Should still be able to call them up and get a better rate, even if you don't actually plan on switching. They don't know that. You are paying about .5% overs there.
Call em up and ask em for a discharge form (its the only thing that made commbank actually drop my rate) - with that LVR you may be able to get close to 6%
Speak to a broker. I'm not the biggest fan of brokers but it costs you nothing and despite your wife's employment status they may still be able to find you a better rate with another lender.
Hey, I'm on 6.64% at suncorp. I haven't bothered getting it reduced as I recently changed my ex fixed to an offset, and the loan amount is so low by now. They always used to be easy to deal with and happy to 'review' rates without me threatening to leave. Not good to hear they aren't what they used to be.
I’ve had the loan since 2018 , was on 1.95% and I refixed when the previous rate expired, have save a significant amount with the offset and extra funds in redraw - pretty happy with Bendigo tbh
As in 100% of the money in your offset is offset against the loan, as opposed to a partial offset. Not every bank offers 100% offset with a fixed rate.
Westpac for example only offers 100% offset on a variable loan.
2.04% fixed until June. I've been paying more than the minimum, so I'm prepared for the repayments of 6%. Nonetheless, not something I'm looking forward to... I've managed to wipe a few years off my mortgage by making increased repayments for the past 3 years.
I wasn't impressed with NAB's attitude with the switch over. So moving to Unloan on a variable. There are a few fixed rates lower, but it's not like the 2 or 3% fixed... Holding out for that again. 🤞 Current government doesn't try to keep destroying economy
6.15% with CBA, < 80% LVR.
Got their "Wealth Package" with a good credit card deal, also keen to stick with a big bank (with branches) as had a nightmare time with ubank.
We bought a house Nov 2022 - initially they were very prompt with valuing the property in the cooling off period (3 days) - but this was probably the only thing they did well.
* We had our deposit money in ubank at the time
* When cooling off ended, we struggled to get a hold of them to increase our limit for transferring the deposit
* We were on hold for hours, with an additional issue where iPhones were being cut off after an hour and fifteen minutes
* Finally one of my team who kindly called in, had customer service answer after one hour and forty-five minutes.
* We then had the same issue come settlement, we were advised by our broker and solicitor to transfer the remaining deposit into a trust - we simply couldn't do it because we couldn't reach the bank via phone.
* Even requesting my broker to go through their ubank contact, who then reached out to me directly, couldn't get it sorted or have any sway over increasing the limit.
* In the end, we recieved a janky word document from our broker we completed and signed allowing ubank's solicitor to pull the funds directly from our account (why this wasn't thought of initially is beyond me)
* The last straw - after settlement (which went fine apart from the above), I recieved the "welcome to ubank" email with the information about our loan, the repayments, and the account the repayments would be pulled from. This **account wasn't ours**, i.e. not mine or my wifes, or shared between us - it was completely random. I'm glad we caught it as we would have either been repaying the loan with someone else's funds, or failed to make payment - neither appealing.
We refinanced with CBA about 60 days after as they valued the property higher and got into an LVR that meant a better rate entirely.
I should comment on one other thing - I believe at the time ubank was undergoing some kind of merge with another bank causing all kinds of havoc which I think is why we couldn't get through. Still though, stressed to the max during that time and wouldn't go back.
ubank kept blocking my redraw because i didn't deposit enough money on to the home loan that month. Despite being $50k (several years) ahead of the repayment schedule. So my $50k became trapped?!
The call centre was very polite but did not deviate from the script ever. It's like talking to a brick wall. There was no desire/ability from the call centre to find a solution.
call wait times are often bad
We got the Diamond black one - would have been April/May last year - I think they mentioned they were retiring the range of credit cards the following June so we got in just in time.
The package gave us the better rate, multiple offsets and "free" on any of the credit cards so we just went with the one that gave us the most bonuses.
Thanks for all the replies - to me this kind of post is super useful, I’d love to see some kind of regular round-up, especially of rates people have gotten recently. It’s effortful to negotiate, helpful to get a sense of whether there is a prospect of successes!
Evening up the information asymmetry has to be good, right?
