Well if it’s 0.9% with Westpac then stay….yes their SVR is slightly higher- so the rate is still higher then ANZ etc…but for such a small loan and small diff in rate it’s not worth the change; financially.
Regards
MichaelMick C | Shape Home Loans
http://www.shapehomeloans.com.au/
Email Me | Phone MeSame Banks. Better Rates. Served With a Passion.
bucko666 wrote:Thanks guys. This might be a bit of a silly question, but here goes; A broker organised the original Westpac loan for me. Should I speak to him about changing ?? Or will his commission be reduced or cut by changing providers ?? I don't mind if he organises the new loan for me If I do go with ANZ, but I want to be confident my interests are at the forefront and not his commission !The broker will get you the same rate with ANZ. Best to go back to your original broker so they can at least make up for the claw back on getting this next one for you.
Cheers
Jamie
Jamie Moore | Pass Go Home Loans Pty Ltd
http://www.passgo.com.au
Email Me | Phone MeMortgage Broker assisting clients Australia wide Email: [email protected]
But as Michael mentioned probably better off to stay put as by the time the loan documents arrive the Westpac rate could be better than Anz.
Clients forget this is just temporary competition amongst the majors and when Credit Growth increases or they have the share of the market they want discounting will cease.
Dont chase a rate for rate sake as the correct stucture gets you there twice as quickly.
Cheers
Yours in Finance
Richard Taylor | Australia's leading private lender
Thanks for all the info guys. As I said, I have no intention of moving (although the ANZ deal did have me thinking) it was more an exercise to see if I could squeeze any more discount out of Westpac.
Probably an hour and a half of my time all up and I’ve managed a 0.1% discount which will save me around $400 in the first year alone. Pretty happy with that
Thanks again.
Try Suncorp. No application fee, you get 1.03 off the standard variable, so its comes down to 6.55% although there is a $25 p/m fee for this package. Im currently in the process of refinancing to them.
Yes that is because their standard variable rate is higher than most.
Secondly as long as you have the 4 weeks or more it is taking them to consider an application.
Sure Suncorp have a home but it is only for a selected few applications.
Cheers
Yours in Finance
Richard Taylor | Australia's leading private lender
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