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Bank of Sydney 3.58% pa (3.59% pa CR), 100% Offset - Expect More Home Loan Package

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Bank of Sydney 3.58% pa (3.59% pa CR), 100% Offset - Expect More Home Loan Package
Go to Deal
Lsteve08 on 12/04/2018 - 20:05 banksyd.com.au (605 clicks)
Last edited 14/04/2018 - 22:20 by 1 other user

Limited Time Offer Owner Occupier Expect More Home Loan
Interest Rates
Variable Interest Rate 3.58% pa
Comparison Rate 3.59% pa

Fees
Legal Fees Covered by package up to $400.
Valuation Fees Covered by package up to $330.
Access Redraw $0.00
Features

Loan Amount Borrow up to 70% of the value of the property.

Split facility option Yes
Statements Paper statements every 6 months.
Repayments Repayments must be directly debited from your Bank of Sydney transaction account.
Offset Account Yes, only for a Variable Loan.
Redraw Facility Yes, only for a Variable Loan.
Debit Card Yes
Cheque Book Yes

Best deal from a bank ive seen when you count the extras

Financial Home Loan Loan

Related Stores

Bank of Sydney
Bank of Sydney

closed Comments

  • Marketing[Deactivated] @ Bank of Sydney on 12/04/2018 - 20:31

    Great find OP.

    We presently have this promo available on our website with up to a $1500 eGift card.

    As BOS accredited brokers, we'd be happy to assist if anyone has any questions.

    Hope this helps

    • tunzafun001 on 12/04/2018 - 21:03

      So $770 in one off fees if you lend 70%?

      • Marketing[Deactivated] @ Bank of Sydney on 12/04/2018 - 21:10
        +2

        Great question

        In our experience, the majority of applicants experience $0 in one off fees.

        Generally speaking, our experience with BOS is that they phrase terminology with respect to fees in this way to allow for the expensive valuations of $2mil+ Sydney and Melbourne properties (which can exceed $330 and may be charged for). Similarly, it is extremely rare to have legal fees exceed $440 in our experience. However, for highly complicated settlements and legal structure it may be possible. If one was concerned about the complexity of their scenario in this respect, it would be simple enough to address this upfront.

        Hope this helps.

        • Stahh on 13/04/2018 - 06:23

          I recently refinanced with BOS with a similar deal and ended up paying about 350$ in fees simply refinance with a 1mil house.

        • Marketing[Deactivated] @ Bank of Sydney on 13/04/2018 - 07:43

          @Stahh:

          Thank you for sharing your experience.

          If you refinanced using Naritas please feel free to send us a PM as it would be our pleasure to assist in determining whether fees were applied correctly.

          NB: State levied mortgage discharge and registration costs would still be payable in a refinance (as they are with nearly all lenders). Also, costs to have cheques cut, attend settlement and make distributions can also be payable depending on the specifics of your circumstances.

          It's also worth noting that costs to exit one's existing lender would probably be payable. Our hope is that the upfront rebate we provide of $1000-$1500 will help offset such costs.

          Hope this helps.

        • Ash-Say on 13/04/2018 - 08:05

          @naritas:

          Any deal and cashback for investment loan?

        • Marketing[Deactivated] @ Bank of Sydney on 13/04/2018 - 11:00
          +1

          @Tipu:

          Any deal and cashback for investment loan?

          Many thanks for the question :)

          We have a number of deals going at present for investment lending. Due to the need to respect OzBargain store rep policies we can't post any links here and it's not appropriate for us to discuss those other offers in this thread. However, it would be our pleasure to send you some links via PM.

          In the meanwhile, for some context with respect to this offer, the market for investment lending just isn't anywhere near as competitive as it is for a low LVR owner occupier loan like this promotion (mainly due to APRA/government regulatory influence). As such, we're generally seeing pricing that begins about 30 basis points per annum (BPS p.a.) higher than this BOS offer for P&I investment loans. Similarly, IO loans are carrying about a 60 BPS p.a. premium. Both would come with similar rebates.

