3.98%p.a. Bank Australia Home Loan (CR 3.99%p.a.) & a $1000 Settlement Bonus @ Naritas

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Cashback

Marketing[Deactivated] on 14/03/2016 - 11:13 naritas.com.au (412 clicks)
Last edited 14/03/2016 - 12:46 by 1 other user

Exclusively via Naritas:

• Score a low ongoing variable rate of 3.98%p.a.* (CR: 3.99%p.a.)^ and a $1000 settlement rebate^^ to cover the costs of establishment or switching!

Product issuer and product details:

• Bank Australia - Basic Home Loan.
• Customers have been banking with Bank Australia since 1957 and today nearly 130,000 people and community sector organisations choose to bank with them. Bank Australia profits are reinvested in the bank to provide fairer fees, better interest rates, and the responsible products and services that their customers expect.
• Check out their latest TV advert here.

Features:

• Option to fix full loan or split between fixed and variable.
• Interest only option available.
• Redraw available.
• Loan repayment pause available.
• Flexible repayments.
• Bank Australia customers have free access to rediATMs, Australia’s second largest ATM network with more than 3,000 ATMs across Australia (which includes NAB and Bank of Queensland ATMs).

Annual fees:

• $0

Acceptable purposes:

• Owner occupier purchases & refinances only.

Eligibility:

• Personal, Company and Trust borrowers.

Acceptable loan amount:

• $350,000+

Max LVR for this rate:

• 95%LVR + LMI capitalisation for metro locations.

Loan term:

• Up to 30 years.

Loan processing Fees:

• $0 For standard valuations.
• $595 Application (can be deducted from loan proceeds).
• $250 Discharge Fee (only payable at loan discharge).
• Other fees may apply. Refer here for details.

How do I get started with this promotion from Naritas?

• To make an enquiry online, click here.

Disclaimers

• This information has been prepared for distribution over the internet and without taking into account the investment objectives, financial situation and particular needs of any particular person. Naritas Finance Pty Ltd ACN 096 341 061 (“Naritas”) makes no recommendations as to the merits of any financial product referred to in this website, emails or its related websites.
• Any information or product contained on this website does not constitute a recommendation or suggestion to purchase or apply for any particular product with any particular institution and may not suit your personal objectives, financial situation or needs. Please consider whether it is appropriate for your circumstances, before making a decision to purchase or apply for any product.
• We do not cover every product, provider or service available in the market.
• If you are considering acquiring any financial product you should obtain and read the relevant Product Disclosure Statement or other offer document prior to making an investment decision or accepting an offer of finance. Please contact Naritas or the product provider directly for a copy of the PDS.
• This Naritas post contains information obtained from sources believed to be reliable and has been prepared in good faith and with all reasonable care. Naritas makes no warranty, express or implied, concerning the suitability, completeness, quality or exactness of the information and models provided in this website.
• Neither Naritas, its related entities, nor any of its providers of information, have any liability to the user, or any other third party, for the accuracy of the information or models contained in this website, or for any errors or omissions therein, nor will Naritas or any of its providers of information have any liability for the use, interpretation or implementation of the information or models contained herein by any person.

^^Naritas Finance Cashback Terms & Conditions:

1. This offer is provided by Naritas Finance Pty Ltd, Australian Credit Licence 441723, ABN 74 096 341 061, of Level 1, 357 Military Road, Mosman, NSW, 2088 (“Naritas”).
2. This offer commences 2 March 2016 and closes 30 April 2016 (“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 home loans settled during the Offer Period subject to conditions 5 to 15 below.
5. A borrower must refinance or purchase using Naritas to arrange a Bank Australia Home Loan to be eligible for the Cashback Offer. A borrower’s loan application in conjunction with this Cashback Offer will be subject to Bank Australia’s usual credit assessment and approval processes.
6. The Cashback Payment is $1,000 where as a result of a refinance or purchase under this Cashback Offer, the total loan refinanced, either jointly or individually using Naritas 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 30 June 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 relevant Bank Australia Fees and Charges brochure or the Mortgage Loan Schedule for details.
11. The Cashback Payment of will be deposited to the loan account for the refinanced 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. Offer not available in conjunction with any other Naritas promotional offer.
15. Participation in the Cashback Offer is deemed acceptance of these terms.

*Special Discounted Rate & settlement rebate applies to minimum loan size of $350,000. Lender terms and conditions apply.
^The Comparison Rate is calculated on a loan amount of $150,000 for a term of 25 years based on monthly repayments.
WARNING: This Comparison Rate is true only for the examples given and may not include all fees and charges. Different terms, fees or other loan amounts might result in a different Comparison Rate.

Related Stores

Naritas Finance

• 

  sagrules on 14/03/2016 - 11:17

  Got anything that includes offset and is for Investment loans similar to this rate? No application or monthly fees.

  • 

    Marketing[Deactivated] @ Naritas Finance on 14/03/2016 - 11:33

    Hi sagrules, thank you for your question.

