This was posted 3 years 2 months 29 days ago, and might be an out-dated deal.

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Westpac Flexi Variable Owner Occ 2 Yr P&I Var 2.09% Investment 2.39% 2 Yr P&I @ Westpac

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Westpac Flexi Variable Owner Occ 2 Yr P&I Var 2.09% Investment 2.39% 2 Yr P&I @ Westpac
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EmployeeRefinancerloans @ Refinancer Loans on 24/08/2021 - 17:37 westpac.com.au (675 clicks)
Last edited 25/08/2021 - 11:37 by 2 other users

People were going nuts for HSBC's variable offering, this one in my opinion smashes it!

Effective Tuesday 24 August 2021, Westpac have reduced their Flexi First Option Home Loan Introductory and Promotional rates by 0.20% p.a. for Owner Occupier (Principal & Interest repayments) and Investment Property Loans (Principal & Interest repayments).

Owner occupied: 2.09%, variable 2 year intro rate, principle and interest, $3,000 cashback for refinances.

$0 upfront fee + $0 annual fee (loan amount over $250k under 70% LVR) c.r. of 2.52%

Investment: 2.39%, variable 2 year intro rate, principle and interest, $3,000 cashback for refinances.

$0 upfront fee + $0 annual fee (loan amount over $250k under 70% LVR) c.r. of 3.00%

These are new to Westpac offers only (Refinancing from Westpac,St George, BOM, BSA, Rams do not qualify) These facilities also come with a redraw facility and NO offset.

You can stack this with our 7 day promotion which allows you to also receive up to $1,200 in gift cards + the lenders offer

To apply please click below and provide information, we will call you within 24 hours.
Click this link to apply: https://www.refinancerloans.com.au/get-started/refinance (preferred)
You may also email us at [email protected] or call at 1300 771 747

2021 Refinancer Pty Ltd. ABN 42 843 128 571 is a corporate credit representative 513 922 of BLSSA Pty Ltd ACN 117 651 760 (Australian Credit License 391 237)

Financial Cashback Home Loan Loan Mortgage Broker Refinance

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closed Comments

  • random-guy on 24/08/2021 - 17:49

    Refinance only or is a new home loan eligible?

    • EmployeeRefinancerloans @ Refinancer Loans on 24/08/2021 - 17:53

      You can get the rates for both, but cashback only for refinances

  • godofpizza on 24/08/2021 - 17:51

    can't we go to westpac directly for this deal?

    • EmployeeRefinancerloans @ Refinancer Loans on 24/08/2021 - 17:53
      +2

      You sure can, but if you intend to stay for 2 years, you might as well go with us and get an extra $500 - $1,200 giftcard and a great service :)

  • UFO on 24/08/2021 - 17:52
    +4

    "Also we are aware the comparison rates are higher, happy to discuss why these deals still make sense. (It's due to looking at a mortgage over 2-3 years as opposed to 30 years which can be misleading for fixed rates)"

    Please explain?

    2.52% comparison rate does sound high.

    TikTok home loans are offering a 1.99% comparison rate for 3 years, fixed.
    On a $700k loan, that's a difference of $3710pa straight off the bat… and over that 3yr period it's $11,130.

    Why does paying a higher comparison rate make sense?
    Not being smart, genuinely want an explanation/your reasoning on why I should ignore the comparison rate, when I could refinance after that 3 year period and chase the next best 'intro rate' I can find at the time?

  • [Deactivated] on 24/08/2021 - 17:54

    Variable rates w/ 100% Offset? OO under 70% LVR?

    • EmployeeRefinancerloans @ Refinancer Loans on 24/08/2021 - 17:57

      This just has redraw and no offset, i will update the ad.

      • kijuuki on 24/08/2021 - 19:57

        Hi, what is the advantages and disadvantages of redraw but no offset?

        • vger74656 on 24/08/2021 - 20:33
          +1

          Minimal, if any. Offset means you have access to your cash from the transaction account. Having an offset means to have to transfer it out of the mortgage before you can withdraw. Just a single additional step via online banking. I personally look at it as an insurance policy. If my bank card gets stolen, they don't have access to my offset funds.

          • kijuuki on 24/08/2021 - 21:08

            @vger74656: So does that mean offset is more beneficial than having unlimited redraw?

