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$3k Online Refinance Cashback for Owner Occupied Home Loan + $2k for Additional Investment Properties @ Bank of Melbourne

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$3k Online Refinance Cashback for Owner Occupied Home Loan + $2k for Additional Investment Properties @ Bank of Melbourne
Go to Deal
EmployeeLRobiloSi on 20/07/2020 - 10:57 bankofmelbourne.com.au (541 clicks)
Last edited 22/07/2020 - 12:23 by 2 other users

$3k Online Cashback for owner occupied property >$250k
$2k for each additional property refinance >250k

For example each 2 properties (1 investment and 1 owner occupied) with a loan amount of $500k would received $5k Cashback.

Available on Basic ($0 annual fee) or Advantage Package home loan with offset account ($395 annual fee). $250k min loan per property refinanced. LVR up to 80% at time of approval. Excludes refinances from within Westpac Group. Apply by 27 Aug 2020, and settle by 30 Sep 2020. T&Cs and exclusions apply.

apply online via the link below
https://www.bankofmelbourne.com.au/personal/home-loans/refin…

Financial Cashback Home Loan Loan Refinance

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Bank of Melbourne
Bank of Melbourne

closed Comments

  • Choc0 on 20/07/2020 - 11:11

    Any cash back offers just for investment property?

    • EmployeeRobiloSi @ Bank of Melbourne on 20/07/2020 - 11:14

      Hi, yes there is $2k cashback available per investment property >250k loan amount . If you have two investment properties then you will get $4k cashback as long as it is minimum $500k loan amount.

  • thomalfa on 20/07/2020 - 11:13

    Hi OP,
    does the variable rate get higher if with advantage package???

    • EmployeeRobiloSi @ Bank of Melbourne on 20/07/2020 - 11:16

      The advantage package variable is negotiable where the basic is lowest first time offer. It is possible to get the low rate on advantage package but it will need a pricing request subject to approval.

      • clover on 20/07/2020 - 12:46

        If would be great to have the same rate. So how do we proceed if we want to initiate the negotiation? Call them directly?

        • EmployeeRobiloSi @ Bank of Melbourne on 20/07/2020 - 12:56

          when you apply online and complete the paperless form a lending manager will contact you and arrange everything you need from there before anything moves forward or is finalised.

    • EmployeePeterrafidi86 @ Bank of Melbourne on 21/07/2020 - 11:09

      If you need any help you can reach out via the chat function or the phone number in application

  • fufufu on 20/07/2020 - 11:33

    How is bank of Melbourne in general? Good local customer service? Fast processing times? Good approval criteria?

    • EmployeeRobiloSi @ Bank of Melbourne on 20/07/2020 - 11:38

      For new online applications submitted it current turn around times is within 24 hours for processing and first contact. By uploading supporting documents such as payslips online in the application it will speed up the approval processing times.

      Bank of Melbourne is part of Westpac Banking Group and has a larger bank risk appetite to approval criteria which generally allows less restrictions.

      • fufufu on 22/07/2020 - 18:34

        I got my current home loan for the first time back in Feb and have 4 credit checks in past 12 months. Do you think this would put me as high risk of decline if I go for 1 year fixed?

        • EmployeeRobiloSi @ Bank of Melbourne on 23/07/2020 - 08:07

          It would depend on the rest of your financial situation, if your position is strong such as your LVR <80% the scoring allows more to get through.

          If you have defaults on your credit file then that could be a problem.

    • ptutt on 20/07/2020 - 12:55
      +2

      They have been the best bank I have dealt with and I have had a few loans through them over the last 5 or so years.
      Recently had an issue with getting an additional card holder credit card and to rectify the situation they are couriering the card to my door. So, like any bank they are not without fault, but the only instance I have found fault they readily addressed it.

      • Mintee on 20/07/2020 - 16:41

        Ive been with BOM for 5 years now (mainly for saving) but cant fault them. HEAPS better then NAB

  • JohnyEnglish on 20/07/2020 - 11:36
    +1

    Hi OP,
    I am already with BOM with 2.74% basic variable. Can I get on to 2.59%?
    dont want cashback.

    • OhNoUShiz on 20/07/2020 - 12:03

      if you are existing customer i reckon no.

      • EmployeeRobiloSi @ Bank of Melbourne on 20/07/2020 - 12:10

        if you need help call our home loan concierge line on 03 8664 0250

        • JohnyEnglish on 20/07/2020 - 12:58

          i filled all fields but came with error when i hit submit

          • EmployeeRobiloSi @ Bank of Melbourne on 20/07/2020 - 13:02

            @JohnyEnglish: Can you try using Chrome browser please if you have not already ?

