Just a heads up that Westpac have just announced that their 2 Year Fixed Rate Loans are now at 4.99% under their Professional Package. They have said that it is for a 'limited time'.
TheFinanceShop | Elite Property Finance
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Pricing war is going to star just about now lol
Jpcashflow | JP Financial Group
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Email Me | Phone MeYour first port of call in finance :)
Yep, it's a pretty sharp rate.
STG just dropped their 1,3,4 and 5 year fixed rates as well – not as low as 4.99% though.
Cheers
Jamie
Jamie Moore | Pass Go Home Loans Pty Ltd
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Email Me | Phone MeMortgage Broker assisting clients Australia wide Email: [email protected]
I think it will continue to come down but for those that want to mitigate all or part of their loans/risk then it is certainly a good rate. If you are looking to fix now and bank with another bank other than Westpac then call you bank and speak to their discharges – I have already had clients successful have their banks match the 4.99% on offer.
Regards
Shahin
TheFinanceShop | Elite Property Finance
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What would you normally say to the bank for them to match it. They might call my bluff.
Call the bank and ask them to put you through to their discharges area. Tell them that you have been dealing with a broker and he has prepared an application to take to to Westpac who are offering 4.99% on a 2 year fixed rate. You can through in other features that Westpac do that other lenders don't do. Then tell them to send you the discharge forms. They will start will offering other things but will generally get to match the price. This is no guarantee though that they will price match as lenders will differ in what they can offer (CBA and NAB are quite good at keeping customers though).
Regards
Shahin
TheFinanceShop | Elite Property Finance
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Damn I'm with St George no point trying to pretend I'm taking my business to them since they are affiliated with Westpac.
Tony Fleming | Triumphant Property Group
http://www.triumphantpropertygroup.com.au
Email MeNSW Buyer's Agent specialising in Western Sydney-Blue Mountains-Orange-Albury
I don’t get it. Just called cba and they couldnt give a stuff. Told me to call Westpac and they will organise the discharge for me. I have 2 loans with cba both at 5.5% and both with offset accounts.
Basically if I want to leave I’m more then welcome to. They didn’t say it like that but not far off.
Hi Joe
it can depend on the loan amounts and LVR.
Did you pay LMI on these loans in the last few years?
They're generally more receptive to matching variable as well – but fixed can be possible.
Darkknight, give it a go.
cheers
Jamie
Jamie Moore | Pass Go Home Loans Pty Ltd
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Email Me | Phone MeMortgage Broker assisting clients Australia wide Email: [email protected]
Hi Mate,
It doesn't work that way. If there are internal projects then they are deemed as one organisation however when it comes to the sales channel (whether it be 1st part or 3rd party) then its game on. Call STG – I had one customer last night you called and got them to price match but she does have a higher amount of lending.
Regards
Shahin
TheFinanceShop | Elite Property Finance
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That is very surprising for 2 reasons; one CBA are notorious for throwing everything but the kitchen sink at customers who are moving away and secondly I think that there is room for rates to go down again.
Not sure what your LVR or loan amounts look like but 5.50% is a good variable rate Joe.
Regards
Shahin
TheFinanceShop | Elite Property Finance
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One of my loan is a p+I for $290k, ip valued at $400k, the second loan is io and for $212k, ip valued at $320. No lmi was paid for both loans.
I guess 5.5% is pretty good. Just one question, will cba make a note on my file that I phoned up informing that I’m switching lenders?
^ yes
I reckon you just had a bad egg, give them a call again and see what they can do.
P.s Ex CBA banker.
Regards
Michael
Mick C | Shape Home Loans
http://www.shapehomeloans.com.au/
Email Me | Phone MeSame Banks. Better Rates. Served With a Passion.
Shape wrote:^ yesI reckon you just had a bad egg, give them a call again and see what they can do.
P.s Ex CBA banker.
Regards
Michael
Hi Michael, I’m dying to call them and try again however I’m worried every time I call them they note it down. They Will eventually know I’m bluffing.
I've personally requested rate discounts with CBA twice on a couple of loans and each time they've agreed – they even waived the package fee for a year.
Agree with Mick – try again later.
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]
That will not be an issue Joe unless you are calling them every week.
I would personally give it a week before trying again.
Regards
Shahin
TheFinanceShop | Elite Property Finance
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Email Me | Phone MeResidential and Commercial Brokerage
Good point I’ll wait a week or so. I’m sure a small cut in my interest rate won’t affect their $7 billion profit.
Hi Jamie and Shahin,
I have a portfolio with St George lending off about 1.1 million and a LVR on my IP's of about 87% and a PPOR at 77% do you think that will be high enough for them to consider a discount?
Tony Fleming | Triumphant Property Group
http://www.triumphantpropertygroup.com.au
Email MeNSW Buyer's Agent specialising in Western Sydney-Blue Mountains-Orange-Albury
Give it a go – just don't let them know that your LVR is above 80% because they'll know that the cost of refinancing to an external lender due to LMI charges will deter you.
If they mentioned that you paid LMI previously, tell them that the properties have been renovated and are worth more now
Joe – pretty sure that it's all documented but I wouldn't let it stop you.
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]
Just out of interest how much would a broker charge to call the bank on my behalf?
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