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!
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!