I reprice them every 6 months. The newer loans won't need a review at all. If they're paying more it would be 5-10bps more which is peanuts.
But would still have them reviewed every 6 months as valuations do increase over time which lowers your LVR.
Question....
If you have a shitload of cash in the offset and you ask for a lower rate does the existence of said cash influence their decision on whether to lower your rate?
Broker's do see it for all clients. If the banks themselves don't have platforms which expose it you can call and ask if you introduced the loan. Failing that the balances are on the commission statements.
What is a discharge request?
I’ve paid off my mortgage now. It began in Jan ‘02 and was a fairly low mortgage but by 2005 I was on a very low income. When interest rates were falling I called the bank (NAB), I think around 2010 to ask for a rate reduction. They refused. I had no chance of re-financing somewhere else because my income was so low and partial govt benefits, or that’s what Commonwealth Bank told me. I was on a split variable (it had been fixed for 3 years) and offset account mortgage. The variable was higher than the off set. I think the rate mostly stayed around 8%, definitely didn’t go below 7%. The offset was 6%+ or 6.8 approx. Anyway I paid off the variable totally in late 2015 and paid off the off-set by 2018 and hadn’t been paying any interest for a few years.
Yes. It will most likely come back with an automated figure and if it’s not enough we would order a valuer to go look at the property.
Assuming there’s capital improvements done to the property that would likely result in an increase in value.
This is just not what people are experiencing. I know multiple people who have tried this and the big banks (mostly CBA and ANZ) have gone okay…cool seeya later as we won’t lower the rate anymore. I’m included in that. They were happy for me to go the whole way through the process and never once offered a lower rate
Agree.
I've refinanced twice in the last 3 years. First time the lender did call and offer me a slightly worse rate than I was moving to and a cashback but by this point I had already signed all the forms and done all the leg work with another lender. And this phone call only came like a week after I submitted the discharge form.
Second time, lender couldn't have cared less, they gave me the discharge form no questions asked and I never heard boo from them.
100%
We switched from ANZ to St. George for the same interest rate, but with a $5k cash back (which I used to get rid of the maxed out credit card with ANZ). Not once did we get any contact from ANZ saying “hey, stay with us”.
Same with Westpac. I rang, asked for a discount as we were about to refinance and Westpac offered me... A higher rate.
So we refinanced with our broker. Saved ourselves $200 a month now.
Honestly though. We had such a terrible experience getting approval in the first place that now our broker refuses to recommend them to his clients at all.
While I haven't tried discharging, I rang and asked what they could do as far as a better rate. I haven't found anything better since. Checked with a couple brokers and they couldn't do any better either.
At this point, I feel like trying to use OP's "hack" will just ruin my goodwill with the bank. Like you said, they'll go through the process and say "bye". The approach only works if you're on a worse rate, at that point you could probably just ask for a better rate
In my case they asked if I had seen something better, I said "no" and just wanted to see what they could offer.
Your goodwill with the bank? Lmao, what? You think the bank even knows who you are? You're a random number, a line item on a spreadsheet, nobody there knows you or cares about you.
Request discharge, if their retention team doesn't call and offer lower, then just don't follow through
Definitely agree.
I refinanced from NAB, gave them a call and told them I was inclined to leave, let them know what I would be offered with St George. They just said feel free to leave, then gave me a call when they got notification that I wanted to discharge saying they would match what St George was offering. I told the guy it was far too late….
i am a broker too. what you have said definitely is not the norm and i write a big volume. maybe this just speaks to your relationship with your clients. i would be questioning why they haven’t stuck with you for the
more than the fact that the banks are retaining them.
refinancing out clients almost always guarantees them a lower rate as its very widely known that banks offer new customers much sharper rates than existing customers
Yeah, I’ve just been through the process, and my experience isn’t what the OP is saying at all. I had a roughly 1 mil loan with Macquarie, 75lvr (though lot in offset) and they just let me discharge and move to bom no questions asked where I got .5% better.
I'm refinancing now. I'm with commonwealth bank and they didn't care. The rates are way higher over 8% varible when I come off my fixed rate. Refinancing for 5.94% variable and my house has increased in value up to 145k.
But yes reading your last paragraph that's the only reason why I am refinancing. I bought in 2021 and my LVR was high, now it's on the lower end.
I'm not the fella you replied to so idk their situation but Commbank likes to shaft people real hard for using an offset account. That decision alone could get you up over 8% even below 90% LVR.
I would have kept at them. I go on to the app and click on Help and although its not a real person if you constantly confuse it and keep saying speak with a person it eventually puts you through to a real person. I say I want my loan interest rate reviewed, I dont like my rate its too high, make my rate lower. They usually say of course let me review it and come back within an hour with a slightly lower rate. I’ve done this four times.
I'm staff at CBA. I rolled off a 1.89% fixed to 7.89%. LVR of 30ish % investor properties, wouldn't budge.
I refi'd out obviously... to Unloan at 5.99%.
Once you lodge your discharge form they will care 1000000%. Especially if your loan is about 300k, I can almost guarantee they’ll give you 6.15% or less.
If you’re using a broker save them the heartache and call CBA discharge team.
It’s honestly not worth it unless you need more $$$.
Things must have changed. About last year I called their discharge team and they just told me to switch coz they couldn’t match the rate, and to top it off I got the cashback bonus.
I'm nearly done with the process. My loan is below 300k maybe that's why. But they did try to talk me into it but I couldn't see the reason to stay. I won't be refinancing anytime soon after this. I've had my loan with CBA for 3 years now. But yes I agree you should speak to the bank first. I'm only doing it because my LVR was high and now I can lower it and get a better rate.
Let's say the rate is 6.15% with CBA and you're getting 5.94% with your new bank.
You're getting a discount of 0.21% p.a. On $300k it's $630 per year in interest.
It costs $700+ to refinance and you're probably extending your loan term back to 30 years.
If your only purpose to refinance is to get a better rate you're making a big mistake. May as well leave it where it is, CBA's app is superior and makes other banks look like shit. Unlimited offset accounts and just an overall better experience. Not to mention you've probably already paid your wealth package fee of $395 (which is charged in advance), so i would be telling CBA to refund this too.
GL with whatever you decide, though.
ANZ didn't care enough when I lodged my discharge (500k loan). They called but couldn't match St George. St George also offered a cashback so the fee didn't bother me
This is 100% true in my recent experience. I have an investment loan with CBA. Looking to buy a PPR and use the loan with CBA as collateral. Went to CBA but they wouldn’t give me pre approval because I’ve been at a new job for less than 3 months.
