Buying a House

[Bandit]

Mine was 5.59% and then last week mortgage broker advised they had reduced to 5.37%
I suppose it will be back up top 5.62% quick-smart after yesterdays news

edit: should also consider that different rates are gettable depending on the loan type (owner vs investment) and $ amount remaining etc

[Dutchy]

We partially fixed, for the first time ever at 1.89% for 3 years - comes off in June 2024, my wife wanted to fix for 5 years which would have given us 2.25% until 2026, I talked her out of it

[mickey]

2.89% on the main mortgage and 1.99% on our small secondary 1. Both don't run out until 2025

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[gadj1976]

Mine is a bee's dick under 6.

Mind if I ask what you said to your bank to get them to lower it? Been meaning to speak to mine for ages. I was thinking of the standard "I've seen a better rate elsewhere etc." if I can't think of anything better.

I firstly asked what my rate was (knowing full well what it was) then said "can I get a better rate because I'm shopping around for a better rate but would like to give you first opportunity". Knowing your rate, knowing that other banks are offering a $4000 transfer bonus works in your favour.

It's a pretty easy conversation. You can walk away/call their bluff because it's such a competitive market. I think it's BankSA that are offering the $4k. A mate of mine did the same thing with his bank and they gave him a 1.5% discount and a $1500 non transfer bonus!

Like any negotiation, car/house etc, be prepared to walk. The problem WITH walking to another institution is the paperwork involved. But for $4k and a huge reduction in ongoing costs, I see it as a great investment of time.

[Pag]

Was 4.94% yesterday, will be 5.19% next week after the rate rise is in place. Mortgage in the $300ks.

We bought our current place last year for low $800ks, were debating whether or not to to try and keep our first place and rent it out. Would've had a combined mortgage of almost $1m. Glad we sold. I understand rates are lower than they have been but how a regular punter can pay off a mortgage of almost $1m and live a comfortable life is beyond me.

[Jimmy_041]

Mine is a bee's dick under 6.

Mind if I ask what you said to your bank to get them to lower it? Been meaning to speak to mine for ages. I was thinking of the standard "I've seen a better rate elsewhere etc." if I can't think of anything better.

I firstly asked what my rate was (knowing full well what it was) then said "can I get a better rate because I'm shopping around for a better rate but would like to give you first opportunity". Knowing your rate, knowing that other banks are offering a $4000 transfer bonus works in your favour.

It's a pretty easy conversation. You can walk away/call their bluff because it's such a competitive market. I think it's BankSA that are offering the $4k. A mate of mine did the same thing with his bank and they gave him a 1.5% discount and a $1500 non transfer bonus!

Like any negotiation, car/house etc, be prepared to walk. The problem WITH walking to another institution is the paperwork involved. But for $4k and a huge reduction in ongoing costs, I see it as a great investment of time.

Stick it up them

[OnSong]

Appreciate that not everyone will be willing to divulge, but what is your current rate that you're on?

Mine is 1.99%, the term expires in August, started the ball rolling with my broker yesterday.

Via Commbank? Was a great deal. I think the term was four years?

[Jimmy_041]

Appreciate that not everyone will be willing to divulge, but what is your current rate that you're on?

Mine is 1.99%, the term expires in August, started the ball rolling with my broker yesterday.

Via Commbank? Was a great deal. I think the term was four years?

I had 2 year fixed with Citibank at 1.99% - ends May
I am already looking

[Jase]

We're changing ours from Bank Australia to Westpac, settles on the 18th of Feb and is 5.2ish... plus we get a $4000 cash back.

Variable rates... have 2 mortgages for our house and beach house, total to about $600k

If required and things go completely pear shaped we will sell the beach house and pay off most of the $600k...



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[whufc]

We are at 6.24%

Lucky our home loan is well within our means.

Might have to try the old trick of saying we are going to transfer that loan to Bank SA with the $4k cashback.

[whufc]

You guys are legends.......!

5 minutes on the phone....told the lady times were tough and we have spoken to Bank SA who are offering 4.75% plus $4000 cashback (as per their website) and that whilst we had a great experience with Beyond Bank the offer was to good to refuse.

Without even consulting her manager she said we could move to a total home loan on $4.94% down from 6.24% we are paying now and she would waiver the fees associated with that home loan package which was an annual fee of $395.

Day made!!!!!

[gadj1976]

You guys are legends.......!

5 minutes on the phone....told the lady times were tough and we have spoken to Bank SA who are offering 4.75% plus $4000 cashback (as per their website) and that whilst we had a great experience with Beyond Bank the offer was to good to refuse.

Without even consulting her manager she said we could move to a total home loan on $4.94% down from 6.24% we are paying now and she would waiver the fees associated with that home loan package which was an annual fee of $395.

Day made!!!!!

Well done mate. That's great to hear and well played too!