Looking at refinancing and both have 4k cashback at the moment. Functionally most of the products look identical, can anyone comment on whether there are there any real difference between the two? Or should I basically flip a coin?
Bank of Melbourne Vs St George
Lmtr on 14/01/2021 - 12:26
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This ^^
And whichever one you can negotiate the best rate with.
I should also say that BankSA is the third of these Westpac sub-brands, they will also have the same products as BoM and St George.
Came here to say what's already been said.
Westpac, Bank of Melbourne, St George and BankSA are all one and the same.All part of the same group but Bank of Melbourne / St George / BankSA have different products and offers from Westpac
Same - in NSW its St G, but its called BOM in vic
If you're in Victoria go with BoM, otherwise St George. Tbh I've found St George was awful for refinancing, took forever to reply and had so many artificial barriers and forms. Gave up half way through the process and went with ANZ, not sure if they still have the 4k offer too.
Mortgage brokers love Westpac. Must be their lax standards across the board. Probably too slow in responding to regulators therefore the big fine.
I was speaking to my mortgage broker today and they said the same, St.George and Citibank are both a pain to follow up and keep dragging the process. For St George $4K cashback you should apply by 31 Jan and settle by 31 March (unless they extend the offer). And currently it could take upto 4 weeks to just get the loan approved and settlement follows from there. And if settlement doesn't happen by 31 March, you will not be eligible for the cashback. So that's a risk signing up with St.George and I'm assuming it could be the same with BoM. Broker tells me that we can submit the application and mid-way if it appears that settlement might not happen by 31 Mar, we could pull out the application and go elsewhere. Application can be withdrawn as long as it is not settled and no fees are involved. Suncorp was my first choice but their $2K cashback offer just expired.
That's good to know, thanks.
Westpac owns both they're just different brands with the same products. I'd go with whatever one has branches in your state.