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$4,000 Cashback on Refinancing Home Loan @ Bank of Melbourne

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$4,000 Cashback on Refinancing Home Loan @ Bank of Melbourne
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financialminimalism on 20/01/2020 - 21:37 bankofmelbourne.com.au (892 clicks)
Last edited 04/02/2020 - 20:26 by 2 other users

Saw on TV Bank of Melbourne have doubled cashback offer until 31 Jan for homeloan refinancing. They do negotiate on rates as well if you have a better offer.

Their Basic Homeloan has $0 annual fee and is 2.96% comparison rate for owner occupier P&I, LVR up to 60%.

$4,000 Online Refinance Cashback if you refinance online. The $4,000 Online Refinance Cashback consists of: $2,000 Refinance Cashback per property for new refinance applications received between 23 September 2019 to 30 April 2020 and settled by 30 June 2020. Plus one $2,000 Bonus Refinance Cashback for a new refinance application submitted online and received between 11 November 2019 to 31 January 2020 and settled by 31 March 2020. Offer available on the Advantage Package and Basic Home Loans for Owner Occupier with Principal and Interest repayments and Investment Loans. Offer current as at 11 November 2019. Offer may be varied or withdrawn at any time. $250k min loan per property refinanced. Only 1 cashback per property refinance will be paid regardless of the number of loans involved. Only 1 bonus cashback will be paid regardless of the numbers of customers, properties or applications involved. Excludes Portfolio Loans, switches and refinances of home loans within the Westpac Group which includes St.George, Westpac, Bank of Melbourne, BankSA and RAMS. Offer not available for Owner Occupier Interest Only loans or residential lending originated under family or company trusts. Advantage Package Terms and Conditions apply. A $395 annual package fee applies ($0 fee for Basic home loan) and is payable from an eligible Bank of Melbourne transaction account. Applicant’s home loan repayments must be direct debited from this transaction account. Read the Bank of Melbourne transaction account terms and conditions and consider if the product is right for you. The cashback will be paid into a Bank of Melbourne transaction account within 60 days of settlement. The transaction account must be linked to the home loan at the time of settlement and kept open for 60 days after settlement. Tax consequences may arise from this promotion for investors and customers should seek independent advice on any taxation matters.

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  • footyboy on 20/01/2020 - 21:38
    +1

    BOM = St George.

  • mr fox on 20/01/2020 - 21:40
    -5

    Looks like a rubbish interest rate from my brief digging.

    • financialminimalism on 20/01/2020 - 21:41
      +2

      Not that shabby and they negotiate. Their Basic Homeloan has $0 annual fee and is 2.96% comparison rate for owner occupier P&I, LVR up to 60%. That’s 10 basis points off ubank / Athena, which they may be able to price match depending on your profile.

      What are you paying now?

      • JohnyEnglish on 21/01/2020 - 10:59

        2.96? I am just in process of getting this offer and BOM is giving 2.99% with $4k cashback. Told them about athenea but they wouldnt match saying its online banking

      • XabiFernando on 17/02/2020 - 21:39

        You mentioned they negotiate - if you don't mind sharing, what rate did you negotiate, and was it online/in a branch/via a mortgage broker?

    • [Deactivated] on 20/01/2020 - 21:48

      2.96% comparison rate? Not the lowest but certainly not rubbish.

      • Laurenlauren on 20/01/2020 - 22:06

        It seems 2.96% is for loans with an LVR of less than 60%

        https://www.bankofmelbourne.com.au/personal/home-loans/home-…

        • [Deactivated] on 20/01/2020 - 22:54

          Yes. 3.01% for up to 80% LVR.

          There are lower rates around but not with this level of cash back.

          Same deal available at st George and Bank SA.

          There’s no offset but there’s free drawdown, so it takes a bit more management, eg setting up a float in your savings account with balance alerts

  • whoopdeedoo on 20/01/2020 - 22:36
    +1

    good offer if you dont need an offset.

    • tunzafun001 on 21/01/2020 - 11:04

      Just chose a loan with an offset account.

      Normally a package fee will apply with a big 4. So make sure you also get their credit card with a heap of bonus points (and the annual fee waved as you have a paid package deal).

      ANZ offering a similar deal the other day.

      Time to port phone, energy, insurance and now mortgage! Tax man…good luck keeping up with this stuff.

  • Greyshirtguy on 21/01/2020 - 00:00
    +1

    Not the best customer experience especially after you have signed up.

    • KingPhil on 21/01/2020 - 09:37

      I agree. Super attentive before signing, but after signing my mortgage broker won't even reply to my emails! Just signed with St George.

