Third-Party
OzBargain
We're a mortgage broker in Sydney, with clients Australia wide (well, none yet in Tasmania & NT but you can be the first).
For any purchase or refinance applications submitted in August 2022, we can offer $600 extra broker cashback for every $250k net loan, capped at $6k extra broker cashback for $2.5m+ net loan.
| Net Loan | Broker Cashback |
|---|---|
| $250k | $600 |
| $500k | $1200 |
| $750k | $1800 |
| $1m | $2400 |
| $1.25m | $3000 |
| $1.5m | $3600 |
| $1.75m | $4200 |
| $2m | $4800 |
| $2.25m | $5400 |
| $2.5m | $6000 |
We can get you very good rates with most banks.
We can request a pricing approval based on your specific loan amount, property value, owner-occupied/investment, whether you need offset account, and whether you need interest only repayment.
For a reasonable loan size and LVR, we're likely to be able to get you the following, with our broker cashback above, and another $4k cashback from the bank:
- Owner-occupied P&I: 3.14% variable rate with redraw facility, or 3.19% variable rate with offset account
- Investment P&I: 3.54% variable rate with redraw or offset
- Investment I/O: 3.84% variable rate with redraw or offset
Terms and conditions of our broker cashback offer:
- Broker cashback is paid if you have your loan until the expiry of our commission clawback/refund period, which is 18-24 months depending on the bank. We will pay it 1-2 months after the expiry, to allow time for us to be notified of any clawback.
- To determine the net loan amount, we go by the amount determined by the bank when they work out how much upfront commission to pay us. Most banks net this off against the money in your offset account or redraw facility. If you expect to have a lot of money in your offset account or redraw facility, please contact us privately with your scenario.
- Net loan is rounded down to the nearest $250k to determine the applicable broker cashback. For example, if your net loan is $700k, the broker cashback applicable is $1200 which is for a $500k net loan.
- If there are multiple applications, the net loan is calculated separately per application. For example, if you have 2 properties and you are refinancing 2 x $700k loans to different banks, the total broker cashback is 2 x $1200 = $2400 (not $3000 even though the total loan is $1.4m). If we submit both loans under 1 application, you can get $3000.
- Applicable for either a refinance or a property purchase.
- Not applicable for construction loan or bridging loan.
- No particular settlement deadline for the broker cashback, as long as we don't need to resubmit the application a second time, or extend the pre-approval.
- This offer can be used with any bank/non-bank lender on our panel.
- Strictly for applications submitted in August 2022, not before, not after :)
You can also get another cashback from the bank, usually paid within 2 months of settlement.
Some of the available bank cashback offers at the moment:
- Westpac: private refinance cashback offer for $250k loan (call me as the bank wants to make this secret)
- ANZ: 300k Qantas points for $300k loan (refinance/purchase), or private refinance cashback offer for $250k loan (call me as the bank wants to make this secret)
- St.George/Bank of Melbourne/BankSA: $4k refinance cashback for $250k loan
- Citibank: $6k cashback for $1m loan, $4k cashback for $750k loan, $3k cashback for $350k loan (refinance/purchase)
- AMP: $5k refinance cashback for $1m loan, $2k refinance cashback for $250k loan
- Suncorp: $4k cashback for $1m loan, $3k cashback for $750k loan (refinance/purchase)
- ING: $3k refinance cashback for $500k loan & can get multiple cashbacks for different properties in separate applications
- ME Bank: $2.5k refinance cashback for $250k loan & can get multiple cashbacks for different properties in separate applications
- NAB: $2k refinance cashback for $250k loan
- CBA: $2k refinance cashback for $250k loan, or free NBN for 3 years with pre-approval (purchase)
The banks have their own cashback terms and conditions, please refer to their website for the full details.
If you have received a home/investment loan promotion from the bank in the past, please let us know and we can help check your eligibility.
The banks typically use the gross loan to work out your cashback eligibility (we use the net loan to determine the extra broker cashback).
Contact me for a no-obligation chat 😀
Arman Soetanto
M: 0431 825 128
E: [email protected]
W: www.lendingclinic.com.au
Lending Clinic Pty Ltd (Credit Representative Number 511270) is authorised under Australian Credit Licence Number 384704
If my loan is 200k, whats the best way to get cashback as most of these offers are for 250k plus ? Top up with current lender before switching or can I refinance and ask the new lender to increase loan size to 250k?