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$4500 Settlement Rebate for First Home Buyers @ Naritas

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For a limited time only let Naritas help you finance your first home purchase

Westpac Flexi First Option Home Loan:
  • $4500 rebate at settlement.
  • 4.19%p.a. (CR 4.2%p.a.)^
  • Only available to buyers eligible for the FHOG (http://www.firsthome.gov.au/) who are submitting their FHOG application with their home finance application.
  • Maximum LVR 95% - LMI can be capitalised to 97% LVR.
  • Unlimited free transactions across Westpac branches, Westpac Group ATMs, eftpos, Westpac Telephone Banking and Online Banking (Other fees apply including for the use of non-Westpac Group ATMs and overseas ATMs.)
  • $0 establishment fee and $0 ongoing fees.
  • Minimum 40sqm unit size.
  • For LVRs over 80% a minimum of 5% genuine savings (https://www.naritas.com.au/guides/genuine-savings/) is required.

Who is this deal suited to?

  • High LVR (90%+LVR) borrowers looking to offset the costs of purchasing a new home (conveyancing, pest and building inspections, LMI, etc).
  • Borrowers looking to get a sharp price on LMI: Westpac LMI at 90%LVR+ on a $350K+ loan size is between 0.2% and 0.8% cheaper for that premium than low rate lenders like ING. Source: Westpac LMI rate card: https://www.naritas.com.au/system/wp-content/uploads/Westpac…
    ING LMI rate card: https://www.naritas.com.au/system/wp-content/uploads/ING-Dir…
    For example: LMI premium for $450,000 loan size at 95%LVR = ~$15,480 with ING and ~$12,645 with Westpac
  • People who don’t qualify for low rate offers due to their high LVR (most discount offers require LVR lower than 90%) or because of their lack of genuine savings. NB: Westpac will allow up to 6 months of rental payments to be included towards genuine savings calculations if the applicant’s repayment history and credit profile is strong.

*Naritas Finance Cashback Terms & Conditions (https://www.naritas.com.au/first-home-buyer-special-4500-cas…):

  • (1.) This offer is provided by Naritas Finance Pty Ltd ABN 74 096 341 061 of Level 1, 357 Military Road, Mosman, NSW, 2088 (“Naritas”) and Westpac Banking Corporation Ltd ABN 33 007 457 141 of Level 30, 275 Kent Street, Sydney NSW, 2000 (“Westpac”).
  • (2.) This offer commences 2 November and closes 30 November 2015 (“Offer Period”).
  • (3.) This offer is open to Australian residents only.
  • (4.) A payment under the Cashback Offer (“Cashback Payment”) will be paid for residentially secured owner occupied home loans settled during the Offer Period subject to conditions 5 to 15 below.
  • (5.) A borrower must purchase using Naritas to arrange a Westpac Flexi First Option Home Loan and must not be an existing Westpac Home Loan customer. A borrower’s loan application in conjunction with this Cashback Offer will be subject to Westpac’s usual credit assessment and approval processes. The borrower must be purchasing their first home, be eligible for First Home benefits (FHOG) and must submit their FHOG request through Westpac.
  • (6.) The Cashback Payment is $4,500 ($3,500 from Westpac, $1000 from Naritas) where the total loan financed, either jointly or individually with Westpac is $350,000 or more.
  • (7.) The initial loan application must be received during the Offer Period.
  • (8.) The approved loan must be funded by 29 February 2016.
  • (9.) A borrower is eligible for a Cashback Payment only once during the Offer Period. Once a loan application that is eligible for a Cashback Payment is received, no further loans which include that borrower, jointly or individually will be eligible for a Cashback Payment.
  • (10.) Fees and charges apply to loans taken out under this Cashback Offer. Refer to the Westpac Loans Fees and Charges brochure https://www.westpac.com.au/personal-banking/home-loans/varia… or the Mortgage Loan Schedule for details.
  • (11.) The Cashback Payment will be deposited to the loan account for the financed loan after the settlement date. The Cashback Payment will not be made to the borrower in “cash” (i.e. notes and/or coin) or cheque.
  • (12.) A borrower cannot transfer or assign their right to the Cashback Payment to any other person.
  • (13.) Naritas accepts no responsibility for any tax implications that may arise from the Cashback Offer. The borrower should seek their own independent advice in this regard.
  • (14.) This offer is not available in conjunction with any other promotional offer Naritas has available including our ‘refer-a-contact’ promotion.
  • (15.) Participation in the Cashback Offer is deemed acceptance of these terms.

