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$4000 Cashback When Refinancing Your Mortgage (>$250k) Online with St. George

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$4000 Cashback When Refinancing Your Mortgage (>$250k) Online with St. George
Go to Deal
Viper8 on 14/11/2019 - 18:28 stgeorge.com.au (5554 clicks)
Last edited 15/11/2019 - 17:54 by 1 other user

Refinance cashback doubled from $2000 to $4000 for online applications.

Summary of deal:
"Get one $4,000 Refinance Cashback plus $2,000 cashback per additional property refinanced when you apply online by 31 January 2020 and settle by 31 March 2020. Available on Basic Home Loans and Advantage Package loans ($395 package fee, $0 fee for Basic home loan). Excludes Owner Occupier loans with interest only repayments and refinances from within Westpac Group. Min. loan size $250k per property."

I would like to make it clear that the in order to be eligible for the additional $2000 on top of the original $2000, the application must be online (not via broker or in-store).
The rebate is paid 60 days after settlement, with no clawback.

For additional info, please see "What else do I need to know?" and "Frequently Asked Question." below:
https://www.stgeorge.com.au/personal/home-loans/manage/refin…

I was going to take the $2000 standard St George refinance cashback in addition to cashback offered from a broker over a 24 month period (whom may go bankrupt or not pay-up), until I saw this updated offer yesterday. I canceled my application with the broker and have had my application online with St George confirmed as eligible for the $4000 rebate.

Also of mention: the lending Manager assigned to me is asking for a better rate than the default 3.44% (given you apply online there is no way to negotiate during your initial application). Apparently 3.1X% should be achievable on the Package.

Enjoy!

Update: I've been given 3.04% with ~70% LVR on ~$300k loan (Package).

Financial Home Loan Loan

Related Stores

St.George Bank
St.George Bank

closed Comments

    • jobargain on 16/11/2019 - 00:22
      +1

      I remember during the initial stages, it shows you how much Govt. and Bank fee for your application, unfortunately I don't remember exact figure, but I believe about $500 or less for Basic Home Loan, plus your current lender exit cost etc.
      Well worth the switch IMHO.

  • newbiesh on 15/11/2019 - 22:50

    Thanks op
    Do they pay the 4k towards loan or separate cheque?
    2. How much is overall cost, the gov fee and cba exit fee? Qld.

    • jobargain on 16/11/2019 - 14:16
      +1

      Cashback paid into your linked transaction account after 60days

      • newbiesh on 16/11/2019 - 14:32

        Oh damn gonna miss out christmas shopping lol

  • Kooratz on 15/11/2019 - 23:09
    +2

    In process to get approve, sent all the details, the lending lady is very professional and kind. Hopefully done before end of the year.

    • fozzie on 15/11/2019 - 23:11
      +1

      Good luck, I put application in online today. Fingers crossed we will all get a smooth move.

      • Kooratz on 19/11/2019 - 05:01

        nah..no good, they can only offer to little compare to my loan..need broker to fix it up maybe

  • R3XNebular on 16/11/2019 - 00:08

    Currently with ANZ and have a year left. Not sure what the breakage fee is but I assume at 3.69% rate I'd still be better off switching over to St George??

    • fozzie on 16/11/2019 - 10:19

      It depends on your circumstances tbh. How much is the loan? What is the interest you will be saving? Do a few calculations and see. I would probably wait if there was a breakage fee, unless the figures tell me otherwise

    • drprox on 17/11/2019 - 21:33

      Break fees aren't overly difficult to calculate if you know what the base rate was when you locked in. I.e. if base rate was 5.75% and we had 3 rate cuts (of course acknowledging the difference between cash rate and mortgage rates) you just multiply the 0.75% by term and amount remaining.

  • jobargain on 16/11/2019 - 00:24

    Interestingly, the system offered me a slightly better rate than the advertised rate with my Basic Home Loan application already, 2.94%….still in true Ozbargain spirit, I will still haggle for a lower rate when they assign me a case manager :)

    • fozzie on 16/11/2019 - 10:19

      It depends on how much you are borrowing and what is the value. I was offered the same and 3.02 for variable offset

      • Tapori on 19/11/2019 - 15:13

        How do you mean 3.02 for variable offset? I thought Basic didn't come with offset?

