Was lurking on the internet and found this so I thought I would share. Basically you get a free vacation when you apply for this
300,000 Qantas Points for Eligible Home Loan over $300,000 @ ANZ
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There's no exit penalties allowed on variable rate home loans in australia.
Banks can charge a discharge fee that is commensurate with the work it takes to discharge the loan, for most this is circa $400
When I did this last time (more than 6 years ago) they also charged something called "legal fees" from memory. And they don't tell you how much it will be. They say whatever legal charges cost them will pass on to me.
no exit fee can be charged…but they can charge you a discharge fee + legal fee.
$400 to type a few bits of data into a computer (surely someone / ACCC will challenge this soon).
Banks making a mockery of the laws again.
Remortgage, offset the entire amount, then close the account.
Points don’t equal a free holiday. You still pay taxes on flights, and obviously still have to pay for accomodation when you get there.
They do if u sell the points for 3-4K and use the money for holiday
That's like trying to sell a US newspaper in Pyongyang on the black market. If you get caught, you're gonna have a bad time.
You’d be better to sell the points and pay for the mortgage fees in that case.
Each to their own but fact of the matter is ur getting better value by Selling them than using them. And by selling ur not actually selling anything to anyone. Ur allowing another party who could be a friend or relative use the points to redeem them which is not against the rules.. so that’s a dumb analogy
@Gavman: What?
13.1.4 Reward Flights are available only to Members and their Eligible Family Members.
https://www.qantas.com/au/en/frequent-flyer/discover-and-joi…
Sure, a 'stranger' can pretend to be your brother, but as I mentioned in my original post, if found out that said stranger isn't your brother, then I'm pretty sure they have grounds to terminate your account. Unless you have another T&C that we're not privy to?
Or did you mean 'sell' the points to an actual eligible family member? Which I'm sure you meant?
I am with ING at the moment and they are charging me 3.97. Have called them a few times but refuse to budge. With yesterdays rate change i want to see where we end up otherwise I will really call it quits this time.
Under 80% LVR? If so you are laughing, plenty of good options out there to refinance to.
I would love to move but the moving costs is more than 1k and having been burnt once with lower rates that increase immediately after joining I am a bit skeptical.
fixed? moving a variable should be much cheaper than that.
U are getting ripped off by INg.
@stockastics: agree but again what assurance i have in moving to another variable where the bank does not increase the interest after joining
@joshmachine: The Rba is unlikely to increase rates anytime soon and the big 4 are under lot of political pressure not to tinker with rates out of cycle. ING is truly ripping you off. I am with AMP and had something similar to you but I called them and they agreed to price their product competitively.
@stockastics: yeah ING are suckers, i called them and they refused to reduce. An email today says its going to 3.79 now. I just hate to spend money to move out and then to be hit by another increase as soon as i join another bank :(
Exist fee should be about 250 and legal fee about 270. That's what they told me today. I told them a mortgage broker got us a better rate so she offered to drop the rate to 3.3 from current rate of 3.81 (this is the rate after the 1st cut). I think it all depends on who you get on the line….good luck! It is a hassle to change but if they won't budge then definitely shop around, using a broker could make things bit easier.
@Scruffy123: I think there is some more cost involved which u and me are forgetting taking it upto 1k but i think yes i will give them another chance failing which i will move out this time.
@Scruffy123: Add in mortgage reg/ stamp duty/ maybe valuations with new lender (if more than 1 property on the loan)
I don't really get what your saying.
RBA drops rate so therefore the Bank will drop the rate.
You getting a further discount on the rate is up to ING.
The 2 are separate.
You should move to Ubank …. We were on 3.59% and that got lowered last week to 3.43% …. and with yesterdays rate reduction I am expecting it to go lower.
As an ex ANZ customer, Ubanks home application process is far simpler!! And customer service is GREAT!
Hard to say that as I had bad experience with ubank. They are owned by NAB and less staff looking after the loans. The rate is good though if you can get it.
I agree @Distort. I'm with UBank as well and the experience was easy and hassle free.
Have a split setup, a portion fixed at 3.74% for 3yrs (no recurring annual fees - one thing I liked about them. Just a one-time $395 fee). Variable portion was 3.69% which dropped to 3.44% at the first cut. Should drop once more with yesterday's news.Just had a look at their website - their package rates have all dropped quite considerably.
