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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

    • objtrim92 on 21/01/2020 - 13:54

      for me the whole process took less than 3 weeks, from submitting the online application form to settlement. After signing off the final documents, the settlement process is unexpected fast (1day).

      • MyLoginName on 24/01/2020 - 11:58

        That's great, which bank did you move from?

        • objtrim92 on 25/01/2020 - 10:18
          +1

          anz. just received the $4k rebate

  • donbot on 23/01/2020 - 14:52

    Can someone who has refinanced from ING to St George provide an insight as to how long it took from St George 'settling' the loan until ING finalised their loan account?

    I'm coming up on 3 weeks and no-one can give me a straight answer as to whats going on: ING, St George or my St George lender.

    • minniethemoocher on 23/01/2020 - 21:20

      I can’t give you any information specific to ING but I am with MEbank, I believe both financial institutions use Galilee Solicitors to discharge the mortgage. I have been quoted 14-20 workings days. In my case it’s not mebank holding it up but the solicitors. My friend who was with MEbank also said they took about a month to process the discharge.

      • donbot on 23/01/2020 - 21:51

        Thanks. I've been told it's booked for next week.. so let's see if it happens. Then another week or so to get my surplus funds back. Grrr

        • minniethemoocher on 24/01/2020 - 22:14

          Let me know how you go. St George have asked for the beginning of Feb but Galilee haven't accepted. Grr

    • El-Rhi on 24/01/2020 - 18:30

      I’ve come over from ING and was told by ING it takes around 3 weeks from receiving discharge form to discharging the loan. Although when I called about a week ago they said they were flat out with discharges so could be longer… wonder why they are so busy?

      • donbot on 25/01/2020 - 14:34
        +1

        In true style, seems my loan was finalised yesterday. Just long enough to charge my next annual fee, which they say they have refunded, but the surplus returned to me is a little lighter than I calculated. Actual settlement is still Tuesday next week, and I'm told I'll get a full calculation then… Who friggin knows what ING are doing.. they don't!

        In positive news, $4k from St George showed up unexpectedly yesterday. 3 weeks from loan drawdown! Well done STG!

        • minniethemoocher on 27/01/2020 - 16:33

          Has St George pay out you ING home loan before the settlement occurred?

          • donbot on 28/01/2020 - 10:59

            @minniethemoocher: Yes under a fast/rapid refinance, which I'd never heard of until I refinanced. Both banks seem to use different terminology, but means New Bank (STG) throws loan balance + more to ensure loan is extinguished, and then Old Bank (ING) does the final payout calcs/etc from the date that New Bank threw money at Old Bank, and refunds the excess funds.

            I'm currently waiting for the excess funds calc as I think its a little bit light on from what I was expecting (few hundred).

            • minniethemoocher on 28/01/2020 - 16:36

              @donbot: Thanks for the clarification. Unfortunately I don't think Mebank do this, so it's the old school way. But on the bright side I got confirmation that the settlement/discharge is booked for next week.

  • Shikha966 on 24/01/2020 - 10:16
    +1

    Submitted my application and received confirmation email, which shows 2.94% interest rate. But the email does not say anything about $4000 cashback eligibility.

    • MyLoginName on 24/01/2020 - 11:57
      +1

      Your Landing Manager would confirm you all the details, wait for his/ her call.

  • MyLoginName on 24/01/2020 - 11:55
    +1

    Submitted application variable offset with package, was given 3.07% online, Landing manager called the next day and said they can't go less than 3.05%.
    Moving from CBA.
    Manager has confirmed $4000 cashback, up to 100 offset accounts, any credit card without any fee - Tried but Package Fee can not be waived.

    $100 Settlement Fee + Legal Fee/ charges around $200-$400
    CBA Discharge Fee is $350

    All documents have been submitted, waiting for final approval.

    Which Credit Card everyone is going with? Thanks :)

    • Viper8 on 24/01/2020 - 13:51

      Signature Amplify. $900 profit.

      • MyLoginName on 24/01/2020 - 14:45

        Thanks Viper8, you might know but it has a condition of $12000 spend each year and they give 200k points in 2 years time (130k first year and 70k next year)
        Are you planning to stay with them for that long?

        • Viper8 on 24/01/2020 - 15:22

          "The bonus points will be credited to your points balance within 12 weeks after the eligible spend criteria is met." Often times they're credited much sooner than the "up to" time period.
          First lot should be in my account in about 6 months, 2nd lot in about 18 months.

