All Topics / Heads Up! / Westpac 4.99% Fixed Rate is Back

Viewing 19 posts - 21 through 39 (of 39 total)
  • Profile photo of Jamie MooreJamie Moore
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    Joe – for you, I'd do it for nothing :-)

    But they'll probably want to speak directly with the account holder.

    Use the "broker" as leverage. Tell them that "your broker" is putting together a refinance application with whichever lender at a rate of xx% and you'd like to give them the opportunity to match before you go ahead and refinance.

    Cheers

    Jamie

    Jamie Moore | Pass Go Home Loans Pty Ltd
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    Profile photo of TheFinanceShopTheFinanceShop
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    The broker cannot call unless they have third party authority. You will either need to grant that (which I would not suggest) or you would need to call yourself.

    Regards

    Shahin

    TheFinanceShop | Elite Property Finance
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    Profile photo of jmsracheljmsrachel
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    TheFinanceShop wrote:
    The broker cannot call unless they have third party authority. You will either need to grant that (which I would not suggest) or you would need to call yourself.

    Regards

    Shahin

    I’ll wait a week and call them myself. Hopefully I won’t get another douche bag!

    Profile photo of TheFinanceShopTheFinanceShop
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    I had a client yesterday with similar borrowings but a lower LVR have St George price match the 4.99% offer.

    Give them a call, ask for the discharges unit and take it from there.

    Regards

    Shahin

    TheFinanceShop | Elite Property Finance
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    Profile photo of TheFinanceShopTheFinanceShop
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    It's CBA chances are that you will get another douche bag or douchette.

    Regards

    Shahin

    TheFinanceShop | Elite Property Finance
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    Profile photo of jmsracheljmsrachel
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    TheFinanceShop wrote:
    It's CBA chances are that you will get another douche bag or douchette.

    Regards

    Shahin

    it just occurred to me now that the douche bag never verified over the phone if i was the account holder. I could have been any body.

    Profile photo of Jamie MooreJamie Moore
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    jmsrachel wrote:
    TheFinanceShop wrote:
    It's CBA chances are that you will get another douche bag or douchette.

    Regards

    Shahin

    it just occurred to me now that the douche bag never verified over the phone if i was the account holder. I could have been any body.

    That's good then!

    The usual process with CBA is that you tell them that you're looking to refinance but would like to give them the opportunity to match. They will then tell you that your request has been put to a customer service (or retention team – whatever they call themselves) who will then give you a buzz in two to three days to discuss.

    Just sounds like you got a dud person on the phone today.

    Cheers

    Jamie

    Jamie Moore | Pass Go Home Loans Pty Ltd
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    Profile photo of Tony FlemingTony Fleming
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    I have a few of them fixed this will be a issue wont it? I'd just be happy if one of my variable loans was at this rate :)

    Tony Fleming | Triumphant Property Group
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    Profile photo of TheFinanceShopTheFinanceShop
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    Well it depends if you can someone smart enough to pick that up but yes that will be an issue that you need to be prepared for. In that particular case you cannot say that you are leaving for the rate – you will need to have a primary reason as say bad service or something a little stronger and then say that Westpac is offering 4.99%. Its still going to be tougher because you have fixed loans and nevertheless good luck.

    Regards

    Shahin

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    Profile photo of Tony FlemingTony Fleming
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    Yeah they've been pushing for me to have all my properties landlord insured through their company or affiliated insurance company. Maybe i should just take all my insured properties over to them in exchange for a healthier interest rate on some of my variables. There insurance is cheaper anyway but obviously i won't be telling them that :)

    Tony Fleming | Triumphant Property Group
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    Profile photo of TheFinanceShopTheFinanceShop
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    St George cops a bit because their service has been ordinary however they do have good servicing which is a very underestimated aspect of finance particularly for aggressive investors. If you can get 4.99% with St George then you have done well. I bet you will start sleeping well at night with a rate of 4.99%.

    Regards

    Shahin

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    Profile photo of Tony FlemingTony Fleming
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    I would be one happy chappy :)

    Tony Fleming | Triumphant Property Group
    http://www.triumphantpropertygroup.com.au
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    NSW Buyer's Agent specialising in Western Sydney-Blue Mountains-Orange-Albury

    Profile photo of jmsracheljmsrachel
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    UPDATE!!

