This was posted 9 months 5 days ago, and might be an out-dated deal.

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[NSW, QLD, ACT] $2000-$3000 Cashback on 5.94% Variable Rate Home Loan @ Greater Bank

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[NSW, QLD, ACT] $2000-$3000 Cashback on 5.94% Variable Rate Home Loan @ Greater Bank
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Lkcome on 16/02/2024 - 10:35 greater.com.au (2318 clicks)
Last edited 16/02/2024 - 12:44 by 2 other users

I found this deal on Instagram Ad, and didn't see a post on OZB. So here comes my first deal post.

  • $2,000 cashback for loans ≥$250,000 with LVR of less than or equal to 80%.
  • $3,000 cashback for loans ≥$500,000 with LVR of less than or equal to 80%.
  • Applications must be submitted by 31/05/2024 and funded by 31/08/2024.
  • Only one (1) Cashback Payment per eligible loan, and for first eligible loan only. Not available in conjunction with any other promotional payment. Offer may be varied or withdrawn at any time. See the full Cashback Offer Terms and Conditions. Terms, conditions, fees, charges and credit criteria apply.

Haven't used this bank, but as an ADI it should be safe. I didn't find dodgy stuff in their cashback T&C https://www.greater.com.au/home-loan-cashback-offer-terms-an…

TBH I think 5.94% (CR 5.95%) at this moment is not a bad number. The only inconvenience is no offset account and personally I don't know a lot about redraw facilities.

Deal ends 31st May.

Financial Cashback Home Loan Loan

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Greater Bank
Greater Bank

closed Comments

  • leeroys_dad on 16/02/2024 - 10:45
    +14

    What erks me is that the CR is still at 150k over 25 years. How is that relevant anymore. It should be increased to 1mil.
    But who's job is it to update this standard used in the industry?

    • kcome on 16/02/2024 - 10:51
      +7

      I guess it's job for APRA or ACCC? This is a point that must be floating for 10 years. Can't believe no one fixed it yet. Typical banking experience when it comes to REAL customer experience.

    • Doesnotcompute on 16/02/2024 - 12:00
      +12

      Using a larger balance while other parameters (eg. Interest rate, fee values and term) remain the same actually results in a comparison rate that is closer to the interest rate being offered and dilutes fee impact.

      Its tricky to explain, but there are plently of online comparison rate calculators where you can see this yourself by adjusting the balance.

      Heres one for example https://ausfinancegroup.com.au/lending/comparison-rate-calcu…

      So a lower balance such as $150k does make it easier to tell which products have higher fees as rhe differential between interest rate and comparison rate will be greater. Hope this helps

      • kcome on 16/02/2024 - 12:16
        +1

        Thought about this. And it's a very valid point.

      • BlueGlass on 16/02/2024 - 12:31
        -4

        No, its still not useful.
        I want a quick and easy comparison. The CR could be that.
        It should emphasise when a high fee is beneficial if the interest rate is also lower.

        150K is a joke

        • aleayr on 16/02/2024 - 12:52
          +1

          It is a quick and easy comparison. It is not the job of CR to highlight 'benefitial fees' - that is your job in your research.

          CR serves a good purpose, and keeping the loan comparison value low allows it to achieve that.

          • BlueGlass on 16/02/2024 - 15:44
            +3

            @aleayr: CR serves a purpose but it is not the best purpose it could be. The average punter does not have a 150K mortgage.

            Why not ask more of our regulations, its not acting in the communities best interest.

    • redfox1200 on 16/02/2024 - 15:20
      -1

      Why does it matter? It's only going to look better the more you borrow, if it's already the lowest at 150k it will still be the lowest at xxx, xxx

  • Snowie on 16/02/2024 - 10:53
    +6

    Got my home load with them, found them to be pretty good. Sure they are smaller, but that works to their advantage. You can actually speak to a person.

    We don't have an offset account, but just put our extra in the load and redraw which (on our loan at least) is free.

    I think the cash back offer is probably ok, they used to give away free holidays a while ago (No I didn't get one)
    They even had Jerry Seinfeld do an ad for them. https://www.youtube.com/watch?v=sHDsO9Nsz7s

    • FiDad on 16/02/2024 - 11:11
      +13

      Must be a heavy Load lol

    • Mr BoMBAStiG on 16/02/2024 - 11:21
      +1

      What's the process and timeframe to get money out of the redraw?
      If our main transaction account is with ING and we don't plan to change this, do you think not having an offset would be ok?
      We would be putting a large amount in the redraw that we might need to take out for landscaping later in the year.