  • Viper8 on 25/01/2020 - 09:30
    +2

    $4000 deposited into my offset account with the name "rebate campaign". Settlement was on 6th Jan, less than 3 weeks ago.

    • whatif on 25/01/2020 - 15:01
      +1

      Same, my settlement was on 3rd. Got rebate deposited today.

      • fozzie on 27/01/2020 - 16:48

        Fab guys, I settled on the 8th so I’m hoping tomorrow! How amazing is that?

        • matbargain on 31/01/2020 - 20:55

          I settled on the 8th too, did you get yours yet?

  • Chickenleg on 25/01/2020 - 10:27

    Got mine too! They must be doing a bulk deposits but here's my timelines for anyone interested:

    2/12 - application
    4/12 - lending manager phone call
    23/12 - signed forms and submitted
    31/12 - settlement confirmed
    24/1 - 4k deposit

    Lending manager was pretty on the ball and seemed to push things through quite fast. Can't say the same for discharging from NAB though…

    • ady211 on 25/01/2020 - 10:38

      Very similar timeline. Settlement on 6th Jan got 4k today.

  • Shikha966 on 25/01/2020 - 11:41

    If I borrow $2,51,000 and pay back $40,000 after settlement, am I eligible for the $4,000 Cashback?

    • ady211 on 25/01/2020 - 13:25
      +1

      Should be. But would suggest to wait for cashback to land it doesn't take more than 3 weeks.

  • nightqueen on 25/01/2020 - 16:34

    Got my rebate campaign 4k today too. Happy Australia day long weekend

  • lordra on 27/01/2020 - 00:01

    What kinda interest rates are you guys getting, given the RBA is expected to cut the rate sometime soon?

  • macr0hard on 28/01/2020 - 19:04
    +1

    I have to say St George is the worst bank I’ve dealt with. Without this $4k i would never be with them. How is it that after settlement I haven’t received anything from them, no welcome pack, no debit card etc. have to call to get a card ordered and have to pick it up from a branch as they refused to send it in the mail. And when I applied for a verigo CC separately they repeatedly smsed me asking me to upload my employment contract even though I’ve done it already, totally useless! Will definitely get out as soon as I receive $4k.

    • Viper8 on 28/01/2020 - 19:12

      Yea my St George mortgage broker didn't do anything after settlement. Didn't even setup the transaction account to offset the mortgage. Now need to get my partner to go into a branch for a 2nd ID verification to get her put onto the offset as signatory and as an additional CC holder which we had clearly discussed was meant to be done as part of the refinance with the broker. Not impressed. Considering moving straight onto NAB for their $4k rebate.
      FYI you will get a welcome pack in the post about a week after settlement.

    • Chickenleg on 29/01/2020 - 20:51

      Weird, I got welcome packs etc plus debit cards in the post almost straight away

    • TheMidnightChef on 30/01/2020 - 09:14

      My manager guy opened me a transaction account but didn't order cards.
      I went to the branch to order some cards and they said they had to be delivered to the branch and couldn't be delivered to my house.
      5 days later they were in my mailbox…

    • yellowfever on 05/02/2020 - 23:55

      I was also experiencing similar issues, my broker was very hard to contact, but in the end the settlement happened and I got the $4K cashback, and I also got the $395 advantage package fee waived (after asking).
      I did get the welcome pack. And I got the Offset & Credit card account setup before settlement actually finalised. Very unusual, but hey it happened, so I'm happy.
      I received the Amplify Signature credit cards, but I didn't get asked nor received an Everyday Transaction debit card. Very odd from the bank. Usually banks want you to use their services. I should have asked, but I thought they would have arranged it.
      Now I CBF getting Everyday account and especially if I had to get ID check again, fark dat.

      It was a very long process (perhaps 3-4 weeks) because I have many accounts they need info etc. But once that was over it was smooth sailing.
      I got screwed with NAB fees, but that is unavoidable when refinancing and each bank is different.

      $4K offer for refinance with an equally competitive or lower interest rate than your current bank is worth while, but dependent on your circumstances.

      Thanks OP for posting this. The comments from everyone in this thread was also helpful.

      • jobargain on 06/02/2020 - 11:06

        You must be the only one who got the package fee waived.