        • sydney_kings on 24/08/2021 - 21:40
          +1

          This depends on your loan purpose and how you go about managing your loan.

          For an owner occupier, not having an offset but allowing redraws is more of a nuisance with possibly minimal additional costs if managed appropriately. The risk maybe that a bank withholds redraws that happened for a few days at the start of pandemic with ME Bank.

          For an investor, this can be a deal breaker. A redraw will need to be considered against investment purposes to maintain tax deductability. If say, you did a redraw to buy a car, the redraw would be for private purposes and you would lose tax deductability of that part of the loan. The same withdrawal using an offset would have no impact on the loan being deductable for tax purposes.

          So an offset is always better (treated as your own savings and guaranteed) and easier to manage than a redraw facility.

      • EssendonUser on 24/08/2021 - 21:31

        Does that mean with 2.09% variable, we will also have 100% redraw with no limit per day, month, year etc.

  • EmployeeRefinancerloans @ Refinancer Loans on 24/08/2021 - 17:56
    +2

    Hi UFO,

    People think the comparison rate is high because of 'all of the fee's associated with a mortgage.

    The reality is it is high because it is worked out at the first 2 year rate + the next 28 years on a revert rate + doesn't include cashback. To top it off, it,s also worked out on a $150k mortgage.

    Generally people have a health check every two years and therefore looking at a comparison rate which factors in 30 years might not be best. I always say to my clients that if you get into a loan and never look at it again, the comparison rate is a great tool, however if you have a broker like myself manage it or even you manage it yourself, it may be best to question it.

    Hope this makes sense it can be pretty difficult to explain!

  • KT777 on 24/08/2021 - 17:57

    Is it good to switch to a new bank every year to get cashback? 3k or more!!!

    • EmployeeRefinancerloans @ Refinancer Loans on 24/08/2021 - 18:00
      +1

      Our suggestion is 2 years, certainly not under 1 year. It's hard to really say what the effect is here but we have seen clients reduce their credit score, hamper relationships with lenders etc as well. It's good to get the short term win but we like to pair it with a long term strategy

      • Hendrix on 24/08/2021 - 18:07
        +2

        Do you loose some of your commissionin if someone changes before two years?

        • nico8amy on 24/08/2021 - 18:18

          I suppose that's what clawback means

          • vger74656 on 24/08/2021 - 20:34

            @nico8amy: Correct. Clawback means that all commissions paid to the mortgage broker are taken back by the bank.

            • fufufu on 24/08/2021 - 22:01

              @vger74656: Is this always 2 years? If sign up for a 1 year fixed for example, does the clawback happen for the broker if you switch after the full year?

            • Ziaina on 25/08/2021 - 01:24
              +1

              @vger74656: Not all, some cases 50% or pro-rata, depends on which bank. Some 'lenders' like LaTrobe don't have clawbacks at all.

  • Hendrix on 24/08/2021 - 18:05
    +1

    I feel that the purpose of going to a broker is to access better interest rates. It seems that the brokers are now holding onto that difference and just giving a small cash back. A broker should be able to get a much better rate that would save over a $1000 a year. Which is better than a one off payment

    • EmployeeRefinancerloans @ Refinancer Loans on 24/08/2021 - 18:11

      Hi Hendrix, to be honest this is a common misconception. The reality is we have the exact same rates as going direct generally. With us you get over 30 different lenders in one person, a professional who can work with you over a lifetime to build wealth, generally a better service and a higher level of expertise. This works for over 60% of Aussies now, it might not work for you which is fine :)

      We are also providing a giftcard in this promotion which actually makes us more competitive than going direct as well…

      • Hendrix on 24/08/2021 - 23:21
        +2

        Ken from Bunndle loans is advertising this deal as well. There advertising the variable 70%LVR at 1.99% with 0.4% broker rebate. And 2.29% for the investment loan. You might need to sharpen you pencil.

  • kimba88 on 24/08/2021 - 18:11

    What's the rate for investment P&I with offset please? Are those rates changing too?

    • EmployeeRefinancerloans @ Refinancer Loans on 24/08/2021 - 18:16

      I believe they have not, generally we are directing business to ANZ for the lowest P&I with offset or doing a fixed and variable split

  • cache on 24/08/2021 - 18:23

    Wow. Just recently settled with UBank (currently 2.34%) and now this.

