Mortgage Interest Rates ?
Submitted by chris raff on Thu, 2016-08-11 12:20
I’m one of those that are fairly busy so never really check and keep plodding along paying . Now the reserve bank has it at a record low 1.5% then low and behold my bank ( P & N ) just sends me correspondence saying they’re putting mine up to 4.75% from whatever .
Well that had me arking up a little , what’s going on here I’m thinking and I don’t fully understand how all this business works so it prompted me to walk in and ask . Within 1 minute the manager dropped my variable terms to 4.15% keeping my existing offset account no contract , no charges just changed . They told me they were still getting around to informing members of the new product ( Yeah Right ) .
Maybe I’m still getting fleeced but better than what it was , anyway not sure what everyone else’s rate is though well worth a phonecall or walk in if you haven’t for a while and get them to sharpen the pencil .
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“Intelligence is like a four-wheel drive. It only allows you to get stuck in more remote places.”
Tradewind
Posts: 756
Date Joined: 18/09/12
I refinanced with P&N a few
I refinanced with P&N a few months back and was offered 4.15% and this was before the most recent two rate cuts which I believe they passed some of it on so i'd expect it'd be even lower now
If they're not going to offer you their best rate then go see a Broker and see what they might be able to do for you and see how quickly they match it
For reference though i've found P&N to be one of the better ones which is why we settled with them and we're pretty happy
trymyluck
Posts: 908
Date Joined: 06/05/12
ANZ recently dropped mine
ANZ recently dropped mine from 4.6% to 4.2% (4.1% now)at the counter without even asking for it.They just said we were paying too much !
Iceman
Posts: 747
Date Joined: 17/03/09
Product around for a while
P&N have have that product for a while and unless customers approach the bank for a better offer they only moffer it to new customer. I am pretty sure P&N have reduced there variable rates by 0.25% and the reduction will take effect the 26th August so if you don't get a letter advsing of the change go back to them.
Although they passed on the full cut unlike most other banks they did not reduce their rates the last time the reserve bank did.
All customer have to do is call their bank and ask for payout figure as you ar considering refinancing. It is amazing what they will offer to keep the business.
Smartline Personal Mortgage Advisers - Level 1, 11 Hobsons Gate Currambine
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DTrain
Posts: 486
Date Joined: 10/02/12
I've been with UBank for a
I've been with UBank for a couple of years now.
I found out one day that they were offering a 0.20% lower rate to their new customers than what I was getting. Shows how much they care about customer loyalty.
However the minute I rang up and said I was thinking of leaving they offered me the better rate. It does seem that the squeeky wheel gets the grease when it comes to home loan rates.
I'm now getting 3.74% which will drop to 3.64% at the end of the month.
ricey
Posts: 738
Date Joined: 24/12/09
Ubank is great
I am on the 3.74% going to 3.64% - no fees, redraw.
Perfect.
Wise man says - first take the plank out of your own eye before trying to take the speck out of somebody else's.
timmy k (not verified)
Posts: 16
Date Joined: 01/01/70
Silly question
But is that a variable rate?
And do you know a good mortgage broker? The last time I dealt with mine she tired ripping me off
Stoinka
Posts: 412
Date Joined: 02/09/06
Barefoot Investor
Just contact Fuggle.com say no more
meglodon
Posts: 5981
Date Joined: 17/06/10
Banks
What is the difference between a bank and a brothel,
Answer....nothing
They are both out to screw you.