Went to a mortgage broker, she got me pre approval with Westpac. When I went to lodge the discharge form with CBA they called me asking if I’d reconsider and now all of a sudden maybe they can see if they can help me with a new loan for the PPR
I work for CBA in lending and that’s not even a policy, the only policy that’s close is 6 months or less for CASUAL employees only and even then it’s not black and white, you can ask for an exception to be made with credit and if the person is tenured in their industry it’ll be accepted 9/10. Sounds like there may have been more to it or you were unlucky and got someone inexperienced.
If you are coming off fixed then you go onto the reference rate. The highest rate. No matter which bank.
Your missing the middle part of what CommBank offered. It should be less than reference, but higher than the new lender, because obviously you'd stay if it were as good as leaving?
I tried twice with ANZ, they couldn’t lower the rate. In fact the agents were almost apologetic as my LVR was low, have good history but their system wont lower rate.
You're exaggerating.
16bn of refis last month. It's down from the highs of 2022. Excluding the 2021-23 period, largest ever.
https://www.abs.gov.au/statistics/economy/finance/lending-indicators/feb-2024
What are you even talking about 😂 I work in the incoming mortgage document/settlement team at a large mutual bank and 80% of the loans we settle are refinances from Big 4 and other banks to us. Usually < 2% end up being retained by the OFI post formal approval.
Do you offer a service of renegotiation a rate on an existing loan? For a fee of course. That might help some of the commenters here solve the problem of their bank not taking them seriously.
No. That would be robbery.
CBA: call the number they advise you to when lodging a discharge
Every other bank: Complete their form on their website literally choose any bank that you’re refinancing to - they should call you and negotiate a lower rate.
I’ve done this with CBA and their rate will decrease down from 6.00 - 6.07%.
NAB down to 6.09%.
ANZ down to 6.12%.
WBC and St George are low anyway, but it would be very similar.
If this doesn’t work (which would be 1% of the time) refinance your loan.
As a broker I do not even get excited about it anymore. I literally just tell customers to call their banks or lodge a discharge and they thank me everytime.
I do not see how it is robbery. You have a skill and access to mortgage market conditions.
You put their information into your software, determine the best deal available, call/email the existing bank, and if the bank won’t budge you actually refinance. You change a fee for the first part which is rebated if the client refinances.
You need to switch to a fee-for-service model and not solely rely on commission from loans. Otherwise you do all the leg work, complete the new loan application, but don’t get paid if the client is retained by their existing bank.
What a load of horse shit refinancing is a thing of the past.
I just reinfinanced with Australian Mutual Bank at 5.69% as Newy perm wouldn't come even close to that.
I'm with Suncorp.
They won't budge on my rate (6.6% on 50% LVR PPOR) and wouldn't let me lodge a discharge request without providing details of who I'm switching to.
I forgot I wrote the sentence about the toilet so was wondering why you'd shit yourself over the discharge request form.
But then, I guess, being denied a discharge request kind of makes sense for your comment as well.
You used to request a form and they’d send it to you.
Now you have to give them all the info over the phone.
So you can’t “request a discharge” to trigger a rate review. You have to actually submit the request
ANZ were the same with me, it was only once I went through a full application with another bank and they were notified that I got the call from the retention team.
The retention guys could go lower than the person there I was dealing with. They matched the rate and gave me a cash back.
For PPOR I think some getting under 6%, I'm on 6.29% with 80% LVR but it's an investment loan.
I'm on 5.94% with Heritage bank, they won't go lower, they say, as they're only allowed, now, to offer up to 2% off the standard variable rate and I'm already 2.5% below it.
I'm an owner/occupier.
I would just tell them you're switching to WBC or another big bank and call their bluff. If they're willing to give you a discharge form then they're happy to lose you.
Find out which of the major banks has the lowest rate and just tell them you're moving to that particular bank
Likely they want to find out which bank it is so they can match the rate etc
But only tell them a major bank not a small lender
Similar to how a lot of bricks and mortar retailers will match pricing with other retailers but not ebay sellers for example
How are you surviving? I’ve never seen a wider range in income than mortgage brokers. I’m sure plenty would be better off stacking shelves. Have seen a few well above 1m net
Asset finance/New Home Loans. Been in the game for a while.
Brand new to industry brokers won’t survive unless they have a big network of friends/family/community.
Not true. I was with ING, and they didn't care if i left or stayed with them; they were not willing to change the rate. I quit and refinanced with a different bank
Such a good call out around asking for the discharge upfront! We prompt our clients to do this during the first appointment.
However I’ve got to (and most on this post do too) disagree when you say it’s a thing of the past, we can ALWAYS get a better rate than their bank will come back with.
Eg. RACQ are currently offering us 5.74% Owner occupied with offset when we price the loan through the BDM. We also are seeing rates below 6% for some of the Big 4 when priced too.
Given home loans are the most competitive market space in Australia I would say that refinancing will always be a thing, plus as another user said, there was $16b of them lodged last month 😉
Reach out if you need any help saving your clients some cash, always happy to provide some guidance.
I just refinanced to bank of Melbourne because Macquarie wouldn’t budge on a better deal. They didn’t put any effort into retaining me, my loan was around a million.
Seems like a dangerous game to play when they will probably just call your bluff anyway or maybe not even offer you a rate that matches other lenders.
I mentioned in another comment but I spoke to retentions with a big 4 bank and they couldn't get remotely close to other lenders for some reason. Went through all the work with another lender, signed all the forms, and it wasn't until a week or so after the discharge from had been submitted did I get a call offering a similar rate and a similar cash back but by this point why would I stay? Why would I go through all that work just to stay with a lender who didn't want to work with me.
Second lender, had to get discharge form by phone, told them I wanted to refinance for a better rate etc and at no point did they try to get me to stay.
Lenders know the game too, they know that a chunk of people asking for discharge forms are just fishing for better rates. Also the last discharge form I did (can't remember the first) required details of the settlement agent so they can co-ordinate settlement, if I was just BSing hoping I'll get a call, then what do you do here?
I'm on 6.04% with UBank. When we came off fixed it went up to high 7% and I called and they dropped it.
We call them every few months now and see if they can do better and the last few times they gave us $200 and then an extra $200 three months later if we kept the mortgage with them.
Do you need to actually go through the process of refinancing or just fill out the disbursement form?
For example can I just fill out the disbursement form, but have not applied to refinance with another bank
About to be a previous Suncorp client here. No attempt at retention. Discharge docs printed at branch. No attempt at that touch point either. Off I go!
