Trying to Get My Annual Mortgage Package Fee Waived. CBA. Idea? Experience?

Ldeeppeek on 21/04/2017 - 11:07

Hi guys/gals.
I have mortgages with CommBank (1 investment & 1 home) and they gave me this Mortgage Advantage Package (previously known as a Wealth Package i think). There is an annual fee of $395 which got waived in the first year. Some of the perks included with this are cheaper insurance, offset accounts, some discounts, and fee-free Diamond MasterCard/AMEX credit card.

CBA has sent an email saying they will change the amount in a weeks time on the anniversary of the loan. In the spirit of an ozbargainer, I'm trying to get the fee waived on the account of having been a customer for more than 10 years and having a not insignificant amount of savings with them. I have called them up but got told it's not something that they can do. I have gone to a branch and was told that because the loan was written through our mortgage broker, I should contact the mortgage broker first. That will be my next step.

I 've had experience in the past getting credit card fees waived. You just call the bank up and tell them you'd like to cancel the card or you'd like the fees waived and 9/10 times it will be waived.

Has anyone successfully gotten their mortgage fee waived?

Any ideas on how to get the fee waived? It would be good to hear from someone who works for CBA or any banks.

Let us hear your experience and ideas…..

Thanks.

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Comments

  • captobvious on 21/04/2017 - 11:42

    You will need to ask your broker to negotiate for you and it is doubtful as the bank may not consider you significant enough. Worth trying though

    I have mine waived but I have private banking and other investments directly with cba, still it gets reviewed yearly.

  • Xetrok on 21/04/2017 - 14:34

    Threaten to move to a new bank obviously.
    Tell them a friend is offering you to move to Ubank with the $300 visa gift card promo and annual fee waiver.

  • wei13 on 21/04/2017 - 14:57

    Everything is negotiable, and no harm trying. Loyalty doesn't mean much nowadays tho in banking, and neither will I be loyal when there's a better mortgage deal.

    But I've never negotiated annual package fee or heard people getting that waived. I have negotiated reduction in interest rate though.

  • poboy on 21/04/2017 - 16:07

    Yes. I have called to ask for a better rate and to have my yearly fee waived. They did it.

    • cupcake on 09/08/2017 - 10:45

      Every year? How many years have you had the fee waived?

      • poboy on 09/08/2017 - 11:26

        Once at inception, once more when I negotiated a better rate and then just recently. So about 3 times in 5 years.

        • cupcake on 09/08/2017 - 11:46

          Thanks.

          My lender at CBA just emailed to say he cannot waive the annual fee.

          Pffs

        • [Deactivated] on 09/08/2017 - 11:51
          +1

          In our experience, CBA is most commonly willing to consider this frequency of fee waiving for a mortgage borrower when that customer has the following characteristics:

          1. They have multiple insurance products with CBA (home, car, life, income protection).
          2. They have a CBA financial adviser they are paying fees to or they have multiple investments in the CBA group (super, bonds, etc).
          3. They are a substantial business customer (large number of issued cards, merchant fees, etc).
          4. Their debt portfolio with CBA (business/personal) is large. $1.5mil+ would be a common starting point. In our experience offers for fee waivers will typically try to be offered in place of furthers discounts from the applicable interest rate.

          NB: Exceptions can definitely apply on a case-by-case basis. However, if you ticked multiple boxes above and were still not getting fee waivers you need to make time to renegotiate. Failing that, you may wish to consider getting a broker to assist with this or evaluate making a move to a bank that is more hungry for new customers with your characteristics.

          Hope this helps.

        • cupcake on 09/08/2017 - 11:55

          Thanks.

  • Olokun on 21/04/2017 - 17:44

    When I organised my mortgage, my broker as well as the CBA mobile broker made it clear that the wealth package fee cannot be waived (expect for the first year), this was in Dec 2014 when I was trying to get them to match Suncorp waiving it for the life of the loan.

  • [Deactivated] on 22/04/2017 - 01:24

    you get a better deal being a new customer than a loyal customer with a lot of companies these days.

  • tajid on 22/04/2017 - 08:20

    No I tried in the past and they said they never waived home loan annual fee. Have you looked at refinancing? There are many other better rates nowadays than CBA and some brokers may share their commission to you and therefore covering your exit fee etc.

  • [Deactivated] on 22/04/2017 - 10:30

    I once threatened to close my bank account and credit card (over 200k purchases in 4-5 years) with CBA to get them to give me a credit card introductory bonus (for which I was theoretically ineligible). My point was that I have not ever got any kind of bonus (including any rewards points) from my credit card spends.

    They said they are a big corporation and don't really rely on individual customers. After 4 or 5 tries I got $50 equivalent in bonuses.

    • the crocodile on 20/05/2017 - 16:24

      "They said they are a big corporation and don't really rely on individual customers."

      Really? should take down the person's name, as I can assure you this person would loose his/her annual bonus if you registered a complaint

      • [Deactivated] on 22/05/2017 - 19:43

        Yeah..I imagine someone might very well do that in the face of what she said. But I was just taking this middle aged woman's words for a friendly advice and thought the policies were something dictated from upper levels and out of her control. But what I mentioned above was literally what she told me, and that has put me off CBA for my home loan. Even if they could potentially offer me a better deal I am just running away from there.

  • cupcake on 09/08/2017 - 10:43

    I would also like to know too. Hoping I can this fee waived considering CBA just posted a near 10 billion dollars profit.

    • silkysmooth on 11/08/2017 - 20:52
      +1

      Just threaten to leave mate they will donit

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