Happy New Year All!
To celebrate, 2 new great cash back offers for 2020 (to help to donate to the bushfires)
Offer 1
Newcastle Permanent (Canstar’s 2019 NSW customer-owned lender of the year for first home buyers) announced today:
$2,500 cash rebate for First Home Buyers!
Newcastle owner occupied INTEREST ONLY 2yr fixed is 2.79% (CPR 4.02%). Variable from 3.09% (CPR 3.39%)
Offer 2
Westpac $3,000 cash rebate PER property refinance. eg. 3 properties = $9,000 bank rebate.
Rates from 3.04% owner occupied variable, 2.88% fixed 2 years. Westpac give further 0.1% discount for 70%LVR or less.
We expect variable rates to be cut on 4 Feb, but given banks are only passing on around half of the cuts, a low fixed rate can still save you more money as you can get an immediate benefit from today as opposed to waiting for the drop to occur. Given many banks are only passing on 0.1-0.15% each cut, and the RBA cash rate is 0.75%, there can only be a maximum of 3 cuts to zero, which may take a long time or unlikely to occur.
Always worth doing a calculation for your situation, eg:
If you have an existing loan and your rate is 3.29%, fixing at 2.79% will save you 0.5% each year.
On a $500k loan, that is a saving of $2500 every year.
If you're saving 0.5% and go with a lender giving rebates eg Westpac $6,000 for 2 properties, plus our Bundle Rebate of $1,500, that's a further $7500 in rebates, plus $2,500 interest savings, you are getting a benefit of $10,000 in just one year!
0.3% Bundle Rebate
In ADDITION to bank rebates, Bundle Home Loans gives a rebate of 0.3% of loan size (net at drawdown) for ANY bank or product.
Len
Bundle Property Home Loans
T: (02) 9698 7186
M: 0422354868
E: [email protected]
Disclaimer:
The information provided is for general education purposes only and is not intended to constitute specialist or personal advice. This has been provided without taking into account your objectives, financial situation or needs. Because of this, you should consider the appropriateness of the advice to your own situation and needs before taking any action. It should not be relied upon for the purposes of entering into any legal or financial commitments. Specific investment advice should be obtained from a suitably qualified professional before adopting any investment strategy.
The Newcastle Perm sounds like an 80s hairstyle!