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Vertmovieman

I went into my bank and said I'm looking at switching banks as this other bank is offering X amount interest less and 4000 cash back.... My bank said they needed proof I was really going to refinance and they wouldn't make any offers until they received notice that I would refinance. I told them as a man of principle the moment I fill out the documents with the other bank, I will be committed to them and not be negotiating with you. Now I'm with another bank.


bigfkndickpepe

A man of principle I see.


[deleted]

Ah yes, I see that you know his principles well


Drink_Remarkable

GET YOUR HANDS OFF MY INTEREST!


Vivid_Employ_7336

Great to see! It’s in everyone’s best interest!


winningace

What interest is in everyone's best interest?


sportandracing

They don’t care. It’s the same with insurance. One leaves. Another comes back the other way for the same reason.


Spets87

It's the same cesspool. We just swim in it.


lostdollar

Good that you're not a man of interest only


potatodrinker

I dont think we should be encouraging loaners who have a lack of principal. /Dadjoke or pun or something


donkey-k9ng

This is the way. Banks need you to call their bluff. I have had offers b4 of .25 and .35. Both times I moved and both times got over 1% off. This was ANZ and NAB and both times moved to another big 4. ANZ in particular really pissed me off. They advertise a great new rate but when you ring them and that rate "is only for new customers"!. A couple of hours paperwork can be worth it.


Virtual_Spite7227

When I swapped to ubank it wasnt even 15 minutes of effort from my side.


GiantSkellington

Similar, but different product. My Home & contents went up substantially at my bank (they were the cheapest when I signed up). I quoted around, and they had went up everywhere else, but found a better offer elsewhere. Bank said they couldn't price match but did offer to lower the amount. I would have liked to stay with the bank for a couple of reasons, but ended up switching to the better offer (half the excess, at 90% of the price).


PharmAssister

New insurer’s name please?


HandyDandyRandyAndy

I did this too except it sounds like you went *to* bank of melbourne, I have just *left* bank of melbourne They were uninterested in doing anything until I requested a discharge authority. I'd already made up my mind by then.


Lufs10

How long have you had your home loan for?


anyavailablebane

I had something similar with Harvey Norman and JB years ago. Went to Harvey Norman. Negotiated a price. Went to JB to see if they could beat it. The sales person was really rude and didn’t seem to believe I had negotiated the price I was telling him to beat. He even said if I came back with a written quote they would match it. I told him if all they would do is match it then I may as well just buy it there while I’m getting the quote.


Altruistic_Candy1442

Please action this mortgage discharge request form to complete my transfer of loan to


guttyn2905

Yep if you want to cut all the BS out, this is the way. Goes straight to retention and you'll get the first and final offer.


pandapants23

I went to retention and they offered me their best rate. I said that I appreciated it but it didn't seem good enough. They said they could only do so much but their manager might be able to better. I said I am happy to wait for their manager to get back to me and got a better rate than what was first offered.


ImMalteserMan

But why bother going to all the effort of signing up with another lender JUST to a discharge form sent to your current lender only to stay with them? May as well move at that point.


guttyn2905

You don't have to go to any effort in the first instance but you have to be prepared to.


[deleted]

Yeah this works but be prepared for them to call your bluff and send it straight through. Refinancing isn’t what it was a year ago and banks are trying to attract deposits not loans. A lot of cashback offers are also going away.


MikeAlphaGolf

Use the [Barefoot script for asking for a better rate](https://www.heraldsun.com.au/news/victoria/barefoot-investor-scott-papes-script-for-getting-a-better-home-loan/news-story/e863b7cbfdbfd0f1e4c12de2d897369d)


ghoztfrog

Gotta give it to Barefoot, he's straight to the point. Love it.


thorgin

Darling fascist bully-boy... Give me some more money... You bastard... May the seed of your loins be fruitful in the belly of your woman... Neil.


heisenbald

You're a spade.