    • OzBrogains on 25/11/2019 - 02:27

      Let us know how you go. I’m guessing if your loan is below $5m You’ve got Buckley’s chance.

  • [Deactivated] on 16/11/2019 - 12:57
    +1

    With regards to fees, 2018 when I refinance in QLD with a different bank.

    State: QLD
    LVR: 50%
    Loan: $400,000
    Offset: Yes

    Fees paid
    Bank discharge: $350
    PEXA settlement: $56
    Mortgage release: $187
    Mortgage registration: $187

    Fees waived / paid by broker
    Conveyancing $330
    Settlement fee $150
    No annual package fee ($395)

    Total out of pocket cost: $780
    + interest saving lost during funds transfer in offset account.
    Broker Rebate: $2000

    I'd expect costs are still similar for this deal. So approximately $4000 - $780 x 2 = $2440 profit. minus offset interest loss during fund transfer.

    • Viper8 on 16/11/2019 - 13:52

      Why are you doubling the fees???

      • [Deactivated] on 16/11/2019 - 14:32
        +1

        Cost of refinancing out once you get your $4k.

        • Viper8 on 16/11/2019 - 15:02
          +2

          Why do that? They offer great package rates.

          • [Deactivated] on 16/11/2019 - 16:05
            +1

            @Viper8: Lots of providers offering 2.8X% interest rate plus $10/m for an offset account. So paying $395/pa to get 3.04% isn't great.
            Unless you use their credit card but there're plenty of better credit card deals on ozbargain with signup bonuses. So what are you really getting for your $395 a year?

            I'd switch out within a year before having to pay another $395 for zero benefit.

            • Viper8 on 16/11/2019 - 16:40

              @[Deactivated]: I prefer to have all with 1 provider for auto direct debits and auto repayments. Set and forget.
              I do rewards bonus CC's in addition to that.
              Fair enough if you're happy moving the money around manually every month.

    • aaronaldo on 19/11/2019 - 08:15

      A couple had mentioned here about lost in offset interest during bank transfer. I didn't have this problem when I did it the last time. From memory, telegraphic transfer is same day?

      • objtrim92 on 19/11/2019 - 11:25

        same day

        • aaronaldo on 19/11/2019 - 14:04

          So why are people coping interest on offset fund transfers?

  • makeahit on 17/11/2019 - 22:15

    How long does it take to redraw from Basic home loan account to St. George transaction account?

    • jobargain on 18/11/2019 - 14:09

      Instant from what I was told. Asked the same question myself as I don't want to pay $395 for offset

      • [Deactivated] on 19/11/2019 - 08:42

        do they waive the 395 fee for the first year?

        • JohnHowardsEyebrows on 19/11/2019 - 09:12

          Given they're going to pay $4k to get people to switch, highly unlikely they'll be waiving package fees in addition.

      • nine6eight on 12/01/2020 - 09:13

        Anyone that have an actual experience on how fast this is? It might be worthwhile to drop the offset if it’s instant.

  • knowwhat on 18/11/2019 - 16:13

    Do investment property qualify for this offer?
    I am thinking of bringing both loans (owner occupier and investment property) and wondering whether it would be eligible for 6k?
    Thanks for the post OP.

    • Viper8 on 18/11/2019 - 16:21
      +1

      I believe so. You should receive $6k for the 2 combined.

      • aaronaldo on 19/11/2019 - 14:07

        Any benefits of doing them at the same time? A safer bet would be to move one and if you have a good experience, then move the other.

        Other than the extra $2k for the second property, the other benefit is the $395 package cost is a once off for up to 5 properties from what I've read.

  • watertight on 18/11/2019 - 23:32
    +1

    Will they require a valuation? I have around 60% equity so I don’t think it should be required. When I refinanced with UBank last year they didn’t do a physical valuation/inspection.

    • Viper8 on 19/11/2019 - 00:33

      I had 70% LVR and they did a desktop valuation.

  • objtrim92 on 19/11/2019 - 11:26

    submitted the application on Sunday. No call back yet. will definitely ask for a waiver of $395 fee for first year

    • endolphin on 19/11/2019 - 22:45

      let us know how you go

    • frazel on 27/11/2019 - 18:19

      How did you go?

  • dumkaze on 19/11/2019 - 23:00

    Friday i got email from St. George that they have approved for 2.99 with basic loan package. then after Nothing….

