BoM & St George Variable Rate Home Loan with Offset 5.79% p.a. (CR 6.15%) up to 70% LVR, 0.3% Broker Cashback @ Lending Workshop

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AssociatedLendingWorkshop on 05/09/2023 - 11:51 lendingworkshop.com.au (161 clicks)
Last edited 05/09/2023 - 11:56 by 1 other user

Hello Ozbargainers,

These are discretionary rates and you won't be able to see them on BoM/St George website. I have been able to get 5.74% as well for loans above $500K. So please enquire and I will find out the best solution for you.

Combined with broker cashback of 0.3%. The effective rate becomes 5.64% p.a. for first 2 years. and you get 2K refinance cashback as well.

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

Refer to this link for 2K refinance cashback terms and conditions and this link for broker cashback terms and conditions.

How is this offer any better than tic toc home loans or unloan?

• It is cheaper when compared over 2 years period. Example. 400K loan. unloan is 5.74% and tic toc is 5.69% but this offer after broker discount is 5.64%. So savings of $400 in 2 years. Plus left over of 1K cashback(2K cashback - package fees). The savings will be even more for larger loans.
• BoM/St George has special refinance policy for mortgage prisoners paying on time and a higher rate but cannot refinance due to borrowing capacity issues.
• You get some physical presence and proper app with payid etc.
• BoM/St George has a better risk appetite as compared to smaller lenders like unloan and tic toc etc. They can handle complex lending needs. Like multiple properties and multiple loans etc.
• You will be dealing with me and quality of service will remain consistent, no matter which bank you choose.

FAQs:-

• What happens after 2 years? - We will review your mortgage and find out the best offer available at that time.
• What if I am already with Westpac group? - I have access to 30+ banks on my panel. When combined with 0.3% broker cashback. You will end up saving way more as compared to going directly with the bank.
• What if am buying or building? - There are very limited bank cashbacks for purchase loans but I can help you with 0.3% broker cashback and help you with your home buying or building journey.

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. The best way to reach out is to book an appointment in my calendar

Regards,
Roopali
0415 719 759
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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Website

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Bank of Melbourne

St.George Bank

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  2jzzzz on 05/09/2023 - 12:42

  They dropped my variable from 5.94 to 5.74 yesterday. Worth a phone call if with them, operator said I they can't offer it, I had to call and ask for a review with retention team and ask for better rate.

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    burningrage on 05/09/2023 - 12:48

    How long have you been with them? I wonder it's worthwhile to do this if you are on IO?

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    Goodproduction on 05/09/2023 - 15:28

    How much is ya LVR? Did you call and get it from the 1st call?

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    Nuggets on 17/09/2023 - 10:33

    Yep been on 5.74 (or equivalent) for a couple of months now, St George are fairly obliging with formal reviews

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  slickvic on 05/09/2023 - 13:54

  What can you do for investment loans (P&I)?

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    AssociatedLendingWorkshop @ Lending Workshop on 05/09/2023 - 15:06

    hi @slickvic more than happy to have a chat and provide the best suited tailored solution based on your situation. Please call me on the number mentioned in the post or book an appointment.

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  JoBevo on 05/09/2023 - 22:19

  Can we get this deal with new home loan purchase?

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    AssociatedLendingWorkshop @ Lending Workshop on 05/09/2023 - 22:44

    hi @JoBevo, you cannot get the 2K cashback from BoM/St Gorge as that is for refinances only. But can get the 5.74% or 5.79% depending on LVR.

    Other option is ANZ bank if this is your first home purchase. They offer 3K cashback.

    Plus you can combine my broker cashback with any of these options.

    Best would be to have an obligation free chat and I can work out a solution for you. I need to understand the complete picture to present the best option.

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  toyapple9 on 06/09/2023 - 22:59

  Hi op, whats the rate for lvr 80% with offset owner occupied refinance?

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    AssociatedLendingWorkshop @ Lending Workshop on 06/09/2023 - 23:54

    hi @toyapple9, You can get 5.89%(5.74% after broker cashback) with BoM/St George. This is without knowing your loan amount. There is scope for improvement if loan amount is higher.

    Also, there are other lender options that could work out cheaper if loan amount is higher.

    Please keep in mind that I do have the option to order valuations with different banks upfront so your LVR is not set in stone. It can change based on what different valuers value the property.

    Please feel free to call or book an appointment and I can dig out the best option for you.

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  Matt73 on 17/09/2023 - 22:46

  Hi, what would the rate be for a $400k refinance owner occupied and LVR < 70%?

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    AssociatedLendingWorkshop @ Lending Workshop on 17/09/2023 - 22:51

    +1

    Hi @Matt73, I can get you 5.79%(5.64% after broker cashback) + 2K cashback. Feel free to reach out by booking an appointment or just call me in the morning and we can discuss.

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      Matt73 on 18/09/2023 - 20:17

      Do you have HSBC on your lending panel as I reckon I'm better off for at least the first 5 years going with them given the $3,288 cashback even with a higher rate?

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        AssociatedLendingWorkshop @ Lending Workshop on 22/09/2023 - 12:53

        hi @Matt73, I do not have HSBC on my panel. But just trying to understand your calculations. You get $2000(bank) + $1200(broker) cashback. So almost the same cashback as HSBC. How is that working out cheaper if their rate is higher?

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          Matt73 on 22/09/2023 - 20:53

          @LendingWorkshop: Hi, there's no annual package fee with HSBC so save $395/ year.

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  SeanMaddox23 on 25/09/2023 - 14:44

  Hey Roopali, what sort of rate could I expect if refinancing $420k, owner occupied and LVR >60%? I'm not too fussed about redraw or offset accounts, although they would both be nice to have. Do you think 5.79% with $3,200 cashback would be achievable? Any setup or on-going fees? Cheers!

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    AssociatedLendingWorkshop @ Lending Workshop on 25/09/2023 - 16:08

    Hi @SeanMaddox23 i can definitely try for you anywhere between 5.79% to 5.84% - on top you will be eligible for the broker cash back of 0.3%, plus refinance cash back of $2000. Feel free to contact me on the number mentioned in the post. Alternatively pm me your details so i can get in contact with you.

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      SeanMaddox23 on 26/09/2023 - 11:32

      Thank you mate. Sorry LVR <60%, approx 58%. I'm going to contact Commonwealth retention centre and see if they can improve from 6.14%. If they go below 5.79% do you think it is still worth refinancing, or just stay with CommBank?

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        AssociatedLendingWorkshop @ Lending Workshop on 26/09/2023 - 21:36

        I don't think they will come close to 5.79%. Best case even if they do, You will still save at least $1,000 from bank cashback after fees and $1,200 in cashback from me. So savings of $2,200. You can decide now if it is worth it.

        By the way even if they can't come close to 5.79 and you decide to move. Take the best rate they are offering, why pay extra even for a day.