Can anyone give me some good advice or experience that they have had with lenders in negotiating interest rates. Particularly with St George? Don't really want to switch banks.
I know of one Westpac customer that was able to get cashback again after his fixed loan ended. Id love to get the same again.
Can they also interest match with other banks. I know Suncorp do or at least did.
We are looking to get another investment property so 2 x inv and 1 PPOR.
Thanks
Don't really want to switch banks.
Brokers won't work for free. No switch = no commission.
OP will change their mind when they get better rate and £5,000 cash back offer.
£5,000 cash back
Sounds generous…
No switch = no commission.
Yes, but switching to a different offer with the same lender will count.
My broker renegotiated on my current interest rates, and got me $5k cash back too. Didn’t have to switch banks
Did your broker originally get you the loan?
@87percent: They are still getting commission from your loan, perpetually. That's why they renogotiated your rates for you. That and to keep you happy to stay their client
Seems you know a lot already so chase down those previous "wins" and then come back with your results. That is, you put in a bit of effort and the rest of OZB will be happy to add.
OP you're best bet is to submit a notice to discharge form with St George. Youll get a phone call from their retentions team pretty quickly. Make sure you have another lender's offer details (including cashback) to hand for when they call and they will match that offer if it's legit and comparable product
I spoke to a broker. He gave me rates. I was totally transparent and said I want to give my exisiting bank an opportunity to do better. Went back to them with the competition rates. They matched.
Don't really want to switch banks.
Change this mindset to help your haggling.
Don't really want to switch banks.
Then what bargaining power do you have?
Homer approaches the agent.
Now before we negotiate, I have to tell you I'm desperate to unload Lurleen,
and I'll take any offer.
They're simply stating they'd prefer to try negotiate a better deal with their current lender over refinancing to a new lender….
My Missus called her bank yesterday and "asked" for an interest rate reduction or else she would talk to her broker. She was offered 0.75% reduction immediately.
I suggest you do the same. If that fails or the reduction is not enough then do talk to a broker. That's what they do best.
Yeah, literally just call the bank and ask.
I called mine and noted that other banks were up to 1% cheaper than my current rate, so they reduced my rate by 1.1%.
Took 10 minutes.
Good stuff. Well worth 10 minutes. That's like an Ozbargain deal of the year.
Ok broker is offering
$3,000 x 2 Cashback
OO @ 4.29% p.a. Variable P&I with Redraw
IN @ 5.19% Fixed 2 Years with Redraw
Now back to St George to see if they will match. Doubt it but will keep you posted.
St George should easily match that. 4.19% and 5.39% are their advertised rates. Maybe not through the 13 call centre but certainly if you get through to retentions (need to submit notice of discharge form to get the retentions call)
It's with their interest rate matching department for a review. Let's see how it goes.
Nope. Not budging at all.
So they said they have a interest rate matching department. Takes 3 days to get back to you….
Nope no change. Wonder why they have that department.
See ya St George.
Yep, time to part ways 👍
Speak to a broker. That's literally their job.