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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)
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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

    • Store Repfootyboy @ Blue Owl Finance on 27/05/2022 - 07:23

      Westpac needs 6 months in a contract role.

      Aidan
      [email protected]

      • TomsCheapFlights on 28/05/2022 - 23:58

        Thanks can you clarify your answer, is it a) having worked in the contract role for 6 months or b) a 6 months term contract

        • Store Repfootyboy @ Blue Owl Finance on 29/05/2022 - 07:43

          Having already been in role > 6 months.

  • dwhes on 19/05/2022 - 12:08

    Can existing customers obtain this? We were about to move banks as we want to refinance and gain some funds for renovations. We’re frustrated with how high our current rate is Westpac given the significant lvr we have in our property.

  • MisterQ on 19/05/2022 - 12:14
    +1

    Have banked with Westpac for Decades, as has my Dad, ran a significant family trust/company through them as well. Went for a small mortgage as a mature age candidate (Our money is in a big share portfolio of blue chips, that are paying good franked dividends, so don't want to sell them off instead of mortgage.

    Westpac found it all "too hard" even though, as I said we have banked with them for 30 years or more. We ended up going with SunCorp.

    • Lucille Bluth on 19/05/2022 - 12:20
      +7

      even though, as I said we have banked with them for 30 years or more

      That almost always means nothing when they are assessing eligibility for loans.

    • ice666 on 19/05/2022 - 18:55

      Unfortunately no one care about loyalty this day.

      Bank, Telco, Energy Provider they are dumbest people that only care of getting new customers and dont care about losing the existing ones.

  • liam2040 on 19/05/2022 - 12:20

    "Westpac currently just 1 day turnaround for loan assessments for brokers."

    I'm on Day 51 of my broker channeled Westpac application and still waiting … absolute nightmare. CBA direct have come in as my safety net and have assured one day for assessment and a day for approval if I have to pull the trigger with them

    • BaeSuzy on 19/05/2022 - 15:13

      All banks are a nightmare, i had a flawless account with few paid off mortgages with STG, even then settling with them was a nightmare.

      But i do believe, settling with CBA is worse lol

    • Store Repfootyboy @ Blue Owl Finance on 27/05/2022 - 21:44

      Something not right there Liam.

      Approved yet?

      Aidan
      [email protected]

      • liam2040 on 30/05/2022 - 00:29

        Unconditional letter came through on the 26th, back dated to the 17th !?!
        Docs came through the day after, with incorrect interest rate (2.34% instead of the reverted 2.09%)
        How long do you think it should take the broker to rectify that and get amended loan docs through?
        Cheers

        • Store Repfootyboy @ Blue Owl Finance on 30/05/2022 - 10:01

          If you applied before the promo date, they usually won't honour the new rate.

          Might need to be a new app, best to check with the broker.

          Aidan.

          • liam2040 on 30/05/2022 - 11:05

            @footyboy: Hmm… it was 2.09% when we applied many moons ago.
            Then the rate increase and the re-introduction of the honeymoon rate both came into effect on the 17th, along with our approval.
            Let's see how i go with this. Thanks

  • avitherock on 19/05/2022 - 12:24

    Looking to refinance my loan with 100% offset balance. Is it something you would be interested in? As you can understand, I am only doing this for cashback. Ideally looking for loan with offset account and no annual fees.

    • buckster on 20/05/2022 - 07:09

      If there's no annual fee, cost of offset will normally be factored into your interest rate

      • avitherock on 20/05/2022 - 22:57

        Don't really care abt the rate as the offset account will have 100% balance

        • buckster on 21/05/2022 - 07:53

          Then just go with someone like tic toc? ~120/yr for offset

  • kev98 on 19/05/2022 - 12:29

    If refinancing is it possible to change remaining time on loan? E.g 18 years remaining on current loan, take out 20 year loan when refinancing?

    • tonydarcy on 20/05/2022 - 13:11
      +1

      I think you usually can. Just make sure you let them know that is what you'd like to do.

    • Store Repfootyboy @ Blue Owl Finance on 30/05/2022 - 10:02

      Yeah, easy done!