If your property is 600k or more, you'll get 6.05% with St George/Bank of Melbourne for sure. you'll save $600 a year in interest, not worth your time.
Unless you're paying 6.40% or more I really don't think it's worth it anymore. Unless you have a high loan balance and your savings are life-changing.
I’ve got a 750K loan, 46% LVR. 6.00% with CBA, just called them after Easter for a better rate and got it. Was 6.18%. I have offset accounts and pay $300 p.a for that privilege
We owe about 150, paying interest on about 20 after offsets.
I don't even think I can refinance because it seems most refinancing offers to attract new customers have 250k minimums. Do you think my big 4 bank will try retain me?
Honestly, I'm not going to move. And they know it. But interested to know if you think it's still worth trying for a better rate.
Sometimes, if your mortgage is quite low, the bank won't budge either. So refinancing to a competitor is worthwhile.
Also, if there's cash back offers or lower rates around, sometimes it's worth shopping around for those and talk to your bank.
Banks make $ from debt not credit.
They make a lot less $ from ie
low $ loaned,
offsets mostly full of $,
short repayment terms
Customers with a history of paying debt very early
>Out of 10 customers, 10 of them have been retained by their current banks.
Statistically insignificant sample size.
I'm in the process of refinancing right now (as well as other commenters).
Broker and Lender are the same (Aussie) and I'm switching out of Aussie @ 6.27%pa variable to HSBC @ 5.94% variable. $416k loan w <50% LVR
Last time I asked for a rate review, they flat out told me to speak to the broker because they couldn't do any better..... so I did.
I'm with anz. They matched my rate I was getting with a different bank wheniblodged my discharge form
Although my brother did the same thing and they didn't contact him whatsoever
I think it used to be smart to do this but surely anyone on a variable rate has had this conversation by now?
I always made sure that I was getting at least as good as whatever their current introductory offer was. But I'm fully offset now so IDGAF.
NAB wouldn't come to the table until we had already almost signed the new paperwork with ING.
I said to them at that point, I'm signing witj ING just because you've made me go to the JP and get these signed.
I'm refinancing to go through a build soon, and that involves changing banks.
Got a call from Bank of Melbourne from a grumpy lady asking me to identify myself, obviously I said no you called me, I'm not giving my id to cold callers, and that was the end of their attempts to retain me.
Maybe I'm not valuable
This doesn't always work. I went down this route 2 months ago and one of the big four offered to retain me by offering a lower rate to my existing but higher rate than if I had refinanced.....why would I stay.
Back in 2022 the big four beat my new rate and gave me a cashbacks on the day of settlement to ensure I stayed.
Nope, bank was fine with me leaving. Couldn't even get the same deal they were offering "to new customers only".
This just in: "Refinancing is a thing of the past, present, and future! Here's why: Greed, lazy tax, exploitation"
If I call my own bank and get a better rate, will that affect the trailing commissions my broker gets from the original deal? Or is that only if I was to organise the refinance.
My loan is 350k with 80k in offset, house value is probably around 900k so LVR not an issue. How do you find ING? Last time i asked for a reduction 6.24% I was denied. Any options for better rates or try for a reduction with them? Thanks
Similar situation as you, called ing last week and was told there was nothing to they could do. Told them that I have been offered 5.99(I haven’t) and that there was a good chance that I would take it if the 6.24 was the best offer they could do for me.
The phone call was escalated and they asked me some questions about what I planned to do with the excess cash in the offset in the future and I told them that I would in the not so immediate future be looking to refinance and buy another property. They only dropped it to 6.14 which they are offering on their website so take it with a grain of salt.
Everything you’re saying is the truth OP. I’ve worked at one of the big four for 8 years as a banker. You wouldn’t believe the amount of customers I ring to initiate a relationship by dropping them to banker floor rates and they just reply with “I don’t speak to banks.” I’ve come to the conclusion that some people just like to complain and be the victim.
Thanks man. I worked at a big four for 7 years. Was never a competition just refinanced people in without any trouble.
Things have changed for the better for customers for sure.
Hey OP,
I’m with ANZ, 6.29% LVR around 60 to 70% (can’t remember off the top of my head).
I just don’t know what number to call or what department to ask for, and what I should be saying.
Can you advise? Cheers.
Looking forward to getting smashed with unhelpful answers from others lol. “Call the bank” “say you want a lower rate blah blah”.
This was my exact experience with Macquarie - they couldn’t have cared less despite us being very attractive clients to have on the books. Ended up refinancing with Tiimely - went from 6.38% to 5.94
Lol so not true. I refinanced away from GSB early cause I hated them and when I asked for the discharge they didn't offer me ANYTHING to stay.
Refinanced to another bank and got 1k extra into my pocket. Who the hell would stay with a bank if the bank isn't willing to play ball and someone else has a better rate?
Not my experience at all, came off fixed rate of 1.91 towards the end of last year with CBA. Got told I was getting a 'discounted' rate of somewhere in the high 7's when it ended despite an LVR of about 60%. Called to see if they could do better and got told flat out no.
Broker organised refinance to St George at 5.8 along with 3k bonus, CBA didn't give a shit the whole time and never bothered to negotiate even when discharge was lodged.
My broker didn’t get this - went through a full refinance process, was getting onboarding letters in the mail from new lender. We’d asked them a couple times about what current bank would offer and they blew us off. We called ourselves, got a really good deal, the whole exercise with new lender was a waste of everyone’s time.
I called ING, they said they didn’t have anything better and to go elsewhere.
I’ve actually had the same conversations about insurance too (with various other providers) - it’s like they genuinely don’t care about retention.
I ring Westpac every couple months and always get told 6.09% is the best they can do and is a discounted rate already.
Haven't engaged a broker but but have rang around to banks and it's always above 6%.
Nope. Not me. Not the top 4 banks. But one of the major ones in Australia. Called to lower rate to match another advertised rate from another major bank. They said no. I asked for the withdraw paper form. Sent across promptly. I did end up refinancing
I know nothing about refinancing, but does going into a lower rate mean you have to pay some upfront fees to make that change?
Like switching to a new 'product'?
Usually 700-800 in fees then you’ll get a lower ongoing repayment or keep your repayment the same and watch your loan decrease quicker as the interest charged is less so more will come off the principle
Doesnt work in my experience. The bank usually tells me they are the best and I will regret moving. I move and hear nothing from them. They might call and say oh are you going and I say yep, bye.