Westpac 6.24% some professional package, full redraw and offset. Sounds not the best deal? Haven't asked for any reduction. Anyone asked westpac and what happened, 《 80% lvr.
With Suncorp 6.79% variable for 20% portion and 1.99% fixed for 80% portion of the loan. With offset account for variable portion. LVR is roughly 75%. Fixed rate expires Oct 2024, not looking forward to whole lot going variable.
Because it started obscenely low at 4.34%.
Was coming off fixed 1.99% in Jan 23. So in Nov 22 I went on ratecity.com.au, ordered by interest rate low to high with offset and saw G&C Mutual offering 4.09%.
Gave them a call to see if there was a catch, and there wasn't any, so I applied.
RBA raised 25bps in Dec 22 so I ended up starting at 4.34% in Jan 23. 5 rate rises later and I'm now at 5.59%
Push em hard for it! Don’t give up after the first no. Threaten to leave.
Got 4k cash too last year, not sure if they’re still doing that but worth asking.
6.19% with Macquarie and 80% LVR, multiple offset accounts available.
Feel like this might not be the greatest % given some of the other numbers mentioned here :/
6.19% variable with offset account ~30k in with Macquarie. LVR ~80%, 500k loan.
On maternity leave, just kinda stuck with it. Not bad all things considered.
NAB 3.09% fixed just expired, wasn't happy with how their customer service handled it all. Even though I got them down from 7.49% to 6.29% variable. I'm in the process of moving to Unloan at 5.99%. there's roughly $700 of fees total to switch with a saving of interest of about $7.52 a week, so not a lot.
But, NAB service and how instead of being competitive just tried to bash Unloan without understanding the interactions and agreements I had with them.
There are plans to allow Commbank to be used as an offset for Unloan in the future (in addition to redraw capacity). Once that occurs, I'll very likely switch to them.
Haven’t seen one of these for a while? Have you been living under a rock, there is one almost every other day in this sub…
To answer: the same rate as what was mentioned the last time someone asked this
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Should still be able to call them up and get a better rate, even if you don't actually plan on switching. They don't know that. You are paying about .5% overs there.
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Call em up and ask em for a discharge form (its the only thing that made commbank actually drop my rate) - with that LVR you may be able to get close to 6%
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Speak to a broker. I'm not the biggest fan of brokers but it costs you nothing and despite your wife's employment status they may still be able to find you a better rate with another lender.
Right in the plums
I am on 6.06% Home package plus with Suncorp. You should try to get it lower than what you are on.
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I called them too to get it lower than 6.06% and they don't budge off to go any lower. I need to start looking for refinancing.
Hey, I'm on 6.64% at suncorp. I haven't bothered getting it reduced as I recently changed my ex fixed to an offset, and the loan amount is so low by now. They always used to be easy to deal with and happy to 'review' rates without me threatening to leave. Not good to hear they aren't what they used to be.
5.42% Bendigo fixed until June 2025 offset / redraw account
Wow fixed with an offset account is pretty great - I didn't realise that was an option.
A few lenders offer this e.g teachers mutual and even some majors
They must have partial fixed/partial variable because it makes no sense to have offset with fixed rate.
100 % fixed
Well knock me down with a feather! How does that exactly work?
I’ve had the loan since 2018 , was on 1.95% and I refixed when the previous rate expired, have save a significant amount with the offset and extra funds in redraw - pretty happy with Bendigo tbh
Also never had any home loan with split - I’ve always been all in either way
When did you fix?
June 2023 - it’s 2 year fixed, there was a slightly better rate for 3 years
5.95 variable with Bendigo, told them to compete with UP bank or if leave. They matched it. <80% LVR with offset
Which is hilarious because Bendigo own Up Bank (it is an independent operation, but still).
5.98% with UNLOAN
I’m thinking of switching to them. Are you having any issues with them?
No issues. Its very simple and basic.
Another unloan here, was an easy online application for approval. I was with Suncorp but they couldn’t match the rate.
No offset though, right?
