I reviewed them against ING recently - I think their fees made it more expensive in the long run, but it was a month ago so the rate could have changed since then.
Hey, thank you for this - I’m about to refinance on 6.04% with HSBC (with an offset) and very similar LVR. 515k loan on apartment worth 1.05m in Sydney.
Any tips on how you got this?! They won’t budge for me! Any info you can share is much appreciated.
I had to call 3 times to get put on to someone in the retention team who was competent.
If you call and they offer you anything 6% or above, just say thanks I'll think about it.
Then call again and get a different operator.
Point out that greater bank offers 5.94% w offset and 3k cashback, ask if they can match that
Interesting and good to know. I have a mate who is with them and is jelly of my rate cos he was unable to negotiate them down to their current advertised rate.
Yeah. When we bought (2017) we were at like 89% LVR so weren’t getting the very best rates. But I’m not too worried about the floating part as it’s only $45k and offset to a couple of accounts so there is always a some being offset (sometimes all). We have a lot more equity now so when the fixed rolls off next year I’ll go back to the broker and see what we can do.
CBA 6.1 with offset, 70 LVR.
I was coming off of fixed onto 6.29. I called the HL team and asked to speak to the retention team, requesting the discharge form. I quoted St George offering 6.15, rate through broker, with $2k cash back, and they dropped my rate to 6.1.
Split Loan with $230k on 6.69, variable and $270k on 1.89 fixed for another 12 months.
My variable is almost 100% offset so we pay an effective interest rate on it of maybe 0.75%, so no point looking for a better rate.
Once the fixed rate rolls off in 12 months we’ll look at what to do next.
Your LVR is killing you ATM.
If I were you get them to find you a bank lowest interest rate possible and forget the offset until you get the lvr down.
Smash your repayments get your self below 70% then look for a offset mortgage.
You will get a better rate and repayment.
Each bank is different, but yes, they do have a min loan cut off.
Mortgages and what banks offer are more like bell curves.
The two ends of the bell curve are the minority either small or massive loan sizes (either beginning or end of the mortgage life) here you are less likely to get catered too. If you want to get the best rate here you need to heavily shop.
If you are on the side of the bell curve with small balance owing. You are most likely near the end of the loan cycle. Most commonly you are older, the reward for them giving you a lower rate is.... not much. They work off your balance not your LVR. Majority of banks cut off around 150k or less. You will need to actively hunt for the best deal.
Meanwhile, if you are on the other side with the large balance. Probably new to lending, higher risk. Potentially mortgaged to your max. The bank will give you LMI. You might have an extra fee here and there. You are a risk. Most niche banks are tougher here, most people end up big 4, but sometimes a niche lender likes the industry you work for and will give a discount.
The middle 2 quadrants of the bell curve are the majority holders of mortgages. Normally, have had the loan a couple of years. Show repayment stability. Thr LVR has grown organically. The banks are fighting for these by offering normally tiered discounts. Eg 80% lvr is x.xxx%, 70% is x.00% 60% is y.yy% ect
They fight for this business as its majority. You are likely to get another mortgage (sell and upside, sell and downsize, invest, ect) also you will be paying for maybe another 25 years, maximal profit zone for the bank.
Refinancing a 500k 60% LVR over 20yr is waay more profitable than refinancing your 130k 13% LVR over 10 years.
The bank always wants a pound of flesh for their time.
Don't forget the $395 fee also gets you any credit card for $0 annually, if you use one or are considering one - can be worth exploring if you have a good income and want some points/rewards.
Pretty sure that’s just the standard package fee to get the savings account, offset, withdrawals etc etc. mines the same…
But they’re offering me 6.18% as I come off my fixed, so gonna push them harder. My LVR is 50% ish. What’s yours?