        • yellowfever on 06/02/2020 - 16:53

          It was agreed with the broker to be waived. It was then charged automatically, and then reimbursed a week later.

  • spav99 on 30/01/2020 - 13:31

    What is the interest rate that you guys are getting for investment variable loan with offset?

    • Deal finder on 04/02/2020 - 15:02
      +1

      I am being offered 3.59% P&I for investment loan

      • spav99 on 04/02/2020 - 16:18

        Is your home loan settled?
        Even I got offered the same.I just applied last week.I am planning to negotiate once my home loan is approved.

        • Deal finder on 04/02/2020 - 16:32

          I applied 3 weeks ago but the valuation only got done last week. I tried to negotiate with the lender but he wont budge at all. He said he is happy to withdraw my application if im not happy with the interest rate.

          • knobbs on 04/02/2020 - 17:22

            @Deal finder: 'Happy' to withdraw the application. Sounds like the agent has some attitude, could just be my interpretation though.

            • Deal finder on 04/02/2020 - 17:44

              @knobbs: Maybe that's the case but the lender say that for LVR above 80% there is no room for negotiation in the interest rates. I have few other home loans with STG and the bank won't even match the existing rate I'm getting.

        • Deal finder on 06/02/2020 - 12:41
          +1

          @spav99 Were you able to negotiate?

          • spav99 on 06/02/2020 - 13:36

            @Deal finder: Mine is not approved yet.Just waiting for valuation.

            • spav99 on 12/02/2020 - 09:18

              @spav99: Mine got approved.and like you said they were not at all ready to negotiate.I might consider refinancing once I get my cashback.

  • jobargain on 30/01/2020 - 22:37

    Anyone already done the churning with St George and gone onto NAB?

    Just trying to find out if it's possible and any waiting period before you can refinance again?

    • fozzie on 31/01/2020 - 21:19

      There was a broker in here that said you should wait 6 months for mortgage statement.

    • El-Rhi on 01/02/2020 - 06:32

      You can refinance as soon as you want. I’ll be doing it as soon as I get the $4k.

      • brettd on 01/02/2020 - 11:32

        Isn't there clawback on the St George $4k? I don't know exactly but I think someone said 1 year?

        • El-Rhi on 01/02/2020 - 12:06

          Nothing in the T&Cs about that. Once it hits your account it’s yours.

    • jobargain on 04/02/2020 - 15:52

      NAB rate has gone up and not as competitive as St George.

  • lusicul on 31/01/2020 - 20:23

    Has the promotion ended? It only says $2K cash back now. I thought it ends tonight? I shouldn’t have waited till last minute 😭

  • fozzie on 01/02/2020 - 07:58

    Got my sweet $4k last night. Happy days :)

  • pizzacat on 01/02/2020 - 12:41
    +1

    Got my 4k today after early Jan settlement

  • macr0hard on 04/02/2020 - 15:55

    Anyone got charged $275 solicitor fee by ING?

    • donbot on 05/02/2020 - 09:24

      Yes. I questioned this with St George. Got told that ING apply two fees - a discharge fee of $250 (ING Charge this in their side of the wrapup), and $275 to Gadens which St George pay for, but is at the request of ING. ING have been less than helpful through this whole process.

      I still dont fully understand it. To me, the discharge fee is the fee and thats it - it should be $250, not $250 + Legal fees. I had a look through my ING paperwork, and it was sufficiently vague enough that it could be possible that $250 + legals is what it would cost to discharge. Annoying.

      My lender said she has had a lot of people question this, and its specific to what ING are doing to release their mortgages.

      • F-22 on 05/02/2020 - 09:39

        I'm also moving from ING and they are doing anything they can to delay the discharge. Now I know to expect an extra fee too…

        So basically, avoid ING.

      • F-22 on 14/02/2020 - 13:17

        My loan settled recently but still in the blind as to what fees were charged. When did you see the breakdown of the fees? I haven't recieved any documents yet.

        • donbot on 14/02/2020 - 16:56

          I had to badger ING to get a listing of what they charged on loan closeout, and STG sent me a letter saying what they'd paid.

          Whole thing was a schmozzle and murky.

          • F-22 on 14/02/2020 - 17:39

            @donbot: That's the situation I'm in now, can't tell what has happened unless I follow up the two banks.

    • El-Rhi on 08/02/2020 - 07:39

      I was charged $370 for ING legal fees, plus the $250 discharge fee.

