Westpac 3 Year Fixed

I've been waiting for an opportunity to leave CBA for a while. It's a personal thing I have with them.

Not returning phone calls, misstakes on my statements, being charge 69.9 % for two months instead of 6.99, the list goes on.

They wouldn't fund IP number 5 some time back, where as Westpac did and gave me even more later for a house.

Back in 2004 our Mortgage Broker explained that at the time CBA calculate your DSR on P&I even if you were PO. Where as Westpac calculated DSR on PO, if that was what you were paying.

And I think I'm in love with Westpac :)
 
Hiya Wild

There are pros and cons of moving all from one lender to another.

Too much exp with one is as bad as too much exposure with another.

Least they are both A Grades

ta
rolf
 
The Wild One said:
And I think I'm in love with Westpac :)
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The grass ain't greener let me tell you as WBC customer for 16 years and loans over 7 figs, some of there response times, broken promises, misunderstanding their own rules of late, has been poor to say the least. Their response to me after all that was ....a relationship banker :rolleyes: My response (one to myself), after a polite, I'll think about it i.e. 'no', was I am going to the little guys in the future as one man protest. Who knows if that will be better though.

I suspect everyone has a war story about their banks though.
 
buzzlightyear said:
The grass ain't greener let me tell you as WBC customer for 16 years and loans over 7 figs, some of there response times, broken promises, misunderstanding their own rules of late, has been poor to say the least. Their response to me after all that was ....a relationship banker
Click to expand...

Buzz, I take it you were dealing with Westpac's Mortgage Centre (TMC) based in Adelaide? I take it that you are aware TMC isnt even Westpac? Westpac outsource TMC to a privatised company employing non Westpac employees.
 
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The Wild One said:
I've been waiting for an opportunity to leave CBA for a while. It's a personal thing I have with them.

Not returning phone calls, misstakes on my statements, being charge 69.9 % for two months instead of 6.99, the list goes on.

And I think I'm in love with Westpac :)
Click to expand...
Wow!!! 69.9% interest, that's high!!

I've got loans with both Westpac and CBA and don't find their service levels that much different. I agree with Rolf - don't put all your eggs in one basket, especially if you want to invest in a big way.

Service levels within the big 4 is so dependant on your relationship manager or broker. I remember a few years ago that I had a lot of problems with one ANZ manager but as soon as I switched over to a new one, things were so much better.

As I mentioned earlier, why not try negotiating with CBA to see whether they will match Westpac's 4.99%
 
I may just do that and wait. Thanks for the advice.

Property investing to me has been a litlte bit boring over the last few years. I supose it's been like that for most?


Logic will prevail, and l'll most likely go with the who can give me the most at the least cost. Even if I do decide to give a few more to Westpac, the CBA will still have two LOC secured against my PPOR. Which is a good thing. As one bank will have my investment loans and the other my Loan for PPOR.

But 4.99% is still exciting and has given me some spark to fire up again !!!

Looking forward to logging onto to Cannex in the morning to see what's new.

As for the interest rate misstake. They refunded all of it, and never charged interest at all for the two months. So things worked out in my favour.
 
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The Wild One said:
I may just do that and wait. Thanks for the advice.

But 4.99% is still exciting and has given my some spark to fire up again !!!
.
Click to expand...

I'm with you this rate has really started to inspire me again.

The numbers for buy and hold, havn't been stacking up for me of late but this is worth going through the figures again.
 
Rixter said:
Buzz, I take it you were dealing with Westpac's Mortgage Centre (TMC) based in Adelaide? I take it that you are aware TMC isnt even Westpac? Westpac outsource TMC to a privatised company employing non Westpac employees.
Click to expand...

No didn't realise that. Thanks for the info.
 
Kim5 said:
I'll have to cross collatoralise for the first ip purchase.
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I hear people say this all the time, but it's usually avoidable.

For example, PPR is worth $500K, your loan is $350K with bank A. You want to use $50K in equity from your PPR as a deposit on a $250K IP.

