This was posted 2 years 7 months 3 days ago, and might be an out-dated deal.

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Variable Home Loan from 2.09% (CR 2.53%), $0 Application Fee, $0 Ongoing Fees, 2 Year Intro @ Westpac (for Purchase / Refinance)

1770
Variable Home Loan from 2.09% (CR 2.53%), $0 Application Fee, $0 Ongoing Fees, 2 Year Intro @ Westpac (for Purchase / Refinance)
Go to Deal
Store Repfootyboy @ Blue Owl Finance on 19/05/2022 - 10:53 westpac.com.au (3086 clicks)
Last edited 27/05/2022 - 15:23 by 1 other user

Rates dropped and $3,000 cashback for refinances

Best part is these are rates after the RBA 0.25% increase has been applied!

Refinance your home loan over $250k with an LVR of 80% or less to qualify for $3,000 cashback.

This has a free and unlimited redraw, with no offset and no annual fee. With offset has $395 annual fee.

No application fee

Apply for an eligible home loan before 30th June 2022 and pay no application fee.

Our Pick Of The Rates - full list available via link

Owner occupier variable LVR under 70% = 2.09% (comp 2.53%) 2 year intro
Owner occupier variable LVR between 70% and 80% = 2.19% (comp 2.53%) 2 year intro

Investor variable LVR under 70% = 2.49% (comp 2.93%) 2 year intro
Investor variable LVR between 70% and 80% = 2.59% (comp 2.93%) 2 year intro

$0 annual or ongoing fees.

This is a honeymoon rate for 2 years. Rate will jump 0.40% after 2 years, would be a good time to consider another refinance.

Westpac currently just 3 days turnaround for loan assessments for brokers.

COMPARISON RATE WARNING
Each comparison rate is based on $150,000 over 25 years. These comparison rates apply only to the example or examples given. Different amounts and terms will result in different comparison rates. Costs such as redraw fees or early repayment fees, and cost savings such as fee waivers, are not included in the comparison rate but may influence the cost of the loan. Comparison rates for Interest Only Fixed Rate home loans are based on an initial Interest Only period equal in length to the fixed rate period. Comparison rates for Interest Only Variable home loans are based on an initial 5 year Interest Only period.

Apply by 30th June 2022, settle by 31st August 2022. Owner Occupier loans (P&I repayments) and Investment Property Loans, with LVR+ up to 80% and min $250k loan. Flexi First Option or packaged# home loans only ($395 annual package fee). Only one cashback offer available per primary applicant within a 12 month period. Excludes refinances within Westpac Group.

Hope you find this useful,
Aidan
Owner & Mortgage Broker at Blue Owl Finance
[email protected]
www.blueowlfinance.com.au
Link to my calendar to book 15 minute appointment here

ABN 27 646 433 374 | Certified MFAA Member 230928 | Australian Credit Licence number 387025 | Credit Representative’s number 527699

Financial Cashback Home Loan Loan Refinance

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closed Comments

  • mooreshady on 19/05/2022 - 10:54
    -6

    Jump if is fixed rate.

    • Store Repfootyboy @ Blue Owl Finance on 19/05/2022 - 10:55
      +17

      Ship sailed 6 months ago on that one, in my humble opinion.

      • WhyAmICommenting on 19/05/2022 - 12:07

        Yep, I finally got lucky with a fix - only decent offer from my bank (St George) was 2 yr fixed and I couldn’t be bothered moving loan provider.

        1.84 until Sep next year, although $400 a year fee.

        • avoidfullprice on 19/05/2022 - 12:28

          What's the rate you revert back to after the 2 years?

          • Koulie on 19/05/2022 - 12:50

            @avoidfullprice: With St George it would be whatever the Standard Variable Rate (SVR) is at the time of expiry minus 1.30% margin discount if under their Advantage Package.

            Always best to contact your Bank at time of fixed expiry to negotiate better.

            Based off RBA's May statement, I'd guess variable rates would be around 5.00% by September 2023.