            Alternatively you can call our home loan concierge on 03 8664 0250

    • thomalfa on 21/07/2020 - 11:43

      from experience, usually no unless you proceed reassessment to your own mortgage…

      but not always successful either, depends on your relation with your RM. Because s/he is not getting any bonus by helping you rather have a new customer. This kind of case usually if your mortgage under broker has better chance to lower your current rate, some broker to review every quarterly, depends on your agreement.

      Our loyalty means nothing, just better off refinance with other financial institute and move on.

  • EmployeeRobiloSi @ Bank of Melbourne on 20/07/2020 - 11:40

    you can submit a request as existing customer here, select the other category and place your comments about rate

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

    • Most Advantageous on 20/07/2020 - 12:14

      This form is broken - when I try and submit a comment the site displays an error.

      • EmployeeRobiloSi @ Bank of Melbourne on 20/07/2020 - 12:19

        i just did a test and it is working on my end, every field needs to be completed in order to submit. It will display red the mandatory fields.

        If you get stuck you can call our home loan concierge line on 03 8664 0250 and do it over the phone.

  • josephnds on 20/07/2020 - 11:55

    Can I make a large lump sum payment After refinance? Is there an early exit fee? Hate my bank but loan is basically paid off. Don't want to loose redraws.

    • EmployeeRobiloSi @ Bank of Melbourne on 20/07/2020 - 12:03

      on the basic home loan or advantage package variable there is no limit to lump sum repayments and it will be made available as redraw

  • websa on 20/07/2020 - 11:56

    How do you get 2.19% - Site says 2.24%?

    • EmployeeRobiloSi @ Bank of Melbourne on 20/07/2020 - 12:05
      +1

      This is based on LVR pricing, where the LVR is below 60% a additional 0.05% discount is applied. You can toggle the LVR by selecting the amount of equity you have in the explore my rates tool on the refinance page (about half way down)

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

  • Headless on 20/07/2020 - 12:00

    Anything for under $250k loans?

  • Lancerx on 20/07/2020 - 12:03

    wonder any comparable loan offer from other bank?

  • ozone141 on 20/07/2020 - 12:42

    Any offers for new home loan customers/ Looking to buy first home?

  • wog_ta on 20/07/2020 - 12:46

    Same with St.George, effectively the same bank as I understand?

    • EmployeeRobiloSi @ Bank of Melbourne on 20/07/2020 - 12:50

      Both banks are part of the Westpac Group but have their differences.

  • vincentf on 20/07/2020 - 13:06

    I have a total loan of around 1.1 million for 3 properties (2 investment and 1 owner occupied). what is the best deal I could get if I wanted to go to a variable interest loan for all. I was with BOM. Switched just under 2 years ago.

    • EmployeeRobiloSi @ Bank of Melbourne on 20/07/2020 - 13:16

      From a cashback perspective you will be will be able to get up to $7k based on the only properties and online bonus. Once you apply online a lending manager will contact you and work out pricing to get you the best deal. The basic home loan is advertised lowered rate so we don't do additional discounts on that but on the advantage package variable with offset we do.

      The link to the refinance page and online form is above.

      • vincentf on 20/07/2020 - 13:26

        Thanks for the quick response. Just wanted to clarify your statement with regards to the interest rates. Are you saying that on the advantage package, a rate better than what you have advised above is available? So rate lower than 2.59% for variable loan for investment property?

        • EmployeeRobiloSi @ Bank of Melbourne on 20/07/2020 - 13:35

          In most cases the basic rate <60% LVR of 2.59% is the best rate. That being said we can do pricing negotiations direct with lender for advantage package variable with offset and this rate is subject to approval and your lender will arrange that approval and let you know what is possible for your individual scenario. (generally depends on loan amount and LVR). That being said investment generally attracts a higher rate than owner occupied.

          • vincentf on 20/07/2020 - 13:47

            @RobiloSi: I understand that investment loans are provided at a higher rate compared to owner occupied. Looking at the rates in the link you provided, it shows a rate of 3.19% for the std variable home loan on the advantage pkg. If that is the rate being provided, then its not really attractive as my current rate which is almost 2 years old is cheaper than that.

            • EmployeeRobiloSi @ Bank of Melbourne on 20/07/2020 - 14:08

              @vincentf: Yes agree. That is the advantage package standard variable carded rate which has a standard discount displayed , we would further discount that on application in most cases once it runs through our pricing process.

              The basic home loan is a different product that doesn't have discounting where we provide simple features and the lowest rate upfront. If you compare our basic product to other competitors will show you how competitive we are.

              • vincentf on 20/07/2020 - 14:12

                @RobiloSi: So in my case, what would the ROI be for my entire portfolio if I went with advantage package standard variable rate with a P&I on the owner occupied and interest only on the investment loans?

                • EmployeeRobiloSi @ Bank of Melbourne on 20/07/2020 - 14:19

                  @vincentf: where pricing approvals are involved we need to link you up with a lender to take care of that for you as its not something i can do here. What i recommend you do.