      Aidan
      [email protected]

  • zsuits on 19/05/2022 - 12:31
    -3

    I am curious if this is after the latest 0.25% increase?

    • nobro25 on 19/05/2022 - 14:11
      +3

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

      Maybe read OP's description next time??

    • Store Repfootyboy @ Blue Owl Finance on 27/05/2022 - 21:45

      Yes, after the increase!

      Aidan
      [email protected]

  • david6509 on 19/05/2022 - 12:34

    do you know of any lenders out there that will give cashbacks on new lending (not refinancing)

    • lordbpp on 19/05/2022 - 13:43

      BCU upto $5k for purchases as well. Newcastle to Gympie only though.

    • Store Repfootyboy @ Blue Owl Finance on 27/05/2022 - 21:45

      Yep, I sure do.

      Aidan
      [email protected]

  • serpserpserp on 19/05/2022 - 12:47
    +3

    Anyone had luck at getting anywhere near this rate if they are already with Westpac?

    • Brick Tamland on 19/05/2022 - 14:54

      I've asked once, it was a flat no.

      • Usemame on 19/05/2022 - 16:47
        +1

        well time to refi the hell out then

        • Brick Tamland on 19/05/2022 - 17:10

          Yeah, I am going to threaten to leave one more time and see what happens. If its another no then cya!

  • theUnderdog on 19/05/2022 - 12:50
    +2

    Very sharp thanks ops

    I banked with all Big4 before. Westpac internet banking is the worst (probably on par with ANZ) . But at 2.09% I reckon borrowers can live without internet banking

    • BaeSuzy on 19/05/2022 - 15:14

      STG no? they are pretty disgusting too

    • lachhelix on 19/05/2022 - 18:30
      +1

      Take a look at Adelaide Bank Internet banking 🥶

    • trankillity on 20/05/2022 - 09:00

      This is concerning, and a pretty big turn-off. Currently on 3.08% with 100% offset on ING who have great internet banking features. Would definitely be a consideration in refinancing…

      • Store Repfootyboy @ Blue Owl Finance on 20/05/2022 - 20:11

        Save 1% and jump to Westpac with $3k in your pocket!

        Aidan
        [email protected]

        • avitherock on 20/05/2022 - 22:58
          +1

          But it doesn't have offset

      • Nuggets on 21/05/2022 - 06:52

        It's exaggerated. I'm with St George which uses the same UI, perfectly happy with it. It's far better than BOQ and uBank that's for sure. I'd say it's better than ANZ too.

  • Robin2012 on 19/05/2022 - 12:59

    great

    • Store Repfootyboy @ Blue Owl Finance on 20/05/2022 - 20:10

      💪

  • ozoner on 19/05/2022 - 13:02

    Hi OP, we are currently 2 progress draws into an interest-only construction loan with Westpac (land is separate fixed rate loan thankfully). Is there any way we can take advantage of this? Assume not but thought I'd ask. Thank you.

  • eklipsils on 19/05/2022 - 13:06

    Im on WBC atm on 2.84%. Can i get this lower rate?

    • Slo20 on 19/05/2022 - 15:18
      +1

      Call them and ask. They quite unlikely to match this rate but if you have been with them >6 months they will likely drop your current rate a bit.

  • silenthillrocks on 19/05/2022 - 13:18

    Is deadline for cashback extended past May?

  • vr4indian on 19/05/2022 - 13:20

    OP, Can you cofirm if this rate is without Offset for LVR < 70?

    Also if current rate without discount is assume 3% and WBC offers 2.09 post discount.

    However if WBC lifts the rates from 3% to 5% in 12-24 months, 2.09 will be updated to 4.09. Is that right understanding?

    • Store Repfootyboy @ Blue Owl Finance on 20/05/2022 - 20:09

      Hey,

      No offset on the loan, free and unlimited redraw is included though.

      Aidan
      [email protected]

  • DarthVader on 19/05/2022 - 13:23

    Hey OP,

    My fix/variable 80/20 due for renew in first week of July with Commbank.

    Can I transfer to this now or have to wait till July?