It all depends. UBank are ok for extra simple loan apps (payg, etc).
No Offset
Also have denied people for having gazebos or very large sheds on their property (and no granny flats/2nd structures).
No under 50sqm (standard really)So great if you want a very simple product.
Not having a go, but people have to understand what they are singing up for.
@Ti-au: Yeah, I hear you. Suppose the same could be said for other smaller lenders too.
Correct - no offset. They provide a redraw facility which works in my situation.
Wasn't aware how strict they were on those extras on the property - good to know.Appreciate your thoughts, was happy to share my experience with them. Wasn't suggesting people to sign up with them.
I am with ING as well with 3.69 at the moment. Are you P&I? Investment or home?
yes P&I and owner here. Initially started with with more than 80% LVR but now down. Also the rate offered was lower but increased within a month :(
I'm looking to move from ANZ to ING as ING are 3.38%, that was before yesterdays rate cut. Not sure if they'll budge further.
just be wary as they increased my rate within a month of joining
Do you have clause in contract with percentage discount over published standard variable rate.
For example, standard variable rate on ING website is 5%. You get 1.2% discount off that rate so your rate is 3.8%.
Your rate is increased/reduced only when published standard variable rate is increased/reduced. That applies to all existing customers, not just you.
From what you say, it feeds like ING waited for you to join and one month later increased rate for you only.@kctt: I have no clue on this, will have to check that out. I am just explaining what happened with me which really sucks.
I was ING customer and they did not budge until I submitted the discharge form, they called me and offered the cheapest rate but it was too late. I switched to a new lender.
Just be warned that you might be met with disfavour if you happen to digress from the politically correct agenda.
ANZ partnering with Qantas, how appropriate.
Just be careful with deals like this, people. Not sure what 300,000 Qantas points equate to, or what interest rates different lenders are offering.
But we did many units/case studies on situations like this at uni Uni and nearly all of them represented these deals as anti-consumer in the long run due to the power of compounding interest.
Don't sign yourself up for additional years of debt for the sake of a few plane tickets.
As the Rudd government abolished exit fees, this is less of an issue. You just have to weigh up whether it's worth the extra interest you might end up paying in the period between taking this mortgage to your next refinance.
There's still usually about $400 fee to discharge the loan
Wow. That is like 5 pairs of RM Williams Comfort Craftsman on sale.
lol.
Me: I refi'ed my house to buy a pair of new shoes….
everyone else: o_0 :0
So much interest for $3000 worth of holiday credits.
Can't really put the dollar value on it that way I'd say. 280k points gets you around the world 6 flights on business class. That's worth way more than $3k
I personally will stay away from ANZ home loan.
I took up a "simplicity Plus Home Loan" on Aug 2017 with ANZ, the interest rate was 4.03%. Then on the Oct 2018, I received a letter from ANZ informed me that there has been an interest rate change on me loan. The current interest rate as at the date of this letter is 4.19% pa.
RBA reduced the interest rate twice since Oct 2018. So I called ANZ recently to ask them to review my home loan interest rate. They told me they cannot reduce the interest rate because my loan structure is "simplicity Plus Home Loan". I have to RE APPLY the "simplicity Plus Home Loan" (with full doc) again with ANZ in order to get the cheaper interest rate.
Currently I am paying 4.19% for the Simplicity Plus Home Loan. ANZ will increased the interest rate on the "simplicity plus home loan" if RBA increased the interest rate. If RBA reduced the interest rate, ANZ will not reduce the interest rate on the "Simplicity Plus Home Loan" product
.
Therefore, read the fine prints before you decided to go for any ANZ home loan.Take this to the ombudsman.
I've just applied with ANZ 2 weeks ago and waiting for approval. Only applied for land component which is less than 300k,but when I go for the construction part it will be more than 300k.
Just called in and the rep said I don't qualify as it has to be on initial lending only. Anyone can confirm this? Don't see it on the fine print unless I missed it
https://www.anz.com.au/content/dam/anzcomau/documents/pdf/qa… print this and take this to your convancer ? ;)
I applied to a loan and got approved just before the end of July. But settlement isnt until August. I am inquiring with our ANZ rep so see if she can do anything, but my hopes arent up high as the T&Cs say apply for a loan prior to the 30th.