    • EmployeeRefinancerloans @ Refinancer Loans on 24/08/2021 - 18:33

      That's still a decent option, maybe an investment might be on the cards in the future!

  • Chickenleg on 24/08/2021 - 18:30

    Do you have any similar offers for cashback and gift card for refinancing from Westpac group? I’m with Bank SA and that HSBC deal is tempting but quite a few negative comments in there

    • EmployeeRefinancerloans @ Refinancer Loans on 24/08/2021 - 18:34

      Yeah we absolutely have some pretty good options, I'm big on an ANZ offer at the moment which effectively gets you $3k cashback and one of the lowest offset rates on the market. Feel free to message me :)

  • ellenina on 24/08/2021 - 18:37

    Also, what about interest only rates?

    • EmployeeRefinancerloans @ Refinancer Loans on 24/08/2021 - 18:45
      +1

      The above deal isn't really geared to interest, would need you to message me or email [email protected] so I can help here :)

  • [Deactivated] on 24/08/2021 - 19:02
    +1

    They don’t come with a redraw account but redraw facility. As in ability to take money out of the loan if it’s not fully drawn down or you’ve paid off extra. Should be clarified and blots accurately described from a broker? Potential fees for this service too.

    • EmployeeRefinancerloans @ Refinancer Loans on 25/08/2021 - 08:47

      Thanks I have updated, I've clearly mentioned no fees etc

  • GeneralKeen on 24/08/2021 - 19:05

    This or HSBC deal? What about those "fees"

    • EmployeeRefinancerloans @ Refinancer Loans on 25/08/2021 - 08:48

      I've mentioned the fee's above, which are $0. In my opinion this deal makes more sense given lower rate, Aussie lender, use of broker + branch access. But others may disagree and there is no problem with that!

  • zzboi91 on 24/08/2021 - 19:34

    What's the rate for a LVR around 75%?

    • EmployeeRefinancerloans @ Refinancer Loans on 25/08/2021 - 08:48

      Rate jumps up by 0.10%

  • SpeedMeades on 24/08/2021 - 19:41

    Is this only for personal lending or does it include trusts?

    Is the bonus per customer or per secured loan?

    • vger74656 on 24/08/2021 - 20:36

      I'd like to know about trust options as well please.

      • EmployeeRefinancerloans @ Refinancer Loans on 25/08/2021 - 08:49

        Generally speaking you will get the rates but not the cashback with trusts, this can be case by case and happy to look into further

        • SpeedMeades on 25/08/2021 - 19:11

          Yes please. Recently most lenders don’t offer to trusts and most are now per customer. I loved the per loan deals they used to do. $$$

          • EmployeeRefinancerloans @ Refinancer Loans on 26/08/2021 - 10:39

            @SpeedMeades: We can still make something work for you, we've been surprised with some of the movement lately on the market, specifically with ME and ING!

  • JIMB0 on 24/08/2021 - 19:47

    Can you still get the cashback if your current loan is under $250k? Would they do a cashout refinance?

    • EmployeeRefinancerloans @ Refinancer Loans on 25/08/2021 - 08:50
      +1

      We have lenders that can do cashbacks from $150k.

      For this deal they require the $250k. Yes a cashout can bump this up to the $250k, however if you were to sit the money in redraw straight away there is no guarantee of cashback. (from my experiences)

  • AshP on 24/08/2021 - 19:49

    Do you have anyone in Perth whom we can talk to? Or your service is limited to SA only?

    • EmployeeRefinancerloans @ Refinancer Loans on 25/08/2021 - 08:51
      +1

      Our service is Australia wide, everything done via phone and email :)

  • [Deactivated] on 24/08/2021 - 20:10

    1) What's the P&I rate for LVR for 70% for Home&Land Loan ?
    2) What's the P&I rate for Investment Loan?

    • EmployeeRefinancerloans @ Refinancer Loans on 25/08/2021 - 08:52

      If I am understanding correctly (also would need more details about loan abouts) but home land loan would be 2.09% and investment loan would be 2.39%

  • JohnyEnglish on 24/08/2021 - 20:33
    +1

    @OP, i am currently eith BOM, do you have any other offer with cashback and good variable rate with offset?

