A lot of banks are removing their cashback and only a handful banks are retaining their cashback at this stage. Rates are recently on upward trajectory as RBA is desperately curbing inflation to Rba’s inflation target.
ME Bank offers decent rates and niche policies, ie essential workers overtime, $7500 addback for novated lease, predominant pricing for OO/INV purposes and etc.
ME Bank’s cashback is still available to owner occupiers and investors on all ME home loan products. Cashback is available per security which means you can obtain multiple cashbacks if your application meets the following:
- Apply from 01/12/2022 and settle within 120 days of the loan application date
- Switch their existing home loan from another lender
- Take out a home loan with a minimum size of $250k and LVR between 60.01% and 80% (to receive $2K cashback)
- Take out a home loan with a minimum size of $250k and LVR of less than 60% (to receive $4K cashback)
- Not available home loans from ME or from other lenders within the Bank of Queensland (BOQ) Group which includes
BOQ, BOQ Specialist and Virgin - In the case of multiple qualifying applications, only one cash back can be received per separate security property.
More infos here: https://www.mebank.com.au/lps/home-loans/refinance/
Rates highlight:
Owner occupied P&I with comparison rate (CR)
Basic Variable with redraw facility under 80% (OO PI) IR at 5.93% CR at 5.95%
Member Package Variable with offset facility under 80% (OO PI) IR at 5.98% CR at 6.37%
3 year fixed at 5.89%
Investment P&I with comparison rate (CR)
Member Package Variable with offset facility under 60% (Inv PI) IR at 6.09% CR at 6.48%
Member Package Variable with offset facility under 70% (Inv PI) IR at 6.14% CR at 6.53%
3 year fixed at 6.09%
Other refinancing rebates available:
BOQ- Get up to $3,000 cashback
St George/BOM - Get up to $2,000 cashback from 1st July 2023 to 31st August 2023 T&Cs apply.
ANZ - Get up to $4,000 cashback
Option for low rates:
Mac:
Variable with redraw or offset facility under 70% (OO PI) IR at 5.79% CR 6.04%
Variable with redraw or offset facility under 70% (Inv PI) IR at 5.99% CR 6.01%
Unibank/Health Bank
Basic Variable with redraw facility under 80% (OO PI) IR at 5.64% CR at 5.68%
Basic Variable with redraw facility under 80% (Inv PL) IR at 5.94% CR at 5.98%
Comparison Rates
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.
Broker Rebate Terms and Conditions
We are offering a $500 upfront cashback for loan greater than $500k (excluding offset and redraw) for any fixed term loan of 2 years or more. $1,000 upfront cashback for loans $1M and above (excluding offset and redraw) for any fixed term loan of 2 years or more. When all loan is variable, rebate is paid in 2 instalments in 2 months and 24 months.
Maximum of 1 cashback per household.
My Profile:
Ex corporate accountant for over 10 years before joined my own mortgage broker as a trainee and has been a full-time mortgage broker for over 8 years. Recent review over 100 clients.(https://www.wordofmouth.com.au/reviews/nectar-mortgages-sydn…). Won National Top Broker for customer service award 2022.
Contact me for a no obligation meeting via Calendly(https://calendly.com/james-sim/30min) or call me directly.
James Sim - Senior Mortgage Broker
M: 02 8319 4862 / 0487 000 098
E: [email protected]
W: https://www.nectarmortgages.com.au/project/james-sim/
Australian Credit License number 387856
"RBA is desperately curbing inflation to Rba’s inflation target." Yeah right more like "RBA is doing the bare minimum to look like they are curbing inflation"