Home Loans - NAB Rates down, AMP Rates up. Time to Call-in

Hector on 11/03/2019 - 11:06
Last edited 11/03/2019 - 11:06

Article here: https://www.canstar.com.au/home-loans/home-loan-rates-seesaw…

NAB rates down (3 year fixed down 10bps to 3.99%; 5 year fixed down to 4.29%). "yawn"
AMP rates up (15bps across the board). Initially joined them at 3.59%. July increases took it to 3.67% and now at 3.82%

I called in to AMP and they then gave me a discount to 3.69% (via a "time limited delegation"). Phone 133030, Option 4, Option 2

Was compelled by other offers in the market (Athena at 3.49% introductory, 3.59% go forward. Tic Toc @ 3.59%) but 2bps ain't bad.

Financial Home Loan

Related Stores

AMP
AMP
National Australia Bank Group (NAB)
National Australia Bank Group (NAB)

Comments

  • Trying2SaveABuck on 11/03/2019 - 11:17

    honestly wouldnt have a loan with either of them - ill stick to my tier 3-2 lenders ie Ubank, HSBC, Loans.com.au etc As they will always more expensive then these lower tier lenders and the inconvenience of having a few different bank accounts is outweighed by the 1-2k of interest i save annually

    The only features you need in a loan is off-set and redraw

    • Hector on 11/03/2019 - 11:22
      +1

      I'm all about lowest rates too … however neither ubank nor HSBC has an offset account which is important at my stage of life

      And I'm willing to pay a bit more to have the deposit guarantee scheme if the lender is part of an ADI (which ubank and HSBC are, but loans.com.au isn't)

      • chobani4lyf on 11/03/2019 - 11:43
        +1

        HSBC do have offset facilities available for home loans. (I am currently with HSBC).

        • Hector on 12/03/2019 - 09:35

          Weird - on ratecity and canstar their cheapest rate variable o/o home loan does not…

  • onetwothreefour on 11/03/2019 - 11:43
    +1

    I'm with tictoc, currently at 3.64 after a rate rise a couple of months after signing up with them. Other than that they have been fine. I have offset and redraw facilities.

    • Hector on 12/03/2019 - 09:35

      learned after the fact - max loan size $2m…

    • sagrules on 13/03/2019 - 11:04

      The irony of this FI name - tictoc - if things go pear shaped…

  • FiDad on 11/03/2019 - 12:15
    +1

    Thanks Hector. You prompted me to call AMP and got a nice little rate cut of .45 bais point as well. My rate was much higher than yours although I got a fair bit sitting in offset so it does not make that much of a difference but still nice to get the discount

  • meowmeowmeow on 11/03/2019 - 12:20
    +1

    How did AMP communicate the rate change? I haven't heard anything from them.

    • meowmeowmeow on 11/03/2019 - 12:23
      +1

      NVM, just logged in and saw the notice. My rate is still the same though at 3.69%…I used to work there so am on the employee package - maybe the employee rates didn't change. Will check again later in the week i guess.

    • Hector on 12/03/2019 - 09:34
      +1

      Congrats on the 45 bps discount - great value for a 10 minute call!

      I found out in a pop-up in the app.
      They will mail a letter (after the fact)
      They mentioned they would advertise this in the Australian on 11 March

  • MeesusEff on 11/03/2019 - 12:23
    +1

    Have you been im your mortgage for long? I haven't hit the 2 year mark so they probably know that I can't go anywhere without being stung by fees..

    • dcep on 11/03/2019 - 12:26

      fees as in clawback cashback ?

      • MeesusEff on 11/03/2019 - 14:58

        Minimum term fees, also broker said if we leave before a certain time (i think its 2 years, I do need to dig up my broker docs) then I would have to pay him a fee as well to make up for his commission lost.

    • pantsparty on 11/03/2019 - 14:18
      +1

      Exact same situation as me - sure I could threaten to leave and go with another provider but I have only had the loan for about a year and with tighter lending rules in place now who even knows if another provider would offer me refinancing. I think we just need to suck it up for now!

      • MeesusEff on 11/03/2019 - 15:26

        Actually they matched the corporate package that I got from work, 3.8ish % full variable, all happy chappy. 3 months later, got a letter saying rates are going up to 4.4%, bloody steaming! 1 month left until the 2 year mark…

        • Gandalf the Thrifty on 11/03/2019 - 17:48

          Your rates went up 0.6%?!
          Go back to broker and see if can get new loan elsewhere.

          My lender went up 0.12% so now at 3.8ish.

          • MeesusEff on 11/03/2019 - 18:03

            @Gandalf the Thrifty: Actually I think I was on 3.9% and then it went up to 4.4%, its a $500k loan so I wouldn't be able to leave without paying some numb-minding fees. I will be selling the house in a few months (2 years is up in April yay!) so might just stick it out as don't want to get sucked into some other minimum term stay again.

            Lesson learnt - dont go with ANZ in future

    • Hector on 12/03/2019 - 09:36

      In my mortgage ~18 months.

      But the fees are the same as the interest rate differential for 2-3 months. So less concerned about that.

  • pantsparty on 11/03/2019 - 13:52

    What did you say to AMP? I have a loan with them too and would like a discount - my rate has gone up twice since the loan commenced 10 months ago.

    • Hector on 12/03/2019 - 09:38

      The conversation went

      • Why are my interest rates going up {they will say the costs of borrowing are going up}
      • Why is it happening to AMP, not other banks {because each bank manages their money differently}
      • So you're saying I'm paying for AMP's bad funds management {no no no of course not}
      • I see many other similar products at X or Y %. What is the best rate you can give me today?
        {and then take it or leave it obviously … but I'm always prepared to walk in discussions like this if they don't come to the table}

      oh… and the first phone agent wasn't helpful, I had to get transferred to a home loans specialist "as I have some specific questions about AMP home loan policies"

      • sagrules on 13/03/2019 - 11:08
        +1

        I havent chatted to AMP but i'm sure you can do it much simpler. I saw this other bank advertise x and I'm planning to refinance with them if you dont offer me a more competitive rate. They then go talk to someone with power to change and come back and do it.

        • FiDad on 13/03/2019 - 15:16
          +2

          This is exactly how i did and took 10 min conversation all together to get much better rate.

Login or Join to leave a comment
Login Join