Westpac Private Banking

I know of someone who has had good results from private banking for a PPor loan. Complicated situation with multiple businesses, dividend income; age, super etc all to be taken into account. I'm sure some brokers couldve got it over the line but the lack of headache and simplicity was a big drawcard.

Discounts on rates are typically lower thru private bank though I believe but I could be wrong

 

Sorry to be replying to an old thread but Westpac Private Banking is a waste of time. The only stated advantage is the 'convenience & expertise' your relationship banker can supposedly provide you but we experienced neither of those and now asked them politely to remove us from premium banking and back into retail side of things.

Serviceability - Investor serviceability is very poor with Westpac and private banking channel has even worse serviceability than branch lenders because they structure you under a different template - the one where you are expected to spend more on lifestyle things.

In my opinion, if you are a high income earner with no tangible investments or income other than salary and have a high mortgage against PPOR, you will be best suited for this sort of service.

 

I reckon a lot of mystery is made out of the niche differences between "serviceability" etc in the big four banks I would go so far as to suggest it probably makes no material difference at all and their approach to risk would be pretty similar apart from some of the recent moves on LVR's.

We have everything through Westpac, personal loans, credit cards, insurance, mortgages except 1 which we can't move from Macquarie and we have never had a problem from getting credit or getting hold of somebody on the phone to change our address. I don't really care if the interest rate is a little higher it's not worth the hassle of having loans and accounts all over the place and interest is tax deductible of course anyway for investment loans.