Hi all, I currently have approximately 2.5 million in loans, LVR 80% with CBA. I a couple of extra properties to be added by Feb which will bring up the loans to 3.5 million with the LVR still just under 80%. I am currently on 1.4% SVR discount. Can anyone advise if there are any avenues I can take to seek a greater discount, even an extra 0.05% would help. I heard you can use the opportunity to ask for extra discount if I bring new business in. Anyone able to advise?
J&E - if you are using a broker, submit a pricing request and let the broker assist with the BDM involved. Submit a competitor quote. I will say for a recent $3+m loan CBA will not competitive at all for new business (was a existing NAB customer). If you are using a business banker - tell them you saw a broker and have a rate of xxx and if they don't match it you will leave. In summary, I don't believe CBA is the most competitive for inv loans, so be free to diversify with another lender....try AMP... Cheers Ivan
CBA's deep discounting days seem to be over for now :-( You've got a decent discount in place - no harm in trying for more but I don't know if they would. Wasn't long ago when they were throwing 1.5% discounts around. Those were good times Cheers Jamie
I'd be more concerned by the fact you've got so much lending with CBA - and if you're going direct to branch, I'd be super concerned about the structure you've got. The odds are very high they've cross-secured all your loans to all your properties - this is very high risk and could be difficult to fix if servicing is getting tight. Ideally, I'd get this looked at by an investment savvy broker before you settle the next two properties. The rate is a non-issue compared to the potential nightmare structure you could have.
Im with Jess, even just on the basis of general concentration risk. if 3.5 is a portion of your overall lending then no big deal, if its all or most of your lending, the potential price of the convenience of having it all in one place can become problematic. Im assuming there is probably a great reason like 90 % no LMI, even there though Id certainly usually recommend a mix for my clients ta rolf
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