Best interest rates in the market in 2020

I think many may say that AMP profuct give master limit and easy for DR strategy but to me it seems over the top- is it Fixed?

PS:Subject to serviceability -sometimes ome had to make the call for good and greater i guess but still expensive

 

My 2 loans with commbank one o/o and one investment, combank came back today and offered me 3.55 and 3.85 variable respectively with the caveat that on 24 March those rates will drop by .25% again. They did offer me 2.68 fixed for 2 years on owner occ and also 2.88 on investment property, owner occ roughly 300 grand and investment roughly 250 grand. Hope that info is of help to somebody

 

@Never giveup

3 X IO INV

$325k @ 3.85%
$275k @ 4.15%
$415k @ 4.25%

I call every 6 months for a rare review and have had them dropped every time. Even if I have to do the whole send me the paperwork thing I always get at least 0.1% these were all 5.2% originally.

 

Westpac rate cut hasn't showed up in my Account details yet. Anyone else got it?

 

So I just redid my loan with Westpac via a broker and got 2.79% including the recent rate drop. That’s OO, I&P with 70% lvr over $1mill loan.

Funny thing is I was already with Westpac and paying .25% more even after I approached them and asked for a better deal. Went through a broker and got me .25% off but went through the hassle of reapplying.

 

CBA Newsroom on Twitter

CBA:

We’ve reduced by 70bps to an all-time low interest rate of 2.29% for 1,2 and 3 year fixed home loan customers, with no change to the SVR.

 

That’s for PPOR P& I only.

 

I reckon that is only for new and refinance fixed PPOR loans with CBA

 

I wonder if CBA can let me break the existing fixed loan coming off in Nov and lock it again on lower rate for another 2 years....Has anyone tried bargaining with CBA?

 

Break yes.... with an ERA fee (break fee)

 

But if I break with fee and move to another bank who is offering me $$$ as incentuve then CBA gonna loose long term business/client and If they break it for free and I sign for another 2 yrs on the new 2.xx they get to keep my buainess?

Thinking outside the box

 

Sounds like you could be a little high churning. I’d let you go.

 

Bank claims for discounts off market are bs. I just asked and was given a generous discount but pay a package fee so it's part bs. Final rate is what counts. 2.42% var No fees. And I was going to nab for rebate and the big 4 will credit 1k rebate to stay after 20plus years. Done. They just offered another .15 disc on day of offer.. 2.27. done

As they said. Very loyal customer. And they will give redraw for three past years. I didn't want this but meh. It's free and a safety net

 

Im thinking of selling a property hopefully in the next three months with a fixed term expiring in November.

Im assuming selling a fixed term property effectively breaks the term and incur break fees?

Or could I sell the property, secure the loan against other equity and put the proceeds of sale in an offset? And all before lunch time?

 

Sorry thought this was an English forum

 

I'm currently paying 3.48% with CBA (this is the updated rate effective from 24 March 2020). Invariable, IP, P&I. Loan amount: About 550k. When I bought the property had placed 20% deposit and have always been on P and I.

Can I do better?

I would like to negotiate for a better rate. I'm planning on getting some quotes from other banks first so I can have more bargaining power.

Any tips?

Thanks

 

Similar position as yourself, with CBA rate effective 24th March 3.15% variable.

Spoke with CBA about fixing loan at 2.29% for 1 year but was told not available until 30th March. So will contact CBA again in April.

Anyone else heard of this or negotiated better?