    • Store Repfootyboy @ Blue Owl Finance on 20/05/2022 - 20:09

      Can do it now, take a few weeks to settle anyway!

      Aidan
      [email protected]

  • the fig man on 19/05/2022 - 13:26

    If I have a split loan with CBA ($400k fixed 2yrs at 1.99%) (and $120k variable), probably not worth jumping on this hey. Because the variable loan is <$250k ?

    • nobro25 on 19/05/2022 - 14:04

      Well you won't be applicable coz you need to borrow min $250k atleast.

    • duchy on 19/05/2022 - 16:55
      +1

      Ask about discharge fee + break out costs quote from Westpac.

      Then add these to the difference in a (potential) variable rate over 2 years' time minus 1.99% for $400k. Beware that the 2.09% variable rate quoted here will grow along with raises in the cash rate.

      Is the sum more or less than 3000$? There's your lucky number if it makes sense or not to refinance.

  • amsaini15 on 19/05/2022 - 13:27

    OP, what are the rates for Interest only less than 70% LVR (investor) ?

    • Store Repfootyboy @ Blue Owl Finance on 20/05/2022 - 20:08
      +1

      We're getting around 2.89% on that scenario amsaini!

      Aidan
      [email protected]

      • amsaini15 on 20/05/2022 - 23:06

        Thank you Aidan.

  • Store Repfootyboy @ Blue Owl Finance on 19/05/2022 - 13:30
    +7

    Getting back to everyone ASAP, this post has proven pretty popular!

    Bear with me please,

    Aidan.

    • poweredbysugar on 19/05/2022 - 13:49
      +2

      Do you have any suggestions for those just entering the market. I myself am looking to purchase my first apartment?

  • Binchicken22 on 19/05/2022 - 13:49

    My "fixed" rate with suncorp is contracted till the 18th of June this year, would I be able to apply for this towards the end of this month, be eligible for the 3k Cashback but delay settlement/changeover till after the 18th to save any fees from suncorp?

    EDIT: Sorry can see in the fine print that it's fine to settle before end of August, so should work out well. Thanks

  • coolc on 19/05/2022 - 13:59

    It is variable so cant guarantee 2.09 %

    • nobro25 on 19/05/2022 - 14:07

      Well it is guaranteed at 2.09% until the next rise by the RBA. Excludes rate rises happening this month. Most fixed loans are above 3%.

      Most likely this will go above 3% that's atleast another 4 rate rises assuming each one is 25 basis points only. Which is very likely.

    • vr4indian on 19/05/2022 - 14:11

      Assume , if current rate without discount is 3% and WBC offers 2.09 post discount.

      However if WBC lifts the rates from 3% to 5% in 12-24 months due to any reason, 2.09 will be updated to 4.09.

      I think this offer is pretty normal offer and one can get larger benefits ( cashback etc ) in current market.

      • nobro25 on 19/05/2022 - 14:14

        That's why OP suggested to refinance again to get better deals in 2 years.

  • ozisaver on 19/05/2022 - 14:16

    Is the 2.09% rate locked at time of application and also without any extra fees? Often big bank lenders change the rate at the time of settlement to the detriment of customers.

    • BaeSuzy on 19/05/2022 - 15:25

      yeah honestly all relative though. you expect everywhere else to increase as well.

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

      It's a variable rate, could change at any point.

  • No Child Support on 19/05/2022 - 14:20

    Im confused about the "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"

    But according to the comments, its variable which will subject to change next month?

    • Binchicken22 on 19/05/2022 - 14:35

      Literally the first word of the heading… 2.09% Variable rate. Since the last few of years where it's been a better deal to get a fixed rate it's like people have forgotten how variable rates work!

      Yes, if Westpac raise their rates (due to reserve bank decisions or any other reason) the rate will go up, at the end of the 2 year "honeymoon" period, it will also go up by 0.4% of whatever your rate is at the time as that is the extra discount being offered here… For 2 years…
      well plus the 3k cash bonus, that's the real deal here as banks Lile Athena, tictoc and unloan are within spitting distance of this 2.09% rate.

