Majors offering 'off-the-table' rates

by AB19 Mar 2013

A top broker has said that in spite of staying put on rates, banks are offering huge discounts.

Sydney broker, Jeremy Fisher, says banks are segmenting based on 'risk rating' and offering the best discounts to those with a larger deposit.

"We are seeing off-the-table rates such as, for example, for a loan of over $1 million, we are seeing discounts in excess of 1%.”’s Kevin Boyle echoed Fisher, and said banks are fighting for premium customers in the face of low credit growth.

“At the moment, homebuyers can quite easily find discounts of as much as 1% on a home loan. However, it seems that it is the larger and more secure loans that the banks have the largest hankering for.”

Boyle says a Mozo ‘mystery shopper’ also found that the major banks were offering potential customers further discounts beyond their already reduced packages, with ANZ and Westpac both offering bigger discounts than their standard package rate discount. NAB said they would beat any rate offered by the client’s existing major bank.