What is the best discount on rates you are getting? Post your here?
- Thread starter Peter 14.7
- Start date
1) I dont work for them, yet I do provide significant business to some of there other divisions each year,
2) CBA - just refinaced my bw loan to them and all personal stuff
I just said i want 1% offf the SVR for the life of my two loans and these are the reasons why they should. It did take them 1 day to approve after I gave them a few details of who my contacts were with them.
2) CBA - just refinaced my bw loan to them and all personal stuff
I just said i want 1% offf the SVR for the life of my two loans and these are the reasons why they should. It did take them 1 day to approve after I gave them a few details of who my contacts were with them.
1) Most 0.9 with a couple of 0.8
2) Wesuck
3) Prof pack $395pa
4) Broker, but contacted them direct to get discounts
5) No
6) Over $1M, 12 loans
7) Under 80%
As others have mentioned- % off what???
Getting .7% off one bank may give you the same rate as 8% off from another bank as all banks do not have the same SVR.
I'd be more interested in knowing what rate people are getting and off whom (with total loan amounts to achieve that rate, ongoing fees etc).
thanks
Getting .7% off one bank may give you the same rate as 8% off from another bank as all banks do not have the same SVR.
I'd be more interested in knowing what rate people are getting and off whom (with total loan amounts to achieve that rate, ongoing fees etc).
thanks
Well Westpac SVR is 7.86%, who many people seem to be with.
But on the same note, % off whatever bank now most likely wont mean the same for very long. Depends on whos turn it is to be bad guy.
So really, all one can do is try to get the best discount off the SVR on a bank of their choice that suits their needs. Basing a decision on a 0.19% difference now (for example, the difference between the highest Westpac & Lowest NAB) may mean diddly squat in a month or two.
But on the same note, % off whatever bank now most likely wont mean the same for very long. Depends on whos turn it is to be bad guy.
So really, all one can do is try to get the best discount off the SVR on a bank of their choice that suits their needs. Basing a decision on a 0.19% difference now (for example, the difference between the highest Westpac & Lowest NAB) may mean diddly squat in a month or two.
Hi Brett, i tend to disagree with you on this. At one point in the last couple of years it was reported that almost 80% of new business was going to the CBA & Westpac groups which left anz and nab fighting for the crumbs in the market and saw the second tier lenders drop away. Nab group really has been consistently cheaper over the last 18 months to try and win back market share from cba/westpac. The past obviously is not going to reflect the future but it will give us an indication on the banks mindset in trying to gain market share.
Hi Jon
True, however Im talking over a longer time span, up to 30 years, not that anyone on here would take that long with a mortgage.
If one was to change their mortgage every 18 months or 2 years just to get it0.10 or 0.15 basis points cheaper, the cost & stuffing around to do so wouldnt be worth it, in my opinion.
True, however Im talking over a longer time span, up to 30 years, not that anyone on here would take that long with a mortgage.
If one was to change their mortgage every 18 months or 2 years just to get it0.10 or 0.15 basis points cheaper, the cost & stuffing around to do so wouldnt be worth it, in my opinion.
very true Brett, the maximum long term approach i would suggest would be 5 years cause the average loan life is now less then that.
agreed. it wasnt long ago when the SVR of the majors were within a whisker of each other. so perhaps in the not too distant future that Wesuck 0.9% discount might put you ahead of Homeside/NAB.
I agree with Jon's earlier comment that % off the standard variable means little. Its the actual rate that counts. When you look at the range of the four majors with Westpac at 7.86 at the top and NAB at 7.67 at the bottom Westpac has much more room to move on % discount. The loans we mortgage manage are on a standard variable of 7.22% before any discounting so there is less scope for big discounts.
But to be honest we find that most of our effort goes into finding the right credit policy to suit our client.
But to be honest we find that most of our effort goes into finding the right credit policy to suit our client.
Hi
Just wondering how did people manage to get so high discount from CBA ? We have a large loan with CBA (~1.75M) and the most discount that we can get is 0.75 ... We asked for more a number of times but the answer was no ...
Also, when we request for more discount, they ask us to give a reference of another bank that gives more discount. How should we go about that ? Thanks.
Helen
Just wondering how did people manage to get so high discount from CBA ? We have a large loan with CBA (~1.75M) and the most discount that we can get is 0.75 ... We asked for more a number of times but the answer was no ...
Also, when we request for more discount, they ask us to give a reference of another bank that gives more discount. How should we go about that ? Thanks.
Helen
Go to another bank and get a quote, in writing, for the rate they will give you. Take this back to your bank and see what they will do.
Worked for me!
Hi Helen
thats rather tight of them.
I dont know the circumstances of course, but many of the others such as NAB and ANZ and possibly WBC would go to 100 pts.
Most brokers can get a written pricing request sorted once they know some details of the deal.
ta
rolf
thats rather tight of them.
I dont know the circumstances of course, but many of the others such as NAB and ANZ and possibly WBC would go to 100 pts.
Most brokers can get a written pricing request sorted once they know some details of the deal.
ta
rolf
Am with ANZ, went to CBA, got a quote, took that quote to ANZ, got a discount. Easy as!
Check the previous post (#35)!
Good questions. I thought I had a good deal with .8% discount - I now realise probably not - the difference is probably .1% but I'll take it - thanks for a great thread
1) All 0.8%
2) Wesuck
3) Prof pack $395pa
4) Broker, but 5/6 years ago (Maybe time to start shopping round now that they have come off 3 year fixed rate)
5) No
6) Over $1.9M, 9 loans
7) Under 70%
Regards
Tony
1) All 0.8%
2) Wesuck
3) Prof pack $395pa
4) Broker, but 5/6 years ago (Maybe time to start shopping round now that they have come off 3 year fixed rate)
5) No
6) Over $1.9M, 9 loans
7) Under 70%
Regards
Tony
Dear All
Well CBA got back to me on my request and I got a 0.8% up form 0.7%.
They spinned me this and that but really unless I walk that is it. Unfortunately at the time my father in law is ill so I didn't really go hard. Still better than 0.8% and review again in the new year.
Peter 14.7
Well CBA got back to me on my request and I got a 0.8% up form 0.7%.
They spinned me this and that but really unless I walk that is it. Unfortunately at the time my father in law is ill so I didn't really go hard. Still better than 0.8% and review again in the new year.
Peter 14.7
Congrats Peter, doesnt hurt to ask. Nothing to lose and everything to gain.
Will settle on sales of one IP in 2 weeks so will answer as post settlement
you are getting from your bank? 0.82% off variable
which bank? ANZ
what fee? $350 ish
did you go bank or broker? bank
any special factors that worth knowing? . cheque overdraft, 100% off set savings, 2 platinum cards, no other fees except other bank atms
AND
what is your lend total/no of loans (optional) 2 and LOC
is your LVR above or below 80% (optional) including PPOR <25%, IP's only approx 75%
Will settle on sales of one IP in 2 weeks so will answer as post settlement
you are getting from your bank? 0.82% off variable
which bank? ANZ
what fee? $350 ish
did you go bank or broker? bank
any special factors that worth knowing? . cheque overdraft, 100% off set savings, 2 platinum cards, no other fees except other bank atms
AND
what is your lend total/no of loans (optional) 2 and LOC
is your LVR above or below 80% (optional) including PPOR <25%, IP's only approx 75%
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