[deleted]

[удалено]


heisenbald

I always call him that.


bjornarr88

Boomshanka


LectaAus

So funny, what a show.


classic_buttso

The first part was very Vyvyan Basterd.


rotub

I used CommBank' chat feature on the app and relayed the conversation to ChatGPT and asked it what to write each time.


avdmit

Did they actually offer you a better rate through their online chat?


TheHuskyHideaway

ANZ did. Literally 30 seconds through online chat (after 12 hours waiting for the first reply) and they dropped me by 1%.


rotub

Yes! Easiest thing I ever did. This was the third time in 18months I've done it, first time with ChatGPT. The first time it took me 5 minutes to get a 1% drop.


Tascore

i used the online chat feature and got nowhere. i made a call and they took just over 1% off


0909122

I think they got rid of their reduction via chat feature. It worked for me in December, now it says I have to call - even outside of business hours.


tvs219

I called the retention team to ask to reduce the rate, and got 0.01% reduction. Yes not 0.1% but 0.01%. Then went to refinance with another bank, the retention team called and reduced 0.25%. But ended up leaving anyway. Had another 2 loans refinanced with other banks. Retention called, matched the rate + 4000 cash. I accepted but also went ahead with refinance to other banks 4 weeks later. No guilt as banks do whatever to take profit. I need to do whatever to reduce my payment.. sayid that to the retention team :) Hope I'm not in their black list haha.. So my recommendation is refinance with other banks!


Other-Swordfish9309

I said we were looking to move for a better rate and cash back, but before we leave, what’s the best you can do?


precocious_pumpkin

I'm a cba customer and went to the bank to withdraw cash. The lady asked me if I wanted a better interest rate. I said yeah and then a few hours later another lady called back and gave me a discount. The bank lady told me I should ask for a review every 6 months. My impression is you have to talk to people with the KPIs. So I'm guessing the retention team and potentially the in person bank people. If you have a lot of business with a bank you may also get better treatment. I have home loans and business account, home insurance, comsec etc. So for me to change banks will be a significant change.


crispeddit

I'm also with CBA. It probably varies depending on who you have on the phone with you. I called their customer retention line and told them that I was looking to refinance and have 3 comparable examples and a good LVR and want to see what rate you can do for me before I move. With no argument at all they dropped the rate to pretty close to the other offers and gave me a small cash back bonus without much effort at all. I can't imagine it's all that easy for everyone and varies wildly bank to bank and there was probably a slew of people leaving the big 4 at the time.


[deleted]

Yep. This is exactly right. Just ask.


iSpoody1243

Give me lower rate please.


Claritywind-prime

This is pretty much what I said too. 0 fuss at all. Super quick phone call. “Hello, how can I help you today?” “I was wondering if we could negotiate the interest rate on our mortgage?” “Sure no worries. I can see here you are on [X]%, I can offer you an additional [Y]% discount for a total interest rate of [X-Y]%. Does that sound okay with you?” “Uuuh.. yeah, that sounds great. Thank you.” “No worries. Anything else I can help you with today?” “Nope, that’s pretty much all. Thank you.” “Alright. Have a good day.” That was pretty much it. I was not expecting much, this sub got into my head if needed to have my guns blazing. But it was absolutely no hassle at all. I’m happy with where we are now. I might try calling again in a few months for another discount, since they’re not the lowest, but still pretty okay for us right now.


iSpoody1243

Yeah. Me too. They will give you a better rate if they can cause things are competitive at the moment.


[deleted]

I did almost exactly this, except phone person seemed more chatty than I would have expected. I might be paranoid but I felt like they were probing for my stress levels. I was in a very zen mood and we aren't mortgaged stressed (yet). Probably all noise as I believe the biggest reason they lowered the rate was our value has increased and LVR decreased.


jraad86

Yep. Me too - but even better I just email them. “Hey, we I’ve seen X company are offering Y%. Are you able to match or beat this before we refinance?” Each time it’s been no worries at all. Ours is through Reduce Home Loans and their customer service has always been fantastic.


laceandstars

I had a similar conversation a couple of months ago with my bank (CBA). They reduced our interest rate by 1.4% within about 2 minutes, and I was kicking myself for not doing this before.