Update: No luck here. Application is with the settlement teams and would likely be a breach of contract to restart the whole thing. :(. Hate missing out on deals.
Is this really a good deal?
As others mention, it's basically a short-term money grab. You gain $3000 or thereabouts, and long-term pay more interest.
I thought we were a bit smarter as a community.
U are assuming that all the up votes means people are gonna take up the offer .
You are also assuming that people won't refinance within a year. The current interest rate is only around 3.42% for new customers which isn't too much higher than other banks.
The 300k points are a bargain when all you're paying is slightly higher interest and mortgage fees.
Really its like the old credit card offers.
They are just hoping people forget to move. A certain % will. ANZ wins.
Say you've got a $500k loan and can offset majority of it, am I missing something?
I'm with NAB on owner occ paying 3.67% pa P&I - to take this offer I'd be up for a discharge fee of around $400 to gain 300k points.
Any other drawbacks?Government fees of about $400 (NSW) is unavoidable with a refinance as well.
Im going to negotiate a better rate but am i obligated to stay if i do happen to find a cheaper rate not long after?
Is there a way to:
- get one of these loans
- draw down 100% of the funds into a 100% offset account "until you proceed with purchase/renovation"
- take the points
- never happen to use the funds in the offset account / pay back when you won't get slugged a fee
- don't pay any interest on the loan everand profit?
You need a property to put the loan against lol.
Theoretically then, if you could put it against a property (bought with the 10's of millions of dollars saved through buying electric cars on OzBargain discounts ;P) … then could you, or do they need to see receipts etc for renovations first?
If you put it against the property and later closed it off there'd be a discharge/settlement fee and gov. fees of about $800 all up.
So really you're going through the hassle to make a grand or that.
For anyone wanting to use these points on J class tickets, you should know that QFF have gone down the gutter for two reason:
1 - availability for J class tickets is almost impossible even if you look at the latest possible booking window (June 2020)
2 - even if there is availability, you'll find the shorter leg of the journey is J whereas the longer leg of the journey is econ (e.g. CAN-SYD-LAX, CAN-SYD will be J and SYD-LAX will be econ)If you don't believe it, try putting in some dummy dates and see for yourself.
It’s not much of a problem if you want econ tickets but the redemption value plummets.
Hasn't it always been difficult to find reward flights to America?
I always seen plenty for Europe.
If you actually use the points to fly, it is worth way more than $3k
I applied to a loan and got approved just before the end of July. But settlement and draw down isnt until August. I am inquiring with our ANZ rep so see if she can do anything, but my hopes arent up high as the T&Cs say apply for a loan prior to the 30th. Sounds like there is a separate form you fill out to get the points I believe, not sure if that is auto generated and sent to your email or not once settlement passes. Hopefully we can get the points.
Update: No luck here. Application is with the settlement teams and would likely be a breach of contract to restart the whole thing. :(.
Just wondering if anyone who has taken up this deal will share the rate they negotiated (on variable with offset)?
I assume people are negotiating and not just paying the rate they list on their website?Got offered 3.42% with an offset initially however catching up with a lender on Monday and he said they can do a little bit better as I told him NAB is going to lower it to 3.30% (staff rate) so hopefully can get closer to that.
I just tried calling them to see what they could do, I asked if they would be able to match or beat ING's 3.23% or Macquarie's 3.24% (on variable with an offset).
He basically said they could "come close", then mentioned 3.38% but said he couldn't give me a rate until he did a "rate enquiry" and wanted all sorts of personal info to do that.
I let him know that 3.38% isn't "close" and is higher than my current bank, which is why i'm looking at ING & Mac (though after all of the comments about ING hiking rates, i'm unlikely to actually go with them!). Obviously, his version of "close" and mine are very far apart!
If anyone manages to get a rate in the $3.2X range with ANZ please post! If they get near that point i'd likely move to them.
Is anyone here with Macquarie? Are they any good?
Are there any brokers lurking around here who want the commission and can sweeten the deal? Eg some cashback or cover refinance costs. ANZ page says broker derived refis will still benefit from the Qantas points.
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@mick123: Saw a slice of cold las selling for $5 at local supa barn, I was gobsmacked….maybe they can buy, no need to learn xd or read