    • Viper8 on 19/11/2019 - 23:08
      +1

      They've been swamped; were working over the weekend. If you have a lending manager assigned to you send them an email or give them a call.

  • TheMidnightChef on 20/11/2019 - 13:29
    +1

    I applied Friday afternoon and had a call Saturday morning.
    1 follow up call on Monday to confirm a few things and tell me I had to go into a branch to get an ID check (which I've done this morning).
    Really positive experience so far.

  • ady211 on 20/11/2019 - 20:41

    I was offered 2.94 for basic loan without offset and no annual fees. 3.04 with offset and 395 annual fees.

    • JohnHowardsEyebrows on 20/11/2019 - 21:50
      +1

      What was your LVR and ballpark drawdown amount, if you don't mind me asking?

      • ady211 on 22/11/2019 - 08:35
        +2

        LVR was 45% approx. Didn't get on drawdown amount part.

  • newbiesh on 21/11/2019 - 01:02

    Mine just got approved waiting for the forms to sign and gtfo cba

  • [Deactivated] on 21/11/2019 - 09:23

    Still waiting, filled out forms yesterday.

  • bhaktas on 21/11/2019 - 12:49
    +1

    I am offered 2.94% on owner's occupied and 3.44% on investment both P&I. Total loan amount would be around $1.5m. This is with Advantage package, as I need offset account. Equity from owner's occupied would be around 60% subject to valuation.

  • nightqueen on 21/11/2019 - 17:21
    +1

    I applied last week Thursday night, got a call on Friday with lots of questions about my expenses and spending. I went to my local branch today to show my ID and I've just been given a loan approval for St George basic home loan . Time to do settlement paperwork.

    • dumkaze on 21/11/2019 - 21:33

      Wow that is quick… I have applied last week but haven't heard from them

      • nightqueen on 26/11/2019 - 08:45

        Yeah loan documents getting sent in the next 1-2 days for me to sign. I'm leaving Loans.com.au

        • jobargain on 28/11/2019 - 23:07

          I am leaving Loans.com.au as well…keep me posted on how you go..
          Just sen them Discharge Authority today..

          and getting the Mortgage Doc (from st George) signed tomorrow by JP.

      • nightqueen on 27/11/2019 - 13:45

        yeah Julie from WA perth st george gave me a call, she was on top of the whole process

  • G-Unit on 22/11/2019 - 14:57

    I applied earlier this week. Received a call this morning.

    I have something like 60% LVR. Was offered package on 2.99% variable or basic on 2.94% variable. They can't/won't drop the $395 package fee so I've decided to opt for the basic redraw loan on 100% variable instead.

    The fees for me will be:
    - $350 discharge fee from Bank of Sydney
    - Around $260 in government fees (VIC)

    So all in all, I qualify for 4K in rebates and I'm dropping my rate from 3.07% at BoS to 2.94%. That's a win!

    • rarelyscene on 22/11/2019 - 16:51

      Would you be up for a $600 settlement fee as well as a monthly fee with St. George by going basic?

      • G-Unit on 22/11/2019 - 17:05

        Just checked online.

        $0 establishment Fee if loan amount is greater than $150,0003 for customer making Principal & Interest repayments only.

        You need to borrow minimum $250k to qualify for rebates, so I don't think there's anything to worry about there.

    • ady211 on 22/11/2019 - 18:56

      Exactly in same boat. I am with BoS as well but on 2.99. Opting for basic as well with St. George

    • Wayne88 on 22/11/2019 - 20:26

      Got my papers earlier today.
      Anyone know if the $1000 “legal fees” should be applicable for refinancing?

    • thomalfa on 16/12/2019 - 09:43

      mind to share the lender contact??? they're offering me 3.07% var on package. Would be great if can get same rate as yours. Ta

  • carbunkle on 23/11/2019 - 00:35

    my tennant moves out at early Feb 2020 and I intend to move back in.

    Anyone know if I could apply as owner occupier when applying late Jan 2020 and when i settle ill be moved in?

    • newbiesh on 23/11/2019 - 10:22

      Yes should be fine.

    • endolphin on 30/11/2019 - 10:52

      I'm in a similar position however NAB has let me stay on owner occupied P&I (currently 3.25%, so not that great) even though I now rent my house out.