Get your broker to price you with suncorp - you'll be able to get 6.04% on their basic and you can split it with their pro pack which offers offset so you get the best of both world. Approx 6.11% for the pro pack but rate won't mean anything if you set it to an amount commensurate with what you will have in offset. In a couple of years once you've saved more you can increase the offset split if required or put the money into redraw if it makes sense for you.
Suncorp will also recalculate your monthly repayment based on money in redraw which some people like if you are trying to solve for cash flow.
My fixed loan expired a couple of weeks ago, so atm I have 2 variable portions with different rates.
Just over 60% of my debt is at 5.89%. Just under 40% is at 6.29%. Both with offset. So I'm paying just over 6% across the full amount. I'm with P&N Bank.
Based on the numbers I've seen around, I think it's a decent rate overall for now.
Outside of tax if you ever make your owner occupied an investment or the loan is for an investment....
Redraw is the banks money that they let you redraw at their discretion... offset is your money (while not often an issue, a huge difference)
Redraw, you have to actively move money into the loan to obtain an interest benifit, an offset is a transaction account where your money can be paid from your employer, bills paid from and every day the miney sits there it's saving interest
Bank Australia: 5.94% plus multiple offset accounts. There is a $300 p.a. fee, but it’s a great rate, and the premium credit card gets me 0.75 Qantas FF points on every dollar I spend.
My lending is quite high, but lvr low. I am on a 5.83% variable rate with offset.
My mortgage broker is a gun. And managed to wrangle this deal with a major!
Is it less than 70% LVR? ING can do 6.04% for owner occupied loans $500K and less than 70% LVR. I am a broker - get your broker to contact their ING BDM to confirm and do a pricing request. If its above 70% LVR than 6.14% is their best. Which is still a great rate and not worth the hassle of refinancing in my eyes, unless its to another major closer to 6% so you still receive the same level of customer service. You start going to the smaller less known banks for less than 6% and you will no doubt face issues.
It’s just how my partner and I have our loan set up. 2 offsets each (spendings and savings), and a joint account which we both put 500 per week into. All our mortgage repayments, bills, groceries etc come out of the joint account.
Great Southern Bank (CUA)
* MR - 6.19%, 100% offset. LVR is 10%.
* IP - 6.34%. No offset. LVR about 25%.
Unsure how much it's worth as I plan on having the MR paid off in this year.
I have been told of < 6% with GSB, but they said not possible. So I may just move.
6.19% with offset, Suncorp. 80 LVR.
Keep hitting them up for an adjustment, as we have paid quite a bit down, but they aren’t coming to the party, and no one else is beating it
6.15% with Macquarie with offset. I went with ING for my first purchase, and when I sold that half share of apartment to the other person with the half share, I used the same broker and they went with Macquarie instead of ING this time.
“Close Affiliation” would potentially mean they pay the best upfront and trail commission structure to the broker.
The comments are littered with better rates from alternate lenders.
Make sure it’s clearly explained to you the benefit of going to ING. Is there a product feature that you’re specifically after that ING has no other lender does?
5.99% Westpac with offset and unlimited redraws. Technically premier advantage package but we don't pay the yearly fees (staff deal) We also got a further reduction a few years ago because we asked for one.
6.04 LVR 80% called Bankwest to review rate last week, they refused to shift saying I had their best interest rate. ($260k remaining / $80k cash in offset).
6.12% with anz, shopped around for a while and best we could find. Refinanced ~2-3 months ago after fixed 2% ended :(
2k cashback if you refinance to anz which was nice
6.09 with offset NAB
Also 6.09 with offset from Westpac
What's your LVR? I'm thinking about calling up soon and asking for a lower rate. We're on 6.44 with NAB.
6.14 with offset, hsbc
I reviewed them against ING recently - I think their fees made it more expensive in the long run, but it was a month ago so the rate could have changed since then.
5.94 with offset HSBC too. LVR at 50 percent
Hey, thank you for this - I’m about to refinance on 6.04% with HSBC (with an offset) and very similar LVR. 515k loan on apartment worth 1.05m in Sydney. Any tips on how you got this?! They won’t budge for me! Any info you can share is much appreciated.