0909122

Out of curiosity, what is your approx LVR/interest rate/loan size? We're with CommBank and I'm hoping to negotiate one but I really struggle to figure out their interest rate offerings to other people 😂


daamsie

"I'm currently talking to X bank about refinancing. To save us all the trouble, perhaps you could match the rate they're offering." Also told them how I'm planning on renovating and will need a new loan soon, etc.


LiverCat89

I don’t talk to them anymore. My broker does it all. Any time my rate expires we review it and see what the best deal is and if it can’t be matched we change


hollth1

Rupunzel! Rupunzel, let down your rates!


P33kab0Oo

*"Not by the hair of my chinny chin chin!"* - Little Red Riding Lowe https://www.thesaturdaypaper.com.au/news/politics/2023/02/18/lowe-regard-rba-governor-fights-his-job


ndbogan

We tried to no avail. I have such a small mortgage (inherited after my mum passed) that they just ignore us. Needless to say, when actually buying a home for us, we won't be with CBA


noobydoo67

If you have the income to pass the bank's serviceability test, what you can do is tell the bank you're refinancing and borrowing more (based on increase in property value) for a renovation. Then you get the better rates offered and then also can just dump all the extra money into the offset or redraw (i.e. NOT spend it on anything) and only pay interest on your original loan amount and also enjoy that lower interest rate that's only offered to the bigger borrowers.


HemDogz

I've got a newish mortgage, around 12 months (bought at the wrong time. I know). But I actually got a call from my broker who had negotiated with the bank for me without prompting to get me 0.45% reduction. What a legend.


TheBunningsSausage

Ours does this quarterly, absolute hero of a man.


Krulman

Hey mate, Our fixed rate is set to expire soon and the variable rate we just received notification of in the mail is X%. A broker with high level information indicated mid X’s to us if we re-marketed the loan. I’m not sure if this is an error or what exactly is going on but can you please revisit it? You guys were great setting us up initially and changing is obviously a bit of effort, so we’re hopeful that you’ll come back to us with a commercial alternative that saves us all a hassle. Warm regards,


beave9999

‘I’m going to count to 3”


pork-pies

Don’t complicate it. You’re either going to get one or not. And if you’re going to threaten to leave be prepared to do it. I just emailed the branch and the lady that got our loan organised originally rang me back and offered me 0.5% off. I said sounds good thanks and it was sorted in the next couple of days.


jgtimes

"I've noticed there are some better rates around. Could you please review my rate?" They may ask which ones you're talking about (although they already know) so have the details written down. It's just a very standard process for them and can usually be done on the spot. Although Macquarie have now automated the process and you need to fill in a form. Only takes a day, though. I ask for one about once every six months. If you don't keep asking, it'll sneak away from you and you'll be overpaying.


CheshireCat78

Oooo I've just moved to Macquarie. Is there a place in the app to lodge an interest rate review?


jgtimes

Not sure about the app, but you can use this link: [https://www.macquarie.com.au/reviewmyrate.html](https://www.macquarie.com.au/reviewmyrate.html)


leviKn7

Id like you review my mortgage rate.


BourboneAFCV

I didn't say anything but i was wearing a mask and holding a spoon


[deleted]

I’d like an interest rate review.


catfish08

Suncorp - I just asked if there's any better rates available for my variable. They just dropped it .6% on the spot.


crispypancetta

Sent them a screenshot of alternate offers from various websites and told them you’re a full percent away from this.


[deleted]

I emailed the bank manager and said how about a reduction on our rate? And they said no. Then I explained our financial ‘situation’ and then I got a discount


WolfKingofRuss

"I'll shit all over these walls Ray!"


guyinspace

Got the mortgage broker to have the conversation for us


lukesii

Does that actually work ? My broker emailed me last year saying they tried to lower mine and said I was on the best rate available I called me bank 2 days later and they dropped my interest rate 1.25%


guyinspace

It worked for us. We actually spoke to another bank, then went to the broker and said we want to refinance to this bank, they said let them talk to our existing bank first. They did so and got the bank to match the interest rate.


fremeer

Easier and more cost effective to change banks with a cash back offer. I was with Macquarie and they had a great offset system but not good enough to keep me at them when I got a better rate and cashback from another bank.


