How to negotiate current PPOR/Package discount with WBC

Hi all,

I need some advice on how to best approach my current loan rates with WBC. I currently have a WBC Package with below existing loans both at approx 80% LVR. Would prefer not to move atm.

PPOR - 747K at 1% discount
IP - 279K (IO) at .92% discount

From reading other threads it appears that now may be a very good time to ask for a lower rate on my PPOR, and a discount of 1.3% should be realistic at WBC?

I am supposed to be meeting the new relationship manager in a few weeks. Is he the right person to be discussing this with? How should I best approach this request and should I be asking for 1.3% off the entire package or just the PPOR loan?

Thanks

 

You either get your broker or relationship manager to organise it.

 

Since you are already with them this is probably not realistic. There are higher discounts to entice new customers over and discounts should ideally be applied for upfront or when increasing the loan.

 

With WBC, if you want a discount off the whole lot they'll want you to x-coll your loans - if you don't want to (and you definitely shouldn't) you'll have to have a lot of luck on your side. I have heard of it happening though.

 

I have a discount with wbc and aren't cross coll, perhaps @Corey Batt knows the right people to speak to?

 

I've never crossed a loan with WBC and had no prompting to do so, yet still get good discounts for clients.

 

It's a recent thing - only since all the changes but it might be just for new lending. I haven't experienced it one way or the other since it came in, just what my BDM keeps telling me.

 

So does that mean that the current 1.3% discounts are ONLY available for new customer PPOR loans and they will most likely be unwilling to match any offers from elsewhere for existing loans?

 

Yes. unless you are increasing borrowings.

 

Ok thank you very much for the info