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1.6% discount by Westpac

Discussion in 'Property Finance' started by Omnidragon, 29th Nov, 2015.

  1. Omnidragon

    Omnidragon Well-Known Member

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    Westpac offering 1.6% discount on SVR. PPOR and investment. 5 year IO, offset/redraw etc available. Good deal?
     
  2. D.T.

    D.T. Adelaide Property Manager Business Member

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    What volume and lvr?
     
  3. Terry_w

    Terry_w Solicitor, Finance Broker, CTA Business Member

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    Yes
     
  4. Rolf Latham

    Rolf Latham Inciteful (sic) Staff Member Business Plus Member

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    one day only phone only special : )

    ta
    rolf
     
  5. Biz

    Biz Well-Known Member

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    Link please
     
  6. York

    York Finance Broker Business Member

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    Looks like the big boys starting to get competitive. Good...
     
  7. skater

    skater Capitalist Premium Member

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    Rolf, is that better than what I've got? If it is.....can you fix it for me, pretty please?:D
     
  8. Terry_w

    Terry_w Solicitor, Finance Broker, CTA Business Member

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    Jack up the rates and then give discounts - looks better.
     
    mrdobalina and aussieB like this.
  9. Omnidragon

    Omnidragon Well-Known Member

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    True. So all in rate of 3.88% pre the rise I think.

    Standard Westpac LVR (80% lend, 90% select professions). Only for $2.5m+

    There's no link, deal I got from a Westpac banker
     
  10. Fargo

    Fargo Well-Known Member

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    Depends on what their fees are. What they say and what they do are not the same thing, they will sneak them up one way or another and screw you eventually. They offered me a discount by the time they stuffed around and approved the loan they said the couldn't do it at the promised rate and put it up .25%, hardly making it worthwhile shifting and putting up with their crappy, low limit internet banking and their stupid security tokens. I told them I wouldn't sign the documents because I thought they would increase the rate again, they promised me they wouldn't. Well they did and blamed APRA, they told me all the banks would increase their rates, they lied again BoM didn't, or at least haven't yet.
     
  11. Rolf Latham

    Rolf Latham Inciteful (sic) Staff Member Business Plus Member

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    \pretty sure BOM have raised ex RBA

    ta

    rolf
     
  12. Fargo

    Fargo Well-Known Member

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    Also as Westpac wouldn't increase my loan as promised and needed the same security has BoM. I went back to BoM got my properties valued and I was able to sell a property to access some of my equity, maintain my loan limit and have 250k to put in my pocket most of which will go into the share market. It just goes to show what at first appears to be a good deal could turn out expensive, and in this situation being crossed didn't matter at all, it probably helped.
     
  13. Fargo

    Fargo Well-Known Member

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    I told them I would leave if they did, the reason I went to Westpac is because BoM have been promising a reduction for 12 months that never happened, so I suppose not passing on a rise was my reduction.
     
  14. Rolf Latham

    Rolf Latham Inciteful (sic) Staff Member Business Plus Member

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    in the end

    its all WBC group, so they dont mind

    ta
    rolf
     
  15. Jamie Moore

    Jamie Moore MORTGAGE BROKER - AUSTRALIA WIDE Business Member

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    Lock it in Eddy.

    Cheers

    Jamie
     
  16. chylld

    chylld Well-Known Member

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    1.6%!! nice... I'm definitely going to have to do something next year after selling an IP, over $1m of PPOR debt at 4.69% currently :(
     
  17. SharonC

    SharonC Member

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    they must have lost a lot of business recently to offer such a big discount?
     
  18. Wukong

    Wukong Well-Known Member

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    Very nice discount
     
  19. Redom

    Redom Mortgage Broker Business Member

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    Westpac have awesome end of month specials for the last few months where they offer crazy discounts for any deals submitted within like a 48 hour period. Its unpredictable and generally won't match it throughout the month, but towards the end, they review their books and show some love.
     
  20. Peter_Tersteeg

    Peter_Tersteeg Finance broker and strategist Business Member

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    Keep in mind there's a qualifier for this type of discount. Not an easy one to meet for most people.