Thoughts on financial situation.

I'm a new broker and I requested the same discount that a CBA diamond broker gets and got it.

 

I'd guess 'branchies' get it too, pretty sure CBA pricing requests go to the same team who don't differentiate based on channel (whereas Westpac group have different pricing channels).

The BDMs calling us to tell us how special we are, etc, is all part of the sales pitch.

 

We went direct to CBA about 2 years ago. We had all our accounts and loans with CBA. After receiving pre-approval we received a call back from an earlier enquiry with Aussie Home Loans, they offered the same loan with CBA around 0.3% cheaper.

We have tried to only use brokers since but recently had to go direct to a credit union after Aussie let us down with a refinance.

 

It seems this thread has shown me that certain brokers can get you a better deal.

I had my PPOR done through a broker no discount on the rate as advertised.

Also my IP loan was done through a seperate broker as far as I can recall there was no discount there either.

 

This can be for a couple of reasons -

Sometimes, there are no discounts available. Banks ebb and flow depending on what they're trying to achieve. A few months ago CBA wasn't pricing investments at all.

But other times, there are lazy brokers who just can't be stuffed trying hard for their clients. Discounts may be available, but it's extra work and there's no monetary reward for them (on the face of it).

For others, pricing loans is just part of their process for every loan they lodge.

 

I have put a client with Auswide recently that is offering 3.99% 3 years fixed with 100% offset. but they are obviously against the norm and not your average investor friendly lender.

 

Do note there is a distinction between how the smaller lenders and the big 4 price in the marketplace. Big 4s usually advertise their Standard Variable Rates with little or no mention of discounts. Brokers can then apply for further discount through their intermediary pricing channel. Where as smaller lenders are usually upfront and aggressive in their advertised rates, but what you see is what you get - further rate negotiations are rarely entertained.

 

Feb is a short month, maybe they are pushing to meet their targets. Seems to be working as SLA is at two days now.

Pretty sure branch have the same pricing team too as they drop down allows for the wealth package. However, I have had instances where they could get the package waived for a couple of years which is almost impossible with CBA.

Actually spoke to one lender at CBA who said he was diamond too?!

Maybe they segment the bankers as well.