You apply for a new loan against your PPR with bank A, for $50K. You take the $50K cash (not equity) and use it as a deposit, and take out a new $200K loan from bank B. You are not cross-collateralised.

The only way you'll end up cross-collateralised is if:

1) Instead of drawing out the $50K as cash from your PPR, you instead allow bank B to take out mortgages over both properties. Unnecessary and bad move!

2) You take out your IP loan from bank A, who will probably insist you cross-collateralise.
 
Westpac has just sent out a warning that this rate may be pulled at the end of the week.

So those feeling inspired you may want to do something about it sooner than later.

Jane

PS Maybe just a marketing ploy...:D
 
Received phone call from my Mortgage Broker. John Harrison, great guy !!

Don't panic was his advise. The cash rate is predicted to come down to 2.5% and the banks vairable down to 4%-4.5%. He's doing some calculations for me to see if the CBA and/or Wetspac will fund me some more money and keep it vairable for now.

I have a feeling I'm going shopping !!! :D:D:D:D:
 
Well the NAB can stick it ( well at least for 2 of our properties) I have just made an appointment for tomorrow afternoon with Westpac to refinance 1 of our places and to do the finance for the new one.
 
ozperp said:
You apply for a new loan against your PPR with bank A, for $50K. You take the $50K cash (not equity) and use it as a deposit, and take out a new $200K loan from bank B. You are not cross-collateralised.
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Cool ok so to confirm...

When my ppor is worth $300 K and my loan is $177 K. I can take out a loan on my ppor for eg $50 K. Does the bank transfer the 50 K loan to my offset account? Is that how it works. Then I would withdraw the $50 K cash in my offset account to use as a deposit for ip. Then take out a new loan from another bank for the new ip. Cool ok.

So then I'd be servicing a $ 227 K ppor loan.

I wander how much I could borrow for my ip loan. I'm thinking no more than $200 K, for a $250 K ip.

Someone here suggested cross collatorlisation if that is the only way i can get the ip. I'll have to be able to be able service both loans on my $47 K pa salary. 227 K ppor loan & $200 k ip loan


well, i better get back to lunch
 
Kim5 said:
Cool ok so to confirm...

When my ppor is worth $300 K and my loan is $177 K. I can take out a loan on my ppor for eg $50 K. Does the bank transfer the 50 K loan to my offset account? Is that how it works. Then I would withdraw the $50 K cash in my offset account to use as a deposit for ip. Then take out a new loan from another bank for the new ip. Cool ok.

So then I'd be servicing a $ 227 K ppor loan.

I wander how much I could borrow for my ip loan. I'm thinking no more than $200 K, for a $250 K ip.

Someone here suggested cross collatorlisation if that is the only way i can get the ip. I'll have to be able to be able service both loans on my $47 K pa salary. 227 K ppor loan & $200 k ip loan


well, i better get back to lunch
Click to expand...


You would be serving a PPOR loan of $177 k, and and wither a Line of Credit of $50k and an IP loan of $200, or just a IP loan of $250k if you were using the same bank and cross colateralising.

At 4.99% the interest payments would be $240 a week, so you do the maths on the rental return in the area you are looking at buying, what return would you get on $250k and what would be your out of pocket expenses after rent.
 
Well NAB won't come to the party, offered to reduce my variable rate by 0.1%. We met with Westpac yesterday afternoon and this morning we recieving approval subject to valuatrion which won't be a problem to not only refinance 1 of the 3 but to borrow for an additional place.
 
letiha said:
Well NAB won't come to the party, offered to reduce my variable rate by 0.1%. We met with Westpac yesterday afternoon and this morning we recieving approval subject to valuatrion which won't be a problem to not only refinance 1 of the 3 but to borrow for an additional place.
Click to expand...
Bit surprised that NAB couldn't offer more. Westpac are going to do well out of this especially if variable interest rates rise to more than 4.99%.
 
Better be quick

Well Westpac are only going to do well out of this for a couple more days, this offer is on the way out already. Anyone who does want the rate, make sure you pay the .15% fee and rate lock it, or you will miss out on it.
 
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