          Hope this helps.

        • Ash-Say on 13/04/2018 - 11:43

          @naritas: Yes please PM me.

        • davidavid26 on 05/05/2018 - 11:34

          @naritas:
          Could you please PM me about the investment loan too?

        • coolhead on 16/05/2018 - 15:47

          Hi - Pls PM investmnet loan offer

    • Danger on 15/04/2018 - 00:49

      Hi,

      I'm in the market for buying a first home in Brisbane. Do you do pre approval? PM me. Thanks

    • runamuck on 24/04/2018 - 12:35

      i only can see the promo with $1000 egift card. Do you have a direct link for the $1500 egift card?

      • ChillBro on 25/04/2018 - 00:47

        I believe it depends on how much you borrow. $1k gift card if from borrowing 300-500k and $1.5k if borrowing 500k+.

        https://www.naritas.com.au/latest-news/3-58p-a-cr-3-59p-a-wi…

        • runamuck on 25/04/2018 - 01:10

          Thanks mate. I guess Naritas don't want my business. I can see the rep was online but couldn't even bother to reply/provide info. Found a house and now need a good broker for loan.

  • parsimonious one on 12/04/2018 - 20:46
    +1

    Looks like a good deal from the Lebanese Hellenic bank

    https://www.google.com.au/amp/s/amp.smh.com.au/business/leba…

    • dono2 on 12/04/2018 - 20:48

      Ahh thanks for the info, rules out that bank then.

      • flashi007 on 12/04/2018 - 20:52

        I have no idea about this sort of stuff - but why is s name change important? Were Lebanese Hellenic bank no good? Did they have a bad rep???

        • Gandalf the Thrifty on 12/04/2018 - 20:56
          +2

          Did you read the article?
          Sydney sounds better/more inclusive to more people than Lebanese Hellenic

        • Marketing[Deactivated] @ Bank of Sydney on 12/04/2018 - 21:02

          @Gandalf the Thrifty:

          In our direct experience with this organisation it has a very ethnically diverse corporate culture.

          Similarly, our team and clients have ancestry from a broad variety of cultures and to our knowledge BOS have been consistently been inclusive and respectful with our team and clientele.

        • JetBombat on 12/04/2018 - 21:09

          @naritas: Is your organisation also owned by an foreign entity?

        • Marketing[Deactivated] @ Bank of Sydney on 12/04/2018 - 21:13
          +2

          @JetBombat: LOL - alas, we're fully Australian owned and operated - but if you know anyone in the M&A team at Uber Inc or Google we'd be open to chat ;)

        • flashi007 on 13/04/2018 - 01:10

          @Gandalf the Thrifty: I read it but I still don’t get it. What’s in a name? Was the old name associated with a bad rep??

  • tttower on 12/04/2018 - 21:54

    It's a very typical strategy of small lenders, always offer low rate on variable product and then change significantly in a short time….
    Look at their 2 years fixed rate, 4.19% for owner occupied…what a joke..

    • Marketing[Deactivated] @ Bank of Sydney on 12/04/2018 - 22:25
      +1

      It's a very typical strategy of small lenders, always offer low rate on variable product and then change significantly in a short time….

      When it comes to non-bank lenders, we'd completely agree with this analysis as a general rule. Especially if they have large establishment and exit costs. Why? Because what the lender is actually doing is making their return off of those establishment fees and exit costs (as well as anyone silly enough stick around after they hike rates).

      When it comes to APRA ADIs with low entry (practically nil) entry costs and comparatively low exit costs (like BOS), we'd say it is actually determined more by the associated credit criteria and overheads associated with functionality/onboarding vis a vis this criteria allows them to be very selective as to who they approve and they end up with a low LVR loan book with similarly low levels of arrears.

