CBA and ANZ offering one year fixed rates with full offset

Hi all

I’m not sure if this has been discussed before

I just found out through my broker that both ANZ and CBA are offering 1 year fixed rates with full offset

That was news to me - I’m surprised that they are not advertising this more

I checked the ANZ website and it confirms this . I can’t seem to find details on this from the CBA website

seems like a great deal to me

 

2.39% with ANZ if you are on the break free package. I've fixed my PPOR loan yesterday, can confirm that it comes with the offset account

 

Great deal

 

I think CBA are offering 1 yr Fixed interest only investment 2.89 % - add the 100% offset

Might be able to get a little bit off that rate for larger loans

Seems like a decent deal !

 

Does it apply to investment loans as well?

 

My broker said yes

 

2.39 fixed for 1yr as an investment with offset

Or

2.39 fixed for 1yr for PPOR/OO with offset ?

Any redraw facility?

 

Why would you need redraw facility when you have a separate account offsetting your loan?

 

For special transactions

 

No redraw

 

I get the impression that this a new deal

 

If you want fixed rate with 100% redraw, Bank Australia offers this. But the assessment criteria is high. 2.29% 2 year fixed.

 

Have a 2.19% loan with ANZ fixed for 3 yrs. Would they entertain a retro change that allows me to offset it?

 

What rate is with cba?

With anz does anyone know if you would retain your normal discount after it reverts to variable?

 

mine is 2,69% with cba P&I, no offset.

investment loan

 

From my experience, no. That's why I have split my loan with one portion fixed for two years at lower rate and the other part fixed for a year, yes higher rate than the 2 year fixed but 0.3% lower than standard variable rate

 

Just checked with my bank manager and he advised that CBA does not offer 100% offset with a fixed loan so not sure if there is a link about this ?

Thanks for sharing

 

I must admit I can’t find the offer on the CBA website . I can see the offer on the ANZ website - confirming the 1 yr fixed rate with full offset
However my broker seemed quite adamant that he has talked to CBA and they are offering it too

Let me check with my banker at CBA

 

Yes no offset with fixed loans with CBA

 

The CBA does offer an offset account against all of it's fixed rate loans, but it only applies 30% (I think) of the offset account balance. In essence it's kind of a savings account where the interest paid on the savings is credited to the loan repayment.

The ANZ 1 year offset product is really just the ANZ not getting too concerned about you making extra repayments for 12 months. They've done the math on how much people usually have in their offset accounts, then price the cost of this into the loan rates. It's not really much money over a 12 months period but does pay off in borrower attraction and retention.