      • BKJCW on 16/02/2024 - 11:55
        +4

        It’s instant. You click a button to confirm and that’s it.

        Works the same as transferring between any other account.

        • Snowie on 16/02/2024 - 12:32
          +1

          Yeah instant

          And yes a very heavy load ;)

        • Mr BoMBAStiG on 16/02/2024 - 14:44
          +1

          Thanks for the info. If there is a daily limit, is it possible to temporarily increase this to ~$50k?

          • Snowie on 16/02/2024 - 15:40
            +1

            @Mr BoMBAStiG: I think if you call them and warn them it is happening, then yes I think so.

            But best to ask them before signing up.

        • Sharp on 17/02/2024 - 06:39
          +1

          What I found with mebank, from the home loan account:
          1) I can't set up a timed bpay/money transfer,
          2) I can't osko my money out to another bank (no instant transfer).
          How about with Greater Bank?

          • veeboy11 on 01/05/2024 - 10:49
            +1

            @Sharp: Just got my account recently.

            1. You can set scheduled payment for bpay on Greater Bank.
            2. Yes, they have Osko payment for instant transfer.
            • Sharp on 01/05/2024 - 13:10
              +2

              @veeboy11: I've switched to Greater Bank too. Osko works in and out, which is good, but you can't schedule bpay or money transfer out of your home loan account. You need to redraw to your transaction account manually first then schedule it from your transaction account.

              • veeboy11 on 01/05/2024 - 14:17

                @Sharp: Yes, that's right. I will need to make sure I have sufficient fund in my transaction account to utilise scheduled BPay. Can't BPay directly from the loan account sadly.

                • HitlersDad on 02/05/2024 - 07:15
                  +1

                  @veeboy11: Keep in mind they have some osko daily limit I have been stopped a few times and you need to call the bank to get the transaction through, business hours! From memory was not a huge amount of $.

    • lgacb08 on 16/02/2024 - 14:03

      The greater had been given those free holiday with refinance ages ago, probably they had to kill it with the way airfare goes since covid.

  • xmagic on 16/02/2024 - 10:54
    +10

    No offset is a dealbreaker for VAR I'd say.

    • mr_asstight on 16/02/2024 - 11:03

      wow that sucks

    • jurgen.lulz on 16/02/2024 - 11:08
      +3

      They have an offset product but it's 6.13%
      https://www.greater.com.au/personal/loans/home-loans/ultimat…

      • xmagic on 16/02/2024 - 11:47
        +2

        Oops, I’d better stay with ANZ. That’s practically the same.

        • Stickout on 26/02/2024 - 22:47

          would appreciate if you can share a tip on how you got the 6.13% on an ANZ offset account, i called them today the best they can do it 6.29%, they claim… :(

          thx!

          • tomclancy on 27/02/2024 - 00:44
            +3

            @Stickout: ANZ is 6.04% if LVR <=70%. You have to speak to retention team to get that rate. Only way to speak to retention team is to submit a Discharge Authority form (found on ANZ website) and then they will call you.

            I did this just 4 weeks ago and I was called with that rate and extra incentive of $4,000 cashback (nice!) and in return I had to allow them to tear up the discharge form. They paid the $4,000 within a week and then i refinanced to another bank for lower rate last week.

            • Gotchas on 27/02/2024 - 21:36
              +1

              @tomclancy: That’s art

            • Stickout on 28/02/2024 - 09:05

              @tomclancy: Thanks for the info! do you mind sharing what bank did you left ANZ for and what's the new rate? is your loan a investment one?

              Cheers

              • tomclancy on 28/02/2024 - 09:27
                +1

                @Stickout: Sure, no problems. Left to go to Suncorp 5.99% OO variable P&I <70% LVR no offset

                I also refinanced investment to uBank 6.14% INV variable P&I <60% no offset (uBank have a current non-advertised promotion of 0.10% off investment rates if you ask nicely)

                These are both in Feb2024

      • Pinchy on 16/02/2024 - 16:12

        Plus it costs an annual fee

    • pnt on 16/02/2024 - 11:50
      +7

      Why is is offset so important/deal breaker, considering they have "Free redraw available around the clock via online banking"?