I had to call 3 times to get put on to someone in the retention team who was competent. If you call and they offer you anything 6% or above, just say thanks I'll think about it. Then call again and get a different operator. Point out that greater bank offers 5.94% w offset and 3k cashback, ask if they can match that
Awesome, thanks so much. I've done this in the past with HSBC with success, but not lately, so will keep giving it a go.
I think Greater Banks increase to 6.09%.
Wow. You're right. A month ago it was 5.94... sneaky little fooks. That's dirty.
yes pretty nasty stuff, their cashback offer ends this month and they increased from 5.94 to 5.99 and now 6.09.
Hi. I got this through my Mortgage Choice mortgage broker.
5.91 with offset - Tiimely
How comes? Not 5.94%?
It was 5.91% not *that* long ago. They probs haven't checked their rate since then idk.
Just checked and my timely is 5.89% variable. It just depends how long you have had it I guess. I'm a year in.
Interesting and good to know. I have a mate who is with them and is jelly of my rate cos he was unable to negotiate them down to their current advertised rate.
Same - negotiated down when I was ahead of payments.
Yeah how come??
26% Johny’s loans & tobacco
Your payment is overdue 🔨
Tobacco is involved. If OP is in Vic, replace 🔨 with 🔥
6.22% CBA with offset. Majority of my loan is still fixed at 2% so haven’t shopped it.
My floating with offset is at 6.7% with CBA, but like you the vast majority is on fixed. I fixed for 4 years at 1.99% in March 2021
Cba won't budge on the floating part if they know you're majority fixed. Jerks 🤮
Yeah. When we bought (2017) we were at like 89% LVR so weren’t getting the very best rates. But I’m not too worried about the floating part as it’s only $45k and offset to a couple of accounts so there is always a some being offset (sometimes all). We have a lot more equity now so when the fixed rolls off next year I’ll go back to the broker and see what we can do.
How do you have a locked rate still, thought they had all sunset by now.
We are locked at 2.4 until 2026
Nice job! Which bank?
That is brilliant 👌🏼
Same haha. Dreading March 2026 🙈
Bought and fixed for 4 years just before they started to go up. Those who locked at the start bottom would have come off by now. I have 9 months left.
Some people will have locked until almost mid 2026, five years were on offer. I did 2.2 for four years in may 2021. CBA
1.99% - locked in until mid 2025!
Wow! Nice one!
5.99 with offset, St George
5.93% with StGeorge
6.19 with offset - cba
CBA 6.1 with offset, 70 LVR. I was coming off of fixed onto 6.29. I called the HL team and asked to speak to the retention team, requesting the discharge form. I quoted St George offering 6.15, rate through broker, with $2k cash back, and they dropped my rate to 6.1.
Split Loan with $230k on 6.69, variable and $270k on 1.89 fixed for another 12 months. My variable is almost 100% offset so we pay an effective interest rate on it of maybe 0.75%, so no point looking for a better rate. Once the fixed rate rolls off in 12 months we’ll look at what to do next.
6.1 with boq
2%. Coming off this fixed rate in April 2025 🤑😃
Same! I think we were the last to get in before rate increases so everyone's 1.99% should be ending April 2025 too.
1.9% for a month and a half. Called to ask to extend. They did not extend.
Haha worth a try
We’re still on 2.01%. Recently freaked thinking it was going to go up. Checked and we’ve got 11 months left 🙌
Killer rate. Coming off 2.09 for investment with ubank in August :(
6.09 with offsets Westpac
Reading the answers, this looks pretty decent. Am coming off next month and they offered 6.18 automatically, so gonna push them harder I reckon!