                  1. Apply online
                  2. Take screen shots of any competitor offers that are appealing
                  3. Your lender will call you and arrange the approvals

                  Alternatively if you do not want to do the above email this inbox [email protected] and i will get a indicative pricing for you. you will need to apply online to get your bonus cashback.

                  Please include (all this info is in the application so there may be double up doing it this way just FYI)
                  Full name, contact number, Property address and values, loan splits, current rate, desired rate

  • tik tok on 20/07/2020 - 15:25

    Will refinancing entail a valuation of the property ?

    • EmployeeRobiloSi @ Bank of Melbourne on 20/07/2020 - 15:29

      Yes it will !

      There are different types of valuations such as electronic valuations, kerbside and physical inspection. In some cases such as e-val you may not know that a valuation has taken place as it is electronic/automated.

      • tik tok on 20/07/2020 - 15:31

        With the declining property values, at a fair guess, this means most fellas from NT, WA and some parts of QLD are out ! Good luck though.

        • EmployeeRobiloSi @ Bank of Melbourne on 20/07/2020 - 15:40

          Refinance applications tend to be below 80% LVR so we haven't experienced any significant changes in this market that has caused any issues for customers. We are still good to go for NT, WA and QLD.

          If you are from any of those states you can also get the same offer through our sister brand St.George here

          https://www.stgeorge.com.au/personal/home-loans/refinancing/

  • adn on 20/07/2020 - 19:25

    Just moved my loans to BOM from CBA.
    I miss CBA website and app. it hard to see which offset are linked to which loans. How much interest is saved cause of my offset? Very basic stuff that CBA was transparent about you have to call up with BOM.
    However BOM customer service and wait time was better then CBA. 4/5 calls i made through the app, it was a good experience. One was not great, but i blame it on the individual not caring. You also might end up with a Westpac or St George contact person. So they need to verify the BOM terms and condition on something.
    Finally if you in another state, obviously you can't do any banking at the branch cause there aren't any. While CBA I could bank easily in Sydney and Melbourne.

    • EmployeeRobiloSi @ Bank of Melbourne on 20/07/2020 - 20:13

      Thanks for moving across.

      Just a few tips, you are able to rename your offset accounts so you can remember which one is linked to where and you can also have multiple offset accounts linked to the same loan which is a additional feature that other banks don't have. Also you can bank interstate at any St.George branch in NSW, QLD or WA. If you are in SA you can go to a BankSA branch.

      I hope this helps !

      • thomalfa on 21/07/2020 - 11:49

        you can also have multiple offset accounts linked to the same loan which is an additional feature that other banks don't have.

        I can assure you the above statement is wrong.

        Unless westpac group is the only employer you ever work for. Otherwise, you would have known better re 99x offset accounts T&C

        • EmployeePeterrafidi86 @ Bank of Melbourne on 21/07/2020 - 12:35
          +1

          I see your point and my wording could be more clear.

          Some banks do have multiple offsets and some banks don't, my point is this is a feature available at Bank of Melbourne should this be part of your decision making criteria.

  • fomal on 20/07/2020 - 20:44

    I'm already with Bank of Melbourne, any chance I can get this offer as well?

    • EmployeePeterrafidi86 @ Bank of Melbourne on 20/07/2020 - 20:50

      This offer excludes refinances within the westpac group although if you are an existing customer who has a home loan with a non Westpac group financial institution then the offer is available to you.

  • joshmachine on 23/07/2020 - 19:29

    Trying to go through the application process and currently with ING. I dont seen an option to setup a fixed+variable split for my loan so far in the application and I am at the Submit screen. The other question I had was, it is quoting about $831 in fees, is this apart from what ING will be charging me?

    • EmployeePeterrafidi86 @ Bank of Melbourne on 24/07/2020 - 11:16

      You cant do split loans in the online application but when the lender calls you after they set that up for you so just input the primary product first and then the rest can be amended after.

      ING will quote their discharge fees

      • joshmachine on 24/07/2020 - 12:18

        thanks, thats a lot of money going there in fees itself!

        • EmployeePeterrafidi86 @ Bank of Melbourne on 24/07/2020 - 12:40

          it can be, the cashback is there to help support customers with that

  • NalB on 24/07/2020 - 22:35

    Do you have any application fees othere than the govement fees?

    • EmployeePeterrafidi86 @ Bank of Melbourne on 25/07/2020 - 14:54

      There is a $100 settlement fee per property.

  • NalB on 25/07/2020 - 17:58

    Thanks. Normally how long does it take to settle a loan?

  • lklk901 on 12/08/2020 - 11:43

    Hi

    I am with Westpac now, do i still have a chance to get this?

    Thanks

  • ujwols on 29/08/2020 - 23:13
    +1

    Why is this marked as expired? It seems fo to be available until 30th September?

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