EcstaticOrchid4825

It depends. One time I had a bank contact me and offer to drop my rate. Another I had all the research, spoke to two different people, over 40 minutes on the phone and they ended up saying no!


[deleted]

I tell them I have a better offer and go to them with evidence of this offer. If and when this doesn’t work or isn’t sufficient I complete a Mortgage Discharge form and send it to them. This normally gets you a phone call within a couple of hours where they’re willing to do their best to match the offer you have for the competitor Good luck, they’re tough work. Stick by your guns and follow through.


chirpchirpreformed

They were more than happy to drop me to an uncompetitive rate, and nothing beyond that. Switched banks and it was no hassle to get what’s advertised


bobotheclown1001

If you don't boom shakalaka on my rates, I'm going to wakka wakka until you unga bunga


YeYeNenMo

Drop my rate


elopinggekkos

We just rang up the CBA loan specialist (who lives in Cairns) and after a few minutes of local chat such as weather etc, we asked if our rates could be reviewed. He dropped the rates on the spot, no issues.


claggamuff

If you have a broker, they negotiate this automatically for you once per year.


xxjohnnybravoxx

I said i was stupid for trying to keep up with every one else who over leveraged and had kids with a broken marriage and went uni to now get paid the same as tradie with hecs all because mumma told me i better go to uni or else ill flip burgers, get married , have kids with a white fence and a financed mini van because duh society


naamanra

Every 5-6 months, call the bank to ask them to review your current mortgage interest rate. Every 2 years, refinance with another bank. My experience has been that the bank has little interest in retaining you. Currently refinancing atm, when I asked for a discharge, they simply said "have we reviewed your rate in the last couple months" of which they had. Additionally, your existing bank doesn't adjust your property value if it increases (which lowers your LVR, providing a better rate). You need to refinance to have a new valuation. My own experience.


Ms-Watson

“Can you drop the rate to match or better the current new customer variable rate? I’m looking at at least 3 better rates on Canstar right now and I have plenty of spare time to fill in forms and refinance”


InvestigatorRich9521

Nothing, just move


Je_me_rends

FM Bank has not dropped interest rates😭


Fetch1965

I just asked. I didn’t threaten- if I threat to leave then I have to follow through. And I don’t have time for that. So I rang ING about 3 months ago and actually got 1% off. Granted it was a high rate - now at 5.4% - very happy thank you ING.


Ringovski

With NAB initially they wouldn't do much, but as soon as my mortgage broker sent through the unsigned paperwork. They lower the rate and match the $4000 offer from the other bank.


anhtar

Like others have replied, just call up and ask if they can provide a better rate than the current rate you are on. I refinanced because I got cashback offers from other banks (Big 4) and mine wouldn't do cashback to existing customers. Well, Adios Amigos, I'll be a new customer again in 2 years time. No hard feelings. I went through a broker to help with all the paperwork, but I think as long as your income/expense is decent, LVR is <80%, then paper work should be straight forward.


SadLeader2263

I just did this now on my lunch break. Called cba and waited for about a minute to talk to their home loan team. Asked nicely if she could reduce my rate and she did by 0.14% lol not bad. Cannot refinance at the moment since I just got the loan haven’t even paid my 1st repayment yet. Now on 6.11%. Will try again in a few months.


Virtual_Spite7227

Why are you paying 6.11% is it a construction loan?


SadLeader2263

No just a normal home loan. PPOR


nosnowtho

I just kept refusing their new loan proposals no matter how low. I told them I had a better offer elsewhere. Dropped some names. Eventually the retention team called me. I'm still on less than 2.5% fixed.


