What are you paying for your Variable rate?

i take this post back....

NAB WOULDN'T take off 0.8% . Apparently the guy i'm dealing with spoke to his manager he could only offer 0.7% off at 7.12% which is completely and utterly standard....

can anyone please offer advice as i've sort of pushed myself to the brink here and committed with NAB[myself and my mate].. now i just want a better rate and/or just go onto another bank that actually wants the business
I actually told my mate and he has given up already and is not willing to ever step into NAB again

Stockt12, this is a completely unsolicited comment, but your friend doesn't sound very committed to property. He doesn’t seem to be actively doing anything, and is just depending on you. It’s one thing to ask others to get their knowledge and experience, but it’s another to be uncommitted yourself and just ‘go with the flow’.

My own experience with people who are lukewarm is that if the investment doesn’t turn out the way they want (such as a flat market), or they feel that the investment is ‘cramping’ them (perhaps due to –ve cashflow eating into lifestyle) they’re going to resent whoever ‘pushed’ them into it. That would be you, in this case.

I mean, if it’s a good buy, 0.1% shouldn’t be a deal breaker. I certainly wouldn't worry too much about a 0.1% difference in interest if I believe in the property. Your friend might just be looking for an excuse to get out. Think of it from your perspective. Would you be too worried about paying an extra 0.1% on your loan? Given that a decent property will return 7% CG long term? If your friend can't see that (or doesn't want to), you have to think about whether pushing him into the property is a good idea.

I know that we believe whole-heartedly in IPs, but not everyone wants to, or can (emotionally) handle it. As much as I want to help a lot of my friends into property, I realise that a lot of them will just end up hating me for it.

In what way are you committed to NAB? Have you already signed the mortgage documents?
Alex
 
St George yesterday approved a 0.9% discount off a $1.6M variable rate loan for a client of mine.

LVR was 67% and clients were in excellent employment.

The local branch had told the clients through their regional office maximum discount was 0.7%.

Oh well there loss my win.

Richard, how much would your client have to make to be able to provide serviceability to a loan of $1.6m? Surely most of that would be serviced by the property itself?
Alex
 
Stockt12, this is a completely unsolicited comment, but your friend doesn't sound very committed to property. He doesn’t seem to be actively doing anything, and is just depending on you. It’s one thing to ask others to get their knowledge and experience, but it’s another to be uncommitted yourself and just ‘go with the flow’.

My own experience with people who are lukewarm is that if the investment doesn’t turn out the way they want (such as a flat market), or they feel that the investment is ‘cramping’ them (perhaps due to –ve cashflow eating into lifestyle) they’re going to resent whoever ‘pushed’ them into it. That would be you, in this case.

I mean, if it’s a good buy, 0.1% shouldn’t be a deal breaker. I certainly wouldn't worry too much about a 0.1% difference in interest if I believe in the property. Your friend might just be looking for an excuse to get out.

In what way are you committed to NAB? Have you already signed the mortgage documents?
Alex



I'm happy to help a friend.. and in some ways I can understand his response. I am happy to do whatever it takes to give him a little push in life..

me on the other hand, I haven't signed any paperwork, but I'm quite disappointed in NABs lack of flexibility here and especially since I could walk down the road and get a better deal with enough communication.

I'm just keen to know the rates any NAB people have got very recently..
 
I'm happy to help a friend.. and in some ways I can understand his response. I am happy to do whatever it takes to give him a little push in life..

Yeah, but is he going to be happy with you for pushing him? He might not think you're helping him. WE know the value of buying a property young. The reason why most people don't buy IPs is that they don't have the patience to wait, and/or panic in the short term.

Say your friend buys the property (at your fairly strong prodding). The market does nothing for a year or two (quite likely), costing him a few thousand in cashflow. He might think he could have used that money to buy a plasma TV or whatever. Or he wants to travel and thinks the property is an albatross around his neck.

Worse, the market falls (5-10% in Sydney is certainly likely) and your friend panics and sells. He's guaranteed to hate you then.

Of course, if the investment goes well your friend might be hooked. That would be the good outcome. I just think there is a downside to pushing people who aren't committed. Kinda like your parents pushing you into doing something you don't really want to do just because they think it's good for you.
Alex
 
i don't disagree...

but i'm not trying to push him outside his boudaries, he understands he needs to progress.

just gaining an understanding and a path to get where he wants to go is where i come into the equation..


most importantly though, i need to know what the variable rate people have got at nab lol:D
 
Hiya Stock

NAB dont do much discounting anyways..............eventually they even pay their brokers the commission they owe them...............on one loan we have been chasing for 15 mths :O)

ta
rolf
 
so...after all that work for discounts et, then have a 'special' on for home loans for september through december...

you think that could've told me that at some stage, eh? :rolleyes: :(

so... i get nothing, just the NORMAL deal that everyone will get...

trying to figure out what i can actually get to make myself happy with what national have done.. ie discount elsewhere, some sort of loyalty bonus et all just to show me they are giving me a good deal and want my money

ohhh...and apparently they COULDN'T pricematch with HSBC because "we'll give you a dedicated banker for life"
 
so...after all that work for discounts et, then have a 'special' on for home loans for september through december...

you think that could've told me that at some stage, eh? :rolleyes: :(

so... i get nothing, just the NORMAL deal that everyone will get...

trying to figure out what i can actually get to make myself happy with what national have done.. ie discount elsewhere, some sort of loyalty bonus et all just to show me they are giving me a good deal and want my money

ohhh...and apparently they COULDN'T pricematch with HSBC because "we'll give you a dedicated banker for life"
This happens all the time with bank branches. If you've already walked in the door and you don't know about a better deal, why should they tell you? They've already got your business.

As for dedicated bankers and relationship managers, what a crock - they usually change every few months anyway.

Sorry about the rant, I'm just sick of the larger banks and prefer to do business with the smaller players who actually appricate your business rather than taking it for granted.
 
it's a very fair point though mate....

all that work and all those phone calls and i end up with that? this will be a fun discussion when i get to go in there and have a face to face chat
 
been as sick as a dog... so only one conversation so far "we would've given you the advertised rate anyway " after i asked "what was the point of all the phone calls? "

apparently i can switch any time with my loan, pay it off in the first few years, leave the bank etc without any fee...

i have a feeling i'm gonna have to do some digging here, as i can't see all the information i've been given being TOTALLY correct...

although my croaky voice may have to recover first before i head in there and go through some finer details.
 
hmmm...some of these offers are starting to kill me

i feel like going into nab and just saying my money and accounts go elsewhere unless they at least halfway come to the party

err wait, it might be all my illness drugs talking.. or maybe not.
 
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