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147 posts

Master Geek
+1 received by user: 2


  # 664394 31-Jul-2012 10:09
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astrial: I think this is an issue that more people should be able to review so I'm going to add my two cents (rates) here.  We took out a mortgage in April so this is a bit old and probably at the start of the so-called 'mortgage war' that is apparently occurring at the moment.

Note that banks will take into account your personal circumstances such as salary, LVR and risk when offering discounts on rates.

We have 5.14% floating at the moment, which is 0.46% off carded rate with our bank.  My understanding is that most of the time banks offer this for a period, say 2 years, before you go back to the standard carded rate.  Our discount is for the life of the loan (which confused our lawyer no end).

I have heard some people (probably high equity) are getting less than 5% on floating rates at the moment.

We also have 5.5% fixed for 3 years, which is about 0.4% off carded but I would definitely expect to receive better than this at the moment.

Edit:  we negotiated this ourselves but I have a friend at a competing bank who was able to provide me with very good quotes to shift business to them at the time we had signed on the dotted line with the house, but had not arranged the specifics of the finance with the bank we had pre-approval with.


Thanks for sharing, very useful and worth more then 2 cents Cool

Even when we took out the mortgage last year, the bank offered us 0.75 points discount from the carded rate but this discount is valid for 2 years only.
Your getting it for the life of the loan is fantastic indeed!

At the time, we had very low equity and therefore did not negotiate further. But now we are hoping to get better deals as we have more equity in the house. Let's see what offer we get, will post it here.



147 posts

Master Geek
+1 received by user: 2


  # 665449 1-Aug-2012 14:25
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Interesting development today:

I got a call from my current bank (as my fixed price term is expiring next week) but it was from a different branch!! And apparently they were trying to attract me to re-fix via this branch instead of my normal branch where I generally operate and took out the loan etc.

So this makes me wonder: there is inter branch competition to snatch and retain customers? So if I re-fix via a different branch, they will get it under their own targets / commissions? If this is true, then I am sure banks should be paying to mortgage brokers as well for retaining existing customers for them by re-negotiating pricing.

 
 
 
 


766 posts

Ultimate Geek
+1 received by user: 202


  # 665458 1-Aug-2012 14:35
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Your home branch is generally where you opened the account. Unless you move towns it generally stays put. However usually any new lending, should change the branch to where it was done, unless told not to by the customer.

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