  • Deal finder on 04/02/2020 - 17:45

    Anyone know what's the discharge fee charged by ANZ. Website says $160 but seems quite low

    • Shikha966 on 04/02/2020 - 18:34

      I think $350

  • hornet400 on 06/02/2020 - 19:27

    Applied for refinance via BOM property is in QLD so Home loan is being handled by St George so technical for QLD this deal is still on.

    • fez on 06/02/2020 - 23:59

      lol nice 👍🏼

  • bozbargain on 06/02/2020 - 22:08

    For those of you who went with an offset, how do you transfer your savings into St George. Bank cheque? Will it be deposited into your St George account immediately upon handing in the cheque to a teller?

    • Viper8 on 06/02/2020 - 23:12

      Domestic Real Time Gross Settlement aka domestic wire transfer. Goes through in about 10 mins if you do it before lunch.

      Bank cheque takes a couple of business days to go through.

      • bozbargain on 07/02/2020 - 13:15

        Thanks! I think that's based on a form you need to fill out, right?

        • Viper8 on 07/02/2020 - 14:27

          Yea. You'll need to go into a branch to get ID'd and sign some stuff. Cost is $30 vs $15 for a cheque (at least at CBA it was).

    • donbot on 07/02/2020 - 12:39
      +1

      From ING, I did it as a regular internet transfer to St George for the whole amount (did need to call ING to raise limit to cover the full amount). Despite the warning that it may take a few days, it was same day.

      A note with St George - deposits are credited on the day they are paid, but dont show up intra-day. Eg. A payroll processed at 11am Thursday to your STG account wont be visable until Friday morning, but is credited with Thursdays date.

      Make sense?

      • bozbargain on 07/02/2020 - 13:11

        Thanks! My dad once wired part of his super to his other account (with a different bank) and left off 1 digit. Landed in someone else's account and took months to get it back. Since then, I've been paranoid about wiring anything over a few grand. :-)

        • donbot on 07/02/2020 - 13:53
          +1

          Ouch. I must have checked the bank details fifty times before sending the balance. Even then was watching St George like a hawk for it to show up.

      • Viper8 on 07/02/2020 - 14:28

        Depends on the amount. Max transfer limit with CBA on the phone is $100k ($20k online).

      • F-22 on 07/02/2020 - 20:01

        I'll be doing the same once mine settles, a transfer from ING. I'm surprised it was same day.

  • MyLoginName on 09/02/2020 - 15:15

    Hi Guys,

    I got all the final documents to sign and noticed that the Borrower's Fast Settlement process has $500 fee mentioned - do we need to pay this?

    It says :
    In order for my loan to be processed under the FASTRefi settlement process: the amount of my new loan with the bank will comprise of: current loan balance, accrued interest, one month repayment, as estimated discharge fee, plus a further $500.

    Could someone please shed some light on it? Asked Lending Manager already but have not got any replay yet.
    Thanks

    • El-Rhi on 09/02/2020 - 20:04
      +1

      It’s not a fee it’s just part of the FASTRefi buffer. It’s to make sure there is enough to payout your existing loan. If more is paid, you get it back as surplus funds.

  • MyLoginName on 10/02/2020 - 19:27

    Hi All,

    I am confused about loan term when refinancing and hope specialist here can guide me.

    I currently have around 24 years left with current home loan of 30 years as per my required repayments although I am paying more and it shows 17 years left with repayments I am paying.

    As the interest calculates daily - my question is what loan term should I ask St George when refinancing? any issues if I asks for 30 years loan term , does that affect me, if yes how?

    Currently on CBA package and moving to St George Advantage Package.
    Please help! Thanks 😊

    • Viper8 on 10/02/2020 - 19:31

      Always go 30 for flexibility, then payback more. I'm paying 2.5x what is required on mine.

  • TheMidnightChef on 14/02/2020 - 09:57

    Got my 4k yesterday. Settled mid January.

    • thush6 on 14/02/2020 - 10:49

      When did the settlement happen? My settlement was 17th. I am still waiting for 4K rebate.

      • TheMidnightChef on 14/02/2020 - 11:34

        I'm not 100% sure.
        My official settlement date was 10th January. That day came and st George advised that my previous bank required an extra form to be filled out and returned by snail mail before they would release my 2nd title (house on double block).
        My loan account didn't show up in my net banking until the 22nd.
        Throughout this time communication was poor so the best I can tell you is it was processed sometime between the 10th and the 22nd.

