New Westpac fixed rate offers - 3 and 5 years P&I for investors 4.09%

Discussion in 'Loans & Mortgage Brokers' started by euro73, 12th Mar, 2018.

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  1. euro73

    euro73 Well-Known Member Business Member

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    Screen Shot 2018-03-12 at 11.17.32 am.png
     
    euro73, 12th Mar, 2018
    #1
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  2. Rolf Latham

    Rolf Latham Inciteful (sic) Staff Member Business Plus Member

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    not like they are already coping well with their current volumes : (

    ta
    rolf
     
    Rolf Latham, 12th Mar, 2018
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  3. Colin Rice

    Colin Rice Mortgage Broker Business Member

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    Reverts to a super high variable rate comparatively speaking at end of term so lets hope you dont get trapped there and they refuse a product switch at end of term!
     
    Colin Rice, 12th Mar, 2018
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  4. euro73

    euro73 Well-Known Member Business Member

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    5 years is a long time though..... the idea should be to make use of the very low rate ( compared to what you'd be paying for variable) and to take a 5 year hedge against the rate rises everyone seems to believe are coming (I'm not convinced they're coming...sitting on the fence) and most importantly, get some debt reduction done ( which I am absolutely convinced of ) over the 5 years, so you are ahead of the curve and have refinance or product switch options at the end of the term.



    Yeah...but we all know this is how it will be now... lenders will offer specials for a while, then turn the taps off...then someone else will offer a special.... so the days of consistent service/turnaround times with the big 4 have gone the way of evergreen IO availability .
     
    euro73, 12th Mar, 2018
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  5. Colin Rice

    Colin Rice Mortgage Broker Business Member

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    Didnt register the 5 year fixed just saw the 3 year so you make a good point @euro73
     
    Colin Rice, 12th Mar, 2018
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  6. big_ben02

    big_ben02 Well-Known Member

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    Only for first time property buyers?
     
    big_ben02, 12th Mar, 2018
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  7. mickyyyy

    mickyyyy Well-Known Member

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    Don't all fixed term contracts revert to SVR once its up?
     
    mickyyyy, 12th Mar, 2018
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  8. euro73

    euro73 Well-Known Member Business Member

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    Not necessarily... plenty revert to SVR minus X amount of discount
     
    euro73, 12th Mar, 2018
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  9. Colin Rice

    Colin Rice Mortgage Broker Business Member

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    Depends on the bank and varies widely.
     
    Colin Rice, 12th Mar, 2018
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  10. Athikalaka

    Athikalaka Well-Known Member

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    Does CBA tend to revert to standard SVR or discounted SVR for life of loan with their investment loans?

    Just checked my contract and it's a poor revert discount. I guess I'll be looking to renegotiate that after the fixed period.
     
    Last edited: 12th Mar, 2018
    Athikalaka, 12th Mar, 2018
    #10
  11. Colin Rice

    Colin Rice Mortgage Broker Business Member

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    Standard, can apply for a pricing discount once it reverts though.
     
    Colin Rice, 12th Mar, 2018
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  12. mickyyyy

    mickyyyy Well-Known Member

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    Sounds like most will fall into the mid 4's on P&I, this is going to be interesting to watch...
     
    mickyyyy, 12th Mar, 2018
    #12
  13. Athikalaka

    Athikalaka Well-Known Member

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    Any indication of what type of discounts they tend to offer or do they base that on overall debt or the debt I currently have with them or other variables?
     
    Athikalaka, 12th Mar, 2018
    #13
  14. Corey Batt

    Corey Batt Well-Known Member

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    They revert to the previous negotiated discount.
     
    Corey Batt, 12th Mar, 2018
    #14
  15. Eric Wu

    Eric Wu Well-Known Member

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    WBC is at 12 days turn around time frame, unless the deal has unlimited days on finance, ppl needs to be mindful about using WBC.
     
    Eric Wu, 12th Mar, 2018
    #15
  16. Redwing

    Redwing Well-Known Member

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    Chasing rentvestors also"?
     
    Redwing, 12th Mar, 2018
    #16
  17. Jason Tyrrell

    Jason Tyrrell Well-Known Member

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    Definitely.
    That is just what they are saying. It is a bit worse than that.
    Some IT problems combined with the strong demand for the 2 year fixed IO deal at 4.09%, which has now been taken off the table.
     
    Jason Tyrrell, 13th Mar, 2018
    #17
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  18. Dean Collins

    Dean Collins Well-Known Member

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    Irony is that Westpac is refusing expat refinances......and now suffer a lack of business because of it.
     
    Dean Collins, 23rd Mar, 2018
    #18