Cashback Home Loan

NZ OZ Sam on 04/06/2020 - 19:21
Last edited 04/06/2020 - 20:35

Hi Folks,

I am looking for a cashback mortgage broker that can help sign a good deal for refinance(owner occupied).

I have looked at matesrates, Flongle, unbiased, withcashback, CashbackClub, and seriously struggling on which one to choose. I have read over 30 forums but no clear answer.

Not fussed about dealing with a broker and happy to deal with bank directly but calling 10 different banks to find their best offer isn't the most efficient way and some want to do credit checks and don't want to affect my credit rating if their deal isn't good enough.

Anyone knows if a bank or broker offer more than $2k cash with 2.09% or 2.19% 2 year fixed and very low ongoing/yearly fee for a $340k loan and 80% LVR. If ongoing trailing commission cashback is an option, then it will be icing on the cake

Financial Home Loan Loan

Comments

  • netjock on 04/06/2020 - 19:29

    calling 10 different banks to find their best offer isn't the most efficient way

    Maybe call around 10 different brokers because they will each have a panel of banks they deal with.

    • NZ OZ Sam on 04/06/2020 - 19:37

      Thanks. That's the reason for posting here to see if I can contact 1-2 brokers or bank to get the best deal. It's a shame that banks don't pass some of the additional benefits to customers and instead choose to pay 0.65% to broker with trailing commissions

  • Icoris1 on 04/06/2020 - 20:22

    Broker here

    What you're looking for is the holy grail

    One of those are going to have to take a hit, which one are you willing to sacrifice

    10 basis points/400 annual fee/cashback or broker rebate

    • NZ OZ Sam on 04/06/2020 - 20:30

      Thanks for that. Would be happy to sacrifice whatever has the lease benefit out of the 4 things you mentioned:
      $340k loan with 0.10% extra interest rate will cost me approx. $650 over 2 years
      400 annual fee over 2 year = $800
      Cashback - I think this is a massive help specifically given my discharge cost is approx. $750
      Broker Rebate - Again, depending on how much that is and what it's worth over 2 years, hard to say

  • Kinko82 on 06/06/2020 - 20:21

    I'm a broker for disclosure and not here to promote what I do. Out of curiosity, after you've checked out the cashback brokers you've listed, what is it that's making you hesitating using one of them?

    • NZ OZ Sam on 06/06/2020 - 21:33

      Nothing really. Just choosing one out of them based on recommendations. Also, I have found since posting that some brokers help with some rebate/cashback on top of what bank offers which is certainly quite helpful so looking at those options too.

  • Inter on 17/06/2020 - 08:30

    What option did you end up going with?

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