Home Loan Rate Negotiation - too easy.

[Deactivated] on 23/01/2014 - 10:24

I walked NAB the other date and asked for a better deal on my home loan in the interest of me not considering moving to other banks for a more competitive deal.

The off-the-shelf rate for my loan package (100% offset, loan over $250k) is 5.08%.
I managed to achieve 4.85% after minor negotiations. With the discounted percentage applicable for the life off the loan and applied immediately.

I didn't realise how easy it would be and wish I had done it years ago, anyone else have similar success stories?

Financial

Comments

  • [Deactivated] on 23/01/2014 - 10:39
    +1

    What's the effective comparison rate?

    • one man clan on 23/01/2014 - 10:46

      That's the million dollar question.

      I'm at 5.04% with bankwest, similar account probably, but there's no fees involved.

  • Shibuya on 23/01/2014 - 10:41

    That is a very good rate you got.
    I get 1% discount with ANZ, so my rate is 4.88% that was from about 2 years ago when the big four were giving 1% discount.

    Apparently they don't give 1% discount anymore, that's what the ANZ staff told me when I tried to negotiate a better rate.

  • TheBatman101 on 23/01/2014 - 10:58

    Definitely need the comparison rate as otherwise it aint no thang!

  • danield on 23/01/2014 - 11:45

    wish I had done it years ago

    Years ago the banks weren't as desperate for your business as they are today.
    Certainly is a good time to source better deals. Have a look at all the Credit Card deals popping up recently chasing new customers.

  • fertiliser on 23/01/2014 - 12:25

    I asked Bankwest to move me to their online loan (which is a new borrowings only loan), or at least cut my rate to the rate of the online loan. They wouldn't do either. I asked for any rate cut and they declined. I had been with them on this loan for four years.

    I immediately left them and now I'm with Ubank on 4.62% and couldn't be happier.

  • leeroys_dad on 24/01/2014 - 14:37
    +1

    i was with bankwest on .7% discount for life, then saw they advertised .9% discount for life. called them and they had me fill out paperwork with no fees, all account numbers the same. it was too good to be true

  • user27 on 30/01/2014 - 17:46

    4.62% Ubank -https://www.ubank.com.au/index.htm

    • [Deactivated] on 31/01/2014 - 10:28

      No offset account, so not worth it if you want to have liquidity with your cash.

      • cheaparse on 31/01/2014 - 16:04

        If it has a redraw facility, there is very little need for an offset account. Actually, I don't see a need for offset account if redraw is available.

        • ozultimate on 31/01/2014 - 17:48
          +1

          If its PPOR and you are not planning to rent in future it doesn't matter.

          But for long term investment offset account is worth it.

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