friendly Westpac banker offers me 0.85% discount

[Paul Thewlis]

We are regularly arranging these Westpac loans for our clients and negotiating rates up to 1.05% off the standard variable = 6.41% based on size of the loan. Service is quite fast too and we get to monitor all activity on the file on-line which helps us deliver the result to the client. Document preparation has had a few hiccups now and again but not as bad as some other banks.

Regards
Paul

 

[Rolf Latham]

We are regularly arranging these Westpac loans for our clients and negotiating rates up to 1.05% off the standard variable = 6.41% based on size of the loan. Service is quite fast too and we get to monitor all activity on the file on-line which helps us deliver the result to the client. Document preparation has had a few hiccups now and again but not as bad as some other banks.

Regards
Paul

Even with Super Duper A_+ or Platinum level you still cant get around the human error issues

had a scenario today where the BPU wanted to

1. Order vals on non security properties
2. Wanted to cancel apps they thought to be dupes, when they were for diff securities
3. To be told WBC can only process ONE loan and ONE security at a time, and cant do consecutive loans without the first settling

ta

rolf

 

[santaslayer]

Thanks for this thread htopg, I just got a .80% discount due to the smallish size of the loan - but happy nonetheless. Pretty good for 30mins of work haggling. =)

 

[wylie]

We have the Westpac package but be careful if you want to prepay interest in June.

Every year we have problems. Last year, we tried to fix and prepay seven loans. They processed two and just didn't bother with the other five.

We started mid-May. They had plenty of time. In the end, we got them to process another two in time after many frustrating phone calls, but three loans they just couldn't manage to get done in time.

We ended up prepaying twelve months' worth of interest on those three loans with letters from the bank to support us should we have issues with our accountant and/or the ATO. I doubt the letters will save us if the ATO decides we have not "prepaid" the interest on those loans.

All seven were organised at the same time. I know we will have issues again this year, and we have postponed a holiday so that we will be here to sort out the mess before the end of June .

I am told by our broker that all banks are the same.

 

[Rolf Latham]

We have the Westpac package but be careful if you want to prepay interest in June.

Every year we have problems. Last year, we tried to fix and prepay seven loans. They processed two and just didn't bother with the other five.

We started mid-May. They had plenty of time. In the end, we got them to process another two in time after many frustrating phone calls, but three loans they just couldn't manage to get done in time..

Gotta say thats not our experience, you must have got stuck with a bozo broker/ HFM or folks at the mortgage centre.

They are one of the simplest and most efficient.

try ANZ for pain full new loan app EVERY year, incl vals

ta
rolf

 

[wylie]

Broker is very switched on (ex westpac). I've sat in while he calls them and guides them what to do and how to do it. Badly trained or untrained staff I think with deadlines - equals disappointing results.

 

[wylie]

Just thinking back... Phoned to organize 7 loans in one call. Paperwork for 7 loans came through (not all together) and all sent back, some in same envelope. No rhyme nor reason for what was actioned and what was not. Even with follow up they only actioned another couple and again ignored the rest. So frustrating.

 

[Rolf Latham]

Broker is very switched on (ex westpac). I've sat in while he calls them and guides them what to do and how to do it. Badly trained or untrained staff I think with deadlines - equals disappointing results.

k, thats not good.

We simply email our BSO staff ( 2 specialist people at the mortgage centre that handle ALL our post settlement stuff) and its done within 2 or 3 days........usually.

Phone calls usually make for poor accountability and chase trail I have found

ta
rolf

 

[luckyone]

I get 1.06% off my Westpac loans, but they total just over $1M. So currently paying 6.4%

 

[tonyc00]

wbc

Hi

I get 1.10% discount from WBC but - golly - talk about a few documentation hiccups - you got it right there Paul.

I suspect I would take a lower discount/ higher rate from another lender if the documentation process was more efficient (but then who wants to move 11 loans) from one lender to another.

