Browse Forums Home Finance 1 May 17, 2012 9:34 pm Hi all, i've got a home loan with westpac. In 2009 i borrowed 370k(100k deposit) for my first home. November last year, i needed a top up, just another 30k. So loan is now 400k, its also 10yrs interest only. Question is, would i still be able to top up? or is it only 1 per year thing or something like that? Another question, my interest rate is 6.76% variable. With a 400k loan should i ask for a discount? How much should i ask and how? Should it be over the phone or face to face? Thanks in advance. DAP 7/3/2011 Site start letter 13/4 Earthworks 1/5 Set out 16/5 Storm water and sewer 16/5 Frames 30/5 Roof Tiles 7/5 Lock Up 23/6 Fix Out 30/6 Electrical 20/7 Plumbing 25/7 PCI 19/8 Re: Current loan question 2Jun 20, 2012 8:49 am you can do more than 1 increase per year. You maybe be able to get a bigger discount if not you could always jump ship to a better rate. Re: Current loan question 4Jun 20, 2012 11:07 am Hi there.... the discount you can get will be correlated to what the interbank rates are presently and what Westpac can borrow at in the interbank market. I know that I am on P&I and my rate is 6.39% so there is some room there. My outstanding amount it more though and I get an industry discount. I would say that you always have a better chance speaking face to face. Get some comparatives of what competitors are offering, while they may not match or beat competitors rates they may reduce to a level which is fine when considering costs and hassle factor. Cheers Mark Re: Current loan question 6Jun 21, 2012 8:15 am I agree, my interest rate now is sitting at 6.02% It has dropped immensely since March! Re: Current loan question 7Jun 22, 2012 1:57 am MikeF Hi Westpac is the most expensive lender for most people even with their standard package discount of 0.70% At the moment you should be aiming to get a variable interest rate of at least 6% or less. Yep, out of the big 4, Westpac's Pro Pack has the relatively highest base interest rate. Lot's of lenders out there outside the big 4 who have under 6.0% interest rates now. They are well worth a look. Re: Current loan question 8Jun 22, 2012 3:34 am Hmmm me thinks I will call and ask for discount as well given that I have been with them for 30 years and owe a tidy sum to them.... Thanks..... Ciao Mark Re: Current loan question 9Jun 22, 2012 8:01 am I'm ANZ with two houses, have approximate 550k loan on both and asked for 1% discount in January they accepted my p&i variable loan rate is now at 5.8% Just ask it can't hurt http://www.betterthansheets.com.au - Why use sheets for curtains in your brand new home use Better Than Sheets Temporary Paper blinds instead! Re: Current loan question 10Jun 22, 2012 12:02 pm suspct I'm ANZ with two houses, have approximate 550k loan on both and asked for 1% discount in January they accepted my p&i variable loan rate is now at 5.8% Just ask it can't hurt Great deal you got there. Took advantage as ANZ had some nice discounts on their Pro Pack early this year, they have scaled them back a bit lately, but you can still get a bigger than normal discount if you ask. Do it for my clients most of the time. Re: Current loan question 11Jun 22, 2012 12:51 pm Hmmm need to send my relationship manager a nice email. Thats 60bp better than what I am paying which works out to be a tidy little sum. Re: Current loan question 12Jun 25, 2012 12:10 pm I would recommend talking to a HFM (Home Finance Manger) about your loan , you could certainly apply for another top up . You may require the following - New Valuation - Payslips to verify income Just check you loan before switch to the Premier Advantage Package for $395pa , as some on the low frill loans may have a switch charge or break cost . The Premier Advantage Package offers 0.7% off the carded rate and no monthly service fee,.Go in armed with some other banks rates and the HFM should send of a request for a further discount . My tips is to find about the Premier Advantage Package first and then request the Top Up . This way you only pay for the package and the top up and Valuation should be free . Hope this helps Cheers Stig Re: Current loan question 13Jun 26, 2012 1:37 pm MikeF Hi Westpac is the most expensive lender for most people even with their standard package discount of 0.70% At the moment you should be aiming to get a variable interest rate of at least 6% or less. Westpac is negotiable so if you have a decent size loan it is possible to get 1% or more off the variable. 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 18967 isn't a garage level with the rest of the house a given? pretty sure they 'came around' long time ago. if you have a flat block, the garage is usually level with the rest… 1 17511 2 5904 |