      • leeroys_dad on 16/02/2024 - 11:55
        +6

        If you intend to rent out the property and pay off the mortgage and then take excess money out (instead of using offset account), you generally can't claim the interest as a tax deduction because you've paid off part the loan and money no longer for the investment purpose

        • pnt on 16/02/2024 - 12:47
          +1

          I now remember someone saying it important if changing from PPOR to Investment sometime in the future for tax reasons. And now remember not investigating further because its not my plan to do so.

        • Pinchy on 16/02/2024 - 16:10

          The interest charged at the end of the month is lower with money in offset then no money. So how can you claim extra interest in this case?

          • leeroys_dad on 16/02/2024 - 16:43

            @Pinchy: what can happen is when you have your 1st property (eg unit) and you want to upgrade to house, you use the extra money you have as deposit, so you need to withdraw it from your loan or take it from your offset account. tThis will increase the interest you start to pay.
            If you redraw from home loan then technically you should not be claiming the interest as a deduction at tax time, whereas from an offset this is generally okay (because it's not taken from the loan, it's from the offset balance)

      • xmagic on 16/02/2024 - 12:19
        +2

        Even for owner occupied, offset account functions like eveyday account, so put your salary in there and link your credit card to maximise its daily balance. When you need money in an emergency, you don't have to playing with the bank on redraw because it's your money. Offset won't reduce monthly payment but will pay out the mortgagte quicker in the long run. The more saving you've got the better offset account works, especially now the interest rate is so high.

        Only if you don't do investments - I'm too lazy to get my head around investments.

        • pnt on 16/02/2024 - 12:51
          +1

          Sounds like slick account arrangement, but doesn't sound like a deal breaker. I have tiny concerns about GFC style redraw freezing, but not deal breaker for me. If you can get your head about the need for offset, then you can get head about investments, but I suppose it's a moot point since paying down mortgage is usually takes priority.

    • amsaini15 on 16/02/2024 - 12:39

      But isn't redraw and offset works the same for PPOR?
      I understand you won't prefer redraw for IP.

      • tg on 16/02/2024 - 15:54
        +2

        Life changes.
        PPOR might become IP one day.
        It is best to have an offset account to preserve the “maximum deductible debt” when the property becomes an IP

        • tch on 16/02/2024 - 17:07
          +1

          I've thought about this scenario. Couldn't you refinance into offset loan? Or that amount you've paid that can be withdrawn is no longer tax deductible if you move the loan and increase the borrowed amount?

          • Brick50 on 16/02/2024 - 18:56
            +1

            @tch: Yes I was also wondering this. Imagine you have a 600k loan and have 200k in the redraw. You refinance every couple of years for cashback.

            Say you want to then turn it into an IP, couldn't you just refinance for the full 600k and make sure you have an Offset instead of Redraw? Who is going to check or know how much was in the redraw previously?

            • Loki556 on 16/02/2024 - 20:44

              @Brick50: The ATO

              • tch on 16/02/2024 - 21:56
                +1

                @Loki556: They might check but isn't the new loan with the increased amount to 600k just new borrowings, where the previously paid off amount has technically been re-borrowed for the start of a tax deductible loan from that point?

                • tg on 17/02/2024 - 00:38
                  +1

                  @tch: Whether the security is an IP or PPOR does not affect the deductibility of the interests incurred.
                  ATO will do purpose check.
                  If you re-borrow the previously paid off amount, make sure that re-borrowed amount is for investment purpose to get tax deductibility for the interests.

                  • tch on 17/02/2024 - 06:18

                    @tg: Would've thought PPOR means interest is not tax deductible at all. This discussion was more about re-borrowing principle that had been paid off in an old loan

  • Bdawg on 16/02/2024 - 10:55
    +1

    Sweet, I recently refinanced to westpac for $4k but the rate is almost 7%. This will prove very valuable!

    • George Washington on 18/02/2024 - 10:45

      Do you got a link to this deal? Cant seem to find it on the website

      • Bdawg on 19/02/2024 - 10:04

        I'm afraid that horse has bolted.

  • Bdawg on 16/02/2024 - 10:56
    +1

    OMG NSW, QLD, ACT only.

