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Variable Home Loan from 3.14% (CR 3.58%), $0 Application Fee, $0 Ongoing Fees, 2 Year Intro @ Westpac (for Purchase / Refinance)

70

Super low rates, $0 ongoing fees and $3,000 cashback for refinances.

No offset here!! This does however offer free and unlimited redraw and no annual fees.

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

Our Pick Of The Rates - full list available via link.

Owner occupier variable LVR under 70% = 3.14% (comp 3.58%) 2 year intro
Owner occupier variable LVR between 70% and 80% = 3.24% (comp 3.58%) 2 year intro

Investor variable LVR under 70% = 3.54% (comp 3.98%) 2 year intro
Investor variable LVR between 70% and 80% = 3.64% (comp 3.98%) 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.

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.

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

We are Westpac Platinum brokers - Westpac currently just 3 days turnaround for loan assessments for Platinum brokers and 20 days for standard brokers.
Note - I do not offer broker cashback, some brokers on OzB do offer their own cashbacks.

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

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closed Comments

  • Here to answer any Westpac policy questions, we've helped over 50 OzBargainers on our recent Westpac deal.

    • Gday - If I get approved for a variable loan at this rate how difficult would it be to lock into a fixed rate for a few years in the next 6 months or so?

      • +1

        Pretty easy actually to go from variable to fixed.

        The reverse, not so much.

        Aidan
        [email protected]

      • can fix rates in 5 minutes via the westpac app

  • +3

    Would have made a great deal if it was interest free.

    • +4

      Haha, would break OzBargain.

      Aidan.

      • But that's the whole point of OzBargain

        • Yeah, find me an interest free home loan and I'll post it!

          Aidan.

          • @footyboy: Mate, that's your job!

            • @kaitoivan: I wonder what commission I get from a 0% home loan?? 🤔

              Aidan.

              • @footyboy: I thought you're doing for exposure, no?

                • @kaitoivan: Don't make my kids cry, I already promised them a 0% home loan! How could you do this to us?!

                • @kaitoivan: Exposure don't put food on my dog's table!

    • For a while it was looking like you'd get to paid to borrow money. Not going to happen now after the European Central Bank raised interest rates last month by 0.5% to 0.0%

  • +1

    Curious, in the process of refinancing, once move into new bank, can I be refinanced to wespack after one month probably?

    • Would be outside of policy as under 6 months, case by case really.

      Aidan.

      • What's the 6 month rule?

        • Most lenders will want to see 6 months home loan statements.

          That said, we've seen loan declined by assessors for being cashback chasers.

          Aidan.

          • @footyboy: When you say most lender- do you mean small or big lenders?

            I read that online or small lenders can refuse cashback chasers but not the big ones

            • @ozbargainerlife1: Big lenders can also choose to accept or decline whoever they wish at the assessor's discretion, if it's outside of lending policy (which includes borrower's borrowing habits) they can decline.

              Aidan.

          • @footyboy:

            That said, we've seen loan declined by assessors for being cashback chasers

            At Westpac, or other banks?

            • @El-Rhi: All banks will assess on credit history. Multiple applications will also impare youre credit file.

      • Sorry, do you mean have to be after 6 months later?

  • Do the banks take issue to new loans dumping excess cash against them immediately after opening?
    I.e. if I get a loan for $300k and then put $160k cash against it to reduce to $140k through early repayment right away?
    Would this impact the cashback?

    • +1

      No that shouldn't impact the cashback, I've been in similar situations with no issues.

    • +1

      I asked Westpac recently regarding offset taking me under the threshold, didn't affect the bonus. I imagine your circumstance is better

    • I probably wouldnt disclose these plans to the bank at all (not even after you've settled). Recently refinanced with Westpac, read through everything line by line, and dont remember any such mention them having issues with such a situation.

      • Absolutely, my "plan" is maybe a term deposit with my extra cash - which I'm sure they'd love more products being taken up.

        Oops plan changed, massively reduce mortgage, thanks for the $3k 😉

    • Nope, all good there!

      Aidan.

      • Thanking you

  • possible to refinance from bank of melb?

    • Yes, but no cashback.

      Message for other excellent offers
      [email protected]

  • +1

    Why not $4k? It's not advertised but if you call them you get it.

    • +1

      Yep recently got $4K cashback when I refinanced with them directly.

    • Offer is available through brokers too, Westpac just don't advertise it.

      Don't ask me why!

      Aidan

    • Exactly, I got eh call from Westpac offering cashback becasue they knew I was with them 3 years ago

    • do you know when the $4k cashback offer will end?