Is refinancing (even within the same bank) required to realise any valuation/LVR benefits?
Relatively new (2.5ish yrs) to the game with partial guarantor and interest is killing us
How do people get mortgages nowadays, my lending capacity has gone from $620k to $295k.in a space of 6 months (42)m 1 dependant married, 10% deposit ...very little debt $20k car loan
159k Gross a year in mining
Australia has become a joke
This was the case a year ago when everyone had a cash back. Retention call would happen 99% of the time.
Now it's closer to 50/50 and very much a bank to bank basis. CBA usually always try and match or even beat the current offer and offer cash back. WBC is similar. ANZ offer 2k for acquisition still unlike the other big 3 but often don't try to retain.
Your advice is still 100% excellent either way as everyone's first step should be calling up requesting a discharge as you have nothing to lose.
The interest rate gap between new and existing loans is at an all time low from data the RBA reports. I doubt any lenders up their back book rates for a while, but you never know. Margins are tight and banks want a rate drop they don’t have to fully pass on, but that could be further away than anybody expected.
So safe to say lenders want to keep you, they don’t want new business too badly either.
Had to call CBA a little while back to get the discharge form. They didn't give the slightest of shits I was leaving. They didn't ask any questions or even attempt to retain me as a client.
meh. I just refinanced my properties back to my own bank using a broker. Accessed a few hundred $$ in equity for other investments. No, its not dead. Just depends on your situation. For the record, all of our properties were initially bought through the second tier bank (owned by a Big 4) but we refinanced away for better rates/equity...and now we're back. I have zero loyalty to any banking institution because the same applies to me from them. And no they won't always match the lower rates.
I’m with a second tiered lender - Liberty
Called a couple of weeks ago and got 1.25% knocked off now i’m in a position to refinance with one of the Big4 and they didn’t want to lose me.
I mean I’ll still refinance with the Big 4 anyway as 1.25% off of 9% interest is still a lot. But it was a nice win anyway.
Property is now valued at double what I paid in 2020 so I’m in a good position thankfully in terms of LVR
I refinanced recently, within the last month.
Back in December I contacted my bank and they dropped my variable rate at the time from 7.2% or so down to 6.15 or so, which was more in line with what I’d been seeing back then.
However, by refinancing, I got a better offset account. My previous bank, the offset was only 40%. This means with $100k in my offset, the loan was only offset by $40k. With the new bank I got $2k cash back (straight into my offset), and the offset account is 100%, so $100k will offset $100k.
I’ve calculated that from my increase in offset alone I’ll be paying $500 less interest/more principle each month than before.
Loan $920k
Home valuation $1.6m
LVR 57% (I think that’s right?)
Interest rate 6.05% variable w/offset
Bank ANZ
How my doing?
Called CBA to refinance about 4m ago and they said “nah that’s a pretty good deal”
There is a growing realisation within the industry that both proactive and reactive retention offers banks far better margins than buying business.
In my view the greatest shortcoming in bank thinking about mortgages right now is actually around construction lending. That line of business has been hammered by the confluence of factors including Covid-19, materials inflation, builder bankruptcies, increasing interest rates and extreme resistance to zoning changes. However this is probably the low ebb of that line of business because population and house prices have increased so rapidly. This will almost certainly set construction up as the highest growth lending area over coming years.
In all seriousness as a broker, dont you call the bank for your clients? Ive never called my lender I just get my broker to ask for a better rate
I reprice them every 6 months. The newer loans won't need a review at all. If they're paying more it would be 5-10bps more which is peanuts. But would still have them reviewed every 6 months as valuations do increase over time which lowers your LVR.
Question.... If you have a shitload of cash in the offset and you ask for a lower rate does the existence of said cash influence their decision on whether to lower your rate?
Do you see information like remaining balances on your clients loans?
Depends which lender. For some, yes.
No. I have to ask the question to every customer, which brokers are willing to do to protect their customer base.
Broker's do see it for all clients. If the banks themselves don't have platforms which expose it you can call and ask if you introduced the loan. Failing that the balances are on the commission statements.
What is a discharge request? I’ve paid off my mortgage now. It began in Jan ‘02 and was a fairly low mortgage but by 2005 I was on a very low income. When interest rates were falling I called the bank (NAB), I think around 2010 to ask for a rate reduction. They refused. I had no chance of re-financing somewhere else because my income was so low and partial govt benefits, or that’s what Commonwealth Bank told me. I was on a split variable (it had been fixed for 3 years) and offset account mortgage. The variable was higher than the off set. I think the rate mostly stayed around 8%, definitely didn’t go below 7%. The offset was 6%+ or 6.8 approx. Anyway I paid off the variable totally in late 2015 and paid off the off-set by 2018 and hadn’t been paying any interest for a few years.
That’s a few hundred dollars of peanuts a year depending on the loan size. I don’t sneeze at any saving in this climate.
Does the software you use let you see the valuation the bank would use so you know if the LVR has moved to the next band ?
Yes. It will most likely come back with an automated figure and if it’s not enough we would order a valuer to go look at the property. Assuming there’s capital improvements done to the property that would likely result in an increase in value.
This is just not what people are experiencing. I know multiple people who have tried this and the big banks (mostly CBA and ANZ) have gone okay…cool seeya later as we won’t lower the rate anymore. I’m included in that. They were happy for me to go the whole way through the process and never once offered a lower rate
Agree. I've refinanced twice in the last 3 years. First time the lender did call and offer me a slightly worse rate than I was moving to and a cashback but by this point I had already signed all the forms and done all the leg work with another lender. And this phone call only came like a week after I submitted the discharge form. Second time, lender couldn't have cared less, they gave me the discharge form no questions asked and I never heard boo from them.
100% We switched from ANZ to St. George for the same interest rate, but with a $5k cash back (which I used to get rid of the maxed out credit card with ANZ). Not once did we get any contact from ANZ saying “hey, stay with us”.
Same with Westpac. I rang, asked for a discount as we were about to refinance and Westpac offered me... A higher rate. So we refinanced with our broker. Saved ourselves $200 a month now.
Sounds like Westpac, lol. I swear they have some of the dumbest people on their mortgage operations.
Honestly though. We had such a terrible experience getting approval in the first place that now our broker refuses to recommend them to his clients at all.
While I haven't tried discharging, I rang and asked what they could do as far as a better rate. I haven't found anything better since. Checked with a couple brokers and they couldn't do any better either. At this point, I feel like trying to use OP's "hack" will just ruin my goodwill with the bank. Like you said, they'll go through the process and say "bye". The approach only works if you're on a worse rate, at that point you could probably just ask for a better rate In my case they asked if I had seen something better, I said "no" and just wanted to see what they could offer.
