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3.59% – Full Featured Variable Home Loan with 0.2% CASHBACK Both Owner Occupied & Investment Property Purchases @ Mates Rates

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3.59% – Full Featured Variable Home Loan with 0.2% CASHBACK Both Owner Occupied & Investment Property Purchases @ Mates Rates
Go to Deal
MarketingLMRMB on 21/11/2016 - 15:21 matesratesmortgages.com.au (310 clicks)
Last edited 23/11/2016 - 12:03 by 2 other users

• Full featured variable home loan with unlimited 100% offset accounts available.
• Exclusive Mates Rates monthly CashBack bonus is 0.20%pa
• PURCHASES ONLY
• Interest Only available for investment property loans
• Must settle on or before 31 December 2016
• The standard interest rate is 3.79%pa with a 4.18% comparison rate for owner occupied loans and 3.98%pa with a 4.37% comparison rate. The 3.59%pa is an additional special discount offered to Mates Rates as a preferred broker for both owner occupied and investment purchase loans not a posted rate, and as such there isn’t a comparison rate available to post.
• Read more about Mortgage CashBack
• Bank– Widely Available
• Discounts and CashBack are for the life of your home loan/mortgage

Australian Credit Licence No. 382805

For this Lender (Without a CR I am not able to advise the Lender however, under the NCCP, the lender will be recommended to an enquirer if the lender and product is 'not unsuitable' for the enquirer.):

Ongoing fee - $395pa
Legal & Settlement fees - $303
Discharge fee - $350
Anti Bias Guarantee Credit - 0.05% credit
Mates Rates Unique Monthly CashBack 0.20%pa
Mates admin fee $10p/mth

Financial Home Loan Loan

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closed Comments

  • Aaroninau on 21/11/2016 - 15:31
    +1

    Maximal LVR?

    • MarketingMRMB @ Mates Rates Mortgage Brokers on 21/11/2016 - 15:59
      +1

      Max LVR is 90%

  • ddhh on 21/11/2016 - 16:05

    Anything for refinance?

    • MarketingMRMB @ Mates Rates Mortgage Brokers on 21/11/2016 - 16:25

      this deal is specifically for purchase only however if you go to the mates rates website you can see other hot deals that can be used for refinance

    • MarketingMRMB @ Mates Rates Mortgage Brokers on 23/11/2016 - 12:25

      ddh - There are excellent interest rates available for the refinance of investment properties and with the Exclusive Mates Rates CashBack. You can make an enquiry by calling 1300 55 81 61 or on the website www.matesratesmortgagebrokers.com.au

  • runamuck on 21/11/2016 - 16:09
    +2

    Been with them before. Unless things have changed, you dont get cashback until the second year. Much better to go with a broker that gives upfront cashback without having to wait a year before cashback starts.

    • tomleonhart on 21/11/2016 - 16:29

      like me :P

      • Steptoe on 21/11/2016 - 18:18

        Do you also mow lawns?

        • tomleonhart on 21/11/2016 - 21:15

          I do if requested…

    • MarketingMRMB @ Mates Rates Mortgage Brokers on 23/11/2016 - 12:44

      runamuck - your comment is false unless you chose Bankwest as a recommendation.

      There is 0% trail commission paid in year 1 by Bankwest, all other lenders pay a minimum 0.15%.

      If you chose to have your Anti Bias Guarantee deducted from your CashBack which ensures Mates Rates is paid the same 0.65% regardless of the recommended lender you chose, and also provides you the confidence that no lender is excluded from recommendation by Mates Rates because it pays a lower commission.

      • runamuck on 23/11/2016 - 13:22

        Only Bankwest? I took a loan out with NAB through you guys and i didnt get any cashback for the first year. Therefore comment is not false.

        • MarketingMRMB @ Mates Rates Mortgage Brokers on 23/11/2016 - 14:22

          My apologies to you runamuck,

          I was only referring to the current trail commissions the lenders are paying and yes only Bankwest is now 0% for the first year.

          Previously Homeside (owned by NAB) that became NAB Broker were also previously 0% in the first year as well as CBA which has also now changed. There has been a further change with all NAB loans being available through brokers and paying 0.15%pa years 1 & 2, 0.20% year 3, 0.25% year 4 increasing to 0.30%pa year 5 for the life of loan. The change like all new commission changes are for new loans and your Homeside or NAB Broker loan will still increase to 0.35% year 6 for the life of the loan.

          The upside of Homeside or NAB Broker which ever loan you chose to proceed with, is that the CashBack increases to a full 0.35%pa from year 6-30.

