Lowest discounted variable rate on SS

Hi there,

Just wondering what is the lowest discounted variable rate people have negotiated at present, and with which bank?

There's another thread here looking at discount amounts, but you need to look at each bank's standard variable rate ''reference rate'' for this to be meaningful I think.

Eg. for the 4 majors, pre-discounting, their standard variable rates are:

WBC 7.01% pa
ANZ 6.91% pa
CBA 6.86% pa
NAB 6.74% pa

Is anyone here at sub 6% variable rates now for any residential loans, and if so, with which bank?

It's all going to depend on you individual negotiating position and amount of borrowings of course, but it would be interesting to see how low people are getting on discounted variable rates anyway...

Thanks.
 
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hey savanna. how large is your loan if you dont mind me asking. I'm with westpac and at 6.36ish % as of last interest rate hike
 
Word of warning....what discount you got last year (or before) is most likely not available now and so getting the same effective rate now may not be possible.

Having said this I've heard/read about Wesuck (sorry Westpac) now offering existing borrowers that complain, discounts to retain business and bring their borrowers effective rates back to the pack.

In response to JIT's orginal question there are lenders now at sub 6% for loans >$300K+ as their standard variable rate with no fees and ongoing charges but without all the bells and whistles and so may not suit all borrowers. No negotiation required just their "standard variable" rate.


However remember rate is important but should not be the only consideration...
 
I had a chat with a lady from Heritage today and she said that they will be re-releasing their pro pack in the coming months with an interest rate of 5.89% at todays rates (comparison rate of 6.13%).

Apparently they withdrew their pro pack as it was to popular and they ran out of money to lend.
 
OK heres a comparrison of the 5 lowest pro packs (on our panel) with total borrowings of $800,000, of course you may be able to negotiate a better rate on a case by case basis.

Homeside come up best with a comparrison rate of 5.99%
 

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  • Product Comparison Report.pdf
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Think that might be a wee bit out of date Pablo.

On $800K with Anz you would be getting 0.80% + these days as you get 0.70% for $250K + and not $750K.
 
These are the run off the mill rates before any negotiating has taken place, I have searched our software and checked the ANZ site and cannot see anything about a 0.8% discount, but as I said on a case by case basis a lower rate may be negotiated.
 

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  • Breakfree.pdf
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Pablo

The Breakfree flyer is about 4 months out of date 0.7% is standard per Anz policy 0.8% over $750K with a call to your BDM.
 
I'd be most interested in hearing anyone getting sub 6% with the major 4 lenders at today's SVR's...

Must be some NAB customers here who here at this level... ?
 
I've agreed to move my current PPOR/IP over to NAB along with 2 new loans and they offered 1% below standard variable. Once I refinance PPOR total loan amount will be $1.7M. Prior to that I was getting 0.9% discount with St George but they wouldn't go higher with new loans added.
 
Hi there,

Just wondering what is the lowest discounted variable rate people have negotiated at present, and with which bank?

There's another thread here looking at discount amounts, but you need to look at each bank's standard variable rate ''reference rate'' for this to be meaningful I think.

Eg. for the 4 majors, pre-discounting, their standard variable rates are:

WBC 7.01% pa
ANZ 6.91% pa
CBA 6.86% pa
NAB 6.74% pa

Is anyone here at sub 6% variable rates now for any residential loans, and if so, with which bank?

It's all going to depend on you individual negotiating position and amount of borrowings of course, but it would be interesting to see how low people are getting on discounted variable rates anyway...

Thanks.

I am paying 5.89% with NAB. Have a .85% discount, but is a pro package, with $395 annual fee.
 
HBS ...................blech.....used to deal with them a lot. Note HBS no IO on owner occ and the IO offset is quirky in the same way as

QUite a few wfite label products underwritten by NAB wholesale are sub 6, BUT.............

ANZ has had "special" offer for > 250 @ 70 pts since oct and ongoing ( wanna be with the second highest rack rate of the majors)

As rates increase, margins will automtically be clawed back too................70 off 6 % is a much bigger chunk than 70 off 8 %

ta
rolf
 
I've agreed to move my current PPOR/IP over to NAB along with 2 new loans and they offered 1% below standard variable. Once I refinance PPOR total loan amount will be $1.7M. Prior to that I was getting 0.9% discount with St George but they wouldn't go higher with new loans added.

RedCat,

Good work, I think you're the winner so far at 5.74% pa!

Rolf or other brokers,

Which of the big 4 banks has the best serviceability model?

Thanks.
 
Hard one to answer as vaqries depending on whether it is a first purchase, whether you have existing rentals, fixed rate loans, lvr etc etc.

No 1 lender fits all so much more info would be needed.
 
I have 5.98% across all my 6 loans (incl 5@IO), borrowings ~800k with NAB. I only got this last week after reading up on the discount thread :)
 
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