Westpac 2 and 3 year fixed

D

devo76

Hi all
Just wondering how receptive Westpac have been lately. I have done ok in the past with 1 % off all my variables and lower fixed( although I haven't won yet with the fixed).
Made a phone call to their retention team today in the hope of locking in 4.99% for two loans. Got a cold response with NO budging in the rate and they said its been that way for a month.
I reminded them of my 1 mil + borrowings and personal loan + insurances etc.
Also I have a few variable loans I can jump ship with( got me with the fixed)
She has gone to her manager but I'm not as hopeful with my request this time.

Has anyone got some ammunition for me like recent Westpac offers or comparable s from other lenders. I'm chucking ING and CBA at them but the more the better,

Cheers
 
Westpac did have a 4.99% offer for 2 years, but it ended about 3 weeks ago.

Almost every other lender still has a similar offer on their 2 year fixed.

Unforutnately I don't think you'll have much luck negotiating with Westpac on this. Lenders can negotiate on variable rates, but they very rarely budge on their fixed rate products.
 
Might help to add that CBA are offering $700 For refinancing, probably wont help but you asked...

Fixed is a different ball game, bank setting its margins.

Goodluck
 
Getting a rate discount for a fixed loan with Westpac is extremely difficult. To be honest they do a better job with variables rates but they are not the best in that department either.

Regards

Shahin
 
devo76 said:
Hi all
Just wondering how receptive Westpac have been lately. I have done ok in the past with 1 % off all my variables and lower fixed( although I haven't won yet with the fixed).
Made a phone call to their retention team today in the hope of locking in 4.99% for two loans. Got a cold response with NO budging in the rate and they said its been that way for a month.
I reminded them of my 1 mil + borrowings and personal loan + insurances etc.
Also I have a few variable loans I can jump ship with( got me with the fixed)
She has gone to her manager but I'm not as hopeful with my request this time.

Has anyone got some ammunition for me like recent Westpac offers or comparable s from other lenders. I'm chucking ING and CBA at them but the more the better,

Cheers
Click to expand...
Try Bank of Melbourne or St George they still have the 4.99% available.
 
Similar Boat

I'm with Westpac and was going to lock in the same rate but just ran out of time, I also have $1m + of borrowings with this bank and over half that with another bank which I had a better rate at, I got Westpac to match it at 5.4%

I would be interested to hear how you go ?

I hope you pull a bunny out of a hat ,, Westpac can be so difficult sometimes.
 
Got a call back but I was travelling through a storm ( hands free) so was hard to hear. Basically they said no due to high funding costs and what sounded like ( high costs for Westpac to change to fixed ??) not sure on that one.
She then asked if I wanted her to try again.

I said absolutely yes and I find it sad that a bank I have no borrowings with ( CBA,ING) will do a better rate for me. And I will Pursue other options with other lenders . She will get back to me.

Truth is they know I am tied to them with 70% of my loans but the other 30% is open to the lowest bidder.i don't go in rude with them. I keep respectful and honest but also show that I will not be pushed around.
This has worked before.

Cheers
 
Westpac can be very frustrating. we currently have all our lending with them, cross-coll up the wazoo all thanks to a series of unfortunate events:(
It ticks me off that with over 2m with them I can't get more than .8 off, yes, you read correctly .8!!!! It will probably take another 18 months to 2 years to be in a position to play hardball, but when I can, I WILL:D
 
When you say tied down do you mean fixed?

Also have you weighed up the exit fees associated with the loans and the fees and charges of the new lender vs saving a few basis points on the loan?

It may be worthwhile staying where you are?

Regards

Shahin
 
PT_Bear said:
Westpac did have a 4.99% offer for 2 years, but it ended about 3 weeks ago.

Almost every other lender still has a similar offer on their 2 year fixed.

Unforutnately I don't think you'll have much luck negotiating with Westpac on this. Lenders can negotiate on variable rates, but they very rarely budge on their fixed rate products.
Click to expand...

Funny i was in a branch today and they still had pamphlets advertising 4.99% for 2 years, I put it down to lazy/unaware staff
 
TheFinanceShop said:
When you say tied down do you mean fixed?

Also have you weighed up the exit fees associated with the loans and the fees and charges of the new lender vs saving a few basis points on the loan?

It may be worthwhile staying where you are?

Regards

Shahin
Click to expand...

Honestly don't tell anyone but I dont intend to move. They give .95 off most of my variables and a full 1.0 of another. While that is good its really my relationship with the local branch that keeps me. Very good service. I can shoot them a signal from across the street and they will have my up to date borrowing capacity within the hour. Casual off the record valuations with their actual valuer over a couple of beers helps also.
But that said I have two variable loans to two properties that I could jump with tomorrow. And another going to variable soon. I don't know the retention team so I can play a bit harder.

Cheers
 
joanmc said:
and yet today they are offering 1% off to any old bozo off the street who only wants 500k!!!:mad: aaarrrggghhh
Click to expand...

True that. It changes daily. I worked hard on a fixed a while back. Didn't meet my target by .09 one week later they were doing better !!!!

Cheers
 
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