Hi all, (apologies if already discussed)
Has anyone got this through Commonwealth Bank ? I am an existing customer and they are offering me 5.7% variable rate (their standard variable is currently 6.6% and providing me 0.9% off for the complete term of the loan.) Annual fee for this package is $375 per year.
Would anyone recommend this package ?
Regards, Leonard
For sure. Let's say your mortgage is $400k. The annual saving will be more than 0.009 x 400000 = $3600. The saving is more than the annual fee of $375 by far. And the saving will actually be more than $3600 because interest is calculated daily and is compounding. But for the purpose of the exercise, $3600 is good enough to demonstrate that $3600 is greater than $375 by a long shot.
Jacqui Middleton | Middleton Buyers Advocates
http://www.middletonbuyersadvocates.com.au
Email Me | Phone MeVIC Buyers' Agents for investors, home buyers & SMSFs.
Nothing wrong with the CBA wealth package apart from the MISA not being a true offset – but you can get around that quite easily.
Cheers
Jamie
Jamie Moore | Pass Go Home Loans Pty Ltd
http://www.passgo.com.au
Email Me | Phone MeMortgage Broker assisting clients Australia wide Email: [email protected]
Ive had this one for quite a while and reasonably happy with it, so no complaints from me.
Cheers
Dean
Hi Jamie, can you please elaborate what you mean by "not being a true offset". And in your opinion can I do better than 5.7% with them ?
Cheers
Hi Leonard
If you do a quick search on MISA you'll find a fair few posts.
Whether you can do better than the current discount with CBA depends on your total borrowings and LVR.
Cheers
Jamie
Jamie Moore | Pass Go Home Loans Pty Ltd
http://www.passgo.com.au
Email Me | Phone MeMortgage Broker assisting clients Australia wide Email: [email protected]
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