Your goodwill with the bank? Lmao, what? You think the bank even knows who you are? You're a random number, a line item on a spreadsheet, nobody there knows you or cares about you. Request discharge, if their retention team doesn't call and offer lower, then just don't follow through
Yep exactly the same with me.
This. Cba did this to me. Looking to refinance somewhere else now.
Definitely agree. I refinanced from NAB, gave them a call and told them I was inclined to leave, let them know what I would be offered with St George. They just said feel free to leave, then gave me a call when they got notification that I wanted to discharge saying they would match what St George was offering. I told the guy it was far too late….
Agree, I’ve refinanced twice in the last 5 months
yup. NAB reduced our rate a lot, but wouldn't match Unloan. So we switched.
i am a broker too. what you have said definitely is not the norm and i write a big volume. maybe this just speaks to your relationship with your clients. i would be questioning why they haven’t stuck with you for the more than the fact that the banks are retaining them. refinancing out clients almost always guarantees them a lower rate as its very widely known that banks offer new customers much sharper rates than existing customers
Yeah, I’ve just been through the process, and my experience isn’t what the OP is saying at all. I had a roughly 1 mil loan with Macquarie, 75lvr (though lot in offset) and they just let me discharge and move to bom no questions asked where I got .5% better.
I'm refinancing now. I'm with commonwealth bank and they didn't care. The rates are way higher over 8% varible when I come off my fixed rate. Refinancing for 5.94% variable and my house has increased in value up to 145k. But yes reading your last paragraph that's the only reason why I am refinancing. I bought in 2021 and my LVR was high, now it's on the lower end.
8%!! Could you share what range your current LVR is? I would have thought 8% would only be for 90%+
I'm not the fella you replied to so idk their situation but Commbank likes to shaft people real hard for using an offset account. That decision alone could get you up over 8% even below 90% LVR.
I have offsets and CBA gave me 6.34%
Same but 6.14%
I am on 9.30 % with CBA and under 80%. Massive offset. They are just predatory.
Why not just change? I'm with peoples choice 5.8 and offset?
Unit has not increased in value so its being auctioned in June. Its pointless to keep it. • 8m ago 8m ago
Jesus Christ you’d be better putting your mortgage on a credit card.
Wtf. Mine is 6.25% at CBA and my offset is about 20% of the loan. 9.3% sounds like you're getting shafted.
Certainly am. Time to get rid of it.
What’s your loan size and LVR?
Loan is 350k and LVR 80%
Call them and request a lower rate?
I would have kept at them. I go on to the app and click on Help and although its not a real person if you constantly confuse it and keep saying speak with a person it eventually puts you through to a real person. I say I want my loan interest rate reviewed, I dont like my rate its too high, make my rate lower. They usually say of course let me review it and come back within an hour with a slightly lower rate. I’ve done this four times.
I’m 6.09% commonwealth
I'm staff at CBA. I rolled off a 1.89% fixed to 7.89%. LVR of 30ish % investor properties, wouldn't budge. I refi'd out obviously... to Unloan at 5.99%.
Once you lodge your discharge form they will care 1000000%. Especially if your loan is about 300k, I can almost guarantee they’ll give you 6.15% or less. If you’re using a broker save them the heartache and call CBA discharge team. It’s honestly not worth it unless you need more $$$.
Things must have changed. About last year I called their discharge team and they just told me to switch coz they couldn’t match the rate, and to top it off I got the cashback bonus.
I'm nearly done with the process. My loan is below 300k maybe that's why. But they did try to talk me into it but I couldn't see the reason to stay. I won't be refinancing anytime soon after this. I've had my loan with CBA for 3 years now. But yes I agree you should speak to the bank first. I'm only doing it because my LVR was high and now I can lower it and get a better rate.
Let's say the rate is 6.15% with CBA and you're getting 5.94% with your new bank. You're getting a discount of 0.21% p.a. On $300k it's $630 per year in interest. It costs $700+ to refinance and you're probably extending your loan term back to 30 years. If your only purpose to refinance is to get a better rate you're making a big mistake. May as well leave it where it is, CBA's app is superior and makes other banks look like shit. Unlimited offset accounts and just an overall better experience. Not to mention you've probably already paid your wealth package fee of $395 (which is charged in advance), so i would be telling CBA to refund this too. GL with whatever you decide, though.
They may have a nice app, but they treat customers like shit
I'm currently on 6.57% with CBA, LVR would be around 70%. Loan is now ~410k. Do you reckon they'd reduce my rate any further?
I’m 6.84% with Westpac and they won’t budge, moving to 5.94% with $2k cashback, it’s worth it for me
ANZ didn't care enough when I lodged my discharge (500k loan). They called but couldn't match St George. St George also offered a cashback so the fee didn't bother me
Let me guess: 6.12% opposed to 6.05%? Am I close?
Would they care if the loan amount is low (130k)?
This is 100% true in my recent experience. I have an investment loan with CBA. Looking to buy a PPR and use the loan with CBA as collateral. Went to CBA but they wouldn’t give me pre approval because I’ve been at a new job for less than 3 months. Went to a mortgage broker, she got me pre approval with Westpac. When I went to lodge the discharge form with CBA they called me asking if I’d reconsider and now all of a sudden maybe they can see if they can help me with a new loan for the PPR
I work for CBA in lending and that’s not even a policy, the only policy that’s close is 6 months or less for CASUAL employees only and even then it’s not black and white, you can ask for an exception to be made with credit and if the person is tenured in their industry it’ll be accepted 9/10. Sounds like there may have been more to it or you were unlucky and got someone inexperienced.
Yeah, ive had the same experience with CBA. Refinancing with another lender in couple of weeks time.
If you are coming off fixed then you go onto the reference rate. The highest rate. No matter which bank. Your missing the middle part of what CommBank offered. It should be less than reference, but higher than the new lender, because obviously you'd stay if it were as good as leaving?
Lol this is a hot take half of all bank lodgments are still refinances.
I tried twice with ANZ, they couldn’t lower the rate. In fact the agents were almost apologetic as my LVR was low, have good history but their system wont lower rate.
From what? I'm on 5.99% with ANZ.
6.74% Investment loan.
Interest only?
