Hi
I am currently with commonwealth bank and their home loan rates are not great. In addition, they charge me large annual fees. So I am deciding to switch to another bank, if it offers offset account, significantly lower rates and no or little annual fees. So my question to the community is, which bank are you with and will you be switching if there are other banks meets your requirements? If so which bank?
Currently I am sitting on the fence.
Thanks in Advance.
HAHA
RULE #1: Do not go directly to the banks for home loan. Only go through mortgage brokers.
RULE #2: Read aloud rule#1 10 times and act!
I am with ANZ via a broker, with offset, pay lot less than their advertised rates and annual fees on CC are waived
What is your rate? You might be surprised.
Its not about the lowest rate but what you want. Some may require offset some may not. Some want part fixed some full fixed, interest only, interest plus principal. Lot of variables.
Lol.
You sound like a mortgage broker yourself, downplaying rate.
Mortgage porkers love the line that its "more about tailoring a product".
For 80% of residential people with a 20% deposit, they just need the lowest comparison rate with an offset account. The lenders that fit this category didn't offer broker commissions last I checked (loans.com.au,ubank) - so its no wonder brokers downplayed the importance of rate.
@aussiemillion:
I am not a broker but an investor knowing i can get a better rate and choose not to. The current structure suits me.
Broker here. A good rate really depends on:
1/ How much are you borrowing.
2/ Refer to point 1.
Cheers :)
My rate is under 4.7% with one of the big 4 banks, admittedly my loan is around the $1m+ mark. I'd be interested to know how much more negotiable the banks are on this?
@kati
similar situation, but my rate is a bit higher
under 4.7% is already a really good rate. My clients with 1 mil loans are getting 4.63 - 4.65%.
4.8% here with Big 4 and only $400k of lending.
Are we talking comparison or advertised rate @ all the above.
ME bank have great rates if you are eligible eg super or union.
They have been better.
I've been using loans.com.au for the past couple of years and I've been happy with them. No annual fees, great rate and includes an offset account with debit card.
The only thing I missed out on when switching from CBA was the bundled credit card, but the no annual fee for life Citibank Signature Visa filled that gap nicely.
The conditions sound great "No annual fees, great rate and includes an offset account". I'll fully look over it tonight. Thanks
The only caveat I'd add is that their valuation was conservative - that wasn't a problem for me, but if your LVR is likely to be tight it may be an issue.
Just shop around with the other banks first, find the best rate you can and then tell CBA they can either match it or you will leave.
I personally had some success with this when I refinanced and saved me a lot of paperwork (e.g. changing transaction accounts, direct debits etc).