1.6% discount by Westpac

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

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  1. headphonesmania

    headphonesmania Member

    Joined:
    30th Dec, 2015
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    21
    Location:
    Sydney
    I am interested in the discounts Westpac is giving too.

    Currently I have about 700k with Westpac split 50/50 with half fixed at 5.69% for 2 more years and the other half variable with a 1.3% discount at 4.72%. Break cost is about $11k on the fixed.

    LVR is below 60%. I cant do much about the fixed but feel the variable is a little high, any thoughts?
     
    headphonesmania, 30th Dec, 2015
    #61
  2. Terry_w

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

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    18th Jun, 2015
    Posts:
    42,005
    Location:
    Australia wide
    owner occ? If so then it is a bit high.
     
    Terry_w, 30th Dec, 2015
    #62
  3. Redom

    Redom Mortgage Broker Business Plus Member

    Joined:
    18th Jun, 2015
    Posts:
    4,659
    Location:
    Sydney (Australia Wide)
    Perhaps get a quote from CBA or ANZ (they provide them upfront) and then use it to speak to Westpac retentions and ask for a discount.

    Given your on a fixed rate with a big break fee, they've got significant bargaining power, but should still come to the table and get their variable rate to sub 4.5.
     
    Redom, 31st Dec, 2015
    #63
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