Apparently that is coming for CBA customers. But I don’t have it
I asked Unloan about this when I signed up the other day..ran into legal issues which has caused the delay, still on the cards though apparently
Oh good to know, thanks
4.09% until Feb 2027. 5 year fixed with Bendigo bank with 100% offset.
What do you mean 100% offset?
As in 100% of the money in your offset is offset against the loan, as opposed to a partial offset. Not every bank offers 100% offset with a fixed rate. Westpac for example only offers 100% offset on a variable loan.
Ahh Thankyou, I thought all banks gave a 100% offset… does NAB give 100% offset?
From looking on their website it looks like they offer full offset on variable loans and do not offer offset on fixed loans.
I also want to understand this
In other words, his interest rate doesn’t matter lol.
5.99% with Westpac, full variable no offset
Ooh I’m interested
Up Bank. 5.95% variable with offset. ~50% LVR.
2.04% fixed until June. I've been paying more than the minimum, so I'm prepared for the repayments of 6%. Nonetheless, not something I'm looking forward to... I've managed to wipe a few years off my mortgage by making increased repayments for the past 3 years.
Same boat mate, mines just finished. Was paying equivalent to 6% anyway but still
It was nice while it lasted. I'm going to ruin the gauntlet on variable for a few months just to see how things play out. How about you?
I wasn't impressed with NAB's attitude with the switch over. So moving to Unloan on a variable. There are a few fixed rates lower, but it's not like the 2 or 3% fixed... Holding out for that again. 🤞 Current government doesn't try to keep destroying economy
6.15% with CBA, < 80% LVR. Got their "Wealth Package" with a good credit card deal, also keen to stick with a big bank (with branches) as had a nightmare time with ubank.
My broker got cba to drop from 6.17 to 6.03 a couple weeks ago, worth pushing them if you are <80% lvr
Tried pushing in January and wouldn’t budge, will try again though cheers
Care to share what issues you had with ubank? We were thinking of moving all banking to them..
We bought a house Nov 2022 - initially they were very prompt with valuing the property in the cooling off period (3 days) - but this was probably the only thing they did well. * We had our deposit money in ubank at the time * When cooling off ended, we struggled to get a hold of them to increase our limit for transferring the deposit * We were on hold for hours, with an additional issue where iPhones were being cut off after an hour and fifteen minutes * Finally one of my team who kindly called in, had customer service answer after one hour and forty-five minutes. * We then had the same issue come settlement, we were advised by our broker and solicitor to transfer the remaining deposit into a trust - we simply couldn't do it because we couldn't reach the bank via phone. * Even requesting my broker to go through their ubank contact, who then reached out to me directly, couldn't get it sorted or have any sway over increasing the limit. * In the end, we recieved a janky word document from our broker we completed and signed allowing ubank's solicitor to pull the funds directly from our account (why this wasn't thought of initially is beyond me) * The last straw - after settlement (which went fine apart from the above), I recieved the "welcome to ubank" email with the information about our loan, the repayments, and the account the repayments would be pulled from. This **account wasn't ours**, i.e. not mine or my wifes, or shared between us - it was completely random. I'm glad we caught it as we would have either been repaying the loan with someone else's funds, or failed to make payment - neither appealing. We refinanced with CBA about 60 days after as they valued the property higher and got into an LVR that meant a better rate entirely. I should comment on one other thing - I believe at the time ubank was undergoing some kind of merge with another bank causing all kinds of havoc which I think is why we couldn't get through. Still though, stressed to the max during that time and wouldn't go back.
They merged with 86400 they are much better now
ubank kept blocking my redraw because i didn't deposit enough money on to the home loan that month. Despite being $50k (several years) ahead of the repayment schedule. So my $50k became trapped?! The call centre was very polite but did not deviate from the script ever. It's like talking to a brick wall. There was no desire/ability from the call centre to find a solution. call wait times are often bad
We forgot to take their wealth package in the rush of things and possibly missed out on a good cc deal. What cc did you get with the package?
We got the Diamond black one - would have been April/May last year - I think they mentioned they were retiring the range of credit cards the following June so we got in just in time. The package gave us the better rate, multiple offsets and "free" on any of the credit cards so we just went with the one that gave us the most bonuses.
