Getting a lower rate

J

Jayzel

We are with CBA for our home loan. We went with them as when we built our house, that is who my partner banked with and he wanted to stay with them. I am now regretting this! We didn't shop around at all, and I feel our rate is too high (7.31%).

We are in the "Wealth Package". Credit card and everyday account with no fee's, and from memory only an annual fee on the loan.

A few months ago I spoke to another bank, and could get the same features for a lower rate, however couldn't convince my partner the savings were worth swapping :confused: I spoke to our bank, and they said they couldn't do our rate any cheaper, even after I threatened to leave (with no intention of actually doing it).

Now we have no choice but to stick with them as I doubt other lenders would consider us at the moment - I have just started a new job in a new line of work.

As mentioned in another thread, we have approx. $285k owing. We have never missed a payment, even when I was out of work for 2 weeks (we pay fortnightly). Is there any way we can get CBA to reduce the rate? Is it better to go into the bank rather than calling? Should we just wait until I have been in my job longer and refinance?
 
I would ring them up and ask again. If it's been a few months since you last asked, it's worth giving it another go with the more competitive market. If that doesn't work out, then you could then shop around. Much easier to make one call then going through the pain of another application, especially if you're partner's not on board.
 
Hi BV

Very true

They arent on an intro, nor on a fixed, so the Deferred establishment fee is likely to be under 1000 or so. With some lenders/ brokers still offering to cover some of that, CBA has no real commercially sensible reason to stick their head in the sand.

The Def fees issues was never really a problem with most lenders.

ta
rolf
 
From memory we would have a $500 or so exit fee, and pretty sure they said some other fee of approx $400. We wouldn't need LMI on the new loan, original loan was $315k and we had 17% deposit so only paid a small amount, and the property is now worth more than we paid for it.

As I said, I would love to look at other lenders, but I don't think many would consider us right now, due to my new job. Is that right? I will still try and call the bank Monday and ask for a lower rate. Last time I asked, they said they could drop it to 7.28 or something, but we would lose our package (credit card, account and the no fee's)
 
If you can service on your new income and you are not on probation, you will not have a problem refinancing.

There are lenders out there at the moment that will also cover you costs to swap
 
My new income is more than my previous job, and more secure (my previous role was small pay, and relied on overtime to have enough to get a loan, new job is a higher salary) but I do have a 3 month probation period. I know my employers are very impressed with my work so far - have only needed 1 week training instead of 2+ weeks :)

I suppose only thing to do if our bank doesn't reduce the rate, is to wait 3 months then look at other banks. Should we see a broker?

I will let you know what the bank says tomorrow. :)
 
i doubt cba will change their mind - they have their own system of calculation for purposes of serviceability and interest rate, they dont really care if you take your business elsewhere, the ppl you speak to are in no position to breach protocols to make exceptions for you.

i've encountered the same with citi and st g.

just go to a diff bank who offers a better rate

at the moment you can refinance with nab - 6.92%
if the refinance is over $1m, you can get 6.87%

before you do it, work out how much it'll cost you to get out of your current loan and the difference in interest payments once you go to a diff bank
 
Last loan I did with Nab for a total loan amount of $345,000 was 6.79% with half of that fixed for 2 years at 6.69% personally I think that is a ripper deal! (LVR 90%)
 
In the exact same boat except I'm with a non bank myrate. Tried to get a cheaper rate from 7.2 and they put it to another area and came back with NO! Funny we got some equity out last oct for deposits from myrate and that rate is 7.03. Same bank??? If I was a new customer I would be getting 6.95. What a joke!!! Exit fees about 5k ...deferred estab fees

So you are lucky at least your with a big 4 bank!!
 
Better rate

Focus said:
Last loan I did with Nab for a total loan amount of $345,000 was 6.79% with half of that fixed for 2 years at 6.69% personally I think that is a ripper deal! (LVR 90%)
Click to expand...

Hiya

The best my broker could do for me is 7% with HOmeside (NAB's broking arm)..

Did you approach NAB direct?

I have just purchased property (300K) and looking for 90% LVR; servicibility is not an issue at all (i believe i am what brokers call a "vanilla" case??:)

P/S: i am only interested in the major banks (excluding Westpac and CBA...)]\

Thanks!
 
So I was way too busy at work today, and didn't have time to call. I plan to go into a branch on my lunch break tomorrow - there is one right around the corner.
 
Jayzel said:
So I was way too busy at work today, and didn't have time to call. I plan to go into a branch on my lunch break tomorrow - there is one right around the corner.
Click to expand...
I doubt the branch will give you any answers.

Give them a buzz, ask to speak with their retention team and tell them that your moving to ANZ who are going to pay up to $1k for your switching fees and their rate is 7%.

Cheers

Jamie
 
Here is how to get CBA to notice.....

Call up CBA homeloans number tell them that you are not happy and want the payout figures.

This should get automatically sent to retention. If not it is time to move.....NAB has a 6.58% rate for 1 year but it is principal and interest....aternatively there is a 3 year special rate at 6.87% (again P&I also).
 
Jamie M said:
I doubt the branch will give you any answers.

Give them a buzz, ask to speak with their retention team and tell them that your moving to ANZ who are going to pay up to $1k for your switching fees and their rate is 7%.

Cheers

Jamie
Click to expand...

Which loan product of theirs is 7%?
 
Hi Gargamel

That's the current discounted SVR under the breakfree package for loans above $250k which applies to the original posters loan amount.

If the loan amount is higher, the rate drops further.

Cheers

Jamie
 
Direct to the bank

Jayzel said:
So I was way too busy at work today, and didn't have time to call. I plan to go into a branch on my lunch break tomorrow - there is one right around the corner.
Click to expand...

Hi Jayzel

The branch should be able to help you, just go in with the mindset of switching lenders, they should be able to offer you something different. Saying that there are other lenders offering less EG: Nab is 6.87%, ANZ is giving $1000 until September to switch. Have a shop around
 
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