Hi all,
I am currently with nab choice package rate at 6.47% package fee $395 in comming month after first year. We all know nab hold off some 0.05 rate cut in early november 2011 rate cut.
Just want to try negeotiate with them if any chance for a further rate reduce or other like waive fees etc.
can anyone provide any suggestion how to approach them. They are so tricky and any recommendation would be great.
Darn you young'ns & your fancy whizz-bang technology! :)
Research a better deal and ring the NAB's equivalent of the mortgage retention centre and ask them to match it.
can anyone advise the best home loan rate at the moment apart from Ubank?
should I mention Ubank 6.14% at all to my nab since they are technically same bank? Or mention others
Please comment if can
regarding that, you can ask, we did the same with bankwest/commbank, commbank gave us a better rate, but not as good as bankwest..
The way I read it, that sentence contradicts itself.
commbank gave us a better rate
this probably means compared to another bank other than bankwest.
I called them on main 03 8641 9083 and transfer to operator.
the method i tried is little use by calling them and told them the other bank offer.
nab immediately rejected and ignored my further conversation about other bank rate. they said 6.47 is the best already they can offer.
attitude is pretty firm and little respect other products out there. they said it is up to u if want to change banks. this is the best the offer.
do anyone know it would be better to approach them with other method?
go see your bank/finance manager - one where your account was opened.
Ask them to match ANZ discount rate - and see how you go
If they still won't play, then just refinance with the best offer…it's a simple as shit compared to setting up an original mortgage!
Best rates that I know of are at emoney.net.au. From what I've heard they're a broker who borrow money from the big banks and lend it out to the consumer but it's for those who know how loans work and the processes. It's pretty much like a DIY loan meaning phone and internet only which if fine by me as long as you know how loans operate. Their standard variable rate is 6.28% which is much better than any of the big 4 are giving at the moment. But with anything in finance it's not only interest rate, ask the questions about fees. Ask yourself the question most big banks are big because of a reason, profit. Profit that didn't grow out of giving the best rates. Just my two cents. There's a lot better deals out there, it's in your interest to shop around and ask for the best deal.
hmm..i think Ubank would be better with 6.14% varaiabe and no fees at all !!
Best way to get lowest homeloan rate is to have a large depoist and plenty of assets to well over secure the loan. High income also helps.
That's the best way to get a homeloan, yes. This guy is talking about a refinance/renegotiation, not an initial application…very different animals. What really helps here is competition!
Banks generally rely on you not having the balls to move, so they won't renegotiate coz they think you're so worried about fees & charges that you're all bluff. Well, bad news banks, it doesn't take long for a significant drop in charges, fees & interest rates to offset the outlay. The govt bent the banks over big-time by outlawing idiotic exit penalties, so most people find it only takes a handful of months to offset the cost of moving, then after that they start reaping the advantage.
Does anyone here have a home loan with UBank? - and if so are they happy with the service?
Their rates look good, especially when you consider there are no fees unless you decide to fix some of your mortgage.
i am looking for going to UBANK at some point of time surely. can we negotiate with them or it is just straigth plain online application?
anyone know?
If you're not going through a (good) mortgage broker, who should be doing all of this for you and explaining how much better off you'll be down to the dollar, getting a cheaper rate yourself is a lot like price matching at a store. Your best bargaining chip is to actually find institutions that will give you a better deal and use those facts in your pitch.
Just saying "so-and-so" offered me a cheaper rate is usually not good enough. Brokers will ask what rate you are being offered and will be able to calculate exactly how much better off you would hypothetically be after any break costs/transfer fees/administrative overheads/new annual fees etc are factored in.
You can get this figure yourself by calling up the home loans dept. of your bank and asking what are all the costs you are up for if you were to sell your property and pay off your home loan in one hit.
Later on when you're doing the bargaining, play good cop and approach it from the angle of something like "I'm pretty happy with the service here, so I thought I'd give you the chance to at least match the offer". This will get you further than being an angry bird and playing the "You guys are ripping me off!" angle.
In the end, knowing that there is a better deal out there, and how much it will save you if you moved, is your best bet. Even if your current lender doesn't help you out after making it clear you've done your homework, then at least you know you can change to someone else and save money.
Hi leehungfei,
Let me know if you weren't able to get something sorted & I'll be able to help you out
Cheers
Blackpantha
Get a mortgage broker to get you the best deal possible, show that to the NAB & tell them you want that from them; if they won't budge just vote with your feet. :)