      I applied, initially offered 3.09% Owner occupied variable on package deal, and I thought I wouldn’t need the rental income to satisfy serviceability but they reckon I do, so will only give me investment P&I at 3.60%.

      The St George guy I was speaking to suggested I stay with NAB. I did the sums and agree with him.

    • endolphin on 30/11/2019 - 11:00

      I will add that he did say that if I did refinance to investment loan with St George, and then moved back in to my house, that the process is very easy to convert to owner occupier. Would just need to send in documents to prove. Utility bills, end of lease letters, etc.

  • newbiesh on 23/11/2019 - 10:23
    +1

    Guys there is $40 bouns when opening internet bank with them as well when you deposit $500 I suggest doing that as well.

    • Neoika on 23/11/2019 - 11:48

      I think you may need to open it before apply the home loan?

      • newbiesh on 23/11/2019 - 13:32

        Yes I did that and got it, when doing home loan they will attach it to Ur account

        • Neoika on 23/11/2019 - 14:12
          +1

          I think if you had a complete freedom acc with any one of the three banks before, regardelss of the closure time, St George may not award you $40 now.

          • newbiesh on 23/11/2019 - 16:22

            @Neoika: i was given and i had cba normal acc not sure if that was freedom acc

    • nightqueen on 26/11/2019 - 08:48

      Ahh rats, missed out on the $40, my home loan contact made me a complete freedom account for me and I missed out

  • macr0hard on 23/11/2019 - 15:29

    Do you need to pay for $1k conveyancing/solicitor when you refi?

    • Viper8 on 23/11/2019 - 15:56

      Bank/broker takes care of everything for refi. Only need conveyancing when buying/selling.

      • macr0hard on 23/11/2019 - 16:03

        Thanks. Just took the plunge and applied, with ING for 3.79 OO IO, St George offered 3.84 so higher, but hopefully the $3K left after fees will make up for it as i'm looking to sell some time next year anyway

    • Wayne88 on 23/11/2019 - 21:48

      The 1K “legal” fee is also
      On my paperwork. Tried to call the lady today to ask what it’s for but no answer.
      Will update on Monday

      • OzBrogains on 25/11/2019 - 02:22

        Let us know what you find out.. keen to know what legal fees are involved.

        • fourofjacks on 25/11/2019 - 19:49
          +2

          I queried the lending manager about the 1k legal fee's on my papers, she assures me that it is not applicable for a refinance and would chase up to get it back if it was charged.

          According to her the mortgage offer with fee's is the key one, the paperwork with the 1k legal fee is an 'estimated charges' / standard fee's and the 1k legal is relevant only to new purchase.

          • OzBrogains on 25/11/2019 - 21:21

            @fourofjacks: Thanks for the update. I put in my application today, hoping for a call tomorrow.

          • OzBrogains on 26/11/2019 - 09:21

            @fourofjacks: Is there a reason they can't remove the $1k fee from your contract? At the very least I'd insist on getting it in writing.

            • Wayne88 on 26/11/2019 - 15:23

              @OzBrogains: Got the same assurance as fourofjacks (sounds like we have the same lending manager).
              Have put through all the paperwork
              Now and been assured the 1K won’t apply as a refinance,

            • fourofjacks on 26/11/2019 - 17:51
              +1

              @OzBrogains: Will try elaborate on my above comment.

              The $1000 legal fee is in a finance application document, this details your application for finance: eg your income, expenses, assets etc. In this document there there is a section that is has all money required - purchase price, loan amount, own funds, deposits, gifts, bank fees, gov fees, LMI, insurance, etc. Default value seems to be $1000 for legal fees that they didn't remove. The finance application signature is to confirm your financial situation is accurate - used for st george to determine if you are suitable for a loan.

              The key part for me is that the fee is in the finance application, not the loan offer. In the mortgage offer / contract (this being the key document with set loan amount, interest rate etc) - there is no $1000 legal fee in the contract.

  • newbiesh on 23/11/2019 - 16:29

    the gentleman works on my profile named Dan really helpful and responsive and can be contacted on weeekend, so far good experince with this bank i know there are delays because of ozbargain pump but please spread this around lets get more ppl aboard and make other bankds do the same. really thanks OP for posting this.

