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CBA owner occupied, variable from 3.9%

Discussion in 'Property Finance' started by Sue, 23rd May, 2016.

  1. Sue

    Sue New Member

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    Location:
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    CBA owner occupied, variable from 3.9%
    Would this be the best offer among big four?
     
  2. wunderwhat

    wunderwhat Member

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    I'm with CBA and I'm only on 4.1% OO
     
  3. Redom

    Redom Mortgage Broker Business Member

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    Its definitely a strong offer - a 1.45% discount. They were for a brief period doing 1.50% O/O discounts not too long ago, so some will see it at 3.85% at the moment.

    Pricing is getting very competitive as lenders swirl around trying to win market share. A bit of shuffling deck chairs around at the moment with lots of new offers coming out every few weeks.

    CBA pricing is strong still at the moment, but approval times make purchases quite risky if doing within standard finance clause periods, etc.

    As of an email earlier today, can get 2 year intro rate with Westpac at 3.75% (not fixed i don't believe). Will jump up in 2 years time so its not a long term play (0.54% discount for life of loan - quite a big jump to 4.78!).
     
  4. Rolf Latham

    Rolf Latham Inciteful (sic) Staff Member Business Plus Member

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    yes

    but .........................


    ta
    rolf
     
  5. Balman

    Balman Well-Known Member

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    Tell me about it 11 working days from application to first touch despite valuation being carried out in advance and 2 escalations. When they did look at the loan .... They wanted to sight more docs which were provided and now the broker has escalated it again as finance approval Is due soon. I have to say I am very disappointed with them
     
  6. TaylorChang

    TaylorChang Well-Known Member

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    CBA turnaround time is very slow now. Even diamond brokers take 8-10 days. I have stopped putting the loan to them. As the urgency of the deals, I would rather go to smaller lender get the faster turnaround time settling the deal and then do the refinance later.
     
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  7. Terry_w

    Terry_w Solicitor, Finance Broker, CTA Business Member

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    I've had this problem with CBA as well. Asking for docs already provided.
     
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  8. Peter_Tersteeg

    Peter_Tersteeg Finance broker and strategist Business Member

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    ... and they don't expect their service levels to improve for at least another month.
     
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  9. Redwood

    Redwood Well-Known Member

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    As Pete has mentioned, I am not sure how they can offer a competitive rate and then have a service level of 10 business days. Its just way too long. It is usually 11 business days in any case.

    Cheers Ivan
     
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  10. Jamie Moore

    Jamie Moore MORTGAGE BROKER - AUSTRALIA WIDE Business Member

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    CBA pricing has been amazing - but the discounts don't seem as large these days.

    Agree with the other brokers above regarding timeframes - I wouldn't risk placing a purchase application with them now. Even refinance applications are dragging on :-(

    Cheers

    Jamie
     
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  11. inspiredbyprop

    inspiredbyprop Well-Known Member

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    For 3.9%, what is your LVR? and loan amount if you don't mind me asking?
    As I'm only getting 4.1% for ~380 loan.
     
  12. Sashatheman

    Sashatheman Well-Known Member

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    Hey guys. I have around $900k loans with CBA, including my owner occupied property. I have the wealth package. It seems like i am getting a poor rate 4.57%.
    Two questions.
    1)How can I confirm if my OO loan status is set as OO rather then investor loan. Originally i bought the property as an investment but moved in later.
    2) Who can I speak to that can get me a better rate. It seems like I can get it lower around 4% by the sounds of it
     
  13. Jess Peletier

    Jess Peletier Mortgage Broker - Australia Wide Business Member

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    That is a poor rate. The best way to get a discount off that is either to ring them and say you're leaving, or speak to a broker and ask them to get pricing for you. If you can borrow a bit more at the same time you'll get the best discounts. If you don't have any luck, you can also fix an OO @3.75% for 2 yrs at the moment with CBA.
    Either channel will be able to tell you if your loan is OO or IP, but ringing directly will be quickest.
     
  14. Jamie Moore

    Jamie Moore MORTGAGE BROKER - AUSTRALIA WIDE Business Member

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    1. Give them a buzz and check.
    2. Again - call and ask to speak with the retention area. Tell them you're off to another lender but wanted to see what they could offer before you jump ship. If a broker set up your loan - ask them to do this on your behalf.

    Cheers

    Jamie
     
  15. Marty McDonald

    Marty McDonald Mortgage broker Business Member

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    Sydney North Shore and Norther beaches
    I'm seeing 1.50% for investment again but only 1.40% or 1.35% for owner occupied loans in the $300K - $1200K range . Haven't tried a biggie ie over $2m
     
  16. Peter_Tersteeg

    Peter_Tersteeg Finance broker and strategist Business Member

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    Last week I had 1.50% for investment and 1.45% for owner occupied approved. Roughly $2M in total lending at 80% or lower.
     
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  17. Rolf Latham

    Rolf Latham Inciteful (sic) Staff Member Business Plus Member

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    1.xx months to approval :)

    ta

    rolf
     
  18. Jamie Moore

    Jamie Moore MORTGAGE BROKER - AUSTRALIA WIDE Business Member

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    Just had two approved within 4 days - I was shocked!
     
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  19. Rolf Latham

    Rolf Latham Inciteful (sic) Staff Member Business Plus Member

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    :) 4 hrs here


    with wbc

    ta
    rolf
     
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  20. Jamie Moore

    Jamie Moore MORTGAGE BROKER - AUSTRALIA WIDE Business Member

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    Apples and oranges Rolfucious