    We're not seeing deals with pricing as good as this for the standard investment borrower. As you may be aware, APRA has flagged concerns to do with investment lending - and this concern has translated to lenders being encouraged to curb growth in their amount of investment lending (translating to generally higher rates to borrowers).

    That being said, if you happen to have an owner occupied residence, a strong credit profile and average level of gearing under 70%LVR, we do have some lenders that will consider pricing that is not too far off this deal on an ad hoc basis. If you'd like to have a chat about a scenario you're evaluating please feel free to send us a PM.

    For standard pricing on our most popular investment lending products please refer here.

    Hope this helps.

    • 

      sagrules on 14/03/2016 - 12:54

      Thanks for the link - I am aware of APRA's recommendations for investment lending. However, the rates advertised as comparison rates are not competitive and also limited.

• 

  karen_lee89 on 14/03/2016 - 12:47

  Is there a minimum deposit required? e.g. 30% deposit?

  • 

    Marketing[Deactivated] @ Naritas Finance on 14/03/2016 - 13:07

    Hi karen_lee89, thank you kindly for your question. This deal will allow for a minimum deposit of 5% for purchasers, which is 95%LVR (subject to LMI approval). For refinancers, the general rule of thumb is 80%LVR if you wish to avoid mortgage insurance and 90%LVR as a maximum if you're happy to pay LMI.
    Hope this helps.

• 

  [Deactivated] on 14/03/2016 - 13:52

  +1

  Great Deal!

• 

  stockastics on 14/03/2016 - 13:53

  does this have an offset account? Alternatively, do you have anything for house occupiers wanting to refinance with offset account? I am currently paying 4.32%, but no monthly fees on my variable loan. Thanks

  • 

    Marketing[Deactivated] @ Naritas Finance on 14/03/2016 - 15:00

    Hi stockastics, thanks for the questions.

    This particular deal does not have an offset account. We do have another deal that is very competitively priced at 3.89%p.a. (CR 4.06%p.a.) that does have a 100% offset account. Details here.

    If you were looking to deal with a bank covered by the government guarantee on deposit funds for offset accounts, this deal here has also been very popular (up to $2000 switching rebate) 4.09%p.a. (CR 4.45%p.a.) and includes a 100% offset account amongst other benefits.

    Hope this helps.

    • 

      stockastics on 14/03/2016 - 15:21

      +1

      thanks

      • 

        Marketing[Deactivated] @ Naritas Finance on 14/03/2016 - 15:43

        You're most welcome and thanks for taking the time to check out our deal :)

• 

  dealsxyz on 14/03/2016 - 14:08

  Just want to confirm the redraw fee. Is it $25?

  • 

    Marketing[Deactivated] @ Naritas Finance on 14/03/2016 - 15:06

    Hi dealsxyz, thanks for the question and for taking the time to check out our deal. The standard redraw fee is $25. That being said, we've heard of some customers getting 1 free redraw per month. Happy to confirm via PM if you're happy to wait? NB: It's Labour Day in Victoria, so we've experienced delays with getting policy confirmations.

    • 

      Marketing[Deactivated] @ Naritas Finance on 14/03/2016 - 17:27

      Hi dealsxyz, we've had confirmation that the redraw fee is waived for redraws done via internet banking (which explains how we're seeing Bank Australia customers do this for free) :)
      Hope this helps.

      • 

        dealsxyz on 15/03/2016 - 10:46

        Is this free redraw part of the promo and for how long? When I contacted Bank Australia customer service, they mentioned $25 redraw fee is applicable in internet banking.

      • 

        Marketing[Deactivated] @ Naritas Finance on 15/03/2016 - 11:11

        @dealsxyz: Hi dealsxyz, thank you for your question. We've uploaded a copy of the fees and charges policy for redraw here to assist. You'll be able to see that redraw via internet banking is marked with a '#' and the cost is listed as being free via internet banking. As a general note, policies with respect to fees and charges with most lenders can be subject to change.

        Hope this helps.

      • 

        dealsxyz on 17/03/2016 - 15:37

        @naritas: Thanks for showing the copy of the fees. I'm interested in this loan product you offer. I contacted Bank Australia again today to confirm the redraw fee as I can't find any info about free redraw anywhere on their website. They still insist that $25 is payable for each redraw including through internet banking. Are you sure the fee policy you provided is the latest update?

      • 

        Marketing[Deactivated] @ Naritas Finance on 17/03/2016 - 17:03

        @dealsxyz: You're most welcome & thank you for your interest in this deal.
        We can confirm that the Redraw Fee of $25 per redraw on the Bank Australia Basic Loan is waived where redraws are completed online using the Bank Australia website.
        This offer applies to Broker introduced loans only, not Branch sourced loans.
        Hope this helps.

• 

  [Deactivated] on 14/03/2016 - 14:20

  What's your fixed home loan rate

  • 

    Marketing[Deactivated] @ Naritas Finance on 14/03/2016 - 15:33

    Hi murali, thanks for the question. For this particular deal the fixed rates aren't very sharp as Bank Australia specialises in variable lending. Details on 1 to 5 year fixed pricing here.