            • Pootie Tang on 19/05/2022 - 14:39

              @Koulie: Do you think RBA will want to make all the investment boomers go through such a hard time though? I'm thinking fear talk imo.

              • WhyAmICommenting on 19/05/2022 - 14:52
                -1

                @Pootie Tang: Either way, I’m just glad I live in Brisbane (rather than Syd/Melb house prices) and got in before recent madness.

                I remember a guy saying 20 years ago the housing market was overpriced and he was renting a fancy place while waiting for it to crash. Whoops!

                Ps great username!

              • BaeSuzy on 19/05/2022 - 15:29

                @Pootie Tang: Yeah had to say aye, i agree to the fear talk. But also hard to deny all the noise going around with what is happening around the world too with other countries interest rates

      • HeWhoKnows on 19/05/2022 - 21:02
        +3

        "Best part is these are rates after the RBA 0.25% increase has been applied!"

        I just have to laugh because OP has absolutely no idea
        As if this is the first and last rate hike? LOL LOL LOL LOL LOL…Seriously?

        Now for the REALITY!
        Interest Rates are going up and up and up
        To give you a target range, interest rates must rise to be higher than the inflation rate in order to curb inflation.
        The published inflation rate is currently 5.1% but we all know its actually somewhere between 10% and 15%
        But I digress.
        So Right NOW interest rates need to be at 6% or more
        But they arent…
        because the RBA was sleeping at the starting gate and has let the inflation horse jump away

        Hence next move up will be 0.4% to 1.0% next month
        Then each month after June, expect a 0.5% increase till rates get up to 3%.
        That takes us close to the end of the year.
        The RBA will pause there to see if people are screaming and burning.
        Theoretically everyone in last 3 years should have been assessed with a 3% buffer over and above the going mortgage rate. Some where even assessed at a 7.5% rate.
        So theoretcically borrowers should be able to cope with a 3 percentage point hike.
        Its then when borrowers should start to feel the pain with subsequent hikes over 3%
        But keep an eye on the published inflation rate because it going up and up
        You see prices going up in supermarkets and everywhere around you every week
        Note than the minimum price increase is around 10% and its not once a year either.

        Anyway back to OPs supposedly super loan deal

        This move by Westpac is classic "bait advertising"
        Suck in as many people as posssible on a (temporary) low "variable" rate
        Then jack up the interest rate faster than a jet plane
        Seen this happen many times
        The lowest rate now will be the highest rate in 6 months time.

        Its a classic case of Buyer beware
        Especially with interest rates set to rise above the inflation rate fatser than a speeding bullet

        Why do you think the share market is tanking?
        Why do you think 10 year government bond yields have doubled in the last 6 months?

        I can tell you one thing….its not a good time to be taking out a loan
        Not with Westpac nor any other bank or mortgage provider

        PS This is a basic no frills loan with redraw but no offset account facility
        So it will be very costly in the long run

        • Store Repfootyboy @ Blue Owl Finance on 27/05/2022 - 07:19

          Thanks for sharing.

        • boostpak on 02/06/2022 - 14:49

          you're forgetting banks with play around with the rates depending on how much business they are getting. They aren't going to raise rates to 8% for mortgages and get no business. They also don't want everyone defaulting nor do RBA nor do Govt. It will be all trial and error style. Raising slowly and trying to bring inflation in to 3% range while they hope wages hit that mark too. If you're buying for the next 20 years, you can't just say "its not a good time to be taking out a loan". Median prices may be 3 million plus by then. Everything goes through cycles, everything can't always go up every single day. As rates rise and normalize, things will plateau. We will see some slower growth now which is fine. It's normal.

      • Trishool on 26/05/2022 - 17:42

        Do we have to go through you to get the 2.09% rate? The lowest I see on the Westpac website is 2.19% variable. My LVR is <60%.

        • Store Repfootyboy @ Blue Owl Finance on 27/05/2022 - 07:18

          Westpac or I can get 2.09%.

