HI all,
Does anyone out there have experience with westpac's premium product? I've rung westpac twice to ask this question and gotten 2 different responses and now I'm confused.
I'm planning on refinancing my home loan with w'pac. The re-finance will also include a LOC based on the equity in my home. In total, the loans will add up to about $300k. Therefore, we wouldn't be entitled to the lowest interest rate which only kicks in if you borrow more than $500k.
However, we're in the process of looking for another IP, which we will use the LOC to pay the deposit for and other expenses. When we acquire the IP, our total loans with wpac will then exceed $500k.
I asked wpac if, once we buy the IP, will they then give us the lowest interest rate since we will exceed $500k in loans at that point.
One person told me yes. ANother one told me no, saying that they have a clause that says if your initial borrowings are in a certain interest rate bracket, and you pay down these borrowings, your interest rate will still be dependent on the initial amount you borrow. Therefore, the converse applies where if you increase your borrowings, the interest rate will still depend on the initial amount you borrowed.
Does anyone know?
Cheers
John
Does anyone out there have experience with westpac's premium product? I've rung westpac twice to ask this question and gotten 2 different responses and now I'm confused.
I'm planning on refinancing my home loan with w'pac. The re-finance will also include a LOC based on the equity in my home. In total, the loans will add up to about $300k. Therefore, we wouldn't be entitled to the lowest interest rate which only kicks in if you borrow more than $500k.
However, we're in the process of looking for another IP, which we will use the LOC to pay the deposit for and other expenses. When we acquire the IP, our total loans with wpac will then exceed $500k.
I asked wpac if, once we buy the IP, will they then give us the lowest interest rate since we will exceed $500k in loans at that point.
One person told me yes. ANother one told me no, saying that they have a clause that says if your initial borrowings are in a certain interest rate bracket, and you pay down these borrowings, your interest rate will still be dependent on the initial amount you borrow. Therefore, the converse applies where if you increase your borrowings, the interest rate will still depend on the initial amount you borrowed.
Does anyone know?
Cheers
John