    • kcome on 16/02/2024 - 11:15

      Added this to title.
      Sorry to folks in other states :(

  • Inspectorfi on 16/02/2024 - 11:11

    Thanks OP, I’m currently with Westpac at 5.99% and looking for a cash back deal … I saw loans.com.au has 4K but I don’t know enough about them. Will check this one out!

    • Extreme on 16/02/2024 - 11:24
      +3

      Loans.com.au = firstmac.

      They’re known for low advertised rates but are quite severe with rate creep.

      We refinanced to them a number of years back and ended up leaving in under a year due to our rates being approx 1% higher than their advertised rate in that timeframe.

      My advice would be to steer clear, or at the very least ask them what guarantees they’ll give you to ensure you won’t suffer from rate creep.

      • theophilusthistler on 16/02/2024 - 11:37
        +2

        Spot on! They were one of the cheapest when I signed up but with their rate creep it is now above most lenders.

        • ChaseTheSun on 16/02/2024 - 12:31

          Loans.com.au are good however you have to ask them for a loan review every year to avoid any rate creep and so far they've always given great rates after review

      • Inspectorfi on 16/02/2024 - 11:48
        +1

        Thanks for the info - I’ll steer clear of them. Just looking at fees for greater sign up, my Westpac is a $350 discharge, so probably at least 2-300 or so with registrations at a guess, possible net of $2-2.4K or so. Think I’ll ring Westpac and ask for the same rate and a $2k cashback to say and see what happens!

        • kcome on 16/02/2024 - 11:55

          Let us know how it goes :D

        • MR92 on 16/02/2024 - 12:26

          How do you get a cashback for staying with the same bank? I'm with St George, also 5.99%. I was looking to move last year when my fixed term ended, stayed with St George as their rate was the most competitive (5.74% in September, with 100% offset), but they refused to give me any cashback deal

          • ashtdp on 16/02/2024 - 21:29
            +1

            @MR92: How much is your LVR to get 5.99 rate? I recently got a loan from them at 6.3 with offset for 80% LVR of contract value (55% LVR compared to market value of property)

            • OzFrugie on 18/02/2024 - 17:26

              @ashtdp: would like to know this as well. Does it come with offset at 5.99%? I assume it is PPOR loan and paying principal & interest?

              • MR92 on 20/02/2024 - 09:46

                @OzFrugie: Yes, as I mentioned 100% offset at 5.74%, now has creeped up to 5.99%, still have the offset. Yes PPOR principal and interest

            • MR92 on 20/02/2024 - 09:45

              @ashtdp: LVR in Sept 2023 would have been about 75% of contract value.

      • amsaini15 on 16/02/2024 - 12:43
        +1

        Loans. Com. Au are pretty crap with loan approvals
        They left me with heartache when they wasted my 1 month with documentation process only to tell me they cannot give me any loan. Backend team and front sales guy don't talk.

    • Bdawg on 16/02/2024 - 11:24

      Loans.com.au are great, I have them for my primary residence.

    • Bdawg on 16/02/2024 - 11:42
      +4

      Note loans.com.au cashback is $2k les than $700k loan, $4k $700k+. Owner occupied only.

    • ChaseTheSun on 16/02/2024 - 12:44
      +1

      Where did you find 4k cashback? I couldnt see it on their website. I'm currently with loans.com.au but i want to refinance another loan there.

  • Fuzor on 16/02/2024 - 11:23
    +1

    https://en.wikipedia.org/wiki/Greater_Bank

    Seems to be able to use Westpac network

  • Aureus on 16/02/2024 - 11:43
    -1

    Thanks OP. $2k off my mortgage and a lower rate. Great deal.

    • park on 16/02/2024 - 15:42
      +2

      There are various refinancing costs that run to approx $750 depending on where you are, but you'll come out ahead, sure

      • Aureus on 16/02/2024 - 15:54
        +3

        Yeah. That is $2k after costs.

  • Bangers on 16/02/2024 - 11:47
    +2

    Anyone know what fees Greater Bank charges for refinance?

    https://www.greater.com.au/cashback

    That link seems to suggest that there's a fee for legal fees "at cost"?

    • awesomise on 16/02/2024 - 12:30

      My understanding is that the cashback is basically there to cover your refinancing cost, which is what Greater Bank more-or-less said on their webpage. I think when I applied for a refinance with Unloan, the refinancing cost was a bit over $1k. I didn't take it, because my bank offered to match their rate, and give me a cash bonus if I stay.