          Aidan
          [email protected]

          • Trishool on 27/05/2022 - 13:34

            @footyboy: Thanks. I'd like to speak to you further on this but your calendar is showing as unavailable until 7th June which is past the date for this deal unfortunately.

            • Store Repfootyboy @ Blue Owl Finance on 27/05/2022 - 15:22
              +1

              @Trishool: Deal extended for another month!

              Let's chat!

              Aidan
              [email protected]

              • Trishool on 27/05/2022 - 15:57

                @footyboy: Oh nuts, I already filled out the Westpac application after my earlier comment, thinking that I'd just go for it and try my luck rather than miss out on it. Thanks anyway.

                • Store Repfootyboy @ Blue Owl Finance on 27/05/2022 - 18:17

                  @Trishool: No worries! Good luck!!

                  Aidan.

  • Store Repfootyboy @ Blue Owl Finance on 19/05/2022 - 10:54

    Here to answer any Westpac policy or process questions.

    Aidan
    [email protected]

    • mrtee on 19/05/2022 - 15:34
      +1

      Does this come with an offset account, and do you offer any cashback for new loans? RAMs is currently offering $1000 for new loans on settlement.

    • Bludgeman on 19/05/2022 - 22:35

      Can you take over a bridging loan NAB idiotically put me on?

      • Store Repfootyboy @ Blue Owl Finance on 27/05/2022 - 07:20

        Nope! Best to sell the first property then refinance the new one.

        Aidan
        [email protected]

  • mr_asstight on 19/05/2022 - 10:54

    I've refinanced out of Westpac 3 months ago can I return and still score this deal?

    • Store Repfootyboy @ Blue Owl Finance on 19/05/2022 - 10:56

      Yep, just be conscious of;
      Only one cashback offer available per primary applicant within a 12 month period. Excludes refinances within Westpac Group.

  • RogerLoger on 19/05/2022 - 11:01

    I have an existing loan. Is that rate passed on automatically or do I need to jump ship?

    • Store Repfootyboy @ Blue Owl Finance on 19/05/2022 - 11:07
      +8

      No sir, this will not be passed on automatically.

      Ships may need to be jumped.

      Aidan
      [email protected]

  • Rehmansayani on 19/05/2022 - 11:01

    Do you offer the same for 491 Visa holders?
    Would like to discuss if you offer

  • mr_asstight on 19/05/2022 - 11:04
    +1

    So is this a fixed "variable" rate, guaranteed at this 2.09%?

    • Store Repfootyboy @ Blue Owl Finance on 19/05/2022 - 11:06
      +5

      Discount is guaranteed, variable rate is not.

      Aidan
      [email protected]

      • keejoonc on 19/05/2022 - 12:12
        +17

        The wording is misleading then. It almost sounds like 2.09% rate for 2 years.

        • mr_asstight on 19/05/2022 - 12:12
          +2

          Indeed

        • pramki on 19/05/2022 - 16:25
          +1

          I am paying 2.54% for the same product now as an existing customer after the rate rise and they are flogging this rate for new customers. Why won’t people churn?

          • Feiniao on 20/05/2022 - 09:17

            @pramki: Ask to speak to their retention manager. I was offered another cashback and lower rate to stay for 6 months.

          • tonydarcy on 20/05/2022 - 13:00

            @pramki: People do. I have a loan with Westpac at 2.24% and I only refinanced to them around 6 months ago! The rate was 1.99% before the most recent hike, but then they passed on that rate hike in full (like they'll presumably do with all future rate hikes). Once my introductory rate expires in 1.5 years, it will jump up another 0.5%. It isn't worth my time to refinance yet considering the minimal savings I'd get by doing so, but I'm pretty sure I will within the next year or so when the gap starts to get wider.

        • Store Repfootyboy @ Blue Owl Finance on 27/05/2022 - 07:21

          The first word of the post is "variable"

  • Store Repfootyboy @ Blue Owl Finance on 19/05/2022 - 11:05

    Yes, 491 is acceptable to Westpac.

