outlook, page-6

commercial property loans....I was one of the first it seems...they added on a margin of .75 for risk...its now dropped to .15...
they have not been passing on the rba rate cuts...seems business and commercial loans are outside the scope of the rba so they can charge what they like
I have called them everyday for past 3 days with a promise someone would call me back...and finally after I called again and complained today I got a result...
I threatened to leave and go with ING a fixed rate of 6% compared to sun charging me 10.3%
they have agreed to charge me 300 to let me access the business loan fixed rate of 7.65%...although it is still high , its equivalent to me paying 2400 for a new financer at 6%...so am in the same position if I had moved to another for a year....but its a whopping 2.65% drop

as far as a risk goes....my property has increased 6 fold in mv and the return has tripled in value since I took out the loan.....so in my case absolutley no risk
but they have treated me very badly....as it was they utilised the rba rates to hike up the rates over and above the rba when it suited them....
I intend to leave them within the year....
they have a 'small business retention team' to try to hang onto the loans.....but if they cannot be bothered to look after customers and drop the rates then what hope do they have....
the fact that they would not return calls and made excuses is bad pr...and they said they had 90 day bills against my 15 year loan....I dont care what they did....and I notice the home loan rates are still high at 7.80 average....there is no competition if cba offers 6% or less for the same deal.....
and not sure that anz will do any better if it takes it over...going by anz rates today
cheers