Westpac group (including St George, Bank of Melbourne and Bank of South Australia) have announced a new streamlined cashback offer for the new financial year and will now be offering $3,000 per customer as a refinance cashback for applications submitted from 1 July 2021.
Update: the Group have announced an extension to their $3k cashback offer, which applies for lending of $250k or more, and below 90% LVR - this has now been extended for applications received until 30 Sept 2021 and settled by 31 December 2021.
Note that this new offer replaces the current cashback offer, meaning you only have until 30 Sept June to submit an application under the current terms, which include the following key differences, compared with the new offer:
- For the first property refinanced; $4,000 cashback (St George, BoM & BSA) // $3,000 cashback (Westpac),
- $2,000 cashback per property refinanced thereafter (St George, BoM, BSA and Westpac).
- Maximum 90% LVR.
Please therefore contact us urgently if you'd like to submit an application before the above FY21 offer expires.
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New Refinance Bonus Terms and Conditions:
- To be eligible for the $3,000 Cashback, customers need to be refinancing a minimum existing loan of $250,000 and up to 90% loan-to-value ratio.
- Maximum of one $3,000 cashback payment per customer regardless of the number of applications, properties or loans involved per 12 month period. For joint applications, only one cashback payment will be paid to the primary applicant.
- Applications must be submitted between 1 July 2021 and 31 September
August2021 and must settle by 31 December30 November2021. - The cashback will be paid into a transaction account held with the lender within 60 days of settlement. This account must be in the same name as the home loan account and linked to the home loan at settlement.
- St George/BoM/BSA = Available for applications on the Advantage Package ($395 pa) or on Basic Home Loans.
- Westpac = Available for applications on the Premier Advantage Package ($395 pa) or Flexi First Option home loans.
- Offer not available for Portfolio Loans/Equity Access Loans, Owner Occupier Interest Only loans, residential lending originated under family or company trusts, refinances of home loans within the Westpac Group which include Westpac, St.George, Bank of Melbourne, BankSA and RAMS.
HOW TO APPLY
You can apply through directly through the lender, or through an accredited broker, of which we have several across our team of specialists.
Our team is here to help, and will work to ensure we obtain the best pricing and offers possible for you. You can lodge an enquiry via our award winning tech platform here - https://loanbase.com.au/compare-home-loans-fva, or contact one of our brokers directly with their details below.
Leo Gonzales, Email: [email protected], Calendar link: https://calendly.com/loanbase-leo/initial
Eric Cheng, Email: [email protected], Calendar link: https://calendly.com/loanbase-eric/quickchat
Andrew Loucas, Email: [email protected], Calendar link: https://calendly.com/loanbase-andrew/quickchat
Please contact us to confirm the best deals you could qualify for, as well as discuss any additional broker cashback that may be applicable, which will depend upon your utilised loan size.
Note that we also have access to other lenders that will still be offering up to $4k purchase and refinance cashbacks through July 2021, as well as fast SLA's and great discretionary pricing.
Loan Base Pty Ltd (ABN 95 162 141 915) · Australian Credit Licence Number 508 308
Head Office: Level 1, 1-5 Link Road, Zetland, NSW, 2017. Phone: 1300 512 377.
Superseded historical interest rate information follows
St George / BoM / BSA most competitive rates are as follows (note that all quoted rates are for <60% LVR - add 0.05% for <80% LVR):
Owner Occupied P&I:
2 Year Fixed (Advantage Package) = 1.89% pa (3.35% CPR)
3 Year Fixed (Advantage Package) = 1.98% pa (3.27% CPR)
Basic Variable = 2.44% pa (2.46% CPR)
Investment P&I:
2 Year Fixed (Advantage Package) = 2.19% pa (3.84% CPR)
3 Year Fixed (Advantage Package) = 2.39% pa (3.78% CPR)
Basic Variable = 2.74% pa (2.46% CPR)
Investment IO:
2 Year Fixed (Advantage Package) = 2.39% pa (4.11% CPR)
3 Year Fixed (Advantage Package) = 2.44% pa (4.16% CPR)
Basic Variable = 2.99% pa (3.01% CPR)
Standard Fees:
Upfront = $100
Ongoing = $395 (Advantage Package) / Nil (Basic Home Loan)
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Westpac most competitive rates are as follows (note that all quoted rates are for <70% LVR - add 0.10% for <80% LVR):
Owner Occupied P&I:
2 Year Fixed (Advantage Package) = 1.89% pa (3.38% CPR)
3 Year Fixed (Advantage Package) = 1.98% pa (3.30% CPR)
Flexi First Intro Variable = 2.19% pa for the first 2 years (2.62% CPR)
Investment P&I:
2 Year Fixed (Advantage Package) = 2.19% pa (3.87% CPR)
3 Year Fixed (Advantage Package) = 2.39% pa (3.80% CPR)
Flexi First Intro Variable = 2.49% pa for the first 2 years (3.00% CPR)
Investment IO:
2 Year Fixed (Advantage Package) = 2.39% pa (4.11% CPR)
3 Year Fixed (Advantage Package) = 2.49% pa (4.01% CPR)
Flexi First Intro Variable = 3.29% pa for the first 2 years (3.30% CPR)
Standard Fees:
Upfront = Nil
Ongoing = $395 (Advantage Package) / Nil (Basic Home Loan)
So this is a far worse deal right?
Previously refinancing my PPoR and Investment property I got $6000 ($4k for first property + $2k for 2nd).
Under these new rules I’d get a maximum of $3k and then only if I was a “new customer”
This post should really be a warning to make sure you apply before June 30 to get the $4k not a deal for $3k…