Third-Party
OzBargain
We're a mortgage broker in Sydney, with clients Australia wide.
For any property purchase or refinance applications submitted through us, we can offer $1500 extra broker cashback if your net loan is at least $500k, with pro-rata 0.30% cashback for net loan amount above $500k (uncapped), paid after the expiry of our commission clawback/refund period (18-24 months).
Examples below:
| Net Loan | Broker Cashback |
|---|---|
| $250k | $0 (but you still get the bank cashback) |
| $500k | $1500 |
| $600k | $1800 (pro-rata 0.30% above $500k) |
| $750k | $2250 |
| $1m | $3000 |
| $2m | $6000 |
| $3m | $9000 |
This offer can be used with any banks and non-bank lenders on our panel, including popular ones such as ubank, ANZ, Westpac, St.George, Bank of Melbourne, Citibank, Suncorp.
Our broker cashback is in addition to any applicable bank cashback (typically another $4k-$6k).
What are the rates?
In September the RBA increased the cash rate by 0.50% and some banks/online lenders haven't implemented their response to this cash rate increase.
Below are some of the sharp interest rates & bank cashbacks we can get, with the rates adjusted to reflect the bank's response to the September cash rate increase:
- Owner-occupied P&I: 3.99% variable rate (CR 4.33%), with $4k bank cashback.
- Investment P&I: 4.29% variable rate (CR 4.62%), with $4k bank cashback.
- Investment I/O: 4.64% variable rate (CR 4.69%), with $3k-$6k bank cashback.
- For a specific offer for you, please email or call me so we can get a negotiated pricing approval from the bank for your scenario and the loan features you're looking for.
- We also have a non-bank lender who may be able to approve a refinance when the banks can't, and the rates are reasonably competitive.
- Please note variable rates can be increased or decreased by the bank/lender irrespective of the RBA cash rate changes, although usually they follow the RBA cash rate movements.
Terms and conditions of our broker cashback offer:
- You're eligible for a broker cashback of 0.30% of the net loan amount if your net loan is at least $500k (the minimum amount).
- 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.
- 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.
- Unless requested otherwise, we will pay the broker cashback to the bank account you have with the bank you have the loan with (we will ask for the details after your loan is approved).
- If you refinance or pay off your loan within 12 months, we have to refund all of our upfront commission, so no broker cashback is payable.
- If you refinance or pay off your loan after 12 months but before the relevant 18-24 months timeframe, we typically get to keep half of our upfront commission, and if so we can give you half of the broker cashback if half of your net loan is still at least the minimum amount ($500k).
- If there are multiple applications, the net loan is calculated separately per application.
- Applicable for either a refinance or a property purchase, where we don't need to extend the pre-approval or resubmit the application a second time.
- Not applicable if the transaction involves a construction loan or a bridging loan.
- Applicable only if you quote this specific offer when you first contact us.
You can also get another cashback from the bank, usually paid within 2 months of settlement.
If you have a large loan of $1m+, the biggest bank cashback is currently from Citibank, $6k cashback if you apply by 30 September 2022, with rates from 4.14% (CR 4.19%) for owner-occupied home loan and 4.34% (CR 4.39%) for investment loan.
We have other banks offering $4k cashback with loan amount as small as $250k.
If you have received a home/investment loan promotion from a bank/lender in the past, please let us know and we can help check your indicative eligibility.
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
What would be the Net Loan Broker Cashback for loan amount >$250 and < $500? Zero