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How to negotiate current PPOR/Package discount with WBC

Discussion in 'Property Finance' started by daver, 30th Aug, 2015.

  1. daver

    daver Member

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    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
     
  2. Peter_Tersteeg

    Peter_Tersteeg Finance broker and strategist Business Member

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  3. Terry_w

    Terry_w Well-Known Member Business Member

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    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.
     
  4. Jess Peletier

    Jess Peletier Mortgage Broker - Australia Wide Business Member

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    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.
     
  5. D.T.

    D.T. Specialist Property Manager Business Member

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  6. Terry_w

    Terry_w Well-Known Member Business Member

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

    Jess Peletier Mortgage Broker - Australia Wide Business Member

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  8. daver

    daver Member

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    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?
     
  9. Terry_w

    Terry_w Well-Known Member Business Member

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    Yes. unless you are increasing borrowings.
     
  10. daver

    daver Member

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    Ok thank you very much for the info