This was posted 1 year 8 months 18 days ago, and might be an out-dated deal.

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Variable Rate Home Loan 5.44% p.a. (CR 5.82%) with Offset Upto 70% LVR @ Bank of Melbourne & St George

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Variable Rate Home Loan 5.44% p.a. (CR 5.82%) with Offset Upto 70% LVR @ Bank of Melbourne & St George
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AssociatedLendingWorkshop @ Lending Workshop on 15/05/2023 - 11:14 bankofmelbourne.com.au (377 clicks)
Last edited 18/05/2023 - 17:56

** Updated to reflect the May increase**

Hello Ozbargainers,

Bank of Melbourne/St George has recently increased the discounts on their packaged product and is the most competitive in market at the moment. These are discretionary rates and you won't be able to see them on their website.

If you are not currently with Westpac Group(BoM, St George, Bank SA and RAMS). Then you can combine this offer with their 4K cashback offer for refinances to make the effective rate even better.

Fees are $100 at the start, $395/year for the package and $350 to exit. I know they are on the higher side.

You can combine this deal with my broker cashback of 0.4% of loan amount, making it even better.

You can also combine the broker cashback with other offers. I have access to 30+ banks, just few hot offers mentioned below. The easiest way to reach out is call me on the contact details provided below. You can also book an obligation-free appointment in my calendar

  • ANZ Bank 4K cashback.
  • Westpac/BoM/St George 4K cashback.
  • Suncorp upto 3K cashback.
  • ING upto 3K cashback.
  • Me Bank upto 4K cashback.
  • AMP Bank upto 4K cashback.
  • Heritage bank upto 5K cashback.

General Advice Warning-. The information contained on this web page is general in nature and does not take into account your personal situation. Please contact me for a tailored solution, comparing 30+ banks/lenders.

Regards,
Roopali
Director | Mortgage Broker
Lending Workshop Pty Ltd
Credit Representative Number 544854| Australian Credit License Number 391237| ABN 98 663 429 598|Certified FBAA Member M-353524.

Email [email protected]
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closed Comments

  • ozbargainy on 15/05/2023 - 11:19

    Is it worth to get a loan preapproval or hold on till sign a subject to finance offer?

    • AssociatedLendingWorkshop @ Lending Workshop on 15/05/2023 - 11:31

      yes it may be worth getting a pre-approval considering the interest rates are fluctuating so much these days which may impact your borrowing capacity.

    • dcep on 15/05/2023 - 11:39

      preapproval is free of charge and won't lock-in your home loan rates whilst not a guaranteed approval either.

      no harm in doing it but it'll be recorded on your credit file , not that it affects anything as it doesn't reflects bad credit.

      only some nuts may question it like i had encountered where the actual bank i went with to go through my purchase asking why i had 500k loan with xxx bank a month earlier , what a weird question.

      wonder anyone had problems after getting preapprovals from multiples , like over 5 lenders at once

      the only downside i can think of is you'll be supplying your personal id/data on every preapprovals

      and fwiw, my broker got data breach and leaked my data/id many years later. why keep customer id file if you can't even secure it

  • mxlmxlmxl on 15/05/2023 - 11:25

    The website has vastly different rates?

    Also, is that 5.19% pre or post the latest 0.25% RBA increase and thus expect this to actually be 5.44%?

    • AssociatedLendingWorkshop @ Lending Workshop on 15/05/2023 - 11:31

      Hi ,
      These are discretionary interest rates and are not advertised on their website, and yes as mentioned this rate is before the may interest rate rise.

  • Boogerman on 15/05/2023 - 11:49

    Do you offer your cash back in addition to the bank's cash back for mortgage with full offset account & redraw?

    • AssociatedLendingWorkshop @ Lending Workshop on 15/05/2023 - 12:01

      Yes, I do. I offer 0.4% of the loan amount as broker cashback. Please refer to this deal for more details

  • Nickbag on 15/05/2023 - 11:52

    already with bank of melbourne and rate gonna expire on 19th May, anything for me? I have applied for ing 3k cashback with 5.49rate

    • ruriruri on 15/05/2023 - 11:59

      Stay away from ING. The rate will increase quickly. ING won't match rate after you refinance with them. I am stuck on 5.59%. They won't even match their website rate for new customers.

      • Broos on 15/05/2023 - 13:28

        Eh, most of them do this. Westpac have done this to me after only three months.

