CBA and ANZ offering one year fixed rates with full offset

Discussion in 'Loans & Mortgage Brokers' started by Arcticfire, 4th Jun, 2020.

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  1. Arcticfire

    Arcticfire Well-Known Member

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    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. meme plecko

    meme plecko Well-Known Member

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    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
     
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  3. Arcticfire

    Arcticfire Well-Known Member

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    Great deal
     
  4. Arcticfire

    Arcticfire Well-Known Member

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    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 !
     
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  5. Mcube

    Mcube Well-Known Member

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    Does it apply to investment loans as well?
     
  6. Arcticfire

    Arcticfire Well-Known Member

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    My broker said yes
     
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  7. Never giveup

    Never giveup Well-Known Member

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    2.39 fixed for 1yr as an investment with offset

    Or

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

    Any redraw facility?
     
  8. meme plecko

    meme plecko Well-Known Member

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    Why would you need redraw facility when you have a separate account offsetting your loan?
     
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  9. Never giveup

    Never giveup Well-Known Member

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    For special transactions ;)
     
  10. Arcticfire

    Arcticfire Well-Known Member

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    No redraw
     
  11. Arcticfire

    Arcticfire Well-Known Member

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    I get the impression that this a new deal
     
  12. Tony Xia

    Tony Xia Structured Loan Advisor Business Member

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

    Lacrim Well-Known Member

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

    Max S Member

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    What rate is with cba?

    With anz does anyone know if you would retain your normal discount after it reverts to variable?
     
  15. ToBeFree25

    ToBeFree25 Active Member

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

    investment loan
     
  16. meme plecko

    meme plecko Well-Known Member

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    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
     
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  17. Anne11

    Anne11 Well-Known Member

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    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
     
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  18. Arcticfire

    Arcticfire Well-Known Member

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    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
     
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  19. Terry_w

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

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    Yes no offset with fixed loans with CBA
     
  20. Peter_Tersteeg

    Peter_Tersteeg Well-Known Member Business Member

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    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.
     
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