    Aidan
    [email protected]

  • cloudie9 on 19/05/2022 - 11:06

    SO how about those who is owning less than $250k?

    • Store Repfootyboy @ Blue Owl Finance on 19/05/2022 - 11:06

      No cashback sorry cloudie9!

      Aidan
      [email protected]

      • cloudie9 on 19/05/2022 - 11:07

        Too bad!

        • theUnderdog on 19/05/2022 - 12:07
          +6

          you can always refinance to "free up" some money for a trip overseas to reach that $250K threshold then park the money in the 100% offset account. Just a thought

          • DealBreaker87 on 19/05/2022 - 15:53

            @theUnderdog: this rate doesn't come with an offset, although they have unlimited repayments and unlimited redraws

            • theUnderdog on 19/05/2022 - 16:53
              +1

              @DealBreaker87: Thanks for the info. It shows how naïve I am assuming every SVR account has full offset these days

              I guess the option is drawing equity out to meet $250K then immediately pay back into the loan :)

    • RubenM on 19/05/2022 - 13:14
      +1

      Borrow more and park it in an offset if you want the cashback. Unless it's an IP.

  • dealsniper on 19/05/2022 - 11:07
    +1

    How about rate with offset?

    • Store Repfootyboy @ Blue Owl Finance on 19/05/2022 - 11:08

      Trickier to give you an instant answer, we need to do a negotiated pricing, Westpac very sharp right now.

      Send me a message, I'll get you an answer today!

      Aidan
      [email protected]

  • YoBargain on 19/05/2022 - 11:13

    @footyboy
    The deal says 2.09% but the link says 2.19% at Westpac site.. Am I missing something here ? Or there is mismatch, please clarify.

    • Store Repfootyboy @ Blue Owl Finance on 19/05/2022 - 11:15
      +1

      Sure can, 2.19% if 70% to 80% LVR, 0.1% discount if under 70%, so 2.09%.

      Aidan
      [email protected]

  • silenthillrocks on 19/05/2022 - 11:23

    How much with offset under 70% lvr?

    • Store Repfootyboy @ Blue Owl Finance on 19/05/2022 - 11:24

      Trickier to give you an instant answer, we need to do a negotiated pricing depending on loan size, Westpac very sharp right now

      Send me a quick message, I'll get you an answer today!

      Aidan
      [email protected]

  • iTzTeFish on 19/05/2022 - 11:25

    Currently with BOM will I get the cashback if I switch?

    • Store Repfootyboy @ Blue Owl Finance on 19/05/2022 - 11:27

      No sorry fishy, not within Westpac group.

      We have other sharp cashback offers, send me a quick message, I'll get you our best offer today.

      Aidan
      [email protected]

    • Trueno on 19/05/2022 - 20:03

      Do a discharge request, the retention team will call, give them the best current market rate and say you want cashback. They’ll pay you to stay.

  • Drakesy on 19/05/2022 - 11:26
    +1

    Rates are going to the MOOOOON!

    When the RBA minutes show they contemplated a 0.40% rate rise but decided to settle on a 0.25% you know we're in for a bumpy ride.

    0.25% is a drop in the ocean when inflation will quickly be running at 7%+

    I think home loan rates will easily hit 4.5-5% (2-2.5% RBA rate) by the end of the year. That's $50k per $1 million loan - something that is fairly common in Sydney.

    • Store Repfootyboy @ Blue Owl Finance on 19/05/2022 - 11:29
      +1

      Good insight, our average loan size is $760k, so you're on the money.

      Don't we all wish we'd fixed for 4 years at 1.99%…

      • theUnderdog on 19/05/2022 - 12:08
        +1

        I hunted low and high for a 4/5 year fixed rate deal but only found 2 year at 1.99%. I guess I did not hunt long enough

        • Wildesy on 19/05/2022 - 13:01

          I got 3 at 1.99%, never saw a 4 at that rate.

