friendly Westpac banker offers me 0.85% discount

[htopg]

I talked to my "friendly" Westpac banker today about their "Premier Advantage Home Loan Package".
Normally it is 0.7% off their standard variable rate of 7.45%.

The banker said that she will give me 0.85% off instead of 0.7% off (based on a loan size of 340,000, 0.7% is what they offer).
That will bring the rate of the package down to 6.61%.

Has anyone used Westpac's "Premier Advantage Home Loan Package"?
What do you find is worthwhile to get this package?

In summary,
for a $395/year package fee
NO establishment fee
NO loan maintenance fee
NO fee to increase your loan limit
NO portability fee to move your secirty
NO switching fee
NO annual fee for platinum credit cards
NO monthly fee for saving accounts
etc..

 

[Rixter]

All those listed in your summary are very useful.. I have been a Premier Advantage client for 12 years..... I too receive 85 basis points discount for variable rates plus 20 basis points discount for fixed rates.

IMHO its a very good product.

 

[Kristine..]

I talked to my "friendly" Westpac banker ....she will give me 0.85% off etc..

Yep, this is a Special Offer for new lending for non-insured loans

But the question always is: 0.85% off what?

 

[Rolf Latham]

the wbc loan product itself in the RRHL and RRIL and the flex of changing things such as fixed rate tick and flick, is the best in the biz

The ,85 is just a bonus

ta
rolf

 

[htopg]

Yep, this is a Special Offer for new lending for non-insured loans

But the question always is: 0.85% off what?

It is for home loan secured by the investment property.
0.85% off their standard variable rate of 7.46% = 6.61%

 

[htopg]

All those listed in your summary are very useful.. I have been a Premier Advantage client for 12 years..... I too receive 85 basis points discount for variable rates plus 20 basis points discount for fixed rates.

IMHO its a very good product.

Have you used "all" their features?
Is there any feature that you found particularly useful and under what circumstances?

 

[Rixter]

Have you used "all" their features?
Is there any feature that you found particularly useful and under what circumstances?

I have used all the features you've listed..the no application fees I particularly hammered when I was in the acquisition phase of building my portfolio.

 

[rstephenp]

The products are good however be aware of 2 short falls.

All processing happens in Adelaide especially construction loans.
They are slow on construction loans and you have chase people up. My construction loan processing was delayed by two weeks.

Due to this bad experience and Westpac rates were higher than other banks (I also got 0.85% off)

Steve

 

[virgo]

Westpac

Hiya

I have the same Westpac product with the same discount (maybe .9 can't remember)...all i can say is Westpac is very good post purchase...especially their refinance and service without which i couldn't have grown my portfolio...sometimes it takes more than rates...

Can't say the same about Homeside NAB though!!

 

[Rolf Latham]

The products are good however be aware of 2 short falls.

All processing happens in Adelaide especially construction loans.

Steve

Not entirely in Adelaide.

there is a little bit of offshoring, but less so than some lenders

In direct comparison to most others, WBC is very accessible.

CBA and Homeside have dedicated file owners for progressive draw downs and are pretty good in the area, as long as you play by their rules

NO lender does construction really well, its an expensive pain for the lender

Ta

rolf

 

[nathank]

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.

 

[Tyrael]

6.49% variable with Members Equity if you qualify for the Member Package.

http://www.mebank.com.au/personal/home_loans/packages.html

 

[Peter_Tersteeg]

6.49% variable with Members Equity if you qualify for the Member Package.

http://www.mebank.com.au/personal/home_loans/packages.html

Ouch! Not everyone qualifies (you've got to have your super in an approved fund or be a union member) and it's only comparible with most lenders if you do.

It is for home loan secured by the investment property.
0.85% off their standard variable rate of 7.46% = 6.61%

htopg, I think you missed Kristine's point. Westpac has an excellent product, probably the best in terms of features; but their SVR of 7.46% has been the highest of all the lenders for at least 3 years now. The 0.85% discount is okay, but other lenders have consistantly offered better. The $395 annual fee is also the highest around. It's a great product, but you do pay a little more for it.

 

[Rolf Latham]

The $395 annual fee is also the highest around. It's a great product, but you do pay a little more for it.

Yup, no Honda at Kia Price

ta
rolf

 

[Tyrael]

Ouch! Not everyone qualifies (you've got to have your super in an approved fund or be a union member) and it's only comparible with most lenders if you do.

Ouch! good or bad?

True but there is a massive list of eligible super funds:
http://www.mebank.com.au/personal/home_loans/super_funds.html

 

[Peter_Tersteeg]

Ouch! as in everyone qualifies for a pro-pack with almost every other lender. You don't have to be a member of a particular union or super fund to get the better loan.

For what it's worth, not everyone wants to be a member of an industry super fund. There are funds that actually do have lower fees, more options and often better returns than the industry funds. In about 6 weeks no fund will be allowed to pay commissions to financial planners.

Whilst the adds you see on TV are factually correct, they (falsely) suggest that industry funds are the only ones that don't pay planners and have low fees.

 

[Marty McDonald]

Ouch! as in everyone qualifies for a pro-pack with almost every other lender. You don't have to be a member of a particular union or super fund to get the better loan.

For what it's worth, not everyone wants to be a member of an industry super fund. There are funds that actually do have lower fees, more options and often better returns than the industry funds. In about 6 weeks no fund will be allowed to pay commissions to financial planners.

Whilst the adds you see on TV are factually correct, they (falsely) suggest that industry funds are the only ones that don't pay planners and have low fees.

Not to hijack the thread but i always scream at the TV when those ads come on...they want us to believe that all funds return the same over time and that fees are the only thing that influences end returns. It's an insult to our intelligence.

 

[Rolf Latham]

Not to hijack the thread but i always scream at the TV when those ads come on...they want us to believe that all funds return the same over time and that fees are the only thing that influences end returns. It's an insult to our intelligence.

Having said that, isnt that the same as rates and fees mate, nothing else matters

ta' rolf

 

[womble66]

I talked to my "friendly" Westpac banker today about their "Premier Advantage Home Loan Package".
Normally it is 0.7% off their standard variable rate of 7.45%.

The banker said that she will give me 0.85% off instead of 0.7% off (based on a loan size of 340,000, 0.7% is what they offer).
That will bring the rate of the package down to 6.61%.

Has anyone used Westpac's "Premier Advantage Home Loan Package"?
What do you find is worthwhile to get this package?

In summary,
for a $395/year package fee
NO establishment fee
NO loan maintenance fee
NO fee to increase your loan limit
NO portability fee to move your secirty
NO switching fee
NO annual fee for platinum credit cards
NO monthly fee for saving accounts
etc..

with WBC on the same package with the 0.7 discount on 390K <80% LVR and just rang the mortgage centre the other day and got another 0.2 discount so a total of 0.9% off the SVR for an existing customer. Was advised it would be a full 1.0% if loan was >$500K.

 

[Cherry Pro]

Great stuff, my first call tomorrow will be to Westpac, we have a .7 discount, will push for more.