Hi,
On ringing my current lender (ANZ) to find out any payout fees should i refinance my current loans, the ANZ rep advised me that if i could find a better interest rate/deal then they would match it (within reason, they werent willing to match derivex
).So, my question is if my current scenario is this:
ANZ Breakfree Package
PPOR
Split Loan – Variable @ 7.07% $97,953.38
– Fixed (5 years) @ 7.20% $183,248.34IP
Interest Only Variable @ 6.47% $100,000.00The PPOR Variable amount is the only loan linked to an offset account.
Is there another product out there that I can go to ANZ with so I can negotiate my current rates with them?
Let me know if you require additional info.
Cheers
Damon
In theory, there is no difference between practice and theory, in practice, there is….
I can’t understand why they aren’t offering to match the IP rate you have with them. Tell them you wnt to 6.47% to apply to all your variable borrowings.
That’s a good rate.
What fees are you paying at the moment
Kerri
Financial Wellbeing Coach
W: http://www.pfsfinance.com.au
E:[email protected]
E:[email protected]Development Finance Specialist
Paying $300/year for the package. No other fees that i can recall.
In theory, there is no difference between practice and theory, in practice, there is….
Hi Damon,
Ask them to match the St George Professional Benefits Package discount rate of 6.37%. Cheers.Regards
Steven
Mortgage Broker
Mobile Mortgage Market[email protected]
http://www.mobilemortgagemarket.com.au
Ph:0402483216
Ph:1800 820 500
VICTORIAPLEASE note comments made should not be taken as specific taxation, financial, legal or investment advice.
Just had a look at the st george package.
Correct me if I’m wrong, but if ANZ agree to match it my new scenario will be:
ANZ Breakfree Package
PPOR
Split Loan – Variable @ 6.37% $97,953.38
– Fixed (5 years) @ 7.20% $183,248.34IP
Interest Only Variable @ 6.37% $100,000.00Not bad at all, time to give them a call!
Cheers,
Damon
In theory, there is no difference between practice and theory, in practice, there is….
what about the fixed one
ING do fixed 5 yrs I/O at 6.85%
0.35% discount on your current rate
Not to say there isn’t a better 5yr fixed out there (can’t remember everything on a friday evening!)
good luck with it
cheers
brahms
[email protected]
BrisbaneSome more 5 yr fixed rates
IMB 6.79%
Heritage Building Society 6.79%
Financial Wellbeing Coach
W: http://www.pfsfinance.com.au
E:[email protected]
E:[email protected]Development Finance Specialist
ANZ’s current 5 year fixed rate is now lower at 6.95%.
I wasnt sure how much negotiating I could do on the fixed rate loan, since after all, i fixed it at 7.2% 10 months ago.
Hmmm, I wonder if anyone has had any luck with negotiating a better rate on a fixed rate loan with their lender?
I’ll give it a shot anyway when i ring them Monday!
In theory, there is no difference between practice and theory, in practice, there is….
Hi Kinks
A good friend of mine is a mobile manager with one of the banks and she says that fixed rate loans are not neg.
Financial Wellbeing Coach
W: http://www.pfsfinance.com.au
E:[email protected]
E:[email protected]Development Finance Specialist
On establishment i’ve negotiated 0.2% off fix rate – once its established, having re read the original post, i don’t think its going to happen.
cheers
brahms
[email protected]
BrisbaneYea, I thought as much re: fixed rate loans.
Will let you know how I go re: the other loans.
Cheers
Damon
In theory, there is no difference between practice and theory, in practice, there is….
Just spoke to ANZ and they seem to be willing to negotiate on the variable interest loans, after mentioning the stgeorge package. Waiting on a call back.
In theory, there is no difference between practice and theory, in practice, there is….
It doesn’t hurt to ask, does it!
Terryw
Discover Home Loans
Mortgage Broker
North Sydney
Click below to email meTerryw | Structuring Lawyers Pty Ltd / Loan Structuring Pty Ltd
http://www.Structuring.com.au
Email MeLawyer, Mortgage Broker and Tax Advisor (Sydney based but advising Aust wide) http://www.Structuring.com.au
Well, as promised I thought I’d let you know the outcome of my negotiations.
ANZ came to the party and gave me a further 0.5% discount off my variable loan part of my PPOR ($98000) for the life of the loan! This is without obligation as well!!
This brings it down from 7.07% to 6.57%, saving me about $15,000 interest.
It doesnt match St. George, but im very happy with the outcome.
Big big THANKS to Steven for giving me the info on St. George!![biggrin][biggrin]
Thanks,
Damon
It helps to ask
In theory, there is no difference between practice and theory, in practice, there is….
hi all,
thanks for the tips. I’ve just rung RAMS and asked them if they’ll reduce my rate to match the St George rate. You’re right – I can only ask. (of course this is while I wait for the 0% interest morgages to come through)
Landt.
I’ll let you know how I go.Cheers Damon,
That’s good news.Hi Landt64,
Good luck with Rams, but I doubt they will match the STG 6.37% rate, please let us know how you get on,BTW. StGeorge currently have nil application fees.
And Adelaide Bank have announced a reduction on there 3 Year fixed rates to 6.45% with 100% Offset and redraw.Regards
Steven
Mortgage BrokerPhone: 0402483216
[email protected]
http://www.mobilemortgagemarket.com.auPLEASE note comments made should not be taken as specific taxation, financial, legal or investment advice.
Hi Steven,
so far I’ve called RAMS twice and they tell me they’re very very busy at the moment and someone will call me when they have time.
Very interesting!
Landt.
).
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