        • dpark88 on 19/05/2022 - 13:21
          +1

          Fixed 4 years with WBC at 1.89%

        • Oneguyinmelb on 19/05/2022 - 15:07

          Fixed with Bank Australia at 2% for 3 years.

    • mr_asstight on 19/05/2022 - 11:31
      +1

      Won't happen. Counter factors (i.e. politicians who have no desire to deflate the housing market) will keep this going. Mathematical limit to interest rate rises or the economy will go into recession.

      • seanmilt on 19/05/2022 - 11:45
        +6

        Agreed, the psychology of the RBA at play here. Talk a scary outlook, which in turn puts the brakes on household discretionary spending over the remainder of the year, then, what do you know, households are surviving based on slowing down spending anticipating their home loan jumping.. great, we don't have to raise rates to the point we thought we did.
        No doubt rises will come but not to the point of distressing the market.

        • dumdum2 on 19/05/2022 - 11:59

          Yeah nah, read up what's happening around the world with inflation, shortages

          Smash that downvote button if you have too much debt

          • crowsnest bomber on 19/05/2022 - 15:01

            @dumdum2: Agree.
            You need to tighten financial conditions to bring inflation down.
            That means positive real rates ie rates higher than inflation which means retail arates over 5%. With neg real rates, its still cheaper to borrow than to save.
            Also factor in our exchange rate, if the world world raises rates to 4% and we don't, aud will fall meaning our imports from china etc go up and we import inflation

            Bottom line, rates are going to 5% ASAP (cashrate of 3.5%)

      • dumdum2 on 19/05/2022 - 11:58
        +1

        The economy is going into recession my dude

        • z00m on 19/05/2022 - 12:05

          The economy is going into recession so the solution is to raise rates? Lol wut.

          • dumdum2 on 19/05/2022 - 12:10
            +3

            @z00m: Have you heard of inflation

          • theUnderdog on 19/05/2022 - 12:46

            @z00m: You might get the order wrong: the solution to high inflation is to raise rate which may cause a recession

            • z00m on 19/05/2022 - 12:51
              +1

              @theUnderdog: Exactly why they won't raise rates by any meaningful amount. Causing a recession and a collapse of the housing ponzi is exactly why they didn't raise rates as much as they could (and should) have. The RBA painted themselves into the corner years ago.

              • dumdum2 on 19/05/2022 - 13:28

                @z00m: So they painted themselves into a corner but conveniently that means they'll do what they were already doing for the last 10 years except this time ignoring inflation. OK. Hope it works out for you.

                • z00m on 19/05/2022 - 15:14

                  @dumdum2: Hope it works out for you too.

    • gaz3342 on 19/05/2022 - 11:39
      +1

      Agree they will likely rise quite sharply to curb inflation but hopefully they drop again once inflation is under control!

    • Jason Genova on 19/05/2022 - 11:42
      -2

      they didnt do the big 0.40% because scummo said hold off until after the election

      rates should have risen 6 months ago

      • theUnderdog on 19/05/2022 - 12:48

        I guess our RBA got it wrong to many times in the past trying to predict inflation/wage growth so they had to waited until the inflation figure came out. They should have just looked at countries around the world

    • Jason Genova on 19/05/2022 - 14:20
      +3

      lol at all the over leveraged home owners negging you

      100% they are in for a big shock, their negs wont stop them paying interest out of their a$$es xD

  • Jason Genova on 19/05/2022 - 11:42
    -2

    no refinance bonus?

    • Store Repfootyboy @ Blue Owl Finance on 19/05/2022 - 11:46
      +1

      Yep, $3,000 for loans >$250k.

  • OfficerBarbrady on 19/05/2022 - 11:44
    +3

    Is refinancing like applying for a home loan all over again? Bank statements, pay slips, blood type etc?

    • Store Repfootyboy @ Blue Owl Finance on 19/05/2022 - 11:46
      +1

      Haha, yes Officer, pretty much is!

      Can't be that hard to get; 2 payslips, ID, bank statements?

      Aidan
      [email protected]

      • lachhelix on 19/05/2022 - 18:29

        Curious - how far back for bank statements?

