What rates can I get?

Discussion in 'Loans & Mortgage Brokers' started by Ardi, 18th Feb, 2020.

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  1. Never giveup

    Never giveup Well-Known Member

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    Fixed for how long?
     
    Never giveup, 21st Feb, 2020
    #41
  2. Lindsay_W

    Lindsay_W Well-Known Member

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    That's a great discount no doubt BUT
    I'm curious to know why CBA (and other lenders for that matter) can't just offer those lower rates, why do I always have to apply for a discount via their pricing tool? The obvious reason is to make more money of people who don't know they can get a discount for whatever reason, maybe I just don't want to believe that's the only motivation...
     
    Lindsay_W, 21st Feb, 2020
    #42
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  3. Peter_Tersteeg

    Peter_Tersteeg Mortgage Broker Business Member

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    If you believe there's a better reason profit, you have a lot of faith.

    What irritates me is 1.85% is about 2.95%. I've requested pricing for an existing client who owes $850k, has been a client since 2011. The initial offer is an effective rate of 3.33% which they later revised to 3.30% after I showed them pricing from other lenders at 3.1% or lower. The CBA is about to loose a long term customer.

    The big banks are all offering some nice cash rebates at the moment alongside competitive rates. Someone has to pay for this and it's the existing customers who are getting screwed. Many are looking at it and saying that it's not their problem, they get the cash. But tomorrow they'll also be the ones getting screwed...
     
    Peter_Tersteeg, 21st Feb, 2020
    #43
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  4. Ardi

    Ardi Well-Known Member

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    Yes we have 3x current loans with CBA. Ask for best rates. Sitting the last week got 3.9 as best, told them not even ballpark then got 3.24, have asked them if they will match ANZ. Said unlikely but will see if they can do better.
    Have had loans with CBA since 2009.
     
    Ardi, 21st Feb, 2020
    #44
  5. Navjit

    Navjit Member

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    2 or 3 years was a quote for 5 business days. ANZ even cheaper now at 2 years fixed for 2.88%
     
    Navjit, 21st Feb, 2020
    #45
  6. Anne11

    Anne11 Well-Known Member

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    My relationship manager at CBA told me when I questioned the current discount on Inv PI loans of 1.65% that I will have to wait until 1 Jul for them to review the discount. Seems like they don’t treat their existing customers as well as getting new ones.
     
    Anne11, 21st Feb, 2020
    #46
  7. Rolf Latham

    Rolf Latham Inciteful (sic) Staff Member Business Plus Member

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    Opaque pricing

    ta
    rolf
     
    Rolf Latham, 22nd Feb, 2020
    #47
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  8. Rolf Latham

    Rolf Latham Inciteful (sic) Staff Member Business Plus Member

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    Pretty much the same as all lenders.

    ta
    rolf
     
    Rolf Latham, 22nd Feb, 2020
    #48
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  9. sash

    sash Well-Known Member

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    I see that you have been CBA'd....

    I keep telling people to avoid CBA at all costs...they get you in and then they leave you high and dry.

    I have negotiated rates much lower I/O then CBA...for example SunCorp will go down to about 3.54% I/O variable or 3.39% on P&I....Westpac 3.64% I/O variable.

    Some of other price based on LVR... try some of the second tier they are offering some great products at the moment.

     
    sash, 22nd Feb, 2020
    #49
  10. MTR

    MTR Well-Known Member

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    Excellent
    I have 3.41% Resimac. IO, 5 year period, my best
     
    Last edited: 23rd Feb, 2020
    MTR, 23rd Feb, 2020
    #50
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  11. Rolf Latham

    Rolf Latham Inciteful (sic) Staff Member Business Plus Member

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    3.39 another mac :)

    the first one

    ta
    rolf
     
    Rolf Latham, 23rd Feb, 2020
    #51
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  12. MTR

    MTR Well-Known Member

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    i will see if i can negotiate ir
     
    MTR, 23rd Feb, 2020
    #52
  13. Elives

    Elives Well-Known Member

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    is that fixed for 5 years?
     
    Elives, 23rd Feb, 2020
    #53
  14. MTR

    MTR Well-Known Member

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    yes
     
    MTR, 23rd Feb, 2020
    #54
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  15. Rolf Latham

    Rolf Latham Inciteful (sic) Staff Member Business Plus Member

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    im talking variable IO Investment rate @ 3.39

    ta
    rolf
     
    Rolf Latham, 23rd Feb, 2020
    #55
  16. MTR

    MTR Well-Known Member

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    right thx
     
    MTR, 23rd Feb, 2020
    #56
  17. Barny

    Barny Well-Known Member

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    Peter how often can one refinance from one bank to another to take advantage of those rebates, without stuffing up ones credit file?

    I have a friends that's done it twice in less than 1 year, will they run into any issues if they continue to swap banks yearly?
     
    Barny, 23rd Feb, 2020
    #57
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  18. Jess Peletier

    Jess Peletier Mortgage Broker & Finance Strategy, Aus Wide! Business Member

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    High LVR, possible.

    Under 80 probs not an issue, just need to give reason that makes sense.
     
    Jess Peletier, 23rd Feb, 2020
    #58
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  19. Rolf Latham

    Rolf Latham Inciteful (sic) Staff Member Business Plus Member

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    for anyone contemplating such free money on a regular basis, please let them know upfront, so they know the implications, which typically means they pay for you rebate, and sometimes more

    ta
    rolf
     
    Rolf Latham, 23rd Feb, 2020
    #59
  20. Ardi

    Ardi Well-Known Member

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    Queation: Who is more investor friendly regarding property valuations and serviceability? ANZ or CBA?
     
    Ardi, 25th Feb, 2020
    #60
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