I am a little behind the times… last Monday BankWest announced the following discounts under its professional package.
Total lending:
$250k – $500k = 0.50% (St George is better in all States except NSW & ACT with 0.70% off)
$500k – $750k = 0.65% (St George is better in all States with 0.70% off)
> $750k = 0.75% (best discount on the market)
They also take into account the tax deductibility of investment debt when calculating the serviceability (recent change).
Cheers
Stu
But what is the cost for the professional package?
CBA has a smilar thing but cost $495 pa
ChrisAll post are IMHO.
BankWest normally charge normal application fee and ongoing fees. However, the trick with BankWest is to have a small line of credit (say $50k) and then you pay an annual fee of $300. However, this allows you to apply for unlimited mortgages without paying for any additional upfront or ongoing fees.
So, in short, the cost is $300 p.a.
Based on a loan of $750,000, the annual fee ($300) only represents 0.04% of the loan… not much compared to the interest rate!
Cheers
Stu
Chris-Syd,
Colonials annual fee for Mortgage Advantage is $300. The $495 is for the Mortgage Advantage PLATINUM, with slight variances, but none regarding interest rate.
Liz
Mortgage Lender
You must be logged in to reply to this topic. If you don't have an account, you can register here.
