Post The Best Mortgage Variable Interest Rate Deal Secured

dimitryp on 25/05/2024 - 14:50

Hi All,

As for many of us, our very good fixed mortgage rate (1.84%) just expired, and we've been shifted by our tier-2 bank lender to 5.99% variable. No amount of negotiation with them has been successful in getting a better discount, even though our loan size is large, we have good credit, and our LVR is close to 50%. 5.99% also happens to be their advertised rate for their no-frills homeloan.

Looking on Canstar, lots of the better lender offers are around that 6.00% mark, with a few small lenders offering closer to 5.75%.

I was just wondering if anyone, via negotiation directly with a lender, or perhaps via a broker, has been able to secure a rate that's significantly better than 6.00%?

I'm going to put a poll in, but it'd be great to hear from those that had good success below the 6.00% mark, which lender, how they achieved this, and with what conditions (LVR, loan size, etc).

I know there's a great spreadsheet of all market offers already on OzB [ https://www.ozbargain.com.au/node/653711 ], but im interested in whether there's any room for negotiation below the advertised rates.

Thanks!

Poll Options

  • 3
    6.50% or slightly below
  • 8
    6.25% or slightly below
  • 19
    6.10% or slightly below
  • 10
    6.00% or slightly below
  • 4
    5.90% or slightly below
  • 2
    5.80% or slightly below
  • 1
    5.70% or slightly below
  • 0
    5.60% or slightly below
  • 11
    5.50% or slightly below
Financial Home Loan Loan

Comments

  • simplystu on 25/05/2024 - 16:39
    +5

    mate … you will get skewed results.
    Which in effect makes your poll pointless.

    EG.
    1.) LVR
    2.) previous debts/CC's
    3.) new VS current clients.

    the list goes on.

    Best do research individually + maybe utilise a broker (that is what they are there for !!!)…
    EVERY person has different personal circumstances - so hard to compare by basing on a number in a poll.

    • dimitryp on 26/05/2024 - 12:09
      +1

      i cant do a poll with all those permutations, there'd be 100 options.
      Asking for the wisdom of OzB is much quicker than talking to a broker, so this is what im doing here.

      Key thing to find out if people are able to consistently get deals under 6%, in which case i should really have a look too. If not, then it means my loan is fine where it is.

      Hopefully others can also benefit from the shared data.

  • stratbargain on 25/05/2024 - 19:23
    +1

    5.95% with no fees is what i'm on with Up Bank.

  • Dollar General on 25/05/2024 - 19:26
    -1

    20.99% with Mick Gatto & Carlton Crew.

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