Expensive monthly account fees with ANZ

I have five home loans with the ANZ under the breakfree package, around 1 million in total plus extra business with them such as credit cards etc.

I want to open a second mortage offset account with them to link to another loan account - so that I can keep my personal savings seperate from the account where my mortage payments etc come from. However, ANZ want to charge me $10 per month for another account. Currently, I have my savings in a free online saver earning about 3.75%. My mortgage rate is about 5.01%. As all my debt is deductible, I only benefit by about 1.25% by having my savings in the offset account. With an account keeping fee of $120 a year (which is probably non-deductible), it takes quite a lot of savings in the account to make the account keeping fee worthwhile.

My question is, has anyone had any luck getting the ANZ to waive or reduce this seemingly high $10 per month fee to get an additional offset account? If the fee was say $2-$5 a month it wouldn't be so bad but I don't even need ATM access etc, just a very basic no frills online account and this is the only thing ANZ are offering. They don't even seem to have waivers if you keep a minimum balance or deposit X per month in salary etc!
 
Hiya Poppy

Id go for a better discount instead.

On a mill with ANZ you can drive it to 87 pts off depending on a few things.

If you are already at that level then youd be looking at a hard time to have the wee fee waived ( in terms of the overall cost)

ta
rolf
 
Thanks fellas,

My discount is 0.8% (5.01%) our LVR was 80% (never paid any LMI) but LVR would be much less if they revalued the IPs. Full doc loans.

I do have a good broker but I haven't increased/added to any loans with them in a while thus don't feel it is reasonable to involve them in my day to day issues with the bank.

Any ideas as to how to get through to someone at the bank who can actually assist me - whether it be with an increased discount or fee waiver on the extra offset account? I have tried calling and asking, but I just get the call centre drones who won't/can't assist!
 
belive me, your broker wont mind chasing the extra bit of discount for you.

If they are service oriented that is.

With a mill of trail comm they wont mind.............seriously !

ta
rolf
 
As Rolf mentioned, get you broker to earn his keep. If you still intend on chasing it up yourself, request a payout figure on all loans via the internet. You'll have someone contact you pretty promptly :)
 
0.8% discount! I guess that is against $1m of borrowings. Without wanting to hijack this thread too much, at what point would ANZ consider giving a customer the extra 0.1%+ discount, considering a 0.7% discount is the norm?
 
Do you mean you have only one offset account, and ANZ want to charge fees for the second account?

We have two loans with ANZ under their Breakfree package, and each has an offset account attached to it. We don't pay fees on either of the two offset accounts.
Marg
 
Hi Rolf

Thanks for that...most recent account opened in Sep 05.

Just checked the statements - one is a Home Loan Interest Saver (presume the HLIS you mentioned), the other (more recent)is called an ANZ One statement.

I've never noticed the difference before - all I cared about were that they were 100% offset and no fees.
Marg
 
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