      • Bangers on 16/02/2024 - 12:32

        I get that. I'm just trying to understand what items Greater Bank will include in their costs, as that will determine how much net cashback I will actually receive. For what it's worth, I've never had a bank charge me for legal fees as part of the refinance, only a document processing fee.

      • ChaseTheSun on 16/02/2024 - 12:45
        +2

        wow u got a cash bonus to stay? how much was the bonus? Was it with Unloan?

        • UNFKNBLVBL on 16/02/2024 - 15:55
          +2

          I went to leave suncorp 2 years ago and they matched the cashback for me to stay and gave me the same fixed rate that I had been offered $1.89% and $3000 cash. I just called and tried now but they didnt do it, looks like I am switching

      • kcome on 16/02/2024 - 13:32

        I had about 3 refis 3-6 years ago. Each of them just cost me about $500-700 including about $300 "early end of loan" (whatever the name is) fee. I don't know if this number goes up so high in recent days.

      • gaosong2101 on 16/02/2024 - 15:40

        I refinanced from CBA to Unloan a few days ago. Except for the $330.80 PEXA fee, I didn't pay any other fees. They did ask me to pay the shortfall of nearly 2k on the settlement day, but I did a calculation and that turned out to be the interests incurred between the last repayment and the settlement day at CBA.

        • kcome on 16/02/2024 - 16:40

          PEXA fee is something I didn't pay for during the 3 refis before covid days. But I reckon there was about $200-300 "fee for attending settlement", kind of that name.

  • pnt on 16/02/2024 - 12:54

    How often is it possible to churn between bonus deals with different banks? How much can save over 3 years if pursued aggressively. Assuming a $500,000 mortgage?

    • Bdawg on 16/02/2024 - 13:05

      Brokers will get made if you churn cause they lose their bonuses. I refinanced about 4 months ago for $4k with westpac, now I'm trying with newcastle permanent building society for $3k. I've got a few properties and I'm going to start trying to refinance each of them multiple times per year :D

      • kcome on 16/02/2024 - 13:12

        Just wonder, does it hurt credit score if you do refinance at interval for less than 6month per property? For that credit score, I don’t care too much, as long as it doesn’t give me a problem in next refinance or lending.

        • ozjimjam on 16/02/2024 - 13:18

          yeh , i wonder the same

        • Bdawg on 16/02/2024 - 13:40

          I believe there will be a minor impact on your credit score from a credit inquiry.

        • Chanes on 16/02/2024 - 14:32
          +9

          I refinanced 3 times within a 12 month period when the banks were fighting for business in 2021-2022. HSBC, ANZ, BoM and CBA (CBA was after the 15th Month) in total my credit score dropped about 20 points. It recovered about 6 months after or so but it was worth the 11K untaxed.

          If you plan on doing this to maximise always go with the no frills loan, most of the majors have redraw facilities which are instant transfers I think BOM was 1 day wait.

          • pnt on 16/02/2024 - 15:23
            +8

            @Chanes: I'll do a lot on ozbargain to save 50 bucks. Seems silly not to try to get 11k.

      • pnt on 16/02/2024 - 13:44
        +2

        Reddit has a few stories of people doing it 3 times in a year. But not much information on the long term viability.

      • surg3on on 16/02/2024 - 17:03
        +2

        Dont have to use a broker though.

  • Duckie2hh on 16/02/2024 - 15:42

    [NSW, QLD, ACT]

    I couldn't find where the deal is state specific.

    • Bdawg on 16/02/2024 - 15:49
      +1

      When you start the process you have to select your state and those are the only states you can pick.

      • Duckie2hh on 16/02/2024 - 16:18

        Ah right. Thanks

  • HitlersDad on 16/02/2024 - 15:59

    Refinanced one of our loans to them last year. Have old processes but as stated if you are near a branch you get very personal service.

  • blackhorn on 16/02/2024 - 16:45
    +1

    Good offer OP. But my broker is giving me half of his commission + $3,000 cash back from Me bank, and this way I can save thousands a year if I refinance in 3 months time, definitely worth shopping around through a broker.

    • kcome on 16/02/2024 - 16:46

      He's a good man.

    • gopiatweb on 16/02/2024 - 18:32
      +1

      Could i get your broker's contact details?

      • gungirlyuna on 19/02/2024 - 18:20

        Same can I get the details?

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