      • spiff on 21/01/2020 - 09:59

        How soon can you switch from St George?

      • GangGang on 21/01/2020 - 11:08

        Contact St George directly for help when you need it, Do you still need to contact the broker for assistance with the loan? The broker is most likely focused on new clients to get a commission.

  • JohnHowardsEyebrows on 21/01/2020 - 00:40

    Dupe

  • perfectlydark on 21/01/2020 - 07:22

    silly question i got our homeloan in July 2018 fixed for 2 years with another bank. Are you generally able to refinance elsewhere earlier? Im on a terrible rate (3.8%)

    • Jonski on 21/01/2020 - 07:34

      You can but you'll have to pay the etp. You may want to get a quote a see if its worth it

    • demmogorgon on 21/01/2020 - 07:35

      I am pretty sure the earliest you can do it would be in May 2020.
      Otherwise they charge termination fees.

      • perfectlydark on 21/01/2020 - 07:50

        thanks mate i figured that would be the case. given how different my rates are and all these bonuses flying around it would probably work out cheaper to just do it now but I can wait also

    • silo on 21/01/2020 - 07:37

      You can, but you'll likely need to pay a break fee.

  • 11CENTS on 21/01/2020 - 08:22

    Is BOM deal (interest at 2.96%) better than than NAB ?

  • Averell on 21/01/2020 - 09:10

    One noob question, and one a bit less:
    1. What does refinance mean? (i) I am currently having a mortgage with another bank, and now I switch to BOM. Or (ii) I need to take another mortgage (for another property), using the current property as a "bond"?
    2. Does BOM provide offset account?

  • dumkaze on 21/01/2020 - 16:29

    NAB is also doing $4000 cash back

    • financialminimalism on 21/01/2020 - 17:37
      +2

      Seems like mortgages are moving the same way as phone plans, just shop your debt around and get paid per switch.

      What’s the draw back to this? Is there a limit to how many times you can move it around? Do the banks hold this against you when looking at your application (beyond standard credit check)?

      • dumkaze on 23/01/2020 - 21:33

        I think it will come down to credit check … number of credit check will decide credit rating … but if one hit will give almost 4K then why not

        • JohnHowardsEyebrows on 23/01/2020 - 21:53
          +2

          Number of credit checks are only one factor, and, since the implementation of comprehensive credit reporting (i.e. banks providing actual details of customer behaviour in servicing debts) an increasingly less important one.

          I'd be more wary about them not being interested in serial switchers (e.g. more than once per year, they may think twice).

          • financialminimalism on 25/01/2020 - 08:50

            @JohnHowardsEyebrows: Found a little stinger in the fees….

            Early Repayment fee – payable when any loan
            agreement is on a negotiated variable rate
            or a negotiated fixed rate and is entered into
            from 20 February 2006 to 2 June 2011 and
            the loan is repaid in full within 3 years of the
            start of the negotiated rate (not applicable to
            Portfolio loans).

            $1,000 plus break costs if payable

            Plus $350 discharge

            • El-Rhi on 30/01/2020 - 07:04
              +2

              @financialminimalism: Unless you are planning on going back in time to before 2011, early repayment fees don’t apply anymore.

  • 11CENTS on 22/01/2020 - 10:10

    Anyone know where i can find in their website of 2.96% interest rate?
    Basic home loan says 2.99%@400k loan

  • dcomo on 11/02/2020 - 18:57

    Any idea on the turnaround time for this? My existing one ends in March so want to make sure I don’t get hit with annual fee in my existing one (fixed rate).

    • minniethemoocher on 21/02/2020 - 21:38
      +1

      Took about 7 weeks including Xmas, so 6 weeks really. They advertise 1 week which is complete BS.

      • Shikha966 on 21/02/2020 - 21:51

        How long does it take from formal approvals? I am moving from ANZ. I just received sms two days ago that the loan application is formally approved.

        • minniethemoocher on 22/02/2020 - 22:35

          You need to ask BOM that as every bank is different.

        • thirtysixd on 23/02/2020 - 13:10

          I would have said 1-2 weeks (assuming its not an unusual property)

          We are doing a refi + purchase at the moment
          Waiting on valuation for new purchase now but refinance was done pretty quick
          I guess they might have pushed it through faster since we are using equity for new purchase

  • Shikha966 on 20/02/2020 - 11:14

    I got approved for $2,50,000. After settlement, when I pay instalment, the loan balance will go below $2,50,000. Will this effect my eligibility of $4,000 Cashback?

    • El-Rhi on 21/02/2020 - 07:47
      +2

      No. As long as the amount borrowed is more than $250k, you get the Cashback.

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