    • EmployeeRefinancerloans @ Refinancer Loans on 25/08/2021 - 08:53

      I would recommend ANZ for something like this, we can get an offset rate of 2.04%

  • handyman on 24/08/2021 - 21:37
    -1

    How the loan amount will be paid
    We will pay the loan amount as follows on settlement:
    • $302,221 to COMMONWEALTH SAVINGS BANK OF AUSTRALIA Mortgage account ***4. You agree to request that COMMONWEALTH SAVINGS BANK OF AUSTRALIA closes the account within 7 business days of settlement.
    • $620,335 to COMMONWEALTH BANKING CORPORATION Mortgage account ***8. You agree to request that COMMONWEALTH BANKING CORPORATION closes the account within 7 business days of settlement.
    • $158,357 to COMMONWEALTH BANKING CORPORATION Mortgage account ***4. You agree to request that COMMONWEALTH BANKING CORPORATION closes the account within 7 business days of settlement.
    • $186,271 to COMMONWEALTH BANKING CORPORATION Mortgage account ***3. You agree to request that COMMONWEALTH BANKING CORPORATION closes the account within 7 business days of settlement.
     $12,426 as directed by you or your nominated representative.
    Westpac is charging $12,426 for refinancing. How much is yours fees?

  • ellenina on 24/08/2021 - 22:09

    Are there any fees for joining and also redrawing?

    • EmployeeRefinancerloans @ Refinancer Loans on 25/08/2021 - 08:53

      Standard refinance charges from gov + discharge fee's from your current lender apply. No fee's from Westpac

      • ellenina on 25/08/2021 - 14:59
        +1

        Thanks, how about redrawing from the Westpac loan?

  • vinnyd23 on 24/08/2021 - 22:21

    Will westpac pass it on to existing customers or the Flexi intro offer is for new customers only? I had it refinanced at 2.19% earlier this year with 70% LVR. Thanks.

    • EmployeeRefinancerloans @ Refinancer Loans on 25/08/2021 - 08:54

      Generally speaking this is only for new customers, but we can give it a go

  • dajiska on 24/08/2021 - 23:01

    @OP is this for new customers or existing WBC customer also can refinance?

    • EmployeeRefinancerloans @ Refinancer Loans on 25/08/2021 - 08:54

      Generally speaking this is only for new customers, but we can give it a go

  • ellenina on 25/08/2021 - 11:41

    Are those rates promotional only and revert back?

    • EmployeeRefinancerloans @ Refinancer Loans on 25/08/2021 - 12:04

      Yes they do revert back to higher rates, but in my opinion it's not overly material. Who knows what rates will be like in 2 years etc, regardless you should be having a health check with a broker like us :) this way you will always stay ahead of the game

      • ellenina on 25/08/2021 - 12:06

        Thanks, what are the higher rates and when do they revert back?

  • EmployeeRefinancerloans @ Refinancer Loans on 25/08/2021 - 12:53

    OO at 70% revert rate is 2.69%, Investment at 70% revert rate is 3.09%, both PI

    • ellenina on 25/08/2021 - 14:59

      Thanks, when do they revert back?

      • EmployeeRefinancerloans @ Refinancer Loans on 25/08/2021 - 15:10

        2 years is the timeframe, so essentially we would have a 2 year health check with you to then look at planning your next 2 years whether it be sticking with Westpac on a market fixed or variable or potentially jumping ship if it's in your best interests

  • CaffeineCruiser on 03/09/2021 - 21:09

    To the OP, is this ANZ deal you speak of available direct? I'm on the website and can't see anything around low rate and 3k.
    Feel free to PM me!

    • EmployeeRefinancerloans @ Refinancer Loans on 04/09/2021 - 11:06

      Hi Rolls, You will need to message me as it does not let me or email at [email protected]. I can help advise after that

  • xkcd12345 on 07/09/2021 - 20:19

    Is this purely variable? Or can you have a portion of it fixed? If so what are the fixed rates?

    • EmployeeRefinancerloans @ Refinancer Loans on 08/09/2021 - 14:30

      Feel free to message me and we can go over this, it can be purely variable but rates will be subject to your personal position and I cbf writing every pathway etc

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