What Bank Discounts Are You Getting.

[Rixter]

What Bank Professional Package Discounts Are You Getting?

With the latest wave of banking wars reported on in the media has anyone approached their lender/s to increase the professional package discounts they are getting?

Im currently getting 85 basis points discount off variable rates and the advertised 20 basis points discount off fixed rates both with Westpac's Premier Advantage Package. Currently have well in excess of $1m+ in loans with them.

Which bank/lender and what discounts are you getting?

 

[Token Funder]

With the latest wave of banking wars reported on in the media has anyone approached their lender/s to increase the discounts they are getting?

Im currently getting 85 basis points discount off variable rates and the advertised 20 basis points discount off fixed rates both with Westpac. Currently have well in excess of $1m+ in loans with them.

Which bank/lender and what discounts are you getting?

Worry not about the discounts. It's a mugs game.

Focus on the net rate and the fees.

 

[Peter_Tersteeg]

Rixter most lenders are giving comparible discounts for variable loans on that kind of money assuming certain conditions which are fairly straight forward to meet.
Discounts of fixed loans are tricky but not impossible.
Given Westpac starts from a higher standard variable, negotiating a discount doesn't necessarily make them the best lender.

 

[Rixter]

Worry not about the discounts. It's a mugs game.

Focus on the net rate and the fees.

That goes unsaid and when starting out.

I dont know about you Token but the discounts for me more than offset fees by far nowadays.

 

[Rixter]

Rixter most lenders are giving comparible discounts for variable loans on that kind of money assuming certain conditions which are fairly straight forward to meet.
Discounts of fixed loans are tricky but not impossible.

Thanks PT.....Im looking to see if anyone is getting any out of the norm range stuff.

 

[Peter_Tersteeg]

The biggest benifit of all the noise in the last week is lenders are actually defining what discounts they'll give, rather than making it a guessing game.

 

[THEGREAT888]

Hi Rixter

Since you are on advantage package with Westpac, you will need to pay the annual fee of $395.00. How do you separate the cost for the PPOR and for the IP?

Just curious!!!

 

[Marty McDonald]

CBA rep I met with today said max discount is 1% for over 2 mil with lvr 75% or less. That's the broker channel so you may and I stress may be able to 0.05 better direct. But 0.05 is a small price to pay for a good broker

 

[Bradsdad]

With the latest wave of banking wars reported on in the media has anyone approached their lender/s to increase the professional package discounts they are getting?

Im currently getting 85 basis points discount off variable rates and the advertised 20 basis points discount off fixed rates both with Westpac's Premier Advantage Package. Currently have well in excess of $1m+ in loans with them.

Which bank/lender and what discounts are you getting?

Guessing that still equates to over 6.90% which I believe should be obtainable at least.

 

[marty29]

Hi Rixter,

Your variable rate with Westpac, after discount, is 7.01%, which is decent, but certainly could do better. I mean, some of the basic products (without annual fees) are offering around the same rates. Personally, I have seen clients getting 0.9% for the same loan amount at other lenders.

However, depending on your ultimate goal and borrowing capacity, interest rate may not be the most important criteria.

Cheers.

 

[turk]

Hi Rixter

I'm paying 6.9% var. with ANZ on $800,000 plus and
have .2% discount with W'pac on fixed loans.

Cheers

Pete

 

[Tom-B]

I'm sitting at 6.87 with NAB on my variables and fixed one and a half at 7.0.

 

[65fbk]

NAB variable 6.87
NAB LOC 7.02
ANZ variable 7.2

 

[Mick C]

6.87% with NAB variable- Choice package.

Regards
Michael

 

[Rixter]

Hi Rixter

Since you are on advantage package with Westpac, you will need to pay the annual fee of $395.00. How do you separate the cost for the PPOR and for the IP?

Just curious!!!

I pay it from my Investment LOC's.

 

[Rixter]

Thanks everyone for you replies so far. Current rate you're paying isnt of real interest (pardon the pun) to me - rather the actual basis point discount you are getting.

 

[JoshyBoi]

talking to CBA today and they were offering upfront discounts off the bat with their wealth package...no need to even ask for it...

LVR < 75%

150k-250k - 0.5%
250k-500k - 0.75%
500k-750k - 0.8%
750k+ - 0.85%

LVR > 75%

150k-250k - 0.5%
250k-500k - 0.7%
500k-750k - 0.75%
750k+ - 0.8%


So that would be the starting point for a better deal!

For comparison purposes, their published rate is currently 7.81%

 

[redwing]

Thanks everyone for you replies so far. Current rate you're paying isnt of real interest (pardon the pun) to me - rather the actual basis point discount you are getting.

Going for that last drop ?

 

[Mick C]

ahahhaahhah

 

[Rixter]

Going for that last drop ?

Just gotta squeeze hard enough and they'l crack under the pressure.