      • valleyrain on 19/05/2022 - 21:39

        2.09% Variable rate.

        the rate will go up, at the end of the 2 year "honeymoon" period

        It’s should be fixed rate if it’ll go up only at the end of the 2 year period.

        I agree it’s confusing. Westpac could raise rates during this period and still give a discount, which could bump the rate above 2.09% during the 2 year period. OP would have to clarify if Westpac would increase the discount if rates were to go up so that the variable rate stays at 2.09%. I don’t believe this is the case though.

  • Jimmye on 19/05/2022 - 14:57

    Why would someone chose this over Athena?

    • ozisaver on 19/05/2022 - 15:17
      +2

      Cos it’s currently cheaper if you don’t need an offset and Athena isn’t a bank so you’re not protected under the Financial Claims Scheme.

      • Jimmye on 19/05/2022 - 19:57

        Fair enough, big difference, thank you.

        Realistically though, if you're with one of the big4 and they collapse, is the government likely to be in the position to be able to shell out up to 250k per person?

    • BaeSuzy on 19/05/2022 - 15:19

      some poeple are generally just happy with the Big4.
      Some have a lot in their offset account, and prefer it with the big 4, i get it.

    • gimli on 19/05/2022 - 15:50

      Athena is not a real bank…

    • tessel on 19/05/2022 - 20:07

      Well, I checked 86400 and they charge an annual fee of $250. So, "assuming" everthing equal, for the first 2 years I would actually pay $5 less per month with Westpac despite a higher interest rate than 86400. Obviously after the first 2 years that would change, but it does make this deal look good.

    • Store Repfootyboy @ Blue Owl Finance on 20/05/2022 - 20:06

      $3,000 in your back pocket is why.

      Aidan
      [email protected]

  • VBHB on 19/05/2022 - 15:28

    I'm still on 1.99% I'll wait to that expires first.

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

      If that's a question, my answer is…

      Yes!

  • Pointhunt on 19/05/2022 - 15:32

    What’s the cost to break with CBA? Do you know roughly?

    • Store Repfootyboy @ Blue Owl Finance on 19/05/2022 - 15:33

      Discharge will be $350.

      Break fees - would have to call CBA.

      Aidan.

    • gimli on 19/05/2022 - 15:50
      +1

      Just call cba and ask them to match the deal. Thats what i did.

      • Wezzer on 20/05/2022 - 12:48

        How'd you go with getting $3,000 off them?

      • Wezzer on 20/05/2022 - 13:15

        Got offered 2.85% after calling and telling them this deal, so I told them to try again and they came back with 2.79%. Guess I'm leaving.

  • gimli on 19/05/2022 - 15:49
    -2

    Do i need a home to have a loan?

    • Store Repfootyboy @ Blue Owl Finance on 20/05/2022 - 20:05
      +1

      Land loan!

  • Momo Fuko on 19/05/2022 - 16:28

    Hi OP
    Can Westpac split the loans for Debt recycling purposes. How many split loans can I open? Thanks

    • Store Repfootyboy @ Blue Owl Finance on 20/05/2022 - 20:04

      Sure can Fuko!

      Up to 10 I believe.

      Aka, more than youll actually need.

      Aidan
      [email protected]

  • Pub Envelope on 19/05/2022 - 16:42

    Can I do this if I'm currently with Westpac?

  • cocomelon on 19/05/2022 - 16:43
    +3

    For 2 years westpac will waived the $395 packaged fee?

    • vr4indian on 19/05/2022 - 18:00
      -2

      Most of the bank will bring that change from Sep onwards. Customer may need to pay $10 per offset account.

      • bashar20 on 19/05/2022 - 23:41

        What is the change you are referring to?

        • vr4indian on 20/05/2022 - 07:50
          -3

          Check with your Bank..

  • filmer on 19/05/2022 - 17:17

    Are these not exactly the same rate as what you get via Westpac directly?

    • Store Repfootyboy @ Blue Owl Finance on 20/05/2022 - 20:03

      Yep! Can use a broker you know, or try your luck with an allocated Westpac banker.

  • virhlpool on 19/05/2022 - 17:31

    How come their rates are dropping when RBA rate is rising? Some trap?

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