CBA "professional package" discount? what's the max discount?

hi, I'm refinancing the PPOR - variable rate (I/O 10 years) - loan size $1.75m
90% LVR but no LMI (no LMI the carrot) - offered 1.4% discount off SVR bringing rate to 4.2% Variable.
professional package fees of $395pa

Initially banker said she's "never seen" any discount greater than 1.3% ... maybe they just tell you that so you think you're getting a good deal ... then she said she had been working on the loan and she has got approval for 1.4% discount

anecdotally any ideas how much further discounting they can do?

 

Nice LVR. Nice IO Period. Nice rate.

What more could you possibly want?

 

I'm not seeing any bigger than 1.40% and I do a lot of CBA over $1 mil.

 

I got 1.35 today for a loan amount $624k.

 

CBA pricing is pretty sharp of late. 1.4% is what you'll get there, also do plenty of CBA lending. You can certainly get higher than 1.3%, but not much further. That story is probably to manage your expectation about 'never seeing above 1.3%'.

 

1.4 is great.

Been getting 1.36 for a lot of deals - even one that was $380k at 90%

Cheers

Jamie

 

Sounds like a heck of an expensive PPOR...

 

CBA's professional package - is it another one of those accountant/lawyer/doctor's only special with a $150k minimum income?

 

Especially north of the border

 

Hell yeah...

 

Are the 1.3-1.4% discount for PPOR only or for investor loans as well?

 

Both.

1.4% is very rare though - has to be a large amount of borrowings coupled with sub 80% LVR

Even then - they might not grant it. It's all fun and games with the pricing dept.

Cheers

Jamie

 

1.45% for $1 mil 69% LVR just now.

 

I just got 1.45% on a $320,000 IP loan @ 80% (Interest Only). Total lend $850,000.

This wasn't the case late last week, as I had put the same pricing request through and only got 1.36%. The competitor used was Suncorp.

Cheers,
Michael

 

CBA pricing seems to change a little depending on the week you ask.

As full disclosure, they have an upfront pricing system where you insert the details of loans/etc in and it shoots out a pricing discount to use.

They'll also price existing loans, so its best to ask for a new discount on your existing lending when applying for new lending.

They may or may not price existing lending (no new lending) - usually after its escalated up to their pricing team. They generally try and push back, but push come to shove, they generally provide a smaller concession to retain customer.

Cheers,
Redom

 

Spent the afternoon re-pricing all the recent CBA deals. From my trial and error:

Above 80% LVR - max 1.3%
80% LVR - new customer max 1.35%
80% LVR - existing customer max 1.45%

The smallest lend I managed to get 1.45% discount was on $450,000 total lend - IP & IO.

Please note, the above is for deals with new lending only.

Escalated a few too, so let's see what they come back with.

Cheers,
Michael

 

Haha thanks Michael. I believe it changes depending on the week you ask and the competition at the time.

 

I'm trying to use the BOQ Clear Path loan of 3.99% to push for further discount for the refinance ... admittedly CBA are waivering $49k of LMI which BOQ wouldn't

 

guess I need to make another call to cba and see what % I get on existing, havnt called for awhile.
Usually call every 6 months and they are pretty good even though I get grilled from 3 different depts !!

 

Hi Jamie,

Assuming 1.4% off both PPOR and Investment loans. Does that mean the final interest rate is

PPOR: 4.20% (5.60% - 1.4%)
Investment: 4.47 % (5.87% - 1.4%)

CBA Stardard Variable Rates - Here

Cheers,
Oracle.