94
NAB Published Discount Actual Rate
SVR Loan 6.49 0.8 5.69
LOC Loan 6.64 0.9 5.74
I have not spoken to CBA nor WBC but below seems to be the maximum other members are getting (i've applied the discount to both the SVR and LOC loan):
CBA Published Discount Actual Rate
SVR Loan 6.61 0.9 5.71
LOC Loan 6.71 0.9 5.81
(discounts range 0.75-0.9%)
WBC Published Discount Actual Rate
SVR Loan 6.76 1.1 5.66
LOC Loan 6.91 1.1 5.81
(1.1% temp discount for 3 mths, dropping to %?)
These discounts assume lending > $1.5M
Please review and comment.
Has anyone got better than what is listed above ?
Thanks,
MelbGal
ANZ Published Discount Actual Rate
SVR Loan 6.66 0.87 5.79
LOC Loan 6.81 0.87 5.94
NAB Published Discount Actual Rate
SVR Loan 6.49 0.8 5.69
LOC Loan 6.64 0.9 5.74
I have not spoken to CBA nor WBC but below seems to be the maximum other members are getting (i've applied the discount to both the SVR and LOC loan):
CBA Published Discount Actual Rate
SVR Loan 6.61 0.9 5.71
LOC Loan 6.71 0.9 5.81
(discounts range 0.75-0.9%)
WBC Published Discount Actual Rate
SVR Loan 6.76 1.1 5.66
LOC Loan 6.91 1.1 5.81
(1.1% temp discount for 3 mths, dropping to %?)
These discounts assume lending > $1.5M
Please review and comment.
Has anyone got better than what is listed above ?
Thanks,
MelbGal
Hiya
I assume in all this that neither valuations, serviceability models, capacity for future equity draws etc come into the equation ?
Homeside NAB standard dscounted 5.72 at 75 % LVR or less isnt a bad option, but id be cautious giving them more than one or 2 properties
ta
rf
I assume in all this that neither valuations, serviceability models, capacity for future equity draws etc come into the equation ?
Homeside NAB standard dscounted 5.72 at 75 % LVR or less isnt a bad option, but id be cautious giving them more than one or 2 properties
ta
rf
I think you might be right about that Terry.
Anyway , I went back to Westpac with our borrowings of over 800k and asked for 110 points off.... Today they said they would make my discount now 100 points off for the life of my loans and all future loans as well. I am reasonably happy with that.
Anyway , I went back to Westpac with our borrowings of over 800k and asked for 110 points off.... Today they said they would make my discount now 100 points off for the life of my loans and all future loans as well. I am reasonably happy with that.
Good point there Rolf
Approaching a lender and trying to maximise the discount is not a bad idea but switching all of our portfolio to another lender for the sake of a tax deductible $1K/pa has the potential to cause us problems
You are right BV - I think everyone needs to look at their own circumstances and whether the $ savings are worth the time/effort to switch. It also depends on whether they have a good relationship with their current lender which can be worth paying a little extra for. Plus what the product features are for their particular needs etc etc.
In my situation, the bulk of my lending is new and I have some loans that are not subject to penalty fees so I have the opportunity to find a competitive offer with a lender because the savings are significant.
I'll probably keep some of my other lending where it is just because the savings arent significant enough to switch.
Thanks to this thread I gave homeside a call today and was able to negotiate a 0.75% discount off my home loan! I argued that I was young, have plenty of business to bring them and was already in the process of getting my 2nd IP - which when I do, I will push for 1-1.1% as it'll take total debt to ~900k
"Paperwork from StG is in the mail!
Well done to all - plenty of goals kicked in this thread, inspirational stuff.
My financial health check (long overdue!) has resulted in the following. Currently with StG for investment prop loan (337K debt) and only had a 0.5% discount from when we settled 5 yrs ago, so paying 6.18% ($180 per annum in monthly fees with no annual fee).
Visited ANZ branch and they offered me 0.73% disc off their SV rate of 6.66 (5.93%). Then said they could increase disc to 0.77% (5.89%) if we were to increase debt to approx 500K (I initiated the extra debt chat, not them). Annual fee of $375 applies.
Rang NAB and their best offer was 0.7% disc off the SV with their Choice Package (5.79% with $395 annual fee).
Rang up StG to advise that they were coming a distant last and to see what they'd come up with. First offer was to convert to their Advantage pkge which offers 0.7% disc off their SV of 6.68 (5.98 plus annual fee of $395).
After a lot of general chit chat on this and that, it was clear that the NAB product above was pretty much similar to StG's best offer but 0.19% better (5.79 against 5.98) so was strongly thinking of jumping ship and copping the inconvenience plus approx $500 in discharge fee plus others.