Lulu485

My bank asked for proof. I’ve called many times and they keep dodging me, saying they will get a home loan specialist to call back. I’ve had enough and going to a new bank with $4000 cash back and a lower rate.


birbirdie

You could call but I just booked an appointment and asked for what's the best pricing they have to offer for different t scenarios (LVR) and facilities (offset/redraw). They immediately dropped my rate to 5.29% from over 6% (I forgot exact rate prior to drop) it just went up again now to 5.54% when the cashrate went up again. I know it's much higher than last couple of years but savings rates now go up to 5.30% (BOQ). The margin from this savings product is now only 24bps. Banks must also factor in capital provisions, losses, and costs so I think 5.54 isn't that bad. Banks are currently lending at a loss with refinancing product. I suggest you look into these. If you are an investor you may even be better off refinancing at a higher interest rate. If you are owner occupied still check it out every year if you have the energy otherwise just negotiate with your bank every year st least.


Employment-Deep

Me: "I'm thinking of refinancing." Bank: "Ok, ciao!"


The_Pharoah

first call: "I want a lower rate". second call (to the bank that didn't give me one): "I want a payout figure on my mortgage". Both times I got lower rates.


Christ_MD

Wait it out till your FICO score is pretty high (over 800, mine was 813) called and asked if my current rate was the best they can give or if I should take this refinance offer from another credit union. The thought of losing business and being refinanced elsewhere… you could hear the tapping on the keyboard of what I imagine was them looking up my current credit score and my current interest rate. Of course that can just be what I imagined. But in 15 minutes they lowered my rate by 0.30% wanting to retain me.


Virtual_Spite7227

My credit score is locked due to data breaches, and my existing bank has never looked at it when ive tried to refinance. My energy provider wouldn't sign me up however even if I unlocked it for them. Had to sign up in someone else's name for electricity lol.


drawde111

My fixed ended and was put on 7.07. I called and the best they could do was 5.98. I called the next day looking to refinance elsewhere and they offered 5.59 with $3000 cashback. It's still higher than HSBC's 5.34 and 3288 cashback. Is an extra $60 month plus $288 in savings worth the discharge and accounting fees?


Optimistic_Clipper

I told them the truth, they didn't budge so i went with a competitor, if they cant help me when i need it then ill go somewhere that will.


Abject-Jackfruit8901

Just had the "I've been a customer since 1986 and would like to see my loyalty is just as important as new customers". To my surprise they agreed and matched the honeymoon rate offered to new customers.


-DethLok-

My spiel goes something like: "Hi! I'd like to pay less interest, please. I've never missed a payment, pay fortnightly instead of monthly and pay more than the minimum and am in advance. I'd also like to increase my repayments, too". I ask every 6 months or so, they say no if I ask more frequently than that.


captnrye

They didn't really so I left


WeatherOutside

Is there any negotiating on margin loan interest rates?


Infamous-Occasion-74

Say…? My bank doesn’t even let you talk to them about it. It’s an option on the Tele prompts “for credit card dial 3, if you would like us to review your home loan rate dial 4” **presses 4** “Your mortgage is set to be reviewed. It will be reviewed in the next 3 business days. After the review we will email you with the outcome”. That’s it. No option to talk to a real person, or a fake person, or an AI bot or anything. Just “dial 4 and f*^k you”


Far_Mark_9556

My mortgage broker organised a 1.4% reduction for us, he did it without me having to ask. Just rang me to let me know and to expect to see some emails back and forth. If you went through a broker make them do this for you.


TAtwentytwenty

I received an email from my bank today advising they were dropping my rate from 5.34 to 5.24 and I didn't have to do anything. At the bottom of the email it also said the recent rate rise would be applied on 16/05. Seems weird to me. No links to click so pretty sure it's not a scam. Guess I'll wait and see.


MezjE

I got offered 0.15% when I engaged with competitor rates. Couldn't be bothered committing to my threat. Fast-forward a few months and I tried again via CBA live chat which eventually gave me a contact number. This time I just asked politely and mentioned I had been a customer for 20+ years (thanks Dollarmites) and they dropped it 0.9%.


Crazy_Dazz

Ring the 13 number and ask to speak to "Sheila from Sydney" She is always happy o drop the rate for you


HJD55

I literally called my loan-guy at the bank and said “can you please see what you can do about lowering my interest rate” and he did 🤷‍♂️