westpac premium package

[john doe]

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

 

[Rolf Latham]

Hi John

Westpac Premier Advantage.

The tiered discounts are relationship based, so when your total volume of loans exceeds 500 k you can request to have the whole lot redone to the lower rate.

We do this at least 3 times a month

Extract:

The package benefits are available to customers who:
have total property borrowings (with Westpac) of at least $150,000. Total property borrowing’s are defined as the total limit on existing property loans, plus the loan amount of the new property loan applied for; and
always have a eligible loan facility and a Classic Plus or Cash Management transaction account. Refer to Package Features for a list of eligible loans; and
do not have access to any other packages, negotiated rates or special offers; and
Westpac’s normal lending criteria applies and applications must meet approval guidelines on individual products to qualify for the relevant package discounts.


Ta

rolf

 

[alpina]

john,

this is rolf's area of expertise

we have just signed up with the westpac deal so we will be able to tell you what we think about it in due course

julie

 

[john doe]

Thanks ROlf,

I thought the opinion the 2nd westpac phone consultant gave me sounded strange.

I'd be interested to know what you think of the package alpina when you're ready.

Cheers

John

 

[Alan H]

John,

I've had the package for a while now.

Has been excellent.

 

[IanF]

westpac premium

Hi all,

We've had a WestPac premium package for almost a year now.

We have been very happy with it, the bank staff are friendly, well informed, and helpful.

The internet banking, which I use heaps, is great too.

So much better than inflexible StG . . .

Ian

 

[bigfish]

I've had a Westpac professional package for a couple of years now and they've just handled a slightly tricky interstate mortgage portability manourvre for me too. I had the choice to leave them but decided to stay so I guess I must be happy with them.

I've noticed that I'm getting a 0.7% discount on my rocket investment loan despite my total borrowings being only $315k. The brochure says I'm supposed to borrow over $500k to get that much discount.

Think I'll keep quiet about that.

Bigfish

 

[Rolf Latham]

Hi Fish

Shhhhhhhhhhhhhhhh

But probably because your loans were pre Nov 2002, and you have only changed security.

ta

rolf

 

[Nee]

We met with Westpac yesterday and was impressed with the Premier Advantge Package as well.

Our home loan is with them and we have not had a single problem. The guy who set up our loan at our Westpac branch was (and still is) extremely helpful and the staff are always courteous.

For the record, we also visited St George, Suncorp, Wizard, & Resi.

St George - too many fees for our liking;
Suncorp - very unflexible when it came to disclosing the valuations on our PPOR & investment property (and would you believe they don't have a credit card - only an Amex which nowadays is not as widely acceptable as the others but they do have a range of credit cards coming out in June apparently);
Resi - close second to Westpac but there's a 2 day delay if you need to get cash out of an ATM.
Wizard - good but they asked why we wanted to change from Westpac!

So it seems that we are sticking with Westpac and will be using their Premier Advantage package.



Nee

 

[july]

Hi
Possibly a question for Rolf.
Can you purchase an IP through a trust and be eligible for the benefits of a premium package at Westpac?
Thanks

 

[Rolf Latham]

HI July

YES.......

BUT very dicky

Depends on if corp trustee etc.

Ta

rolf