So as a final shot I asked if we were to tack on approx 150K further debt taking us to around 500K, whether that would put us in a position to negotiate the 5.98? Then she offered me a further 0.1% disc w/o even worrying about the extra potential debt and said that if we were to get extra debt and wanted to re-negotiate the 0.8 disc, that'd be up to us! Thanks very much I thought.
Bottom line is by staying put and for the price of a phone call, we're going to
save $800 annually for the life of loan (aim to retire the loan in approx 17 years. It'll be like that ad on the telly but a St George rep coming up to me every day saying "Hey mate, here's that two bucks I owe ya" - Thanks!
Well done to all - plenty of goals kicked in this thread, inspirational stuff.
My financial health check (long overdue!) has resulted in the following. Currently with StG for investment prop loan (337K debt) and only had a 0.5% discount from when we settled 5 yrs ago, so paying 6.18% ($180 per annum in monthly fees with no annual fee).
Visited ANZ branch and they offered me 0.73% disc off their SV rate of 6.66 (5.93%). Then said they could increase disc to 0.77% (5.89%) if we were to increase debt to approx 500K (I initiated the extra debt chat, not them). Annual fee of $375 applies.
Rang NAB and their best offer was 0.7% disc off the SV with their Choice Package (5.79% with $395 annual fee).
Rang up StG to advise that they were coming a distant last and to see what they'd come up with. First offer was to convert to their Advantage pkge which offers 0.7% disc off their SV of 6.68 (5.98 plus annual fee of $395).
After a lot of general chit chat on this and that, it was clear that the NAB product above was pretty much similar to StG's best offer but 0.19% better (5.79 against 5.98) so was strongly thinking of jumping ship and copping the inconvenience plus approx $500 in discharge fee plus others.
So as a final shot I asked if we were to tack on approx 150K further debt taking us to around 500K, whether that would put us in a position to negotiate the 5.98? Then she offered me a further 0.1% disc w/o even worrying about the extra potential debt and said that if we were to get extra debt and wanted to re-negotiate the 0.8 disc, that'd be up to us! Thanks very much I thought.
Bottom line is by staying put and for the price of a phone call, we're going to
save $800 annually for the life of loan (aim to retire the loan in approx 17 years. It'll be like that ad on the telly but a St George rep coming up to me every day saying "Hey mate, here's that two bucks I owe ya" - Thanks!
Our PPOR loan is coming off fixed this Feb. We are with SGB. Time to call the agent ? 
We have approx 750K loan and get 0.7% discount only.
We have approx 750K loan and get 0.7% discount only.
Our PPOR loan is coming off fixed this Feb. We are with SGB. Time to call the agent ?
We have approx 750K loan and get 0.7% discount only.
certainly is
, ask to speak with Anita !Hi all,
I wanted to update you on how I went with my Home Loan negotiations.
Ended up going with NAB who offered the following deal under the Choice Package, with the $395 annual fee waived for the first year.
NAB Choice Package after discount..
Tailored Home loan (variable rate loan) = 5.59%
Flexi Plus Mortgage (line of credit) = 5.69%
This was the best offer I could achieve from the 4 majors. ANZ was a close second, CBA discounts weren't worth mentioning and I didn't approach Westpac.
I wanted to update you on how I went with my Home Loan negotiations.
Ended up going with NAB who offered the following deal under the Choice Package, with the $395 annual fee waived for the first year.
NAB Choice Package after discount..
Tailored Home loan (variable rate loan) = 5.59%
Flexi Plus Mortgage (line of credit) = 5.69%
This was the best offer I could achieve from the 4 majors. ANZ was a close second, CBA discounts weren't worth mentioning and I didn't approach Westpac.
nice work MelbGal, that's a great discount there. Fingers crossed NAB don't get greedy and increase more than ANZ in 3 weeks to bring them more into line though.
hi blue card, i rang today and they will give you .75 standard, and then if you request they will send it to head office and see if they can better it, i ahve applied for this, i only have borrowings of just under 600k with wbc.
i'll let u know how i go.
great work.
great work and thanks for sharing, gives us all something to thin k about, also keeps the banks a liitle bit honest too i think.
will be doing the same this week with cba to see what they can do, have come up with .75 so far.
great work and thanks for sharing, gives us all something to thin k about, also keeps the banks a liitle bit honest too i think.
will be doing the same this week with cba to see what they can do, have come up with .75 so far.
Good work on getting NAB down to that. I've been with NAB Choice package for some time and just had my properties revalued and verbally renegotiated a lend of 80% LVR to $1.648 m and the best they could on the Flexiplus Mortgage for $568k was to come down to 5.99% on that. The variable loan is still 5.79% and I've got a couple of fixed loans to come out this year.
I'll be having another chat before I sign anything to see if they'll move a bit lower based on your experience. Thanks
The 3 month period is nearly up. Has anyone been in touch with W/Pac or their broker to see what the rates are going to revert to or if W/Pac will do another deal?
Regards
Marty
