Bank calling to refix

[Learning]

I have a mortgage coming off its fixed rate in 2 months time and today I got a call from the bank wanting to know if I want to refix. They never called me to refix early 3 years ago when rates were on their way up. Now when every economist predicts a drop in rates in the near future they want me to fix early. Coincidence?

[The_Dog]

No, I don't think it's a coincidence.

My bank contacts me each and every time a a loan comes off fix.

Perhaps your bank has a new starter that is still fresh and keen, not yet had the enthusiasm beaten out of them :0

[PTILoveYou]

Must be Westpac huh? They have stepped up their customer relations and client retention in the past few months.

[Nick G]

Ask them what their best rate is and tell them you know of someone getting 4.75 over 5 years so you've been looking. Bet they match or come close to it and do a cashback too.

[jimO]

Must be Westpac huh? They have stepped up their customer relations and client retention in the past few months.

hmmm i spent 40mins waiting to talk to someone from arsepack on the phone yesterday

[north shore]

Lol Gary, they need to, when I enquired about break fee's on $400,000 last year and what the best deal they could offer me, the person I spoke to suggested moving to another bank!!
My tenant who works in a different part of Westpac was horrified.

[BigDreamer]

I despise Westpac.

I hate myself more for refincing 3 investments with them early last year. I should have learned my lesson the first time I dealt with them about 4 years ago.

[MichaelKarabassis]

This is why you use a mortgage adviser!!
I call all my customers a month out to organise it for them, and if they aren't happy with their current bank then we show them what the other banks will offer.

But to be fair to you guys I have been hearing a lot of noise coming out of Westpac clients, its just a shame because the have some great home loan and Airpoints products.

Michael Karabassis
Mortgage & Risk Adviser

[BigDreamer]

Actually, it was my broker who recommended Westpac when I refinanced early last year. I should never have listened to them.

Would brokers help with loan refixing or just new loans?

From my understanding, brokers only help with new loans not refixes. It's the dealing with Westpac as an existing customer that is the most frustrating .

[BigDreamer]

Thank you Michael. I will definitely consider it.

After you sure you will be paid for refixing a loan I obtained through a different broker? I wouldn't feel right asking you if you are not paid anything from the bank.

[ivanp]

Would brokers help with loan refixing or just new loans?

From my understanding, brokers only help with new loans not refixes. It's the dealing with Westpac as an existing customer that is the most frustrating .

I have just refixed a loan with Westpac via my broker: they managed to get better rates (4.29% for 1 and 2 years), than bank manager was willing to give me.

[MichaelKarabassis]

Yep, most important thing to note is don't worry about me, I am happy to help regardless of me getting paid.
I would hate to see any client or contact of mine be shafted by a bank or broker!

Michael Karabassis
Mortgage Adviser

[Judge]

This is why you use a mortgage adviser!!
I call all my customers a month out to organise it for them, and if they aren't happy with their current bank then we show them what the other banks will offer.

But to be fair to you guys I have been hearing a lot of noise coming out of Westpac clients, its just a shame because the have some great home loan and Airpoints products.

Michael Karabassis
Mortgage & Risk Adviser

And they pay very high commissions to brokers...

[AlFa]

I have just refixed a loan with Westpac via my broker: they managed to get better rates (4.29% for 1 and 2 years), than bank manager was willing to give me.

Probably case by case thing - I've got rates directly from bank and just in case asked broker if he can do better - he told me to go with bank offer

[MichaelKarabassis]

And they pay very high commissions to brokers...

Westpac pay the one of the lowest commissions of all the banks, I would be interested to know what you think very high commissions is!