    I was at work today minding my own business when CBA phoned me. I missed their call on my mobile so they called my landline, when i didn't answer that they sent me an email and a text. I was waiting for them to try smoke signals next!

    Any how i called them back and they told me i was a great customer and they don't want me to leave blah blah blah. They offered me 5.19% fixed for 1 year. I told them that i may as well go with westpac as there rate is 4.99%. Her reply was yeah but westpac are low because they have a bad reputation and trying to win customers back, she also said refinancing and doing all the paperwork is a hassle and i wouldn't want that, and also their website is too hard to use.

    I ask her i am happy to stay with CBA if they leave everything as is and just reduce my rate from 5.50% to 5.19%. She said no as 5.50% is the best they can do for variable.

    To end a long story she is calling me back Tuesday as i said i needed to speak to my broker first. I really don't want to fix any of my loans but hoping they can just reduce my rate.

    Any idea on what i should tell her on Tuesday?

    Profile photo of TheFinanceShopTheFinanceShop
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    Hahaha – 'their website is hard to use' – gosh she was scrapping the bottom of the barrel there wasn't she? The best you can do Joe on the variable is 5.40% and they will definitely do that as we have done it for several clients. Negotiate the hell out of it and stand your ground. You either get off the phone saying thanks for the discount or thanks but im taking my business elsewhere. 

    Regards

    Shahin

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    Profile photo of Jamie MooreJamie Moore
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    Well done Joe!

    Sounds like the person you spoke to actually ended up forwarding your message onto the retention team.

    You're probably not going to do much better on the variable rate based on your current borrowings – you're doing ok there on the 5.5% for $500k in aggregate borrowings. You could prob get 5.4%

    If you're wanting to fix your loans, then stick with your guns and tell them that you want the 4.99% for two years. If they don't do it – you have two options. Refi to WBC or stay with CBA at the higher fixed rate but avoid the costs of refinancing.  With refinancing, there will be a discharge fee from CBA for each loan,  state govt. fees (normally around $200) for each loan and you'll be up for a $395 package fee with WBC.

    Another important thing to consider is that you've got a decent discount off the SVR with CBA. When the WBC fixed rate expires, you'll go back to a higher variable loan with WBC then you'd have with CBA.

    p.s that 5.19% for one year is their normal rate, they're not offering anything special there. The 2 year fixed rates with CBA is 5.29% just in case you were wondering.

    p.p.s – I really need to get a life. Posting about interest rates on a Friday night…..what's wrong with me.

    Cheers

    Jamie

    Jamie Moore | Pass Go Home Loans Pty Ltd
    http://www.passgo.com.au
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    Mortgage Broker assisting clients Australia wide Email: [email protected]

    Profile photo of jmsracheljmsrachel
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    Thanks for your advice guys.

    Shahin: I thought the website comment was scraping the barrel too. I guess being a friday at 4.30pm she couldn't be bothered!

    Jamie: I think i'll just leave everything as is and just try for the 5.4% for variable as i like the offset account. Every one keeps telling me the rate i am on now is pretty good. I'll also let her know that 5.19% is just there normal rate and nothing special like you said.

    One thing i didn't know – when you call CBA they inform you that there employees get paid a salary but may get bonuses if they sell one of their products.

    One last note, i wouldn't hesitate recommending Jaime and Shahin in the future. Two very good brokers that know their stuff.

    Profile photo of Jamie MooreJamie Moore
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    @jamie-m
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    CBA have followed – 4.99% for two years effective from 12/02/2013

    Cheers

    Jamie

    Jamie Moore | Pass Go Home Loans Pty Ltd
    http://www.passgo.com.au
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    Mortgage Broker assisting clients Australia wide Email: [email protected]

    Profile photo of robertdecamporobertdecampo
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    I applaud Westpac to cut 2 year fixed rates to 4.99% under the professional package but the true comparative rate is 6.27%, no one had taken that into account.

    Profile photo of Jamie MooreJamie Moore
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    @jamie-m
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    The discounts on their SVR is quite poor – and they haven't been very competitive in that space for a while.

    Anyways, 4.99% seems to be a bit of a bench mark now – let's see how many others follow.

    Cheers

    Jamie

    Jamie Moore | Pass Go Home Loans Pty Ltd
    http://www.passgo.com.au
    Email Me | Phone Me

    Mortgage Broker assisting clients Australia wide Email: [email protected]

Viewing 19 posts - 21 through 39 (of 39 total)

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