Tony

 

[Aaron_C]

I suspect I would take a lower discount/ higher rate from another lender if the documentation process was more efficient (but then who wants to move 11 loans) from one lender to another.

To be fair that's not really entirely WBC's fault. It's the new NCCP laws etc which make documents that much longer.

 

[Rolf Latham]

(but then who wants to move 11 loans) from one lender to another.

Tony

Hope they are small ................

http://somersoft.com/forums/showthread.php?t=78550



you would not want to move all of them anyways/.................you would probably deep fry your Credit file

If one does move stuff for whatever reason it should be staged, and not move from all from one lender to another which many brokers and almost all branchies seem to like

ta
rolf

 

[datto]

"We ended up prepaying twelve months' worth of interest on those three loans with letters from the bank to support us should we have issues with our accountant and/or the ATO. I doubt the letters will save us if the ATO decides we have not "prepaid" the interest on those loans." Wylie

Why would ATO decide you have not prepaid?

My understanding is that you can prepay expenses for UP to 12 months in advance.

 

[wylie]

Because the bank couldn't get their act together the docs for three loans were not processed in time (bank's fault). Instead, we put enough money for twelve monthly repayments into those loans and this is reducing each month. This is not how it should be and people just putting twelve months' worth of interest into a loan isn't the same as prepaying interest. Bank sent letters saying they were treating the money as interest in advance but our accountant and/or ATO may refuse to accept it. I'll be really peeved if that happens and will kick up a stink.

 

[Spectre]

Good luck on that Wylie
I'm wondering if the accountant types up the returns, you sign them as true and correct, unless theres an audit of your returns will the ATO even know if you prepaid or no?

We had a client get hit similarly by CBA branch - and the accountant was livid with the staffer as the staff member ended up telling them to pay the money into their line of credit - paying off their deductable debt and couldnt get the deduction back as the financial year ticked over.

300k over 30 years in interest.

(that was before we got ahold of them)

 

[MichaelW]

I get 1.06% off my Westpac loans, but they total just over $1M. So currently paying 6.4%

I get 1.10% discount from WBC but - golly - talk about a few documentation hiccups - you got it right there Paul.

Good work guys. I think I might need to negotiate a bit harder. At present I get .8% discount but have loans over $2M with WBC.

Admittedly, only half those are standard resi, the other half are commercial construction. Once I refi my commercial construction in a few months I'll have all $2M in loans as standard resi IO secured by 4 IPs with about 70% LVR across the lot.

Might need to get a broker to assist with the refi if my personal banker at WBC doesn't want to talk turkey on rates.

Cheers,
Michael

 

[virgo]

Westpac

Hiya

I just checked; i have discount of 1% with Wesucks bank...my loans is less than 1 mio

 

[Rolf Latham]

Admittedly, only half those are standard resi, the other half are commercial construction. Once I refi my commercial construction in a few months I'll have all $2M in loans as standard resi IO secured by 4 IPs with about 70% LVR across the lot.
l

Rates arent the be all and end all, concentration risk might become an issue for you............especially with THAT lender


http://somersoft.com/forums/showthread.php?t=78550

Common sense risk management woud be to split anything one holds in diff entities with diff lenders.

ta
rolf

 

[MichaelW]

Hi Rolf,

Was thinking the same thing myself. I'm refinancing $1.2M in construction loan and probably topping up to 80% LVR for $2.2M in total secured by this unit block and discharging the $700K site loan. Would still have $600K odd secured by the former PPOR with WBC. There's three in the unit block and once strata'd there's no reason all three even need to stay with the one lender.

I'll get you to have a look at it for me if you like when we get a bit closer. Anticipated completion in August this year with Strata shortly thereafter, or maybe even just prior. It'll have to stay financed as Commercial construct until I get the strata done and occupation certificates.

Thanks,
Michael

 

[Plantagenet]

In case anyone else was curious, i have a loan about of $1.2mil and my broker re-negotiated the rate and i received 1.10% off the SVR.

I too receive 1.1% off currently at 6.26% servicing $1.095m with the Westpac