1.6% discount by Westpac

Discussion in 'Loans & Mortgage Brokers' started by Omnidragon, 29th Nov, 2015.

Join Australia's most dynamic and respected property investment community
Page 1 of 4
  1. Omnidragon

    Omnidragon Well-Known Member

    Joined:
    17th Oct, 2015
    Posts:
    1,693
    Location:
    Victoria
    Westpac offering 1.6% discount on SVR. PPOR and investment. 5 year IO, offset/redraw etc available. Good deal?
     
    Omnidragon, 29th Nov, 2015
    #1
  2. D.T.

    D.T. Specialist Property Manager Business Member

    Joined:
    3rd Jun, 2015
    Posts:
    9,189
    Location:
    Adelaide and Gold Coast
    What volume and lvr?
     
    D.T., 29th Nov, 2015
    #2
  3. Terry_w

    Terry_w Lawyer, Tax Adviser and Mortgage broker in Sydney Business Member

    Joined:
    18th Jun, 2015
    Posts:
    41,932
    Location:
    Australia wide
    Yes
     
    Terry_w, 29th Nov, 2015
    #3
  4. Rolf Latham

    Rolf Latham Inciteful (sic) Staff Member Business Plus Member

    Joined:
    14th Jun, 2015
    Posts:
    10,634
    Location:
    Gold Coast (Australia Wide)
    one day only phone only special : )

    ta
    rolf
     
    Rolf Latham, 29th Nov, 2015
    #4
  5. Biz

    Biz Well-Known Member

    Joined:
    18th Jun, 2015
    Posts:
    2,517
    Location:
    Investard county
    Link please
     
    Biz, 29th Nov, 2015
    #5
  6. Phantom

    Phantom Well-Known Member

    Joined:
    23rd Jun, 2015
    Posts:
    2,054
    Location:
    Sydney
    Looks like the big boys starting to get competitive. Good...
     
    Phantom, 29th Nov, 2015
    #6
  7. skater

    skater Well-Known Member

    Joined:
    18th Jun, 2015
    Posts:
    10,256
    Location:
    Sydney? Gold Coast?
    Rolf, is that better than what I've got? If it is.....can you fix it for me, pretty please?:D
     
    skater, 29th Nov, 2015
    #7
  8. Terry_w

    Terry_w Lawyer, Tax Adviser and Mortgage broker in Sydney Business Member

    Joined:
    18th Jun, 2015
    Posts:
    41,932
    Location:
    Australia wide
    Jack up the rates and then give discounts - looks better.
     
    Terry_w, 29th Nov, 2015
    #8
    mrdobalina and aussieB like this.
  9. Omnidragon

    Omnidragon Well-Known Member

    Joined:
    17th Oct, 2015
    Posts:
    1,693
    Location:
    Victoria
    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
     
    Omnidragon, 29th Nov, 2015
    #9
  10. Fargo

    Fargo Well-Known Member

    Joined:
    23rd Jun, 2015
    Posts:
    1,304
    Location:
    Vic
    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.
     
    Fargo, 29th Nov, 2015
    #10
  11. Rolf Latham

    Rolf Latham Inciteful (sic) Staff Member Business Plus Member

    Joined:
    14th Jun, 2015
    Posts:
    10,634
    Location:
    Gold Coast (Australia Wide)
    \pretty sure BOM have raised ex RBA

    ta

    rolf
     
    Rolf Latham, 29th Nov, 2015
    #11
  12. Fargo

    Fargo Well-Known Member

    Joined:
    23rd Jun, 2015
    Posts:
    1,304
    Location:
    Vic
    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.
     
    Fargo, 29th Nov, 2015
    #12
  13. Fargo

    Fargo Well-Known Member

    Joined:
    23rd Jun, 2015
    Posts:
    1,304
    Location:
    Vic
    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.
     
    Fargo, 29th Nov, 2015
    #13
  14. Rolf Latham

    Rolf Latham Inciteful (sic) Staff Member Business Plus Member

    Joined:
    14th Jun, 2015
    Posts:
    10,634
    Location:
    Gold Coast (Australia Wide)
    in the end

    its all WBC group, so they dont mind

    ta
    rolf
     
    Rolf Latham, 29th Nov, 2015
    #14
  15. Jamie Moore

    Jamie Moore MORTGAGE BROKER - AUSTRALIA WIDE Business Member

    Joined:
    18th Jun, 2015
    Posts:
    3,979
    Location:
    Canberra, Brisbane and Sunshine Coast
    Lock it in Eddy.

    Cheers

    Jamie
     
    Jamie Moore, 29th Nov, 2015
    #15
  16. chylld

    chylld Well-Known Member

    Joined:
    24th Jun, 2015
    Posts:
    1,701
    Location:
    Sydney
    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 :(
     
    chylld, 29th Nov, 2015
    #16
  17. SharonC

    SharonC Active Member

    Joined:
    13th Aug, 2015
    Posts:
    32
    Location:
    sydney
    they must have lost a lot of business recently to offer such a big discount?
     
    SharonC, 29th Nov, 2015
    #17
  18. Wukong

    Wukong Well-Known Member

    Joined:
    18th Jun, 2015
    Posts:
    415
    Location:
    NSW
    Very nice discount
     
    Wukong, 30th Nov, 2015
    #18
  19. Redom

    Redom Mortgage Broker Business Plus Member

    Joined:
    18th Jun, 2015
    Posts:
    4,647
    Location:
    Sydney (Australia Wide)
    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.
     
    Redom, 30th Nov, 2015
    #19
  20. Peter_Tersteeg

    Peter_Tersteeg Mortgage Broker Business Member

    Joined:
    18th Jun, 2015
    Posts:
    8,163
    Location:
    03 9877 3000
    Keep in mind there's a qualifier for this type of discount. Not an easy one to meet for most people.
     
    Peter_Tersteeg, 30th Nov, 2015
    #20
Page 1 of 4
Build Passive Income WITHOUT Buyers Agents!

Build Passive Income WITHOUT Dropping $15K On Buyers Agents Each Time! Helping People Achieve PASSIVE INCOME Using Our Unique Data-Driven System, So You Can Confidently Buy Top 5% Growth & Cashflow Property, Anywhere In Australia