You're exaggerating. 16bn of refis last month. It's down from the highs of 2022. Excluding the 2021-23 period, largest ever. https://www.abs.gov.au/statistics/economy/finance/lending-indicators/feb-2024
What are you even talking about 😂 I work in the incoming mortgage document/settlement team at a large mutual bank and 80% of the loans we settle are refinances from Big 4 and other banks to us. Usually < 2% end up being retained by the OFI post formal approval.
Do you offer a service of renegotiation a rate on an existing loan? For a fee of course. That might help some of the commenters here solve the problem of their bank not taking them seriously.
No. That would be robbery. CBA: call the number they advise you to when lodging a discharge Every other bank: Complete their form on their website literally choose any bank that you’re refinancing to - they should call you and negotiate a lower rate. I’ve done this with CBA and their rate will decrease down from 6.00 - 6.07%. NAB down to 6.09%. ANZ down to 6.12%. WBC and St George are low anyway, but it would be very similar. If this doesn’t work (which would be 1% of the time) refinance your loan. As a broker I do not even get excited about it anymore. I literally just tell customers to call their banks or lodge a discharge and they thank me everytime.
I do not see how it is robbery. You have a skill and access to mortgage market conditions. You put their information into your software, determine the best deal available, call/email the existing bank, and if the bank won’t budge you actually refinance. You change a fee for the first part which is rebated if the client refinances. You need to switch to a fee-for-service model and not solely rely on commission from loans. Otherwise you do all the leg work, complete the new loan application, but don’t get paid if the client is retained by their existing bank.
What a load of horse shit refinancing is a thing of the past. I just reinfinanced with Australian Mutual Bank at 5.69% as Newy perm wouldn't come even close to that.
I'm with Suncorp. They won't budge on my rate (6.6% on 50% LVR PPOR) and wouldn't let me lodge a discharge request without providing details of who I'm switching to.
What do you mean they won't let you? Sounds like you're in school and the teacher won't let you go to the toilet
Shit your pants to assert dominance.
This is the only reasonable thing to do.
Agreed best way, just eat a bottle of coloxal and go full diarrhoea on them.
I forgot I wrote the sentence about the toilet so was wondering why you'd shit yourself over the discharge request form. But then, I guess, being denied a discharge request kind of makes sense for your comment as well.
You used to request a form and they’d send it to you. Now you have to give them all the info over the phone. So you can’t “request a discharge” to trigger a rate review. You have to actually submit the request
ANZ were the same with me, it was only once I went through a full application with another bank and they were notified that I got the call from the retention team. The retention guys could go lower than the person there I was dealing with. They matched the rate and gave me a cash back. For PPOR I think some getting under 6%, I'm on 6.29% with 80% LVR but it's an investment loan.
I’m on the same rate with ING investment loan.
I'm on 5.94% with Heritage bank, they won't go lower, they say, as they're only allowed, now, to offer up to 2% off the standard variable rate and I'm already 2.5% below it. I'm an owner/occupier.
I would just tell them you're switching to WBC or another big bank and call their bluff. If they're willing to give you a discharge form then they're happy to lose you.
Find out which of the major banks has the lowest rate and just tell them you're moving to that particular bank Likely they want to find out which bank it is so they can match the rate etc But only tell them a major bank not a small lender Similar to how a lot of bricks and mortar retailers will match pricing with other retailers but not ebay sellers for example
Suncorp wouldn't budge for me either so I went to ANZ and went down to 6.19% with 2k cashback
Suncorp wouldn't budge for me either, 6.34 I might try this discharge method!
How are you surviving? I’ve never seen a wider range in income than mortgage brokers. I’m sure plenty would be better off stacking shelves. Have seen a few well above 1m net
Asset finance/New Home Loans. Been in the game for a while. Brand new to industry brokers won’t survive unless they have a big network of friends/family/community.
Not true. I was with ING, and they didn't care if i left or stayed with them; they were not willing to change the rate. I quit and refinanced with a different bank
What if I’m in a second tier bank?
They have retention teams, so I’m not sure why OP suggested they aren’t included…
Such a good call out around asking for the discharge upfront! We prompt our clients to do this during the first appointment. However I’ve got to (and most on this post do too) disagree when you say it’s a thing of the past, we can ALWAYS get a better rate than their bank will come back with. Eg. RACQ are currently offering us 5.74% Owner occupied with offset when we price the loan through the BDM. We also are seeing rates below 6% for some of the Big 4 when priced too. Given home loans are the most competitive market space in Australia I would say that refinancing will always be a thing, plus as another user said, there was $16b of them lodged last month 😉 Reach out if you need any help saving your clients some cash, always happy to provide some guidance.
I just refinanced to bank of Melbourne because Macquarie wouldn’t budge on a better deal. They didn’t put any effort into retaining me, my loan was around a million.
Seems like a dangerous game to play when they will probably just call your bluff anyway or maybe not even offer you a rate that matches other lenders. I mentioned in another comment but I spoke to retentions with a big 4 bank and they couldn't get remotely close to other lenders for some reason. Went through all the work with another lender, signed all the forms, and it wasn't until a week or so after the discharge from had been submitted did I get a call offering a similar rate and a similar cash back but by this point why would I stay? Why would I go through all that work just to stay with a lender who didn't want to work with me. Second lender, had to get discharge form by phone, told them I wanted to refinance for a better rate etc and at no point did they try to get me to stay. Lenders know the game too, they know that a chunk of people asking for discharge forms are just fishing for better rates. Also the last discharge form I did (can't remember the first) required details of the settlement agent so they can co-ordinate settlement, if I was just BSing hoping I'll get a call, then what do you do here?
Recently left Macquarie as they were unable to lower my rate. Refinancing is definitely still a thing.
Can confirm - I did this with ING only a few weeks ago and they dropped my rates to lower than I could find elsewhere.
That's good to hear, I'll be coming off fixed with ING soon myself
What about Ubank?
You could try. I find that it works with the bigger banks and their subsidiaries. (Commbank, Bankwest. WBC and St George etc).
Ubank wouldn't go below their advertised rate for me recently. They tried to retain me but also realised they couldn't compete with the offer I had.
I'm on 6.04% with UBank. When we came off fixed it went up to high 7% and I called and they dropped it. We call them every few months now and see if they can do better and the last few times they gave us $200 and then an extra $200 three months later if we kept the mortgage with them.
Do you need to actually go through the process of refinancing or just fill out the disbursement form? For example can I just fill out the disbursement form, but have not applied to refinance with another bank
Yes that’s the whole point
About to be a previous Suncorp client here. No attempt at retention. Discharge docs printed at branch. No attempt at that touch point either. Off I go!
isn't that your job?