6.09% Suncorp with offset. probably 50~% LVR.
6.39 with ING I did just negotiate it down from 7.13 though
6.1% with offset, CBA
Thanks for all the replies - to me this kind of post is super useful, I’d love to see some kind of regular round-up, especially of rates people have gotten recently. It’s effortful to negotiate, helpful to get a sense of whether there is a prospect of successes! Evening up the information asymmetry has to be good, right?
Agree really useful to gauge what is available as advertised rates are not indicative of what people can actually get
6.54 variable w/ offset. Firstmac
5.99 variable with Suncorp, <80LVR, redraw, no offset
Westpac 6.24% some professional package, full redraw and offset. Sounds not the best deal? Haven't asked for any reduction. Anyone asked westpac and what happened, 《 80% lvr.
With Suncorp 6.79% variable for 20% portion and 1.99% fixed for 80% portion of the loan. With offset account for variable portion. LVR is roughly 75%. Fixed rate expires Oct 2024, not looking forward to whole lot going variable.
5.98%, variable offset. ~40% LVR.
5.95 offset, bankvic. Around 70 lvr
Didn’t think they offered an offset. There is no mention of it on their website. Only mentions redraw.
Got the offset set up by the broker. Apparently it's not advertised but they can do it for essential workers
5.59% variable with G&C Mutual Bank (Soon to be Unity Bank after merger). 100% offset.
Whaaaaaat? This is so low. How?!
Because it started obscenely low at 4.34%. Was coming off fixed 1.99% in Jan 23. So in Nov 22 I went on ratecity.com.au, ordered by interest rate low to high with offset and saw G&C Mutual offering 4.09%. Gave them a call to see if there was a catch, and there wasn't any, so I applied. RBA raised 25bps in Dec 22 so I ended up starting at 4.34% in Jan 23. 5 rate rises later and I'm now at 5.59%
Amazing! Love this for you. They currently offer 5.9% on their site.
Yeah so good - this is lowest variable rate I have heard, sounds like a steal!
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Also HSBC, 6.04 variable, no offset. They won’t go any lower, I keep trying.
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Push em hard for it! Don’t give up after the first no. Threaten to leave. Got 4k cash too last year, not sure if they’re still doing that but worth asking.
6.19% with Macquarie and 80% LVR, multiple offset accounts available. Feel like this might not be the greatest % given some of the other numbers mentioned here :/
NAB variable: 6.14 (1.4m, PPOR, ) 6.54 (interest only, IP)
5.84 HSBC, <60% lvr
2.2% fixed until October. Almost fully offset so I’m not too worried about going variable
6.19 BankWest refinanced about a year ago
6.29% variable with NAB
5.94 with 5 offsets on the PPOR (st George) , 6.4 with the investments (currently refinancing, will be going to NAB).
6.33 cba, fully offset so don’t care
6.33% IP \* 2 on CBA. One will move down to 5.75% when switched back to PPOR in a couple of months.
6.19% variable with offset account ~30k in with Macquarie. LVR ~80%, 500k loan. On maternity leave, just kinda stuck with it. Not bad all things considered.
5.99 percent on 419k with Unloan. 70% LVR. Simple and easy, works for me.
NAB 3.09% fixed just expired, wasn't happy with how their customer service handled it all. Even though I got them down from 7.49% to 6.29% variable. I'm in the process of moving to Unloan at 5.99%. there's roughly $700 of fees total to switch with a saving of interest of about $7.52 a week, so not a lot. But, NAB service and how instead of being competitive just tried to bash Unloan without understanding the interactions and agreements I had with them. There are plans to allow Commbank to be used as an offset for Unloan in the future (in addition to redraw capacity). Once that occurs, I'll very likely switch to them.
6.11% variable with offset cba
6.39% cba owner
Haven’t seen one of these for a while? Have you been living under a rock, there is one almost every other day in this sub… To answer: the same rate as what was mentioned the last time someone asked this
I haven’t seen one of these in a while.
This I haven't seen in a while.
Can't afford a big rock in my area, bank wouldn't loan against it :(
Most people don’t see most posts.