        • tonydarcy on 20/05/2022 - 13:07
          +1

          Usually 60 days, but it depends on the bank & sometimes even whether your banker believes the expenses you tell them during the application process.

        • Store Repfootyboy @ Blue Owl Finance on 27/05/2022 - 07:22

          3 months

          Aidan
          [email protected]

  • IpGem on 19/05/2022 - 11:48
    +1

    One of many wrong decisions after covid

    not fixing for 3 years @ 1.89 with bank australia in 2021

    • Store Repfootyboy @ Blue Owl Finance on 19/05/2022 - 11:53

      I know, I know. We did a lot of 4 years at 1.99% around that time too.

  • Brick Tamland on 19/05/2022 - 11:49

    Is there a minimum term you need to stay with Westpac when you get the refinance cash back?

    • Store Repfootyboy @ Blue Owl Finance on 19/05/2022 - 11:52
      +1

      Hi ewan.

      There is not a minimum to my knowledge.

      Be mindful that if a loan is closed within 12 months, your broker would lose 100% of the income they received.

      Aidan
      [email protected]

      • Snoochem55 on 19/05/2022 - 12:03
        +3

        What is the clawback fee in this case?

    • Store Repfootyboy @ Blue Owl Finance on 19/05/2022 - 11:53
      +11

      Or vote for Palmer and keep rates under 3% for 5 years… however that works.

      Aidan.

      • justtoreply on 19/05/2022 - 12:40
        +2

        Lol. I get that's sarcasm but just in case anyone doesn't know: the government literally isn't allowed to do what Palmer says they will. It breaks monetary policy and the reason it's illegal for the government to be involved in monetary policy is because it will literally destroy Australia for decades. If you want to know why in detail you'll need to learn some basic economics.

        • nmartin84 on 23/05/2022 - 09:54
          +1

          I realise this is old and irrelevant now, but there is absolutely nothing in the constitution that prevents the government from setting monetary policy. It's a terrible idea, but if they have the numbers in both houses they can do whatever they want and they don't even need that.

          The RBA isn't truly independent as is made out, firstly the government can obviously put whoever they want in charge. Secondly, if you actually look at section 11 of the Reserve Bank Act 1959 you will see that they discuss with government what is "in the best interests of Australians" and if there is a disagreement between the government and the RBA, the government can ask the GG (which the government also appoints in reality) to implement the policy they want and with the GGs approval the RBA board is obliged to implement it.

          They lie to everyone about the hands off nature and the idea that the government can't set the rate is simply incorrect, there are a few minor hoops for them to jump through if the RBA is disagreeable.

          But again, the idea Palmer proposed is absolutely terrible, it is at least as bad as the RBA decision to drop rates to basically zero and keep them there for 2 years from already historically low rates, the very decision that (profanity) the entire housing industry when covid arrived, then pretend to be shocked that it has caused inflation….utter morons.

    • Jason Genova on 19/05/2022 - 11:57
      +5

      spotted the boomer

    • Flintz on 19/05/2022 - 12:24
      +3

      rates are set by the reserve bank. It'll go up regardless of who wins cos of inflation unless you want to pay $20 for a loaf of bread

    • Wildesy on 19/05/2022 - 13:36

      Get outta here Scott you bloody dodo

      • RexHavoc on 19/05/2022 - 15:09
        -1

        I stand by my claims

  • Stonecold3419 on 19/05/2022 - 11:55

    Hey mate .. what would be the investor Interest Only rates ? With offset ?

    • Store Repfootyboy @ Blue Owl Finance on 19/05/2022 - 12:00

      Hey SCSA,

      Trickier to give you an instant answer, we need to do a negotiated pricing depending on loan size, Westpac very sharp right now.

      Send me a quick message, I'll get you an answer today!

      Aidan
      [email protected]

  • TomsCheapFlights on 19/05/2022 - 12:06

    Starting a new job soon (from Perm to Max Term), would I be eligible?

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