What benefits for borrowing more than 1M

[DebtEquity]

Hi mortbrokers is there any benefit given to investors if they borrow more than $1m in investment Debt?

I have read somewhere that discounts are 1% off the variable is this correct or not?

 

[alexlee]

You wish. Maybe if you cross everything?
Alex

 

[MichaelW]

I have read somewhere that discounts are 1% off the variable is this correct or not?

Tell him he's dreamin'

I'm with the WBC pro pack and have loans over $1M and I get 80bp off the standard variable which is still pretty good. I tried for another 10bp off last week and my private banker just laughed.

Cheers,
Michael.

 

[ziggy2214]

Tell him he's dreamin'

I'm with the WBC pro pack and have loans over $1M and I get 80bp off the standard variable which is still pretty good. I tried for another 10bp off last week and my private banker just laughed.

Cheers,
Michael.

You should have tried STGeorge

 

[Spectre]

actually, you could run the loan thru bankwest and get 1% off variable for the 1st 2 years.
IF its a full doc. really owing $1m isnt 'heaps' in many cases.

just dont look for super fast service from them currently - they're swamped - or so I'm told.

 

[Peter_Tersteeg]

At $1M you can usually get a little off, but it does depend on how the loans are structured. 1% is very optimistic.

 

[PrimeCommercial]

I thought with Loans over $1mil its the bank manager that gets to lie awake at night worrying about your mortgage. Where as if its under $1mil its you who lies awake at night worrying.

thats the only benefit I see

 

[DebtEquity]

I understand that X-INC are offering .97% off their rates if you borrow more than $300k.

 

[Deepmarine]

I thought with Loans over $1mil its the bank manager that gets to lie awake at night worrying about your mortgage. Where as if its under $1mil its you who lies awake at night worrying.

thats the only benefit I see

How does the saying go?

- If you owe the bank $100,000 and don't pay, its your problem.

- If you owe the bank $100,000,000 and don't pay, its their problem.

 

[APerry]

Negotiating volume discounts at this very moment is like pulling teeth. As Rolf stated you could expect some additional discount, but you categorically won't get what may have been available 6 months ago. Discount level is not a good way to compare loans at the moment in any case, base rates are often different and are changing frequently.

Regards
Alistair

 

[DavidMc]

In the last month I got 0.9% off, $1.2m, one of the big four, nothing x-colled, 95% loans, two visa cards and a HDT setup too.

Guess I better hurry up and sign those loan docs!!

1.0%+ has been possible in the past, but I'd doubt it today.

 

[tobe]

Ive just completed ANZ's new pricing discount form. They used to have one, but got rid of it late last year. I have just over 700k with them, so I asked for .9% off.
I doubt I'll get that much, as they look at thier total exposure, and part of my borrowings were fixed in 2005... I know the CBA will discount over .7% if the broker or banker takes a cut to his commission, which if I werent PAYG employed I would certainly consider doing.
Fingers crossed, if you dont ask, you will never know!

 

[tobe]

ANZ's pricing department came back with .74% for a loan amount of $702k. Not a great result, but $280 p.a better off for asking....

 

[Rolf Latham]

cant complain about that

its a result


ta
rolf