Westpac Premier Advantage Home Loan

S

Swany

Hi guys,

My partner has been given a brochure re the above. She is Westpac customer.

From what I've read it seems straight foreward . The variable rate discounts don't apply as her balance will only be about $140-$150K.

Putting aside the rates I was wondering if others have this product and if so are they happy with the features.


Thanks guys
:)
 
Why would she want to pay $395 p.a yet not receive any discount? If this is stand alone then there are many other products that would be cheaper in regards to fees and rates.

Regards
Steve
 
You're right...

As her balance will be nudging $162k for a short period so she will get the 0.4% discount.

I'm yet to find out whether the discount appplies to the full borrowings or the amount above $150k.

Cheers
 
This rises a question about my loan.

I took 252k loan and 25k in offset account, does this mean I will get only 0.4 discount? :confused:

-Apk
 
As far as feature rich pro-packs go, Westpac's is probably the best, although the annual fee is also one of the highest.

I still think their service is not up to scratch and there are other lenders with pro-packs which are comparable and can also work just as well.

If you're looking below total lending of $250k, in most cases a pro-pack isn't worth it though. There are usually other products which can work just as well with far lower cost even without all the features. Offhand the main reason I can think of to take a pro-pack below $250k is if you're offered a fixed rate discount.
 
I have had a premier advantage package for quite a few years now. The annual premium fee back then was $295 but as already mentioned its now increased to $395 p/a a few years back.

I receive 0.7% discount off all my variable loans right across our portfolio but I believe there are others here who have negotiated a 0.8% discount - something I need to pursue for myself I think now the precedent has been set.

If others know of any higher discounts being applied by WBC to clients, it would be good to know?

Tiered discounts are based on total borrowings with the bank.

In addition to rates discounts all loan applications have been waived, which was a $700 saving each year because we have basically been purchasing a property per year for quite a few years now.

Plus all loan maintenance fee are also waived.

Hope this helps.
 
Last edited:
Hiya

ANZ Pro pack ( Vs breakfree) maybe a better fit if you have LOTS of time and arent looking to reval in a hurry.

Agree with Rix and others on the WBC Umbrella Package, its one of the best, but doesnt always fit the bill

ta
rolf
 
yes

Some clients can get into 85s and 90s if they have good borrowings, a bit of xcoll and hassle for retention after settlement.

We have usually found that WBC seems keener to HOLD business than to buy it

ta
rolf
 
Swany said:
Hi guys,

My partner has been given a brochure re the above. She is Westpac customer.

From what I've read it seems straight foreward . The variable rate discounts don't apply as her balance will only be about $140-$150K.

Putting aside the rates I was wondering if others have this product and if so are they happy with the features.


Thanks guys
:)
Click to expand...

Hello,

I have a little story in relation to this.

We have a Westpac Premier Advantage package that includes our PPOR home loan and a LOC, plus an interest-rate reduction. The package costs $395 a year.

We have just noticed that for the past two years, Westpac has been double-charging us the package fee: once in the LOC and once in the PPOR loan. Yes, yes, I know it's embarrassing that we have only just noticed this. But I just wanted to give others a heads-up that this does happen.

Westpac says they will reimburse us the fee plus interest. But of course they are dragging the chain! They initially said it would take ten days, but that has now extended to 25.

Anyway, this isn't really an opinion on the product itself - just an inconvenient tangent!

Thanks,

Harriet
 
I'm in the WBC pro pack with an 80bp discount. Wouldn't mind some of that 85 or 90bp action! ;) Don't know if $1M odd counts as "good borrowings" yet though... Patience grasshopper.

Cheers,
Michael
 
I have negotiated 85bp discount on my St George Advantage package. As you know they are soon to be merged to the same entity so I dont see why it shouldnt apply across the board.
 
90bp off @ stgeorge...

i find stgeorge to be pain in @rse with some of their bank fee structures and discounts @ times...

CBA i have small amount of loans with them, and they give me free account with each loan, no monthly fee, and like about 50bp off without asking 2 much....
 
We are only getting 0.7% from WBC, although since changing to the business banking bit we have had crap service so not suprised others are getting better deals.

As long as you change mortgages and borrow more cash every year the $395 fee equals a loan setup fee and the discount off sets it so for us it's worth while.

regards
Graeme
 
Guys and Girls, thanks for the input:)

I managed to have a chat with a young guy at the bank last night. He was boned up on the product, unlike some woman I had spoken to earlier in the day before asking you guys for help..

Here's what happened with the woman earlier......(the womans is blank in her expressions and response)

Me
Hi I was hoping to talk to someone about the Westpac Premier Advantage home loan.
Woman
Are you an existing customer?
Me
No, I'm not but my partner has an existing loan with your bank.
Woman
I'll try and answer your questions.
Me (thinking is she alive?)
Me
What's the current variable rate?
Woman
Huh, oh ok I'll ask someone...
Me on hold
Me still on hold
Me still on hold and listening to sales speak on the awards the bank has won
Woman
I had to look it up on the web site
Me huh???
Me
Ok well I have another question. Can you tell me what balance the discount applies to? Thinking she would tell me the rate and answer my new question.
Woman
Just a minute
Me
On hold listening to the sales speak again. By now I'm wondering who is this woman.
Woman
Thanks for holding, I'm going to transfer to someone else
Me
What the...(shaking my head)
Me
On hold, on hold, on hold for 5 mins..... then beep beep beep.......

The young man was vastly different and able to answer my questions.

Thanks all

:)
 
Just in case you're still wondering the published Westpac Premier Advantage package variable rate on Premium Option and Rocket Repay loans with total aggregated borrowing is 7.01% as of today, 25/11/2008.

I can't believe people on customer service desks don't know this sort of thing without having to look it up.
 
PT_Bear said:
Just in case you're still wondering the published Westpac Premier Advantage package variable rate on Premium Option and Rocket Repay loans with total aggregated borrowing is 7.01% as of today, 25/11/2008.
Click to expand...

Is the standard variable investment property loan still 7.71%? Less 0.7% top tier discount for prem advantage customers makes it effectively 7.01% ?? To my recollection its been that rate since last RBA drop.
 
Last edited:
Westpac home rate

Just spoken to Westpac; the Westpac std variable rate is 7.71.

After my Premier Adv. discount, my rate is 7.71-0.8 discount = 6.91%

Ie if yours is a 0.7 % discount, it would be 7.01%.
Cheers
 
My 5 cents input:)

We have W/pac Pr. Advantage Package for our PROR. As we borrowed nearly half a million we could negotiate at the time. To cut the story short the discount is .82% for the loan life never mind how much we owe. So it is defenetely worth to shop around and negotiate on packages. If a bank manager is inexperienced enough you can get a letter confirming a special discount for you and use it to push down the other bank. It is your money after all and even .01% will save you in 30 years a good amount.
Bad side of it is the W/pac customer service. I can speak hours about it:mad: You have to check everything and than re-check and than double check. The easiest way is to find a sane home loan manager (tricky) and deal (nag:)) with him/her.
Although from what I have heard from collegues and friends all banks are more or less same regarding customer service.
 
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