Whats you Interest rate?

BankWest have a very good offer but it won't last. Their current product (Complete home loan) replaced their Premium product a few months ago. The Premium product is still quite competitive but not as good as todays headline product and if they're consistant it'll go up in price over the next 6-12 months.

The Premium product replaced another product which replaced another one and so on. They don't even advertise most of these products anymore because their embarrisingly expensive. They've been doing this consistantly since 2008.

@turfy77 I'd expect to have $1.5M @ 50% LVR investment loans priced at about 1.3% - 1.4% if they've also got your owner occupied loan.

 

LVR is 50% as stated in the original post.

 

What's your total loan amount and LVR?

 

Re comments regarding bankwest. I had no problems switching to their other products.

The loan contracts reference to their mortgage shredder rate, which is their standard rate. The discount is applied off that.

For a set and forget type loan, bankwest not good due to their various product changes. However, if you're a savvy investor and like many who check from time to time for a better deal you'll be fine.

 

I disagree. Savvy investors aren't that concerned about rate. They are concerned with managing risk, access to funds and planning, much more than keeping an eye on their rate.

 

Total loans are 800k sorry haven't checked the lvr for a long time maybe to scared too ! Made a few stuff ups along the way , now just going like hell to recover
Cheers
Offshore

 

4.87%
5 year fixed
I/O
80 LVR

 

You may have seen my other thread. But basically 1.6% discount, which works out to be 4.35% for IPs and 4.08% for PPOR

 

4.24% for PPOR and 4.51% for IPs.

 

5.17% variable IO, both loans with CBA. I have the no frills no fees no nothing product. Both small loans, when they're that small the no-fees bit makes more of an impact than the interest rate.

Currently in the process of buying land to build a PPoR. That will be a truly miserly sized loan, not expecting any discounts there either.

 

Sub 150k? If above, you could likely do better by submitting a pricing request/adjusting product.

 

Given I'm currently applying for a loan, the bank guy said I could get lower but with the wealth package or something with fees. Both loans are not far off $150k. I have no idea what rate the new loan will be at, haven't asked.

 

If total loan size is above 150k, you'll likely see a 50bp+ rate reduction of what you've quoted when you go an apply for new lending. It may tip the scale on whether the fees are worth it.

 

I'll ask again when I actually get as far as submitting an application (currently very early in buying process). I also have a credit card they offered me pending but I don't meet their CC criteria, might see if they can throw that in too. I've never had a credit card before, I hear you can get reward points and interest free periods and such, sounds nice.

I'm one of those people that defies laws of economics and saves 90% of their taxable income each year, and my taxable income is very average and I rent in inner Sydney so that's even more baffling. I'm most concerned with being able to pay extra on loans without penalty.

 

I've just been offered 4.19% with CBA, 2 years fixed, loan size 1 million, all IPs. Should I accept this or try to go lower?

 

Thats not bad. Is it a refi? If so, perhaps ask for a $700 rebate on top of that, but rate wise its decent.
Variable rate wise you'd get a 1.45% discount on that most likely (4.42) right now.

 

It's fairly rare that lenders will negotiate on fixed rates. 4.19% isn't the lowest 2 year rate out there, but it is competitive. By all means ask, but don't be disappointed if they don't accommodate the request.

 

CBA offer pricing on fixed rates upfront - an 0.25% discount of their headline rate is pretty good (noting your loan size is quite large though). I don't think you'll get any more to be honest, but it doesn't hurt in asking and putting in a pricing request for more. I think you may have more luck looking outside the rate and small fee waivers/rebates.

 

630k interest only investment loan - 4.57%
410k P+I owner occupied loan - 4.30%
90% no LMI
Commbank

 

I don't understand what you mean by a rebate (on what?). No, it's not a refinance. I just told them that I believe that I could get 4.2 from other organisations. The person I talked to said he'd put it to the pricing team. 2 days later this person got back to me with the offer. No need to threaten so everything was pretty easy.