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Auswide Bank Home Loan - Freedom Package 3.69% Fixed Rate for 3 Yrs Owners Occupied

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Auswide Bank Home Loan - Freedom Package 3.69% Fixed Rate for 3 Yrs Owners Occupied
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pyramid on 13/07/2017 - 22:29 auswidebank.com.au (591 clicks)
Last edited 14/07/2017 - 10:52

Looks like a better deal for home loan at the moment
3.69% fixed interest rate for 3 years
100% offset account There is not enough information on whether this is 100% offset.
Owners occupied
$395 yearly fees

I compared this loan with NAB 2yr fixed rate loan and found this one as more favorable because NAB is charging ~$9500 LMI for 88%LVR where as Auswide is charging ~$7200.

You can check with Toby from capefin on this rate who is very helpful in my home loan search.

Edit1: Capefin and Naritas both are offering $1500 cashback on this loan.
Edit2: As confirmed by capefin and Naritas, Split loan in fixed and variable parts to get benefit of 100% offset which is applicable to variable part only.

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closed Comments

  • drprox on 13/07/2017 - 22:31
    +1

    A fixed rate with an offset? Sounds great

    • pyramid on 13/07/2017 - 22:33

      But i still don't understand why does bank charge $395 annual fees.

      • drprox on 13/07/2017 - 22:35
        +1

        Because they need to get their money somewhere. Banks regularly charge package fees particularly for loans with offsets. Obviously the bigger your mortgage the less impact that fee will have but comparison rate is key.

  • Nousernamehere on 13/07/2017 - 22:36
    +1

    Doesn't that PDF state:

    3 Year Fixed
    (Please Note: 100% Offset is not available)

    ??

    • CapeFin on 13/07/2017 - 23:08

      I spoke to the bank today (customer line) and was told it does have an offset, I will check again tomorrow with the BDM.

      • Nousernamehere on 13/07/2017 - 23:11
        +1

        Well their official (legal) documentation says otherwise. I'll take that over the word of some call centre person.

        • [Deactivated] on 14/07/2017 - 10:14

          @Porthos we tend to think you are right and the information CapeFin is communicating is likely to be wrong. We have attached a screenshot here for the most official written communication on this matter.

          NB: The Naritas team have been attempting to reconcile the info listed on the Auswide website here regarding the general availability of offset accounts for their fixed rate products against this specific offer.

          For anyone keen on ensuring that functionality, as mentioned below, it is probably safest to assume that you will need to take a small variable split (minimum $10K) until written confirmation is issued to the contrary.

          Hope this helps.

          EDIT: We've had a number of questions come in regarding what has been verbally discussed with Auswide. The verbal indication is that offset functionality is not available on this promotion as per their official broker memo.

        • CapeFin on 14/07/2017 - 10:34

          @naritas: I can confirm no offset on the fixed rate special (please refer to my post below). Our initial information was direct from Auswide and was incorrect.

  • bejahi on 13/07/2017 - 22:38
    +1

    It's not a 100% offset, sorry op, need to fix deal.

  • drprox on 13/07/2017 - 22:40
    +1

    Lol..well it did sound too good to be true!

    • pyramid on 13/07/2017 - 22:46

      Well i checked with Capfin and Naritas website before posting the "100% offset".

      • [Deactivated] on 13/07/2017 - 23:00
        +3

        Hi all, just chiming in on this due to the mention.

        Auswide is fairly unique in that they do offer 100% offset functionality against some of their fixed rate loans.

        The $1500 cashback promotion that we feature on our website doesn't reference the 100% offset in relation to the fixed loan specifically, however. This is because the promotion has only been listed by Auswide in the last few days and we haven't seen any written confirmation of this nor do we have any loan settlements/account establishments to confirm this promotion is definitely carrying that functionality on the fixed. Will report back as soon as we know for certain ;)

        In the meanwhile, the easiest way to gain this functionality would be simply to take a small variable split say $50,000 and you'll gain the 100% offset functionality for certain.

        Hope this helps.

