Hi OzBargainers,
Bank of China release new rates which are effective from 12 February 2024. We found some rates are relatively competitive in the current market:
For Owner Occupied Principal and Interest Repayment loan:
- Loan Amount greater than $2,000,000:
- 5.98% p.a. (CR 6.35% p.a.)
- 0.1% discount for Loans for less than 70% of the property value, it works out to be 5.88% p.a. (6.25% p.a.)
- 0.1% discount for Loans to Green Borrowers*, it works out to be 5.88% p.a. (6.25% p.a.)
- Loan Amount greater than $1,000,000 up to $2,000,000:
- 6.08% p.a. (CR 6.45% p.a.)
- 0.1% discount for Loans for less than 70% of the property value, it works out to be 5.98% p.a. (6.35% p.a.)
- 0.1% discount for Loans to Green Borrowers*, it works out to be 5.98% p.a. (6.35% p.a.)
- Loan Amount up to $1,000,000:
- 6.18% p.a. (CR 6.55% p.a.)
- 0.1% discount for Loans for less than 70% of the property value, it works out to be 6.08% p.a. (6.45% p.a.)
- 0.1% discount for Loans to Green Borrowers*, it works out to be 6.08% p.a. (6.45% p.a.)
*Green Borrowers:
Home loan applicants who install or have installed: solar panels; solar hot water systems; or heat pump hot water systems on their loan security property.
Please bear in mind that Bank of China offers cashback for New Home Loans*:
- $2,000 for new refinanced home loan; $1,000 for new purchase home loan.
*New Home Loans:
To qualify as a New Home Loan the loan must be an external refinance or a new purchase and the Borrower must set up a Bank of China account with a direct debit for loan repayments. Each customer (including each holder of joint accounts) can only participate once per Cashback within 12 months. Loan amount is no less than $400K and no LMI. The Cash Rebate is only payable up to 60 days from loan settlement and will only be paid to a Bank of China (Australia) Limited Transactional At Call account.
Eligibility criteria:
- Special Rates, Discounts and Cash Rebates available for loan applications received from 12 February 2024 to 31 March 2024 and settled before 30 June 2024 and excludes Construction Loans.
- Promotional rates and cashback offer available for loan applications fully assessed on Australian sourced Income with an LVR ≤ 80%.
- Each customer (including each holder of joint accounts) can only participate once per cashback offer.
- Cashback applies for external refinanced or new purchase eligible loans if the borrower sets up a Bank of China account for direct debit of loan repayments
- Cashback offer applies for home loan applications with new security property to Bank of China.
- Only one discount option available per loan.
- No special offers for LMI applications.
- Any changes will be updated accordingly at any time without notice during this promotion period.
In addition to the Bank of China's cashback, With Cashback, as your mortgage broker, offers extra cashback to our customers (withcashback.com.au). The cashback amount from us will be 0.60% of the loan balance. Our cashback will be paid to you at the following intervals from the settlement date:
- After Year 1: First 50% of the cashback to your nominated bank account.
- After Year 2: The remaining 50% of the cashback to your nominated bank account.
Simple example:
If you refinance a $1,000,000 loan, the cashback amount you are able to get: $2,000 (from Bank of China) + $6,000 (from us) = $8,000 (in total)
Feel free to contact us at:
Phone: 1300 685 008
Email: [email protected]
Website: www.withcashback.com.au
With Cashback Pty Ltd ACN 620 888 502 is registered with the Australian Securities and Investment Commission as an Authorized Representative number 502385 under FreedomLend Pty Ltd ACN 604 868 957, Australian Credit License 498325.
Grabs popcorn…….