      In short, this product is aimed at people with excellent credit and somewhat low LVRs - this can translate to prices being maintained at a low price point if competition remains strong. Similarly, our team has done many loans with BOS, and if anything the major complaint we hear is not to do with rate, in fact, quite the opposite. It is typically complaints related to slow processing times associated with promotions. We know that BOS knows this - and apparently this year they have made an effort to bring on more staff to handle processing.

      Also, if you're after an organisation that courts large equity releases/relatively relaxed policies on cash out, investment or to do with assessing personal expenses - this is not the lender for you. That said, if you're a sensible borrower with a low risk loan - it's a great value proposition at this price.

      Look at their 2 years fixed rate, 4.19% for owner occupied…what a joke..

      Unfortunately, lender fixed rates are a very poor indicator of future rates with non-major lenders.

      Our experience is that they are often a product of the individual lender's funding model, their APRA grading to do with credit creation (certain types of loans/LVRs require them to have bigger capital reserves than other types) and their capabilities to train staff in complex product lineups (training credit assessment, legal and branch staff to be experts in a single highly popular product is a much easier job than training them in multiple moderately popular products).

      Hope this helps.

      • dasher86 on 13/04/2018 - 09:05

        Andrew - how long is the financing process with BOS these days?

        • Marketing[Deactivated] @ Bank of Sydney on 13/04/2018 - 10:23

          Andrew - how long is the financing process with BOS these days?

          @dasher86, many thanks for the question :)

          From January up until the past week (we've had access to this pricing for some time now for select clients - so it has already been causing us a backlog internally), we'd say the average file is taking 3 to 5 days for conditional approval. Total process is taking 6 to 8 weeks from submission. Please bear in mind, however, our company has a dedicated credit processor at BOS who is excellent - so depending on the avenue of approach, timeframes may vary widely.

          Our guess is that this promotion could cause delays depending on market competition. All that being said, BOS has opened up a new branch in Chatswood (NSW) and has given us an undertaking that they have trained new staff and upskilled existing employees - so fingers are crossed that we see a great onboarding/assessment experience for our mutual customers moving forward.

          Hope this helps

        • SydOzber on 26/04/2018 - 21:12

          @naritas: Hi

          Just wondering if the new branch has eased up the backlog and processing times ?

    • dasher86 on 13/04/2018 - 09:04
      +2

      no change in my rate - 1+ years.

  • wrjcu on 12/04/2018 - 22:12
    -2

    Lower percent home loans meaning more money borrowed to buy way over priced housing, so much hurt coming. So many people gonna be in a lot of debt with nothing to show for it.

    • Muscles on 12/04/2018 - 22:24
      +1

      Not necessarily true. Your borrowing capacity isn’t impacted by interest rate. Most lenders use a floor rate for new and existing loans.
      House prices may seem overpriced but is it if someone is willing to purchase it at that price?

      • dcep on 12/04/2018 - 23:28
        +1

        the music won't go on forever

        history always repeats itself

        it won't be different this time or any other time & place

        • serpserpserp on 14/04/2018 - 23:05

          lol I don't get what reaction people try to get from a post like this. "History repeats itself" yeah, house prices come down sometimes, but guess what, the majority of time, in history, over the last 200+ years, house prices go up….

        • dcep on 14/04/2018 - 23:12

          @serpserpserp:

          indeed, it's your choice to buy at peak or after crash

        • serpserpserp on 15/04/2018 - 10:13

          @phunkydude:

          People have been saying that property peaked 10 years ago, still no crash though.

