Browse Forums Home Finance 1 Aug 03, 2011 1:03 pm Guys, I am looking to break away from CBA and look for more options to see if i can save anything. At present I have 2 home loans from CBA . Main one and the top up loan . If I break ( as i am under 4 years) I would have to pay 700$ each on those 2 loans. Do we know there are any banks\lenders who will cover this cost if I switch to them , any such current offers in mkt ? Thanks Re: Home Loan Re-finance 3Aug 04, 2011 5:02 pm Hi Namz ANZ is offering a subsidy of up to $1000 to offset switching fee cost charged by other financial institutions for Breakfree Package customers for loans more than $250K. What is your current loan balance? If it is high enough I would suggest you call CBA and threaten to leave if they don't decrease your rate. You are better off trying to get them to match a rate offered by another lender than paying $1,400 in fees to leave. CBA are very negotiable at the moment. I have seen them give some good discounts. Cheers Patrick Patrick O'Brien Re: Home Loan Re-finance 4Aug 05, 2011 1:52 pm mwa7876 Hi Namz ANZ is offering a subsidy of up to $1000 to offset switching fee cost charged by other financial institutions for Breakfree Package customers for loans more than $250K. What is your current loan balance? If it is high enough I would suggest you call CBA and threaten to leave if they don't decrease your rate. You are better off trying to get them to match a rate offered by another lender than paying $1,400 in fees to leave. CBA are very negotiable at the moment. I have seen them give some good discounts. Cheers Patrick current balance is 3+ and my current rate of interest is 7.11 from CBA. Re: Home Loan Re-finance 5Aug 06, 2011 11:08 pm I had a rate of 7.31% with CBA. Rang and told them I had been offered 6.97% with another bank, and they matched it. Just like that. I hadn't actually spoken to the other bank, but had seen the offer advertised. Much easier to stick with CBA as all our other accounts are with them too Re: Home Loan Re-finance 7Aug 07, 2011 9:47 am Loan remaining is approx $275,000. I had tried a few months ago just asking for a reduction, they said they couldn't do anything, so I told them I could get a cheaper rate with another bank, and they matched. Maybe talk to other banks, see what they can offer, then tell CBA and see what the do. Can't hurt to ask? Re: Home Loan Re-finance 8Aug 07, 2011 11:17 am I moved from CBA to NAB.. I'm on 6.92%.. when I asked CBA for a discharge form they asked me what rate NAB offered.. I told them and they said ok, here is your discharge form.. they didn't even bother to try and match it. My CBA rate was about 7.3 as I recall and with NAB it is 100% offset.. In 3 months I've already saved over $600... $400 from having a offset account and $200 from the drop in interest rate.. And NAB gave me 1k to transfer my loan, which covered my fees with CBA. Re: Home Loan Re-finance 10Aug 08, 2011 6:05 pm Hi Namz, I'm a Melbourne broker. We are currently getting some great discounts for borrowings over $250K.. If your rate is over 7%, you are right to be looking. There are still some banks offering to cover exit fees but you may need to weigh this up against the rate and structure you are looking for. You can email me your details at dean@centralchoice.com.au and i can work out the possile savings and give you a call. Hope this helps. Dean Re: Home Loan Re-finance 11Aug 15, 2011 9:59 am Quote: current balance is 3+ and my current rate of interest is 7.11 from CBA. ANZ would give you a rate of 6.90% p.a. or 6.95% p.a. on this loan amount. It depends on your LVR. If it is less than 80% it will be 6.90% p.a. And they will reimburse you up to $1,000 to cover switching costs. There are some other options out there too. A good local Melbourne mortgage broker should be able to point them out to you. Patrick O'Brien Re: Home Loan Re-finance 12Aug 17, 2011 1:48 pm Interesting times ahead for fellow mortgage holders, esp with the direction of interest rates in the coming months. To fix or not to fix. . .esp if the GFC escalates, and we have some pretty tempting low rates floating around. Obviously the catch being . .if it stays down . .you'll end up paying a bit of extra dollars. If it goes up . . you might end up losing more. etc etc Re: Home Loan Re-finance 13Aug 17, 2011 2:23 pm trippy To fix or not to fix. . . IMO if you would struggle with any increase to interest rates then by all means fixing is a good option.. if not then I don't see any benefit of fixing.. 9 times out of 10 the bank will benefit from it over picking a variable rate. Re: Home Loan Re-finance 14Aug 17, 2011 2:55 pm Agreed - the bank always win .. lol .. just like the casino..lol. In anycase, given our current circumstances, we'll be staying put with our variate rate with Anz currently, but in the unlikely event that fixed rates drop to 4-5% for over 3-5 yrs .. . it may be a different story .. though that would mean variable rates would be below that as well. oh the dilemma.. Re: Home Loan Re-finance 15Aug 17, 2011 8:41 pm mwa7876 Hi Namz ANZ is offering a subsidy of up to $1000 to offset switching fee cost charged by other financial institutions for Breakfree Package customers for loans more than $250K. What is your current loan balance? If it is high enough I would suggest you call CBA and threaten to leave if they don't decrease your rate. You are better off trying to get them to match a rate offered by another lender than paying $1,400 in fees to leave. CBA are very negotiable at the moment. I have seen them give some good discounts. Cheers Patrick Yeah I received a call today from CBA. They are offering me an additional discount. So as part of my current wealth package i am already getting discount .70% , they are willing to make it .85% discount. In $ terms , it means 25$ of saving every month. If I jump to ANZ , that gives me an saving of 80$ of saving per month on my current installments but ANZ is asking for setup costs which are around 600$ all inclusive.they are waving my breakfree package fee of 395$ for 1st year. So at the moment i am confused what shall i be doing.. Re: Home Loan Re-finance 16Aug 18, 2011 12:07 pm I'm getting 6.81% on CBA Variable WealthPackage on $500K+ loan. I was getting 7.11%, threatened to go to UBank, then CBA gave me the discount. If you don't make an attempt to jump somewhere else, they'll probably never drop it. Re: Home Loan Re-finance 17Nov 15, 2011 8:29 pm namz Guys, I am looking to break away from CBA and look for more options to see if i can save anything. At present I have 2 home loans from CBA . Main one and the top up loan . If I break ( as i am under 4 years) I would have to pay 700$ each on those 2 loans. Do we know there are any banks\lenders who will cover this cost if I switch to them , any such current offers in mkt ? Thanks I'm pretty sure nab will pay the break out fee...sorry no time to research it for you, but here is the link... http://www.nab.com.au/wps/wcm/connect/n ... ce/22/2/69 Re: Home Loan Re-finance 18Nov 15, 2011 9:37 pm NAB was paying a portion of the break-up fee, unless you opted to go for a lower interest rate by negotiation, then the deal was off Although the op has probably moved banks since August The biggest challenge will be if you take out a loan and then run out of money - you'll have an incomplete security and lenders do not like this so you can get stuck.… 2 19114 you were just referred to get advice from your solicitor. This is a legal matter. Separately, why would you use a buyers agent for a house and land package? 3 57856 Hi, you've probably already resolved this, however, Commbank will probably pay the funds to you after you send evidence the work is done regardless the change in the quotes. 1 35332 |