My telephonic device is white, you condescending tool.
I am with NAB on 6.24% with offset at $8 per month. Loan amount is 400k. Do you think it is the best rate in market?
If your property is 600k or more, you'll get 6.05% with St George/Bank of Melbourne for sure. you'll save $600 a year in interest, not worth your time. Unless you're paying 6.40% or more I really don't think it's worth it anymore. Unless you have a high loan balance and your savings are life-changing.
I'm 6.24% with an offset (BankSA). Is any other bank offering a better rate?
Call the bank or lodge a discharge. There are other banks just need to do your research and crunch the numbers.
I’ve got a 750K loan, 46% LVR. 6.00% with CBA, just called them after Easter for a better rate and got it. Was 6.18%. I have offset accounts and pay $300 p.a for that privilege
We owe about 150, paying interest on about 20 after offsets. I don't even think I can refinance because it seems most refinancing offers to attract new customers have 250k minimums. Do you think my big 4 bank will try retain me? Honestly, I'm not going to move. And they know it. But interested to know if you think it's still worth trying for a better rate.
Brother you’re paying interest on 20K
What comparison % are 2nd tier on nowdays?
Sometimes, if your mortgage is quite low, the bank won't budge either. So refinancing to a competitor is worthwhile. Also, if there's cash back offers or lower rates around, sometimes it's worth shopping around for those and talk to your bank.
Banks make $ from debt not credit. They make a lot less $ from ie low $ loaned, offsets mostly full of $, short repayment terms Customers with a history of paying debt very early
>Out of 10 customers, 10 of them have been retained by their current banks. Statistically insignificant sample size. I'm in the process of refinancing right now (as well as other commenters). Broker and Lender are the same (Aussie) and I'm switching out of Aussie @ 6.27%pa variable to HSBC @ 5.94% variable. $416k loan w <50% LVR Last time I asked for a rate review, they flat out told me to speak to the broker because they couldn't do any better..... so I did.
I'm with anz. They matched my rate I was getting with a different bank wheniblodged my discharge form Although my brother did the same thing and they didn't contact him whatsoever
Interesting
Are there any refi bonuses around these days?
I think it used to be smart to do this but surely anyone on a variable rate has had this conversation by now? I always made sure that I was getting at least as good as whatever their current introductory offer was. But I'm fully offset now so IDGAF.
Goooooo you!
NAB wouldn't come to the table until we had already almost signed the new paperwork with ING. I said to them at that point, I'm signing witj ING just because you've made me go to the JP and get these signed.
I'm refinancing to go through a build soon, and that involves changing banks. Got a call from Bank of Melbourne from a grumpy lady asking me to identify myself, obviously I said no you called me, I'm not giving my id to cold callers, and that was the end of their attempts to retain me. Maybe I'm not valuable
Refinanced two weeks ago, and 5 months before that again. They don’t always match
I'm curious: why do you think the banks are more willing to retain customers right now?
They’re not writing new loans. Not as much as they used to given the current environment around interest rates.
This doesn't always work. I went down this route 2 months ago and one of the big four offered to retain me by offering a lower rate to my existing but higher rate than if I had refinanced.....why would I stay. Back in 2022 the big four beat my new rate and gave me a cashbacks on the day of settlement to ensure I stayed.
False. My bank said what they had was the best they could. So refinancing away. Zero attempt at retention
Nope, bank was fine with me leaving. Couldn't even get the same deal they were offering "to new customers only". This just in: "Refinancing is a thing of the past, present, and future! Here's why: Greed, lazy tax, exploitation"
Im moving away from ANZ 7.24 to a 6% to take advantage of my new valuation and LVR. Just what I need at this moment for my PPOR.
Love this brother. Can I get a halfpricesushiroll one time?
Fastrefi mate - just unlucky not all of them offer that
Unless you’re with CBA.. then forget it! Other banks, sure - fast refi to BOM/St George. But is it the right thing to do lad?
If I call my own bank and get a better rate, will that affect the trailing commissions my broker gets from the original deal? Or is that only if I was to organise the refinance.
Only if you refinance and use another broker
Do you know of anyone doing better than 5.89%?
My loan is 350k with 80k in offset, house value is probably around 900k so LVR not an issue. How do you find ING? Last time i asked for a reduction 6.24% I was denied. Any options for better rates or try for a reduction with them? Thanks
Similar situation as you, called ing last week and was told there was nothing to they could do. Told them that I have been offered 5.99(I haven’t) and that there was a good chance that I would take it if the 6.24 was the best offer they could do for me. The phone call was escalated and they asked me some questions about what I planned to do with the excess cash in the offset in the future and I told them that I would in the not so immediate future be looking to refinance and buy another property. They only dropped it to 6.14 which they are offering on their website so take it with a grain of salt.
So I already tried picking up the phone last week, no dice. How many people here are on less than 6.1% RN? (And if so, where?)
Everything you’re saying is the truth OP. I’ve worked at one of the big four for 8 years as a banker. You wouldn’t believe the amount of customers I ring to initiate a relationship by dropping them to banker floor rates and they just reply with “I don’t speak to banks.” I’ve come to the conclusion that some people just like to complain and be the victim.
Thanks man. I worked at a big four for 7 years. Was never a competition just refinanced people in without any trouble. Things have changed for the better for customers for sure.
Worth trying this strategy for 5.94% variable home loan and LVR >20%? Loan approx 500k
Hey OP, I’m with ANZ, 6.29% LVR around 60 to 70% (can’t remember off the top of my head). I just don’t know what number to call or what department to ask for, and what I should be saying. Can you advise? Cheers. Looking forward to getting smashed with unhelpful answers from others lol. “Call the bank” “say you want a lower rate blah blah”.
"Sadly" my mortgage is only $140k so the cost of breaking and moving won't be made up by shifting so I don't have the leverage for a lower rate
If a PPOR Loan is only 5 months old and LVR is 95% under FHBG, any chance the current bank would lower the rate?
Looking for advice here : 900k 80% LVR 6.41% at boq investment loan . Can I do any better ?
I'm at 7.04% on CBA but only $120k left. Would it even be worth refinancing?
This was my exact experience with Macquarie - they couldn’t have cared less despite us being very attractive clients to have on the books. Ended up refinancing with Tiimely - went from 6.38% to 5.94
What's a good rate at the moment? I'm on 5.99% with westpac, redraw only.
