Renegotiating rates

[HappyCamper]

I have a couple of home loans that I'm looking to renegotiate a better rate on with the same lender. The loans were at 80% LVR on purchase price, but as prices have softened slight, I'd probably be at around 85%. Would negotiating the better rate bring this to their attention?

 

[Rolf Latham]

usually not

ta
rolf

 

[tvadera]

I have a couple of home loans that I'm looking to renegotiate a better rate on with the same lender. The loans were at 80% LVR on purchase price, but as prices have softened slight, I'd probably be at around 85%. Would negotiating the better rate bring this to their attention?

Hi,

try calling their retention team and ask for discharge costs, it would help you to renegotiate a better deal with them

as far as banks finding out if your valuation has dropped,they might not find out unless they order valuation, however this might not be foolproof, because if they want they can run reports to see what the vals are. If your vals are approx 85%, I would still give it a try and negotiate a better deal.

Good luck

Regards
TV

 

[jonmardell]

I have a couple of home loans that I'm looking to renegotiate a better rate on with the same lender. The loans were at 80% LVR on purchase price, but as prices have softened slight, I'd probably be at around 85%. Would negotiating the better rate bring this to their attention?

which bank and what is your current rate? It helps if a major competitor has an advertised rate cheaper and you bring this to their attention and ask them for a discharge authority from their retention team.

 

[HappyCamper]

which bank and what is your current rate? It helps if a major competitor has an advertised rate cheaper and you bring this to their attention and ask them for a discharge authority from their retention team.

The loans are with St George and the rate from memory is about 0.2% worse than what I could be getting.

 

[jonmardell]

The loans are with St George and the rate from memory is about 0.2% worse than what I could be getting.

speak to their retention team about a discharge and mention i assume the CBA rate discounts at the moment? secondly st george is pretty easy to negotiate their rates if you are increasing your lending by 100K under their current price beat campaign so if you have equity then you could go along that path. if you do get your broker or banker to submit a pricing request.

 

[marks]

I walked in to Westpac to price rates for a IP loan. They pulled up my info to see what products I had with them.
Mentioned I'm looking at options and for the new loan but what could they do in the meantime on my rate.
"should be able to do something, let me speak to my local manager and get back to you in 48hrs" was the comment.
48hrs later, they dropped 0.3 straight away.
Nice 5 mins work!