I wish you luck, 6.18 is 2.65 discount, unless your playing big they aren't generally going over that% on OO
6.1 with offset, ANZ
Work in banking. Get a decent broker you could get 6.05 P&I. If you really push I've done a few 5.99's recently
Your LVR is killing you ATM. If I were you get them to find you a bank lowest interest rate possible and forget the offset until you get the lvr down. Smash your repayments get your self below 70% then look for a offset mortgage. You will get a better rate and repayment.
Really? My bank won’t give me a better interest rate as my mortgage is too small.
Each bank is different, but yes, they do have a min loan cut off. Mortgages and what banks offer are more like bell curves. The two ends of the bell curve are the minority either small or massive loan sizes (either beginning or end of the mortgage life) here you are less likely to get catered too. If you want to get the best rate here you need to heavily shop. If you are on the side of the bell curve with small balance owing. You are most likely near the end of the loan cycle. Most commonly you are older, the reward for them giving you a lower rate is.... not much. They work off your balance not your LVR. Majority of banks cut off around 150k or less. You will need to actively hunt for the best deal. Meanwhile, if you are on the other side with the large balance. Probably new to lending, higher risk. Potentially mortgaged to your max. The bank will give you LMI. You might have an extra fee here and there. You are a risk. Most niche banks are tougher here, most people end up big 4, but sometimes a niche lender likes the industry you work for and will give a discount. The middle 2 quadrants of the bell curve are the majority holders of mortgages. Normally, have had the loan a couple of years. Show repayment stability. Thr LVR has grown organically. The banks are fighting for these by offering normally tiered discounts. Eg 80% lvr is x.xxx%, 70% is x.00% 60% is y.yy% ect They fight for this business as its majority. You are likely to get another mortgage (sell and upside, sell and downsize, invest, ect) also you will be paying for maybe another 25 years, maximal profit zone for the bank. Refinancing a 500k 60% LVR over 20yr is waay more profitable than refinancing your 130k 13% LVR over 10 years. The bank always wants a pound of flesh for their time.
Westpac 5.99% with offset LVR ~45%
I've got 5.94 with offset WBC. But I'm also paying $395/year to get that rate. Do you also have an annual fee?
Yes I do - same as yours
Thanks mine is due and I was going to try and negotiate but looking at my rate it's pretty good!
You won't get better than what your on, too late in the rate cycle
Don't forget the $395 fee also gets you any credit card for $0 annually, if you use one or are considering one - can be worth exploring if you have a good income and want some points/rewards.
Thanks I didn't actually know that!
Pretty sure that’s just the standard package fee to get the savings account, offset, withdrawals etc etc. mines the same… But they’re offering me 6.18% as I come off my fixed, so gonna push them harder. My LVR is 50% ish. What’s yours?
I got 6.14% with 80% lvr with westpac, so they can do better.
6.77% with offset WBC P+I 90% LVR. why is mine so high ?
My guess is the lvr. Def worth shopping around though… maybe also just see if westpac can do anything better
Hehe I have a loan in a trust at 8.41%. Most others 7-8%
Get your broker to price you with suncorp - you'll be able to get 6.04% on their basic and you can split it with their pro pack which offers offset so you get the best of both world. Approx 6.11% for the pro pack but rate won't mean anything if you set it to an amount commensurate with what you will have in offset. In a couple of years once you've saved more you can increase the offset split if required or put the money into redraw if it makes sense for you. Suncorp will also recalculate your monthly repayment based on money in redraw which some people like if you are trying to solve for cash flow.
I'm literally the highest one here - 6.94%. I'm gonna look at refinancing
Good news, I'm in the process of refinancing at 6.09% I feel I'm on par with most rates now
5.84% with offset - Bank of Sydney
5.95 bank Vic w offset. Their advertised rate is 6.1 but they haven't upped ours which was a welcome surprise
5.99% with Unloan. 416k mortgage. Only redraw, no offset
5.95 with offset, Macquarie Bank
That’s amazing. I am 6.08 and thought I had done well, it’s like one raise didn’t get applied to my loan. How did you get 5.95?