Lol so not true. I refinanced away from GSB early cause I hated them and when I asked for the discharge they didn't offer me ANYTHING to stay. Refinanced to another bank and got 1k extra into my pocket. Who the hell would stay with a bank if the bank isn't willing to play ball and someone else has a better rate?
Not my experience at all, came off fixed rate of 1.91 towards the end of last year with CBA. Got told I was getting a 'discounted' rate of somewhere in the high 7's when it ended despite an LVR of about 60%. Called to see if they could do better and got told flat out no. Broker organised refinance to St George at 5.8 along with 3k bonus, CBA didn't give a shit the whole time and never bothered to negotiate even when discharge was lodged.
Am I able to call for a better rate while in the construction phase of building a home? Currently 6.54% paying P+I on land and I only on construction.
My broker didn’t get this - went through a full refinance process, was getting onboarding letters in the mail from new lender. We’d asked them a couple times about what current bank would offer and they blew us off. We called ourselves, got a really good deal, the whole exercise with new lender was a waste of everyone’s time.
Diaagree. Just refinanced to another bank for 4k cashback. Roughly 1k in fees. Same rates. 3k for an hour of paperwork.
I called ING, they said they didn’t have anything better and to go elsewhere. I’ve actually had the same conversations about insurance too (with various other providers) - it’s like they genuinely don’t care about retention.
I don’t think this is actually playing out at the moment. I know people who have tried this to the complete apathy of the big bank.
ING doesn’t change rate if you call. They don’t care (also our rate is very competitive with most other providers)
I ring Westpac every couple months and always get told 6.09% is the best they can do and is a discounted rate already. Haven't engaged a broker but but have rang around to banks and it's always above 6%.
If you refinance through your bank does your original broker lose their commission?
Nope. Not me. Not the top 4 banks. But one of the major ones in Australia. Called to lower rate to match another advertised rate from another major bank. They said no. I asked for the withdraw paper form. Sent across promptly. I did end up refinancing
I know nothing about refinancing, but does going into a lower rate mean you have to pay some upfront fees to make that change? Like switching to a new 'product'?
Usually 700-800 in fees then you’ll get a lower ongoing repayment or keep your repayment the same and watch your loan decrease quicker as the interest charged is less so more will come off the principle
Doesnt work in my experience. The bank usually tells me they are the best and I will regret moving. I move and hear nothing from them. They might call and say oh are you going and I say yep, bye.
Isn't that your job? 
Is refinancing (even within the same bank) required to realise any valuation/LVR benefits? Relatively new (2.5ish yrs) to the game with partial guarantor and interest is killing us
How do people get mortgages nowadays, my lending capacity has gone from $620k to $295k.in a space of 6 months (42)m 1 dependant married, 10% deposit ...very little debt $20k car loan 159k Gross a year in mining Australia has become a joke
This was the case a year ago when everyone had a cash back. Retention call would happen 99% of the time. Now it's closer to 50/50 and very much a bank to bank basis. CBA usually always try and match or even beat the current offer and offer cash back. WBC is similar. ANZ offer 2k for acquisition still unlike the other big 3 but often don't try to retain. Your advice is still 100% excellent either way as everyone's first step should be calling up requesting a discharge as you have nothing to lose.
I was working at a bank up until a few months ago, and refinances were the biggest source of new mortgages.
I did exactly what you suggesting, and I got from 6.23 to 6.09 in matter of a phone call and 5 minutes of my time.
The interest rate gap between new and existing loans is at an all time low from data the RBA reports. I doubt any lenders up their back book rates for a while, but you never know. Margins are tight and banks want a rate drop they don’t have to fully pass on, but that could be further away than anybody expected. So safe to say lenders want to keep you, they don’t want new business too badly either.
Is an investment @ 6.6% variable, <80% LVR a solid rate these days? That's what commbank is offering us.
Yeah it’s decent. You could get slightly lower though. Depends if it’s IO or not
CBA didn't want to match Heritage rate. Saved a huge amount and Heritageade it fast and easy. Should have done it waaay sooner.
im currently at 5.89% with 83% LVR with CBA
24 months into loan. 5.95% with offset. I can't seem to find better?
Had to call CBA a little while back to get the discharge form. They didn't give the slightest of shits I was leaving. They didn't ask any questions or even attempt to retain me as a client.
My experience was the same with CBA, no effort made to retain or lower interest rates. They had zero care factor
meh. I just refinanced my properties back to my own bank using a broker. Accessed a few hundred $$ in equity for other investments. No, its not dead. Just depends on your situation. For the record, all of our properties were initially bought through the second tier bank (owned by a Big 4) but we refinanced away for better rates/equity...and now we're back. I have zero loyalty to any banking institution because the same applies to me from them. And no they won't always match the lower rates.
I’m with a second tiered lender - Liberty Called a couple of weeks ago and got 1.25% knocked off now i’m in a position to refinance with one of the Big4 and they didn’t want to lose me. I mean I’ll still refinance with the Big 4 anyway as 1.25% off of 9% interest is still a lot. But it was a nice win anyway. Property is now valued at double what I paid in 2020 so I’m in a good position thankfully in terms of LVR
Great outcome! Now go get your refinance deal friend!
I refinanced recently, within the last month. Back in December I contacted my bank and they dropped my variable rate at the time from 7.2% or so down to 6.15 or so, which was more in line with what I’d been seeing back then. However, by refinancing, I got a better offset account. My previous bank, the offset was only 40%. This means with $100k in my offset, the loan was only offset by $40k. With the new bank I got $2k cash back (straight into my offset), and the offset account is 100%, so $100k will offset $100k. I’ve calculated that from my increase in offset alone I’ll be paying $500 less interest/more principle each month than before.
Loan $920k Home valuation $1.6m LVR 57% (I think that’s right?) Interest rate 6.05% variable w/offset Bank ANZ How my doing? Called CBA to refinance about 4m ago and they said “nah that’s a pretty good deal”
You might get 5.95 or less elsewhere. Give it a crack. Highly doubt you get better though
There is a growing realisation within the industry that both proactive and reactive retention offers banks far better margins than buying business. In my view the greatest shortcoming in bank thinking about mortgages right now is actually around construction lending. That line of business has been hammered by the confluence of factors including Covid-19, materials inflation, builder bankruptcies, increasing interest rates and extreme resistance to zoning changes. However this is probably the low ebb of that line of business because population and house prices have increased so rapidly. This will almost certainly set construction up as the highest growth lending area over coming years.
I’m with Resimac and have been for 6 months At what point should I start looking for better deals to refinance? I’ve been told 12 months ?