Westpac Important Information:

  • ^Comparison Rate. This comparison rate is based on a Flexi First Option Home Loan of $150,000 over the term of 25 years. WARNING: The comparison rate applies only to the examples given. Different amounts and terms will result in different Comparison Rates. Costs such as redraw or early repayment fees, and cost savings such as fee waivers, aren’t included in the calculation of the comparison rate but may influence the cost of the loan.
  • Ongoing discount offer. For new loans applied for from 1 September 2015. Offer is only available for a limited time and may be withdrawn at any time. This special offer is only available on new Flexi First Option Home Loan and Flexi First Option Investment Loans. They are independent of each other and can’t be taken in conjunction with, or in addition to other special offers, negotiated rates or discounts. Not available to company and trust account holders. Discounts do not apply to internal refinances and are not transferable between loans.
  • Variable rate subject to change (and margins may apply). Credit criteria, fees and charges, terms & conditions apply.

Disclaimer: https://www.naritas.com.au/disclaimer/

Naritas Finance Pty Ltd ACN 096 341 061, Australian Credit Licence 441 723

Referral Links

Referral: random (1)

Both referrer and referee receive a $50 Woolworths eGift card when referee's loan is settled.

Related Stores

Naritas Finance
Naritas Finance

closed Comments

  • +3

    Why did you put up the interest rate?

    • Excellent question, JV. The main reason is because interest rate doesn't tell the full story for an offer like this.
      a) Westpac mortgage insurance is comparatively cheap. On a $450,000 loan at 95%lVR you would save ~$2830 in LMI compared to ING. As anyone who has investigated buying a first home recently can attest, LMI at high LVRs is an extremely important cost to evaluate when comparing products.
      b) Most of the great discount offers people have in mind because they have seen them on Ozbargain disqualify borrowers with greater than 90%LVR (uBank max 80%LVR https://www.ubank.com.au/home-loans#rates, loans.com.au max 90%LVR https://www.loans.com.au/home-loans, ING max 90%LVR http://www.ingdirect.com.au/home-loans/orange-advantage.html). This offer can go to an aggregate LVR of 97%. To illustrate the point further, loans.com.au which many people consider to be a cheap lender, at 90%LVR is 4.14%p.a. with $550 in establishment costs and $0 rebate. This product is 4.19%p.a. (CR 4.2%p.a.) with $0 establishment costs and $4500 rebate.
      c) The policy is quite flexible especially considering the price. Many people don't qualify for a loan because they don't have sufficient 'genuine savings' - this product allows for rent paid to be included in that equation. Nearly all of the lenders who are so lenient at 90%LVR+ are significantly more expensive.
      Hope this helps.

  • Can I move on this with 7 grand?

  • +1

    Not a particularly competitive variable rate - over say UBank (3.99%) you'll be paying over $20,000 on the $350k min extra in repayments. On even more competitive loans listed in OzBargain this $4500 gain will could cost you over $40k over a 25 year term.

    Something like this https://www.ozbargain.com.au/node/215201 looks to be a much better deal.

    • Unfortunately you are not comparing comparable deals. a) The ING offer is for a max of 90%LVR. b) The LMI is cheaper with Westpac than ING c) The uBank pricing does not apply to LVRs of 90%+

    • We actually have a special going on the ING offer you are referring to: https://www.naritas.com.au/landing/ozbargain-special-ing-ora…
      This offer is not a competitor to that offer because the ING offer is aimed at people with LVRs less than 90%. This offer is aimed at higher LVR borrowers. Hope this helps.