    • frazel on 12/12/2019 - 09:19

      I also have a gentleman called Dan working on mine, he's really great, responsive, does what he says he is going to do. Very happy so far, he was hoping to settle the refinance before Christmas! so 2 weeks from application. But I am delaying it due to Christmas plans. But impressive nevertheless.

  • blackwood on 23/11/2019 - 20:43

    Are there any Vic/Melbourne residents who applied for refinance? Can Melbourne residents apply with St George directly or should apply to Bank Of Melbourne?

    • JohnHowardsEyebrows on 23/11/2019 - 21:22
      +1

      Just go through BoM. They're the same organisation with separate shopfronts, and exact same offers.

  • spychiatrist on 23/11/2019 - 23:30

    If one has a home loan that has both redraw AND offset at 3.55%, is it still worth switching to this? Mate bad at maths.

    • Viper8 on 23/11/2019 - 23:34
      +1

      Absolutely lol. Your rate will drop by about 0.5% and you'll pocket roughly $3k after costs.

      • spychiatrist on 26/11/2019 - 23:42

        Mate says paying $2,200 on current loan, 0 annual fee, offset with redraw. SGB at 2.99% redraw only, the monthly payment is higher…$2,400. Doesn't make sense.

      • Korban Dallas on 30/11/2019 - 14:25

        Well that's not entirely true. If you had a very large offset 3.55 might be better off.

        • Viper8 on 30/11/2019 - 14:38

          What are you smoking?
          Offsetting means you don't pay interest on the amount of the loan being offset. You don't earn interest on the offset amount. There is absolutely no benefit in having a higher rate regarding offsetting.

          • knobbs on 30/11/2019 - 14:42

            @Viper8: They might have been referring to the annual fee which for them is $0.

            • Korban Dallas on 30/11/2019 - 15:32

              @knobbs: 200k loan with 50k offset @ 3.55% for 25 year you would save 4 and a half years off your loan and save around 50k.

              You are only paying interest on 150k not 200k. Essentially always 50k in front.

              Change that to a variable without offset you need to pay 2.99% or whatever for 200k.

              I wish someone made a decent online calculator that you can compare both at the same time.

              Again, not everyone has savings. Need to assess your personal circumstances.

              If you make no additional repayments fixed would be best.

              If you make additional repayments and have savings, get an offset. Depending on how much savings you might be better off with a standard loan.

              Not everyone fits in the same box and the annual fee also need to factor in. He needs to speak to a rep on St George to find out what works best for him.

  • OzBrogains on 25/11/2019 - 02:22
    +1

    Anyone find out more about the “legal fees” and what they entail?

    • frazel on 12/12/2019 - 09:25
      +1

      St George told me my fees would be about $600 in total for everything, so should be $3400 in front. But happy with just 3k. Between the 3k and the 100k Qantas points from the credit card deal, it's a free return trip to Japan for 2 nearly everything included*. Also get 50 basis points off my current rate. Im getting 2.97% at St George with basic package.

      • spiff on 06/02/2020 - 14:49

        What 100k QFF deal?

  • macr0hard on 25/11/2019 - 15:31

    St George just called me and they said for the Interest Only with the package, even though I still have to pay the package fee, they're not able to offer me the offset account on IO. So the only benefit from having the package is they're gonna try and move the rate a bit lower, to 3.72 for IO. This doesnt make sense. Anyone else has come across this too?

    • frazel on 12/12/2019 - 09:26

      The rate depends of you're living in the house and your LVR

    • Tapori on 07/01/2020 - 00:56

      Hi, just wondering if you managed to get Offset for your IO loan? What rate did you end up getting on IO loan?

  • OzBrogains on 26/11/2019 - 11:58

    Called the Loans number four times during business hours throughout two days, always getting their voice message. Useless.

    • newbiesh on 27/11/2019 - 19:24

      Reapply they busy af.

  • thydzik on 26/11/2019 - 17:18
    +1

    will jump on this if my refinancing with Reduce falls through.

    seems that home loan refinancing is the new credit card bonus points.

  • makeahit on 26/11/2019 - 23:40

    Applied for Basic Home Loan on 20/11, but still haven't got a call from them. Is there a big delay by number of applications?

    I rang them few times, but always answered by a voice mail.

    • newbiesh on 27/11/2019 - 19:23

      Reapply

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