Whats you Interest rate?

I was surprised that they were willing to negotiate. NAB and AMP just flatly refused to discuss any reduction. With NAB they gave me $1,000 in cash to keep my loan - never heard of this before, has anyone else experienced this?

 

CBA does rebate $700 per loan for each loan refinaces to them. I refinanced recently to CBA and was give $2100( for 3 loans), waived wealth package fee 1st year and 1.45% disc off variable rate.

The highest disc I heard from my colleague is 1.6% disc for loan > 2.5 mill

 

Well said I don't really care about the rate within reason.

At the moment I'm paying 4.5 or so through Macquarie and 4.68 through Westpac.

 

4.09% variable.

$550K mixture of PPOR (principal & interest) & IP. (interest only)

8 offset accounts available to use.

Community Mutual Group

 

Was your refinance organised direct with the "relationship manager" or through an external broker?

1.6% is a pretty decent discount. I've been offered 1.45% discount on $1.75m through an external broker but 1.4% direct with a "relationship manager". Perhaps the relationship manager has more levels of approval to go through whereas the external broker just makes his own decisions/offers incentives out of his commision (like covering first few years of annual fees to win the business)

 

If you get on to the Wealth package, your broker should be able to shave ~1% (maybe more) off the Standard Variable Rate.

 

Do you have an offset facility with that loan Superbird??

 

Apparently CBA have a 1.5% discount on offer at the moment for new investment lending available through their Premier and Private banking departments.

The competitive markets force appear to drive pricing more than any APRA influence.

 

Most likely it has to do with with APRA and there 10% growth.

Most likely they are flirting with the requirement and as they are under the 10%, they can afford to try and win some new business.

Available to some CBA brokers too and not just through retail.

 

Not just the premium banking, a few brokers who do high volumes/platinum level brokers can get access to this discount.

A very welcome phone call from the business development manager this morning!

 

Not just via those channels ;-)

Cheers

Jamie

 

Been offered a discount of 1.45% by cba today with only one rebate of 700 dollars rather then a rebate per loan. Looking at the above I think I need to push for a further discount. As regards the rebate I have been adviced that the promotion is only on one loan rather then multiple loans .

 

CBA coming up with the goods - they've won a lot of biz from me this year, great transparent policy and some very sharp pricing at the moment + rebates.

Service + policy + pricing.

Usually your trading off the first two against the other, but for now their really competitive on the price front for investment loans relative to market.

 

What you've arranged is awesome - I wouldn't stress too much if you can't get a further 0.05. That's correct re the $700.

Cheers

Jamie

 

If you've got multiple properties moving over to CBA make sure they aren't x-colling them. You'll be eligible for the rebate regardless, but it's highly likely they will x-coll unless you tell them not too.

 

Thanks Jamie

It was after reading God of money's post above where he managed to get the rebate per loan and the annual wealth package fee waived , I thought hang on I think I can get the same or better ... Will still try again . The other hurdle I am facing is getting an increase in my loans to 90% from 80% prior to a new property purchase . Banks seem to want to see a contract in place prior to increasing the facility . Cheers

 

Might be able to get away with a 90% release if you put up a preaprroval for the intended purchase at the same time. Otherwise - they'll want a contract.

Cheers

Jamie

 

Is it true that you can combine 2 loans (an PPOR and IP) with one bank and classify them both as PPOR? (ie. 2 individual loans with 1 bank, but sold as 'one'). Sorry if it sounds confusing! A broker told me banks can do that to keep both loans at the same lower PPOR rate.

 

Also, I've currently got a discount of 1.3% off both IP and PPOR loans, can I ring them up and threaten to cancel and go for the 1.5%? Or should my broker do it for me who got me the deal in the first place. (He hasn't been very useful, claimed that Commbank were not going to offer me any more discounts, yet I called and got a further 0.9%).

 

As an existing customer with CBA, is there a way to try and get these discounts......without walking in with an approved refinance deal/offer from another lender?