need advise with loan please

Hi guys,

I have paid 10% deposit for my PPOR. Settlement is going to be on 11 Nov 09. My CBA contact refuses to give me more than the standard 0.6% discount off their SVR. (I am on the SVR with Wealth Package). She said my 720k loan is not big enough to justify further discounts.

Heard from a friend today that her broker is writing her an exact same loan but with 0.65% off the SVR. Her loan is only 480k.

Questions:
1. Is it too late to change to my friend's broker to get the exact same loan?
2. Are they going to valuate the property again? even tho it's same bank and same product
3. If I decide to change to using the broker, will there be any new hits on my credit file? How is it going to look to the CBA credit dept?

-Patrick
 
Hiya

With a loan relationship of 750 or greater the discount off rack is 70 pts.

At 60 pts off the actual rate would be 5.38

There are better rates around for that some of money.......so if u are chasing rate why try and cajole one lender into rate x..........why not just use a lender that will give you a rate closer to what u want? Quite a few will do 80 to 90pts off rack on that sort of single loan.

ta
rolf
 
Hiya

With a loan relationship of 750 or greater the discount off rack is 70 pts.

At 60 pts off the actual rate would be 5.38

There are better rates around for that some of money.......so if u are chasing rate why try and cajole one lender into rate x..........why not just use a lender that will give you a rate closer to what u want? Quite a few will do 80 to 90pts off rack on that sort of single loan.

ta
rolf

Hi Rolf, It's a long story...I must use CBA....it's explained in my very first SS post. Could you pls offer some insight to my questions 1-3? Cheers/Patrick
 
Can't you just borrow the extra $30k as cash (for renovations or something) and put it into the offset account that comes with the Wealth Package. You will get the 70pts discount and only be paying interest on $720k.

Not sure if it is possible, good luck
 
Strickly speaking 0.6% is their discount the policy. I'm a little supprised that they're not doing it for the sake of $30k, but I'm managed to butt heads and get nowhere with their pricing department several times recently.

I'd give them details of several lenders who have more competitive product. In that price range there's quite a few.
 
Ignore questions 1 to 3 for a moment : )

With a sett due in less than 4 weeks, unlesss ur broker is a Diamond broker, I reckon you could possibly miss settlement ..................

Now the questions

1. probably lateish unless the broker can guarantee that credit will get throught he file in less than 10 days. Also, I have found that of pricing has been attempted and failed, it wont be granted through another channel

2. Should be able to use the Same Val ex val, so that will save some time

3. Ur brokr will have to make a new app and lodge it via the system. So I would expect there would be another hit. Would hurt the credit score a little, but in most circumstances for further loans could be explained

tarolf

ta
rolf
 
I've found CBA very inflexable at present with discounts also hence I haven't been using them much at all. They just don't seem competitive in the market right now. I'm hoping the reason for this isn't their newly introduced volume levels for brokers.
going to another MB will do nothing as the pricing question will end up in the same place. All you will be doing is starting the whole process again. If this is the case I'd be looking at another lender or just staying put. Whatever you decide you need to act fast as there are limited lenders who could now meet your settlement requirements.

Oh & YES, another credit enquiry but in the scheme of things I don't see this being to much of an issue.



Regards
Steve
 
Terming is relationship - now from memory with CBA this includes loan debts but also cash accounts.
If theres other loans then this would push the total relationship up to 720+xx

Its funny but when things look good and you know you're going to get the house, rate can be an issue, but when things look like there might be a bit of difficulty in getting the house rate goes out the window. It gets quite emotional
 
really ?

I have been fed the line that if you are diamond u get 1 to 2 days, not the 8 to 12 days to conditional that most get.

Youd think if your settling 20 mill a yea with them that they would extend a bit of priority service, since many other lenders will do the same

ta
rolf
 
Heard from a friend today that her broker is writing her an exact same loan but with 0.65% off the SVR. Her loan is only 480k.

I managed to get 0.73% discount on a loan of ~$570k

My method was to get Westpac to beat CBAs original offer and then get CBA to match Westpacs.

Westpac are quite aggressive when it comes to beating their competition, so maybe give that a try?
 
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