Westpac & NAB Home-loan Price War. What it means for you? Discounts! Read on.

While this isn't a specific hot offer, it's something that will save you potentially MORE money than every other tip on Ozbargain so far.

Just passing on some tips which may help you save $$$ off your home loan.

NAB recently launched an aggressive campaign. Cute visuals and ads aside, they've offered to pay $700 towards exit fees if you switch to NAB.

In response to NAB, Westpac took out a double-page ad in The Age advertising a new 'deal' on a loan package. The URL is linked above.

The new deal offered up to 0.1% better rates than my current existing loan. Actual discount varies depending on loan amount.

I shot off a message to their Twitter spokesperson asking if they could extend the new, 'better' rate to exisiting account holders.

Said spokesperson asked me to contact my bank's home-loan manager.

I shot off an email to the manager and a week later, she offered me the better discount. I got a 0.05% further reduction on my existing home-loan rate.

Moral of the story?

If you've got a home loan, it's worth checking if you bank is offering a 'better' deal to compete with NAB etc. If they are, contact them.

Subtly drop hints that you're aware of NAB's campaign too. That should help. :-)

Comments

  • Yes, move it to forum please. Better discuss there.

  • Thanks. Sorry for posting in wrong location. Thanks for moving.

    Get on to your bank!

  • even with haggle, you're still being bent over by running with NAB or WBC, but if you're stuck with them then this is obviously worth looking into.

    • Well, you're 'bent over' if you need to take loan with anyone! So might as well see what you can get!

  • If you are so happy for 0.05% less, why not move to credit unions that offers below 7%?.

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