      • Let me get my crystal ball…

        It's $2k official and $4k unofficial now..

      • Onoing 😊

        Message me…

        Aidan
        [email protected]

  • Rather than variable rates what are the best fixed rates that you have on offer? <70%lvr

    • Sure can, just need from you;

      • o/o or inv
      • p&i or i/o
      • loan size
      • fixed term (1-5 years)

      Aidan
      [email protected]

  • Any offset loan offers???

    • Yep, lots.

      It's hard to quote as would need;

      • o/o or inv
      • p&i or i/o
      • loan size
      • LVR

      Aidan
      [email protected]

  • Hi, I am looking to refinance my house due to excessive interest rate at a competitor. However I am also likely to sell my house in the next few months and buy another. Is this an issue?
    Thanks.

    • +2

      Hey Skyva,

      Absolutely you can.

      That said, due to broker remuneration and clawback, best to use local branch here 👍

      Aidan.

  • Only for refinancing?

  • "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."

    does that mean rate will not increase with these regular rate increases by RBA ? and it will stay same for next 2 years ?

    • No, it’s still subject to change based on RBA rates. Still a variable loan, just reduced by 0.4% on other offerings

    • No, this is not a fixed loan.

      This comment is in regards to the discount, the discount reduces by 0.40% in 2 years time.

      Aidan
      [email protected]

  • what other O/O refinance deals do you have? im with BOM currently, so this deal wouldnt give me the bonus CB.

    • ME Bank, 3.14% and $2,500 has been popular. No ongoing fees! 2 day assessments.

      Aidan.
      [email protected]

      • Can you do the ANZ $4k cashback or should i go direct?

    • go to anz!

      • whats the deal at ANZ?

        3.29% P&I with no offset, and 300k QFF?

        • +1

          You can ask for $4k cashback. I am signing docs today

          • @ozbargainerlife1: ANZ fixed terms suck though. In case you're intending to fix.

            Westpac allows you to pay 30k off a fixed portion early. I think they allow many fixed portions per mortgage (anecdotally an in house broker said she'd done 10 and there was no limit?).
            Nab similar but 20k and 3 fixed portions max (4 if no variable portion).

            Point is: with enough fixed portions you can lock in your interest rate and still repay the whole lot early as if it were variable (no break costs).

            And it's really only for people who can afford to repay much faster but want to dodge interest rate risk.

            Obviously with bigger loans nab may not be useful but Westpac could be.

            Dunno about commbank, their rates/terms were no good imho.

            Disclaimer: This is not financial advice and you are responsible for what you do/don't do.

  • Westpac currently just 3 days turnaround for loan assessments for Platinum brokers and 20 days for standard brokers.

    I wish I knew this 2 weeks ago when I applied for this exact loan through what appears to be a standard broker :(
    It doesn't look like I'll be getting mine assessed until next week.

    • what does it mean to be a "platinum broker / standard broker" ?

      is that who we go through with?

      so direct to the bank would be standard broker?

      • Faster service with Platinum

        Aidan
        [email protected]

        • so are you platinum or standard?

          • @timmy_tam: Platinum -

            We are Westpac Platinum brokers - Westpac currently just 3 days turnaround for loan assessments for Platinum brokers and 20 days for standard brokers.

            Aidan
            [email protected]

            • @footyboy: Are you a platinum broker of ME Bank of any other financial institutions?

              • @deanwan: ME don't do broker tiers. ME only 2 business days anyway!

                We're top tier for all lenders that offer them, due to volume and quality we write.

                Message me…

                Aidan
                [email protected]

  • I'm looking at a new car and was offered 5% under business.

    Can you provide finance for cars?

  • Hi Aiden,

    What are the fee's associated?

    • No fees!

      Your bank will charge you $350 to leave them and your State aill charge approx $300 on top.

      Message me

      Aidan
      [email protected]

  • Wen 6%?

    • 2025.

      Aidan.

  • @footyboy, is it me or the rate advertised as 3.14% variable is like a fixed rate for 2 years so why is it being advertised as variable, a bit confused?

    • Hey sub7er,

      This is a variable home loan, not fixed.

      The discount off the variable rate is the aspect that is fixed here, for 2 years.

      Aidan
      [email protected]

      • Okay is the Cashback 4k with Westpac for refinancing variable loan of 250k and is it paid upfront at the settlement?

        • Hey @sub7er

          Yes.
          Paid within 60 days.

          Aidan.

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