Was just reading the post about the CBA wealth package! I'm assuming it's similar to the ANZ Breakfree package. Have you negotiated a better rate above their discounted rate they offer from being on that package ? And do you pay the yearly fee ?
ANZ Breakfree Package
ELH05 on 15/02/2015 - 09:59
Last edited 15/02/2015 - 10:00
Last edited 15/02/2015 - 10:00
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We get 1.1% off std variable with ANZ breakfree ($450k loan). We do pay the $385 annual fee. The credit card was crap but I signed up for the ANZ rewards platinum in one of the old ozbargain deals (first year free + 50k points) and then called the breakfree team and had them cancel the crap card and switch my new ANZ rewards platinum to be the fee free card for life. It works great for us because I put heaps of Amex charges through for my business and the ANZ rewards platinum is by far and away the best rewards card (if you don't fly much like us)
tl;dr = you don't get a good package unless you make some calls and arrange your package to suit you
I use similar package and use credit card for balance transfer every time. I save around $250 on interest. As I keep pay money to loan and end of due date of balance transfer I rewithraw loan and pay off credit card.
So mostly fees are redeem.
@PBG how can you get a fee free card for life? I have breakfree also and mine is the same card as you (both Amex & Visa) but keen to get your deal! Any particular people to speak to at the bank as my local branch cant do any better,
ANZ have a dedicated number for break free customers. Look on the ANZ break free website its 1800…. From memory. Call them up and ask them to swap the ANZ Rewards card to be the one that is fee free under the break free package.
You will need to cancel the crappy credit card (the non-rewards one they give you when you sign up the loan) otherwise it will start incurring annual fees.
Oh and I should mention that they will easily waive the annual fee portion of the rewards card but you might have to haggle a bit more to get the $55 rewards annual fee portion waived. Just call ANZ Breakfree dedicated number and they can give more info. Don't waste your time with branch staff, in my experience they've had no clue about the Breakfree package
Ok thank you I will call them Monday.
Yes agree generally with branch staff but I goto one who is very knowledgeable and helps majority of times :)
Has anyone successfully had this fee waived year after year?
No haven't asked for my fees to waived but after this post I successfully negioated my interest rates down on all the loans on my package.
Did you re-finance or switch products? Or just pay for an annual wealth package?
I've just paid my annual fee.
No I am still with ANZ Breakfree, I just negotiated better loan interest rates and I pay my annual fee.
Thanks.
My lender just emailed to say they won't waive my annual fee of $395.
Do tell.
Please.
@cupcake: Some of the more popular no annual fee or fee waiver promotions available at present include:
- Bank of Sydney for max 70%LVR owner occupier borrowers (no annual fee for life of loan - package includes 100% offset account & credit card).
- Suncorp first annual year annual fee waiver. For borrowers with large loans and multiple Suncorp products, further annual fee waivers would not be in the realm of total fantasy depending on the scenario pitched.
- A number of banks will consider annual fee waivers ad hoc with their fixed rate loans. Also, a couple of the smaller banks (like Heritage) offer fixed rate loans with annual fees under $100 that are providing fairly sophisticated functionality (such as redraw functionality and unlimited additional repayments).
- A few non-banks offer no annual fee products with offset accounts. That said, with non-banks you lose the Commonwealth guarantee on deposit funds that you'd get from a bank for the offset monies (which is a pretty major loss in most people's eyes these days, especially in light of the recent risks that APRA has outlined in the banking system). Similarly, you typically have rather limited functionality when it comes to the transactional banking.
Hope this helps.
ANZ are generally tough to convince to waive a package fee. In saying that, their products and policies are good (not the most competitive in the market but not excessive either)
We get 0.75% off.
Their credit card is crap though.
No points etc