9.86% with NAB
How come so high? 95% LVR investment interest only?
Overdraft facility. 100% LVR owner occupier.
5.99 with offset & no fees for the life of the loan with suncorp.
5.98 full offset cba
Anyone else on 6.29 % ? 90% LVR
I think this is decent for your LVR. I suspect a lot of the better rates mentioned here are for <80% LVR.
Yep we are. Same LVR, Westpac
5.89%, redraw facility, 80%LVR, 3K cashback as I just switched recently, Greater Bank
5.89%, how? It is now 6.09%.
5.89 Bank of Melbourne variable with offset. LVR is about 50%
6%. LVR is < 70 though. Not much difference nowadays and I don’t want to move to non-big banks.
6.09 with offset - Adelaide bank (66% LVR)
My fixed loan expired a couple of weeks ago, so atm I have 2 variable portions with different rates. Just over 60% of my debt is at 5.89%. Just under 40% is at 6.29%. Both with offset. So I'm paying just over 6% across the full amount. I'm with P&N Bank. Based on the numbers I've seen around, I think it's a decent rate overall for now.
Just to add to the chorus: 6.09% with offset. Ubank (75% LVR)
6.09 with Macquarie Bank.
6.19% with mystate with redraw
5.9% with offset
5.94% with offset with Tiimely/Adelaide Bank.
5.99% with offset - Virgin Money
5.99 w/ offset. WBC.
6.02% CBA with offset
5.99% with offset - Bendigo
5.94 , St George with offset
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Is there an advantage to an offset over redraw?
Outside of tax if you ever make your owner occupied an investment or the loan is for an investment.... Redraw is the banks money that they let you redraw at their discretion... offset is your money (while not often an issue, a huge difference) Redraw, you have to actively move money into the loan to obtain an interest benifit, an offset is a transaction account where your money can be paid from your employer, bills paid from and every day the miney sits there it's saving interest
6.22 with offset through anz just checked and they recently bumped it up from 5.97 so will call and see what they can do
6.10 with St George, just went under 80% LVR
1.97% until mid next year
Macquarie: PPOR 6.18% no offset, IP 6.65% IO Looks like time to haggle again
6.00 owner occupied, 6.25 investment with CBA both with offset
5.79% with offset Peoples Choice CU
5.94% with offset - Macquarie Bank. Sourced by Mortgage Choice broker.
Bank Australia: 5.94% plus multiple offset accounts. There is a $300 p.a. fee, but it’s a great rate, and the premium credit card gets me 0.75 Qantas FF points on every dollar I spend.
My lending is quite high, but lvr low. I am on a 5.83% variable rate with offset. My mortgage broker is a gun. And managed to wrangle this deal with a major!
5.84% with Greater Bank
Anything with a 5 in front is good
5.87% with Bank Vic, loan fully offset anyway
Is it less than 70% LVR? ING can do 6.04% for owner occupied loans $500K and less than 70% LVR. I am a broker - get your broker to contact their ING BDM to confirm and do a pricing request. If its above 70% LVR than 6.14% is their best. Which is still a great rate and not worth the hassle of refinancing in my eyes, unless its to another major closer to 6% so you still receive the same level of customer service. You start going to the smaller less known banks for less than 6% and you will no doubt face issues.
Why the recommendation for big 4 to get good customer service?
5.94 with the PPOR with 5 offsets. 6.5 with the investments (IO) Edit: sorry, St George for the PPOR
That's a lot of offsetting
It’s just how my partner and I have our loan set up. 2 offsets each (spendings and savings), and a joint account which we both put 500 per week into. All our mortgage repayments, bills, groceries etc come out of the joint account.
Nice rate with offsets. Who’s the loan with?
5.99, no offset, ANZ
5.99% with redraw, BOM
6.01% with Bendigo, just refinanced, with offset Previously ING at 6.17%, and they wouldn’t do better.