        • nagel on 15/05/2023 - 14:23

          AMP the same, not even after asking for loan discharge paperwork. (Asked for same rate as new customers)

    • AssociatedLendingWorkshop @ Lending Workshop on 15/05/2023 - 12:06

      hi @Nickbag it's hard to make recommendation until I know the situation in full. Please feel free to call me or book an obligation-free appointment in my calendar and we can discuss the best solution for you.

  • Midcrown on 15/05/2023 - 17:28

    I was with westpac 6-8 months ago, now no longer. Would I still be eligible for this cashback offer?

    • AssociatedLendingWorkshop @ Lending Workshop on 15/05/2023 - 20:31

      hi @Midcrown, Below is the snippet of cashback T&C's from BoM website.

      ^How does the refinance cashback offer work: Conditions, credit criteria, fees, charges, eligibility criteria and exclusions apply. Apply between 8th December 2021 to 31st August 2023 and settle by 30th November 2023 for refinance applications. Offer may be varied or withdrawn at any time. Min loan amount $250k and LVR up to 80%. Offer available for Owner Occupier with Principal & Interest repayments and Residential Investment Loans (Principal and Interest & Interest Only repayments). Advantage Package ($395 annual package fee and T&Cs apply) and Basic Home Loans. Limit of one $4,000 cashback payment regardless of the number of applications, applicants, properties or loans involved per 12 month period. For joint applications, only one cashback payment will be paid to the primary applicant. Excludes Owner Occupier Interest Only, residential lending originated under family or company trusts and refinances within Westpac Group (Westpac, St.George, Bank of Melbourne, BankSA and RAMS). The cashback will be paid into a Bank of Melbourne transaction account within 60 days of settlement. This account must be in the same name as the home loan account (for joint home loans, the transaction account will need to be in the same joint names) and linked for home loan repayments to be direct debited from this account at settlement. Tax consequences may arise from this promotion for investors and customers should seek independent advice on any taxation matters.

      • Midcrown on 16/05/2023 - 00:51

        I dont think that answers my question.

        I'm not with anyone in the westpac group now but i was 6-8 months ago, does that still count?

  • Tapori on 15/05/2023 - 17:31

    What are the rates for Investment? P&I and Interest only?

    • AssociatedLendingWorkshop @ Lending Workshop on 15/05/2023 - 20:29

      hi @c0nfus3d, please refer to this page for interest rates.

      If you are after discretionary pricing, please reach out on contact details provided in my post above and I can work it out for you.

  • baron33 on 16/05/2023 - 14:04

    increade the recent 0.25% increase?

    • AssociatedLendingWorkshop @ Lending Workshop on 17/05/2023 - 13:22

      Hi @baron33, this rate is before the May increase. I assume that is what you are asking.

  • El-Rhi on 17/05/2023 - 06:33

    when Westpac group stops them

    Have you received confirmation from Westpac that they will be stopped, or you are speculating?

    • AssociatedLendingWorkshop @ Lending Workshop on 17/05/2023 - 13:24

      Hi @El-Rhi, I haven't received confirmation from Westpac that it will be stopped. And no indication about it being extended beyond end of August.

      • El-Rhi on 17/05/2023 - 13:52

        Probably best to remove from your post if you are speculating

  • bhunter101 on 30/05/2023 - 20:53

    New loan of around $500k investment. Any cashback offers?

    • AssociatedLendingWorkshop @ Lending Workshop on 31/05/2023 - 10:12

      hi @bhunter101, I am assuming you are talking about a purchase of property and new loan starting for that and not refinance. If that is the case, unfortunately there are no cashback offers available anymore from the banks/lenders on my panel. Today is the last day I am offering broker cashback, so feel free to call me on the details provided in the post above and we can take it from there.

  • vkg1 on 29/06/2023 - 10:16

    @LendingWorkshop What's the current best rate for 70 % LVR with BOM with and without package(395AUD) & do they offer 1k extra cashback if the employer is in their list. Do they charge valuation fees?

    • AssociatedLendingWorkshop @ Lending Workshop on 02/07/2023 - 15:25

      hi @vivekg, too many question to answer in one go and I will need to understand your details before answering above. The 4K cashback with BoM has expired anyway. Please feel free to email me at the email ID provided in signature of deal post above. Or feel free to call on the mobile number provided on contact us page of website. Depending on your situation I will be able to suggest the best option for you. It's upto you if you want to proceed after that or stop there.

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