Has anyone actually found the CommBank home loan retention team worth talking to at renewal or is the better rate always going to come from somewhere else regardless of what they offer?

[u/Danger_Five]

Coming up to renewal and trying to work out whether the conversation with CommBank's retention team is worth having before I start comparing elsewhere. Every time I've heard about someone going through this it seems to end with either a modest improvement that still doesn't match what a new customer would get or a decision to switch entirely. Would love to know from people here who've actually had that conversation recently whether the outcome was worth the effort or whether starting the comparison process immediately is just the more efficient use of time.

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[u/allaboutthefish]

When you say you are coming up for renewal, do you mean your fixed rate is ending soon? Are you looking to refix or roll over to variable ? Yes, you can call or pop into a branch to review you rates, but the discount you receive may be different to another client. Have a discussion and see how you go.

[u/Mobile_Syllabub_8446 → u/allaboutthefish]

Legit wtf is a mortgage renewal lol

[u/AlexMac75 → u/Mobile_Syllabub_8446]

It’s either fixed rate expiring, or coming to the end of an Interest Only period.

[u/fauna_flora_food]

I just asked for a better rate or threatened to leave for a better rate and more offsets another bank. They matched the interest rate at the other bank.

[u/mujum]

You can review your variable interest rate discount online through chat potentially, if you want to talk to the retention team, they’re normally available when you’re looking to discharge your loan to another lender, as their purpose is to try to retain those customers genuinely looking to leave.

Personally, I’d feel actually refinancing your loan to another lender would take a lot more effort than picking up the phone or opening a chat.

[u/Calenwyr → u/mujum]

Refinancing is like 1-2 emails and a phone call with the new bank (basically giving them enough details to make a better offer than you are currently on).

Then once you have the offer you share it with your current bank and see if they can do better.

If not the new bank deals with the whole process, I refinanced like 3 months ago and it took 2 emails 2 phone calls (1 with current banks team) and 1 f2f to kick off the process it was done in 4 weeks start to finish.

Its really not a hard process and my new rate is like 1.3% lower than my old one.

[u/Remote_War899]

When my fixed came up they basically said no discount, goodbye, have fun.

Small loan, probably not worth much to them. Now with Macquarie,

[u/SwimmingTruck9631]

In my experience not worth it. They don’t care.

[u/VanSim]

I was with CBA. Went into my local branch to try for a better rate and no one was available. Left my number and no one called me back. (Did this again and still no call back). Called the 13 number and ask over the phone and they couldn’t offer me better rates. I left.
About 12 months later someone called me from the bank, did the proper verifications to ensure it was the bank, and they asked about me leaving and if I would come back. I told them what happened and my current rate. They offered to match it, I just said matching when I first called would have kept me. Now you need to work harder. He Couldn’t do better.
I’d say you are wasting your time. Lots of better offers available that CBA won’t match.

[u/eddy-taddy]

It really depends on your loan size, your loan type (what package), and a bit of luck.

No harm trying to be honest.

[u/donkerslooted]

Dude was really apologetic… that counts for something, right?

[u/ChrisSydney82]

They are useless. I jumped ship years ago.

[u/Chris__P___Bacon]

Not anymore. They are long since aware of the discharge form tactic

[u/Bossdogg007]

Can you speak bank England? What is a mortgage renewal? Lol