Variable interest rates - what are you paying?

Discussion in 'Loans & Mortgage Brokers' started by bunkai, 3rd Jun, 2019.

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  1. Rolf Latham

    Rolf Latham Inciteful (sic) Staff Member Business Plus Member

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    Macq are at 3.44 today for larger loan limits at 70 lvr

    You are probably not a tree ..........move :)

    ta

    rolf
     
  2. Lacrim

    Lacrim Well-Known Member

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    If only. I don't meet serviceability to refi. So will have to appeal to their generous nature.
     
  3. Rolf Latham

    Rolf Latham Inciteful (sic) Staff Member Business Plus Member

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    So what form of tree are you :)

    Just gotta play the Poker game with NAB and let them know you have options

    ta

    rolf
     
  4. Lacrim

    Lacrim Well-Known Member

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    OK will try.
     
  5. Jobeki

    Jobeki Well-Known Member

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    If you want a bargaining point...We are currently at 3.84% with Nab which will drop to 3.59% with the recent rate reduction. We have, however, been on their back every 6mths to see if they can do better and the last 2 times have resulted in a no and a 0.04% rate reduction. Have also managed to get them to waive the annual fee the last couple of years. We told them we were looking at moving to westpac for the $2000 for new loans this year. We have borrowings of around 750000 with Nab at about 70% lvr. We are through Nab health (or what was previously Nab health) so I don’t know if they can get us lower rates because of perceived lower risk
     
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  6. Lacrim

    Lacrim Well-Known Member

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    That's a good one to push as an excuse.
     
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  7. spludgey

    spludgey Well-Known Member

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    Very good rate, given the low loan value!
     
  8. Never giveup

    Never giveup Well-Known Member

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    If one is onky borrowing 55% lvr -does it looks attravtive to banks to give more discount on loan rates (p&i for PPOR)
     
  9. Rolf Latham

    Rolf Latham Inciteful (sic) Staff Member Business Plus Member

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    For Nab that is

    But for new Money, and even at 250 k and 70 % LVR, Mac Bank will do 3.44 AND offer a master limit product for debt recycling, which if properly used will chop the effective rate even lower.

    Try doing a loan split with NAB :)......... and for an active dr strategy that can be every 3 mths say


    ta

    rolf
     
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  10. Rolf Latham

    Rolf Latham Inciteful (sic) Staff Member Business Plus Member

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    most lenders dont price for lower lvr, though we are seeing some resurgence on that.

    ta

    rolf
     
  11. Never giveup

    Never giveup Well-Known Member

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    Banks should incentivise with lower rate to keep customers with lower lvr as it cointains less risk compared to higher lvr
     
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  12. spludgey

    spludgey Well-Known Member

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    Wow, now if only I was able to refinance!
     
  13. Rolf Latham

    Rolf Latham Inciteful (sic) Staff Member Business Plus Member

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    Almost all do :)

    In reverse, > 80 and > 90 loans are usually a fair bit higher than sub 80

    Some lenders like Macq, Liberty, Pepper etc will do lower rates at 70 %, and there are others, but as a matter of course, most lenders wont do much with lower lvrs

    ta

    rolf
     
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  14. Mcube

    Mcube Well-Known Member

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    Hi, is 3.44% with Macq for P&I investment loan?
     
  15. Rolf Latham

    Rolf Latham Inciteful (sic) Staff Member Business Plus Member

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    no

    thats PI PPOR pre July RBA drop

    its now 3.24 for < 70 lvr

    PI Investment 3.54 < 70 LVR

    ta
    rolf
     
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  16. Pash81

    Pash81 Well-Known Member

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    Recently I have been quoted below by a broker:

    Macquire 70% LVR
    PI PPOR 3.29%
    PI INV 3.59%
    IO INV 3.79%

    So after the recent cut these will be

    3.09%
    3.39%
    3.59%
     
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  17. hachoo

    hachoo Member

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    Definitely worth the look into as their banking is good and the multiple offsets can be very beneficial.
     
  18. Arcticfire

    Arcticfire Well-Known Member

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    Can someone confirm if this is correct

    It’s my understanding Macquarie Bank don’t negotiate on rates unlike the major 4 which give different discounts off there standard variable rate - this has always annoyed me about CBA - you don’t know what they are offering new clients - eg my niece who has less overall borrowing has negotiated a slightly better discount off the standard variable rate than me when she just recently refinanced over to CBA

    The Macquarie rate is given to everyone no matter the loan size - it just depends on the LVR - they have different rates if you have 70% LVR 80% LVR and 90%LVR

    It’s also my understanding they have a different slightly better flat rate for Macquarie private clients with the same LVR differences

    Those rates you have listed in your post appear to be the Macquarie private rates - from my calculations from the latest rate cuts

    Is this correct ?
     
    Last edited: 7th Jul, 2019
  19. Peter_Tersteeg

    Peter_Tersteeg Mortgage Broker Business Member

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    It's a little more complicated than that, but essentially you're right. There has been occasions when their rates have crept up for existing clients, but I've found they're very accommodating with renegotiation and match their current offer.
     
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  20. Pash81

    Pash81 Well-Known Member

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    Dont know anything about private rates. These rates were quoted to me by one of the brokers.
     

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