6.09%. $450k owing. Approx 50% LVR.
5.53% fixed two years with Australian mutual bank. 5.89% variable
5.99 with offset, bank sa
6.09 with offset, Macquarie.
6.49 (investment loan) with Macquarie
Investment loan 6.39% St George
5.99% p and i
6.04% owner occupied. Bankvic. 6.34 investment. uBank.
6.18% St George with offset.
5.94 IMB < 70%
6.09% Anz offset ~55% LVR
5.81% cba with offset
How did you get that rate?
6.19 with NAB offset on first homebuyer scheme
5.84 Heritage
6.09 with offset - ING
5.89%, redraw facility, Greater bank
Great Southern Bank (CUA) * MR - 6.19%, 100% offset. LVR is 10%. * IP - 6.34%. No offset. LVR about 25%. Unsure how much it's worth as I plan on having the MR paid off in this year. I have been told of < 6% with GSB, but they said not possible. So I may just move.
6.08% cba offset
6.06 with offset, it sucks as ANZ has been shite.
5.99 with offset Newcastle Permanent
6.19% with offset, Suncorp. 80 LVR. Keep hitting them up for an adjustment, as we have paid quite a bit down, but they aren’t coming to the party, and no one else is beating it
6.15% with Macquarie with offset. I went with ING for my first purchase, and when I sold that half share of apartment to the other person with the half share, I used the same broker and they went with Macquarie instead of ING this time.
6.19 with offset, 90% LVR with Westpac.
6.29% very small loan, could not get better unless moving lenders and wasn’t worth it, Mac Bank had 6.02 I think for new refinancing
“Close Affiliation” would potentially mean they pay the best upfront and trail commission structure to the broker. The comments are littered with better rates from alternate lenders. Make sure it’s clearly explained to you the benefit of going to ING. Is there a product feature that you’re specifically after that ING has no other lender does?
6.04 with offset on PPoR 6.33 on investment property Both Westpac
Just refi’ed from Macquarie to St.George, going from 6.20 > 6.00. Extremely irritated that Macquarie wouldn’t come down; screw them.
I'm debating moving as well. They didn't budge last time I requested a rate review
With CBA I have 6.07%, but with offset account it makes it 0%. Lucky enough to cover the remaining balance
5.99 Bank of Melbs w offset
RACQ, 5.74% (LVR < 60%), variable
6.35 with offset investment loan
5.99% Westpac with offset and unlimited redraws. Technically premier advantage package but we don't pay the yearly fees (staff deal) We also got a further reduction a few years ago because we asked for one.
6.2 with cba and offset. Just refinanced with them
I've paid mine off but the NAB account says 8%
5.81 with NAB and offset
6.04% with NAB full offset <5% LVR
6.49 westpac. Might give retentions a buzz
6.04 LVR 80% called Bankwest to review rate last week, they refused to shift saying I had their best interest rate. ($260k remaining / $80k cash in offset).
6.44 % with Nab. 94% LVR
6.38 but with a balance of less than $500 I don’t really care.
5.59% with offset @ Westpac, 70% LVR
4.89% fixed CBA until Sept 2025
5.94 offset LVR 70 st george
5.95% w/ offset with Up bank.
Up bank 5.95 with offset
6.04% Bankwest. $395 yearly package, 10 offsets
5.99 bank of Melbourne
6.19% with St George and offset 80% LVR
6.49% and my broker just said he recently got it down to that but looking at the comments I'm a bit unsure lol
6.04 Macquarie with offset <70 lvr
Those on 90% LVR or more, where are you! :) rates seem to be much higher for these scenarios
5.79 with bank of china
5.94% with Heritage, no offset, no fees.
6.12% with anz, shopped around for a while and best we could find. Refinanced ~2-3 months ago after fixed 2% ended :( 2k cashback if you refinance to anz which was nice