        • pyramid on 13/07/2017 - 23:01
          +1

          Thanks for detail information. This is indeed helpful.

        • [Deactivated] on 13/07/2017 - 23:07

          @pyramid:

          You're most welcome. It's easy to see how people are getting confused on this point as, despite Auswide having this functionality, it has been difficult to pin down a written confirmation of this for this special (and as everyone probably knows - when it comes to anything important get an official record of it in writing).

  • bnh on 14/07/2017 - 06:17
    +1

    Op you might want to post comparison rate of this offer.

    • CapeFin on 14/07/2017 - 09:32

      The comparison rate is 4.87% due to the variable rate the fixed loan reverts to after the fixed period (currently 4.55%). We do not recommend any of our clients accept that rate one the fixed rate is over, if the bank will not offer something suitable at maturity then it would be time to look at other lender specials in the market.

  • codinghelloworld on 14/07/2017 - 09:30
    +1

    is that possible for a contractor who work in the same job for over 6 months? what the interest I could get and what should I bring to the table, payslip?

    Sorry if this is stupid question, I just arrive Aus one year so everything learn step by step :)

    • pyramid on 14/07/2017 - 09:42
      +2

      I am not a broker but i would start with payslip, bank statements, credit card statements and any other documents that shows genuine savings in your bank account.

      • codinghelloworld on 14/07/2017 - 09:59

        Special thank, it's a great help. It is better to book an appointment with bank or mortgage broker and bring everything to the table.

        • pyramid on 14/07/2017 - 10:04
          +2

          Check with Brokers and they can do some leg work for you as well.

    • CapeFin on 14/07/2017 - 09:50

      I have sent you a PM to discuss this further.

  • CapeFin on 14/07/2017 - 10:29
    +2

    The BDM at Auswide called me back this morning, I can confirm there is NO offset on the 3 year fixed rate special. You can split the loan with a 3.69% variable portion and have a 100% offset on that variable split.

    Auswide are having a few teething issues getting the details of this offer out correctly, both our broker software (information fed from the bank) and two separate people on the Auswide support line had confirmed an offset was included with the fixed rate special. Apologies for any confusion caused!

  • John Kimble on 21/07/2017 - 23:44
    +1

    Is this offer and the $1500 cash back through cape/naritas for new loans and refinancing or just new loans?

    Cheers!

    • CapeFin on 21/07/2017 - 23:52
      +2

      Happy to do for either.

      • Curiouscat on 21/07/2017 - 23:56
        +1

        Hi,

        Are there any valuation fees or application fees?

        Cheers,

        Cathy

        • CapeFin on 21/07/2017 - 23:58
          +1

          One standard valuation is included and there is a $303 settlement fee. I already tried to unsuccessfully get this waived due to the rate on offer.

          The annual fee is $395.

        • Curiouscat on 22/07/2017 - 00:08
          +1

          @CapeFin: Thanks.

    • [Deactivated] on 21/07/2017 - 23:57

      Hi John, our standard offer is for refinances. This is because we feel that given this is a limited time promotion, and that Auswide is not providing this promo to pre-approvals, that purchase scenarios may not be the best fit for it.

      That being said, if you wanted our assistance and cash back offer for a purchase scenario we'd be happy to have a shot at making the promotion work for you depending on the specifics of the scenario.

  • waqasanwar on 22/07/2017 - 22:49
    +1

    Is this product available for construction loans as well?

    • Adii on 22/07/2017 - 22:57
      -1

      Construction loans are intetest only because the payments are progressive.

    • Adii on 22/07/2017 - 22:58

      Construction loans are intetest only because the payments are progressive.

    • CapeFin on 23/07/2017 - 12:41
      +1

      Not the Auswide special, we do have other offers that might be of interest. Feel free to drop me a PM or email [email protected] if you would like to have a chat about your options.

  • CapeFin on 22/08/2017 - 16:35

    Auswide Bank has just confirmed that the fixed rate loan option can have extra repayments as long as the loan is not paid out in full, then the surplus funds can be accessed via a free redraw from online banking(minimum $1,000 redraw).

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