Not a bad deal since they have access to all Major Banks and Lenders
Cashback is paid monthly
Get cashback every month for the life of your loan.
The 1300 Home Loan Cashback offer is a unique cashback offer designed for anyone who has a home loan or is looking to get one.
By switching your current home loan or taking a brand new loan, you can get paid hundreds of dollars in cashback straight into your bank account each and every year for as long as you have your loan.
Would be nowhere near the savings of having an offset account with your home loan.
meh
Need the rates
Rates are 5.17 competitive. Take off the .1 and you would still be about 5.07 comparative.
Now check loans.com.au (my loan settled Monday) where I am on about 4.27% comparative and have 100% offset facility.
If this deal is saving $400 for .1% then mine is saving About .9% ($3600/yr).
Note these are only rough figures and do not represent what really happens with loan amortisation.
NO DEAL with 1300 home loans.
Where did u get 5.17% rate from? The rate is dependant on the bank YOU choose with them from the range of available banks
I went straight to http://m.1300homeloan.com.au/CompareHomeLoans.aspx
The best rate on this page is what I have used above ( and happens to be the 1300 rate).
They are just a broker.
Every 1300 Home Loan mortgage broker has access to hundreds of different home loans from the big 4 banks to non-bank lenders who can often offer more competitive products. So, if you're looking for friendly guidance based on what's right for you, and your future, we can support your goals. View our mortgage brokers by state and contact us to find the right home loan with our quick 30 second form. If you’re buying your first home, looking to invest or refinance its always worth booking a free appointment with one of our mortgage broker to be certain you’re saving with the best rate and features on your home loan.
@easternculture: they don't do themselves any justice though because the link Qroozn supplied implies there special cheapest rate is 5.17%. It's obviously a very old screen shot because the Westpac rates shown are very old
I think people dont read properly. They are just a broker. You get the same rates as you get from a bank. You can also have an offset account too.
The cash back is an extra bonus for using them.
Anyway, its all good.
I think there is some major misunderstandings of what this deal is (with comments like "Need the rates" and "nowhere near the savings of having an offset account" ). It appears they act as a home loan broker and refund some of the trailing commission (so there for the rates vary with the bank and some will offer offset accounts). it would be nice to see how they compare to say https://www.yourshare.com.au/ before I could give this a + vote
I agree, there is confusion above. All they are doing is being a broker. You get the same rates you would get by going to the bank yourself. (Plus the bonus trailing rebate). They are not the bank and not providing the loans themselves. Based on that I can't see why the negs.
Some brokers will actually try to get you a better rate. There's been no reports from any one going through with this.
Matesrates are much better as they only take $5 per month off rather than 50%. Note that the $400 savings quoted is based on an interest only loan. Things like offset, years with lender, etc will alter the trailing commission.
Another interesting approach is from ING who are offering 1% rebate (capped) on the repayments (not balance) and coupled with their 0.15% to 0.20% trailing commission (I'm just assuming they'll pay both) may work well for those with some serious offset. Has $199 yearly fees though.
sorry, this is not a deal.
it would only be a deal if the interest rate paid on the loan AFTER cashback was at the VERY pointy end of home loan rates available.
Without proof of that there is no deal here.
Forums.