    If you were after a fixed rate, our most popular offers at present are:
    * The Hunter United 2 year at 3.98%p.a. (CR 4.72%p.a.) - the comparison rate is high because it defaults to their standard variable. This loan can be combined with a 4.2%p.a. variable that includes a 100% offset account.
    * The Suncorp 3 year fixed promo is a real stand out at present at 3.99%p.a. (CR 4.49%p.a.).
    * If you were looking for a long term fixed rate, we've had a lot of interest in the Newcastle Permanent 5 year at 4.49% (4.88%p.a.) which can come with up to a $2000 rebate if you're refinancing.
    Please feel free to send us a PM if you'd like some further info on a scenario you're evaluating as we'd be happy to assist.

    Hope this helps

• 

  dealsxyz on 15/03/2016 - 10:25

  Sorry that I still don't get it. I'm trying to understand how I can use the $1000 settlement rebate. Do you mean after the rebate, I get:
  $1000 - $595 = $405
  Is there any waiting time to receive the rebate?

  Can I get rebate for buying off-the-plan that's due for completion in a month from now?

  • 

    Marketing[Deactivated] @ Naritas Finance on 15/03/2016 - 10:42

    Hi dealsxyz, thanks for the questions and for taking the time to check out our deal.

    Answers to your questions are listed below :)

    I'm trying to understand how I can use the $1000 settlement rebate.

    There are no stipulations on how you use the $1000. The $1000 is transferred to your loan account after settlement, so if you wanted to take the money out of the loan account, that'd be fine. Otherwise you can leave it in the loan account and it would reduce your balance outstanding :)

    Is there any waiting time to receive the rebate?

    You would receive the rebate after settlement. The rebate timing closely correlates with your account establishment and first loan repayment.

    Can I get rebate for buying off-the-plan that's due for completion in a month from now?

    Quite possibly, yes :) You'd have to meet the T&Cs listed above, but if the timings were relatively close I'm sure our team would work hard to ensure you weren't disappointed with respect to a rebate if you lodged a successful application.

    Hope this helps.

• 

  JetBombat on 20/03/2016 - 12:54

  This kind a makes it mutualy exclusive and title misleading, isn't it?

  *Special Discounted Rate & settlement rebate applies to minimum loan size of $350,000.
  ^The Comparison Rate is calculated on a loan amount of $150,000.

  • 

    Marketing[Deactivated] @ Naritas Finance on 20/03/2016 - 14:41

    Hi JetBombat, thank you for taking the time to check out our offer & for your concerns. The most common comparison rate scenario is $150,000 over 25 years, hence why it is used in our deal. If you were to calculate the comparison rate based upon $350,000 over 30 years you'd end up with a CR of 3.98%p.a. (which is lower than the CR listed).
    Hope this helps.

    • 

      JetBombat on 20/03/2016 - 15:44

      Very good. The only thing left then is to correct the title as you cannot get CR 3.99%p.a. & $1000 Bonus?

      • 

        Marketing[Deactivated] @ Naritas Finance on 20/03/2016 - 16:04

        Hi JetBombat, thank you again for your concern. The product issuer (Bank Australia) uses CR3.99%p.a. in its compliance documents and statements. With respect to using a comparison rate as opposed to the headline interest rate, we have stated "^The Comparison Rate is calculated on a loan amount of $150,000 for a term of 25 years based on monthly repayments.
        WARNING: This Comparison Rate is true only for the examples given and may not include all fees and charges. Different terms, fees or other loan amounts might result in a different Comparison Rate."
        Given this fact, we encourage you to do your own calculations or ask one of our team for assistance if you'd like some guidance in doing this.

        If you were considering using the deal you can rest assured that 3.98%p.a. (CR 3.99%p.a.) and a $1000 settlement rebate would be available to you in line with the terms listed in the deal.

        Hope this helps.

• 

  gerryg on 21/03/2016 - 21:22

  Hi,

  I'm interested in this deal but I've been told by a banker to always ask what the usual (current) variable rate is of the lender. Most of the rates we are seeing now are discounted rates. If this is indeed a discounted rate, what is Bank Australia's current rate on the product. This is just so I get to workout how much discount they are giving. The most important question I guess is, will this discount be applied all throughout the life of the loan?

  Thanks

  • 

    Marketing[Deactivated] @ Naritas Finance on 21/03/2016 - 21:40

    Hi gerryg, thank you for taking the time to check out our deal & for your question.

    Most of the rates we are seeing now are discounted rates. If this is indeed a discounted rate, what is Bank Australia's current rate on the product.

    The rate quoted in this deal is Bank Australia's current rate for this product and is not a "discounted rate" (otherwise known as a honeymoon or introductory rate). What makes this deal particularly special (in addition to the great rate) is the settlement rebate of $1000 which effectively negates costs which borrowers may encounter in establishing or switching to this loan.

    Hope this helps.