        • dcep on 15/04/2018 - 11:22

          @serpserpserp:

          indeed, ppl said ireland peaked in the 90s as well , but only to crash at 2007 even before GFC, down by 50% after.

          you would love to buy in at 2005 in ireland to enjoy the feels of paying interest for mortgage worth half of the value, but then assuming you can survive that after 10yrs it's back on booming again and fueling for another crash. (That's assuming you survived over it)

          i know quite a few middle-class irish just dumped their houses to the bank in 2008, don't even bother paying mortgage and came here for work instead.

          see the cycle ?

          you need to live long enough to see it, no one escapes it - amurica/iceland/spain/portugal/italy/greece/japan

          last australia crash was 1980s-90

        • serpserpserp on 15/04/2018 - 14:13

          @phunkydude:

          Down by 50%? Not in this country. Didn't even drop of 10-15%.

          See the cycle?

          I was alive during the 1990s crash, the thing is, you need to understand its context and when you do, you'll realise that everything recovered within a few years fairly well.

          There hasn't been a protracted downturn in house in this country for 100 years. Not to say their won't be, but it'll be a black swan event to do it, not what all the doomsayers "think" is going to cause a crash.

          Even if you had bought a house in the peak for the late 80s heyday, and held onto it, you'd be way ahead today.

  • AppleLime on 13/04/2018 - 07:15

    i am in the midst of getting a loan. Might give this a thought. Thank you.

  • steve08 on 14/04/2018 - 17:10

    I like this product for a few reasons not just the low rate but for the loan flexibility it offers.

    You can split your loan in 2 and have 1 offset account with card for each loan. Adjust the loan amount of split comparative to what each of you earn per year(no wage gap arguments then) each pay your fair share and no need for a messy joint mortgage account. Open a separate joint account with another institution, direct debit x amount of splurge money offset accordingly for dinners cafes, movies, bills all the stuff you should pay together. recommend something with sweep like u bank so its all set and forget but i know people like to keep track so maybe maquarie, ing, me bank? any extra you haven't spent during the year goes in savings, so take that holiday.

    There is a physical bank aswell so you can make that last repayment in person.

    with the $1500 gift card minus the fees from what got offered earlier by naritas i don't think you can get any better options from a bank anyway unless you really like negotiating hard.

  • bogak on 14/04/2018 - 19:15

    Hmmmm not sure if it's worth it for me moving from 4.25% at 280k loan. Only saves me about 1k a year. thoughts?

    • steve08 on 14/04/2018 - 20:06

      should save at least $1876 per year or $156 per month on a 280k loan.also factor in compounding. All depends how long you want to pay it off tho and if you put the money you've saved back to the mortgage or leave in offset can end up being just shy of $20,000 difference over 10+ years.again depends how long you want your mortgage too go for :)

      • bogak on 14/04/2018 - 20:27

        I have about 26 years left on the current one

  • steve08 on 14/04/2018 - 21:05

    Comparing them both over 26 years if you make the minimum repayments and don't pay any extra repayments you save $32,445 over 26 years.

    If put the extra $156 per month you save by switching into the mortgage you'll wipe about 4 years off minimum.

    • bogak on 14/04/2018 - 22:06

      Yes so that's about 1200 a year in savings. I guess the question is if it's worth all that hassle just to switch then switch again in 2 years time vs trying to get a rate closer to this one with my current borrower.

      • steve08 on 15/04/2018 - 10:27

        What I'm saying is that if you keep your current repayments to that of what your paying at the moment at 4.25 so about 1480to1490 a month and drop the rate to 3.58 and still pay 1480to 1490 you wipe off about 50600 due your loan will be paid out quicker, ithat 32000 figure is just switching andmaking minimum repayments, plus having offset might help extra depending on how you use it.. Always better to complain to current lender than switch to new loan I think tho u could tell them you've got conditional preapproval from ubank plus they are going to give you $1000 for refinancing and see what they say if they say no call again, should get it dropped at least a decent amount, can look at what bank of Melbourne is offering too. Hope this helps a little bit

  • Henski on 16/05/2018 - 15:44

    Reached out on this offer but Naritas are not commencing any work on new enquiries until early June due to backlog.
    https://www.naritas.com.au/latest-news/update-were-experienc…

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