If I read it correctly, the "Advantage Package special offer discount" would take 0.5% off, making a 2-year fixed nvestment property loan (principle + interest) at 3.89%. This is the first time I see one same bank offering investment property loan so close to an owner occupied home loan at the same conditions (3.79%).
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I think you are right - title and description updated.
Just refinanced an investment loan through broker and ended up with 3.89% at Westpac.
Already had Premier Advantage Package at Westpac, this gets you a fee free credit card as well. We have the Earth Black (Amex/Mastercard) with two Qantas lounge passes each year.
Note that premier advantage package discounts are tiered on the amount borrowed:-
https://www.westpac.com.au/personal-banking/home-loans/home-…
To get the maximum discount you will need loans totalling $750k+
Was yours 3.89% fixed and for an amount greater than &750k? I’m currently trying to find the best deal for under $500k variable with full offset.
@tokziktigah: It was a 1.35% life of loan discount on variable Rocket Repay making it 3.89%. I have had loans in the past totalling over 750k which left me eligible for maximum discount. Offset was available on new loan.
Going by the Westpac Premier Advantage table a loan in range of $255 to $500k would end up around 3.99%. Note that there is an annual fee of $395 for the Premier Advantage Package which includes a fee free Westpac credit card.
Was originally looking at this loan:-
https://virginmoney.com.au/home-loans/rates-and-fees
which included a bunch of velocity points every 6 months and an investor interest rate 4.09% (P&I) for a loan less than $500k and lvr < 80%. Application is done via this web page:- https://virginmoney.com.au/home-loans/compare-our-home-loans…
This will place you in contact with a local mortgage broker. Broker may be able to give you other options?
@argonbay: Did you get any documents showing the rate discount table that you can share so I can try to get my bank to match the rate? :)
Would try instructions above myself but I don't want to waste a random mortgage brokers time since I don't actually intend on switching!
@eecan: Check out Premier Advantage Rates table here:-
https://www.westpac.com.au/personal-banking/home-loans/home-…
Click on the rates tab.
@eecan: I did not end up switching banks. I had used an existing Westpac equity access loan to purchase property and then refinanced with Westpac. Broker was happy to negotiate best rate with Westpac on my behalf so would have been getting some kickback.
For the life of me I can't find the PDS for the fixed rate loans. Anyone able to find the link? Trying to find out what the discharge/exit fees are.
Also, once the 2 years is up, do you go back to the standard variable rate which is 5.24% currently?
I am also interested in knowing this. it seems @argonbay answered it by saying "It was a 1.35% life of loan discount on variable Rocket Repay making it 3.89%. " but I couldn't make sense out of that sentence.
Negotiated down to 4.19% from 4.24% for 3 years fixed investment loan early this month, principle + interest. It is not a refiance. But compare to this one, I have to negotiate again.
First of the Big 4 with principles?
Principles and Interest?
Just called Westpac and they cannot apply this rate to the existing loan, best they can do is 4.19%.
The new promotional rate is here in Westpac website:
https://www.westpac.com.au/personal-banking/home-loans/fixed…
Try a broker.
Wrong principle.
I don't think you've read this correctly. It says "Fixed Rate with Advantage Package special offer discount, 3.89%". 3.39% investment seems too good to be true! 3.89 not bad though!