  • -1

    Minimum unit size 40sqm. You get a $4500 rebate when you settle because it's not a good rate.

    It's a trap!!!!

    • It's genuinely a highly competitive offer for high LVR borrowers. Most of the offers you have in mind do not apply to LVRs above 90% and carry higher LMI premiums than this offer does.

      • Well noted - I hadn't realised how high an LVR that Westpac product allowed - kinda scary…

        • No worries. We understand on face value for low LVR borrowers (read: lower than 90%LVR) that this could look expensive. The real value of this deal is for people who aren't so fortunate to have a large deposit for their first home. The rate is highly competitive for 90%LVR+ borrowers, has comparatively low LMI premiums (which make thousands of dollar difference on a standard purchase price) and has $0 ongoing fees.

  • is there a minimum term that i am required to stay in this loan/ lender or if there is a better deal 6 months down the track or if my circumstances change, i can refinance out without penalty?

    • +2

      Excellent question. You could refinance out of this offer in 18 months without penalty. NB: Standard discharge costs of ~$350 would apply.

  • for anyone who want to get into it, just do a research first before attract by the sweeten $4500 rebate… i think the deal is not that good, considering if you have 80% on hand, and if you go with any other bank, you can save the interest, when accumulated, it will get more than $4500 over time, also if you have offset account, that will count towards how you save OVERALL in long run, not just a sweet deal introduction, and fall into the trap of paying higher interest

    • This deal is not aimed at 80%LVR borrowers. Please refer to the offer details where we point that out. This offer is best suited to 90%+LVR borrowers.
      Offers such as this one: https://www.ozbargain.com.au/node/213246 are better suited to borrowers with 80%LVR or less

  • Let me know if this gets extended to non Fhog purchased, I'm planning on buying a couple soon.

  • +2

    4.2% is not bad given the LVR rate.

    Also for those complaining about the interest rate, there is nothing to stop you to refinance in 2 year time to get a better rate. If you only look at outgoings in two years of settlement, this deal should be pretty good.

    I think this is a good deal.

    • I agree following Naritas comments - can't change my neg vote :(

  • Hi

    Anybody who would like to use me as a referrer using Naritas services

    https://www.naritas.com.au/latest-news/refer-a-contact-you-b…

    PM me

    thanks

    • Same here, I have also started talking to Andrew at Naritas and am going to refinance but would like to sweeten the deal so if you are in the same boat with a loan size over 250K please PM before engaging Naritas and I'll refer you so we both get the $250 bonus when we settle.

  • Would have considered but land only titles in May 2016.

  • -1

    Hey Naritas team, you should disclose upfront that you will charge a fee for services if the applicant is unsuccessful / advised not to proceed.

    • +1

      Thank you for your feedback. Strictly speaking we do not charge such fees in all instances. In fact such charges are extremely rare. As such, including such a statement in an advertisement would be just as likely to mislead as it would be to assist someone. We do, however, have this information on our website and provide it at the moment someone enquires.

      We have such provisions in place primarily to allow us to focus on legitimate applicants and to discourage financial fraud. In other words, if the person is unsuccessful because they have lied about their figures, which most commonly occurs when a person may intentionally try to mislead Naritas and the lender by saying that they have clean credit, an approval is prepared and then a credit check is done and it is uncovered they have credit blemishes or multiple arrears - they may be charged by us. Such instances are extremely rare, but nonetheless are persistent and hence why the provisions exist.

      In terms of being charged if advised not to proceed, again this is a rare set of circumstances and not particularly relevant to this offer. The hallmarks of a person who would fall into that category would be a person who has come to us specifically seeking advice on whether a lending scenario is feasible and asking to have a variety of serviceability assessments performed and scenarios modelled for viability. In other words, they are coming to us specifically not wanting to be obligated to take a loan or to feel pressured into a finance contract. They simply want our advice. As such, we may advise them not to proceed and charge them for our time.

      I hope this helps clarify your understanding of this offer and our services.

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