  • fullbald on 21/11/2016 - 16:15

    Has to settle before 31 December. Excluding the Xmas holidays, only a month and bit from today, a real tight ship.

    • MarketingMRMB @ Mates Rates Mortgage Brokers on 23/11/2016 - 12:49

      fullbaid - Unfortunately this is the time frame set by the lender for the special discount.

      It really only suits Queensland purchases that have a 30 day settlement or for other states contracts already in progress settling by 31 December 2016.

      The lender has assured me you can switch and receive priority for approval and settlement by 31 December 2016 if you are already progressing through the application process with another lender.

      ING similarly has a special discounted offer for select brokers for $1m+ owner occupied properties either as a refinance or purchase also ending 31 December 2016.

  • ruskiromka on 21/11/2016 - 17:00

    I've got loans with them as well, be aware there is also a $10 a month 'account keeping fee' or something along those lines which detracts from the 0.2% cashback. I've recommended mates rates to number of friends, they are great to deal with.

    • MarketingMRMB @ Mates Rates Mortgage Brokers on 23/11/2016 - 12:53

      Thank you ruskiromka - we value your support and the majority of the Mates Rates business comes from PR and referrals like yours. As you are aware the $10p/mth administration fee is fully costed and still smashes a non-CashBack loan for cost.

  • Moderatorhamza23 on 21/11/2016 - 17:12

    Store rep can you please add the following information in the deal body to give OzBargainers the true picture:

    • Comparison rate in title
    • Lender in the deal description
    • Your Australian Credit Licence Number or similar
    • Application fee, annual fee, discharge fees etc. if applicable in the deal description

    Note that you should comply with all government regulations specific to your situation. We aren't mortgage brokers and are unable to advise you further on this.

    Thanks

    • beermee on 21/11/2016 - 17:22

      Yes, if its posted by a licensed credit provider its an 'ad' and needs to comply to advertising laws/standards that apply to banks. where's the t&c's, disclaimers, etc?

      eg. if the cashback only applies in year 2, then this statement is misleading "Discounts and CashBack are for the life of your home loan/mortgage"

      • MarketingMRMB @ Mates Rates Mortgage Brokers on 23/11/2016 - 12:56

        beermee - you are quite correct and as there is no CR provided the lender name is withheld from the advertisement, see reply to the moderator.

        There is nothing misleading about the CashBack statement;

        runamuck - your comment is false unless you chose Bankwest as a recommendation.

        There is 0% trail commission paid in year 1 by Bankwest, all other lenders pay a minimum 0.15%.

        If you chose to have your Anti Bias Guarantee deducted from your CashBack which ensures Mates Rates is paid the same 0.65% regardless of the recommended lender you chose, and also provides you the confidence that no lender is excluded from recommendation by Mates Rates because it pays a lower commission.

    • clubhonda on 21/11/2016 - 20:03

      Yup the comparison rate is very high compared to the headline rate without any explanation of the fees being charged. That is very hard to gauge if any good.

      • MarketingMRMB @ Mates Rates Mortgage Brokers on 23/11/2016 - 12:58

        clubhonda - there is no Comparison Rate (CR) available. The CR noted is for the standard offering 0.20% higher for owner occupied and 0.39% higher for investment property loans.

    • MarketingMRMB @ Mates Rates Mortgage Brokers on 23/11/2016 - 12:54

      In reply to the moderator:

      Store rep can you please add the following information in the deal body to give OzBargainers the true picture:

      Comparison rate in title - As noted in the details, there isn't a comparison rate available to post as it is a unique lender offered discount to Mates Rates. Hence the details for the CR and standard interest rates available were noted.

      Lender in the deal description - Without a CR I am not able to advise the Lender however, under the NCCP, the lender will be recommended to an enquirer if the lender and product is 'not unsuitable' for the enquirer.

      Your Australian Credit Licence Number or similar - ACL is 382805 this is not hidden and fully disclosed as required under the NCCP and Credit Guide that is provided to an enquirer.

      Application fee, annual fee, discharge fees etc. if applicable in the deal description - All fees are fully disclosed in recommendation quotes to enquirers as well as Mates Rates CashBack, Anti Bias Guarantee and administration fee.

      For this Lender:

      Ongoing fee - $395pa
      Legal & Settlement fees - $303
      Discharge fee - $350
      Anti Bias Guarantee Credit - 0.05% credit
      Mates Rates Unique Monthly CashBack 0.20%pa
      Mates admin fee $10p/mth

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