http://www.commbank.com.au/personal/home-loans/wealth-packag…
Are there anyone using them at the moment?
Just wonder whether the benefits would meet the cost
Used to be $350, looks like it's going up to $375.
CBA Wealth Package
Pumpkin_rrr on 04/10/2012 - 09:26
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We use the St George Advantage Package for similar fee. It gives us a discounted interest rate and wipes out all admin fees. For us, it's worth it but you need to do the sums and find out if it's worth doing for your specific circumstance.
Thanks for sharing. Unfortunately we cant change bank, or rather not to.
Just trying to decide whether we want to subscribe to this package, or not.
I find the only benefit we get out of it is the discount on interest rate
We dont do insurance….I looked at it 5 or so years ago. It was good at the time for the full featured home loan, free txn account and credit card.
However, now the txn account is free if you deposit over $2k a month, the credit card is poor (9700 points for a $50 voucher) and you could get the Economiser which had the same interest rate as the full featured loan but no fees (you lose the MISA though).
Thanks for sharing. Unfortunately we cant change bank, or rather not to.
Sorry, wasn't saying to change banks.
Just trying to decide whether we want to subscribe to this package, or not.
You'll just need to do the sums so you can see how much you'll save with the discounted rate and any other benefits.
My home loan is with commbank. Have you looked at no fee loan?
Do you need an offset account? If not the no fee variable may suit especially if the loan amount is between $150,000 and $250,000
I'm on the CBA Wealth Package - I already had a CBA awards card, and savings account, so the yearly fee is far less scary when it effectively includes those fees.
Of course - the discount off the interest rate, and no establishment/monthly fees is where you win out. Particularly if you want to split the loan (I borrowed ~$350k, have half variable and half fixed for three years (I fixed it at 5.99% - so variable has now come down to match it). I have an offset account linked to the variable portion, and have the option to redraw instead if I'd prefer.
Platinum awards is nice - I do all my spending through the credit card (and some work spending too) so the awards add up. I cash them in on Coles gift cards most of the time. Of course, the '55 days' interest free gives you an opportunity to have your 'spent' money in the offset account, and then just pay off the cc when it is due.
YMMV… but it is worth considering. As hinted above, you're usually best off with a package like this, or borrowing through one of the 'little' lenders on one of the simple packages.
My work is fairly complex - partly 'casual' engineering services, part self-employed and my partner was on a contract at the time too. I went through a loanmarket broker and the general advice was CBA tend to be easier to deal with when you have less straightforward income. I'd definitely recommend talking to a broker - free advice is always a good thing.
The savings I get are. the Loan Service Fee each month
the 0.7% off the variable rate.
no fees on our streamlines
no annual fee credit card.These saving outweigh the $375.00
Plus we get discount on our home insurance policies.
That's good to know.
We are staying…. yoohoo
Does anyone know if CBA can waive this wealth package fee each year?
I have read that ANZ have done it for some of their customers.Hey mate I got them to waive it a once off than left the next year. They are very rough with this. They made me sign a form to say this is a once off.
Yeah. The first year is free. They wouldn't waive it for me.
Just threaten to leave wat interest rate they give u
Yes definitely.. I m using ANZ Breakfree package
But also it depends on your complexity of home loans
You are better with UBank if you are looking for Basic No Frill Home Loan