        • thush6 on 14/02/2020 - 13:59

          Thanks. I have called them but their sticking with 60 days. I think everyone here received within three weeks.

          • Neoika on 27/02/2020 - 17:40

            @thush6: Got mine on the 22nd day since settlement.

  • macr0hard on 14/02/2020 - 18:29

    I got mine today, settled on 24th jan. Is there any clawback conditions? Is now a good time to start jumping ship to NAB? :)

    • Deal finder on 18/02/2020 - 11:40

      I dont think there is any clawback conditions. But not sure how quickly can you jump the ship and go to NAB?

      • macr0hard on 18/02/2020 - 19:29
        +2

        I asked Nick the broker from the nab thread and he said there’s no restrictions on how long you have to wait before you can refinance again

  • macr0hard on 23/02/2020 - 11:01

    Got my first interest charge today and it seems that they didn’t calculate with the money in my offset account. Anyone has experienced the same issue?

    • Viper8 on 23/02/2020 - 11:06

      My everyday account was not setup as an offset. I had to arrange this myself. Same with the CC I requested, ordering in a debit card, my partner being signatory on the offset and an additional card holder on the CC. All of which was discussed multiple times with the online broker. Seems they just settle the mortgage refinance and wash their hands of you. Quite frustrating as there's only 1 branch in the whole of WA, and they unbelievably still use hard copy paper forms for everything, even when in branch so turn around times are terrible. Also they're currently so busy they don't provide call backs to online applications etc.

      TLDR: double check everything as nothing I requested was setup beyond the mortgage, including the conversion of the everyday account into an offset.

      • MyLoginName on 24/02/2020 - 20:39

        Yes true, going through this pain now.

  • MyLoginName on 26/02/2020 - 11:54

    Some of the issues I am going through: please ensure you have everything setup and configured properly to avoid any surprises:

    Complete Freedom accounts were not setup as Offset to loan, even the surplus amount went to one of my accounts which was not setup as offset to main loan - I had to call them couple of times to have it setup.

    I am with Advantage package, Lending manager told me that there is no fee for having multiple offset accounts but when I called customer care, they advised that I can only have one offset account to main loan and all others account would incur $5 a month fee - I was not told of this during paperwork and is a surprise.

    CBA is far ahead in technology of its App and netbanking - for example : St George netbanking does not show Net Position, not too hard to calculate but something which is always handy to see your current position.

    St. George netbanking does not have option to change repayment frequency Monthly/ Fortnight/ Weekly from their portal, have to call them and go through long waiting over the phone for such a common setup (I asked Lending Manager to keep it fortnightly but it was not setup).

    Overall I am not happy that fir every small things we need to call them to change and wait times are too long :(

    • donbot on 26/02/2020 - 12:48
      +1

      I managed to wrangle 3 offset accounts with nil fee (one individually each, 1 joint). It took going into a BOM branch to achieve this.

      • MyLoginName on 26/02/2020 - 14:28

        Thanks good to know, I am waiting for my Lending Manager to confirm about fee otherwise would try going to Branch.

      • donbot on 02/03/2020 - 09:57

        Turns out they werent fee-free. Levied $5 per account for February (1st full month in operation). Not happy.

    • Viper8 on 26/02/2020 - 13:45

      Offset account should all be free on package.

      Agree with everything else.

      However the one thing I really like about St George is "Osko" transfers. Near real-time transfers (minutes) instead of it taking a few business days.

      • MyLoginName on 26/02/2020 - 14:26

        It is not free (only 1 account is fee free) as I have been told that there is a $5 fee every month if I do not deposit $2000 on last day of month!

        I have forwarded this to Lending Manager as I was told no fee at all for accounts and credit card! waiting for reply!

        • bozbargain on 27/02/2020 - 13:53

          Was told the same thing. I thought I read here you could have multiple free of charge?

        • MyLoginName on 05/03/2020 - 17:08

          So Lending Manager came back to my question about offset accounts and now saying that only 1 offset account is fee free, more than 1 would incur $5 per month Account fee unless you deposit $2000 every month (not required to maintain balance)..
          This is a surprise as I was told that no account fee on any offset account opened under Advantage Package.

          Also STG's iOS Mobile App sucks, specially Push notifications as it notify hours later for any deposits and sometime I got notified the next day!!

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