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$3288 Home Loan Refinance Cashback or $2000 Purchase Cashback, Offset Variable Rate from 6.08% (CR 6.45%) @ Bank of China

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$3288 Home Loan Refinance Cashback or $2000 Purchase Cashback, Offset Variable Rate from 6.08% (CR 6.45%) @ Bank of China
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AssociatedWilson Heroes HL @ Heroes Home Loans on 13/03/2024 - 09:28 bankofchina.com (447 clicks)
Last edited 19/03/2024 - 16:41

Dear All,

This email I got from BOC today announcing their new promotion of $3288 cashback,

I have spoken with Bank of China, the main issue before was the wait time and the processing time. They have advise me that implement some new systems upgrades and hire more staff to significantly reduce the processing time.

We are delighted to inform you that we have launched a new promotion
Effective date: 12/03/2024
Settled by: 30/09/2024
For application applied after 1/04/2024 - Settlement date is 30/09/2024
Special rates are only applied to all new applications
Promotional rate and cashback offer available for loan applications fully assessed on Australia Income with an LVR<=80%

Owner Occupied Loan Products
Discount Plus home loan with offset - 6.08% with 70% LVR (CR 6.45%)
**Discount Plus home loan with offset - 6.08% with 70% LVR with Green Energy (Solar panel etc.)
**Discount Plus home loan with offset - 6.18% between 70% to 80% (CR 6.55%)

1 Year Fixed Rate - 5.89% (CR 7:89%)
2 Years Fixed Rate - 5.89% (CR 7.89%)

Investment Home Loan Products
Discount Plus home loan with offset - 6.48% between 70% to 80% (CR 6.84%)
**Discount Plus home loan with offset - 6.38% with 70% LVR (CR 6.75%)
**Discount Plus home loan with offset - 6.38% with 70% LVR with Green Energy (Solar panel etc.) (CR 6.75%)

Cash rebate Offers
Refinance case rebate: $3288
New Purchase cashback: $2000
Loan amount >=$400k
First year ‘s annual package fee waived for all new applications

Please feel free to email me at [email protected] or text/call me on 0477 200 670 and I would be happy to answer all finance related questions

Wilson Yuan
Managing Director
Credit Representative Number is 530101 under Australia's Services Australian Credit License (ACL) 389328 © 2021 HEROES HOME LOANS AUSTRALIA PTY LTD
http://heroeshomeloans.com.au/

Financial Cashback Home Loan Investment Loan Loan Refinance

Related Stores

Bank of China
Bank of China
Heroes Home Loans
Heroes Home Loans
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closed Comments

  • Lucille Bluth on 13/03/2024 - 09:30
    +9

    CR 6.45%

    That's high. Quite an average deal tbh.

    • AssociatedWilson Heroes HL @ Heroes Home Loans on 13/03/2024 - 09:32

      It's factor in the annual fee, but if you apply through us we get the first year of the annual waived and the CR doesn't factor in the cashback offer. If you include that, the comparison rate is alot lower.

      • Lucille Bluth on 13/03/2024 - 09:36
        +11

        You can quite easily get a CR of 5.XX%. A saving of ~$2000 ($400K loan) per year versus your deal. You are worse off after 1-1.5 years after receiving the cashback (sooner if loan is over $400K) if you stay with Bank of China.

        It's not hard to negotiate an application fee waiver. Many banks are not charging an ongoing annual fee either.

        • Grey 13 on 13/03/2024 - 09:46
          +2

          No you ain't wrong. Even factoring in annual fee it might just come out equally with Bank of China's var rate compared to some other smaller lenders who are doing 5.XX% rate. Also as it is quite limited for $400k loan only which rules out lots of people who might owe less than $400k in their home loan. Cashback is great but rate ain't.

        • SirFrankGrimes on 13/03/2024 - 09:47
          +4

          Which banks are doing a CR of under 6%?

        • Broos on 13/03/2024 - 10:49

          If it’s so easy, could you link two deals with 5.xx% interest rates (CR)?

          • Lucille Bluth on 13/03/2024 - 12:40
            +5

            @Broos: Sure a quick search below, I'm sure there are more with $400K min loan

            • UP - variable 5.95% CR w/offset
            • Unloan - variable 5.90% CR w/redraw only so not like for like
            • G&C Mutual Bank - variable 5.83% CR w/offset
            • Pacific Mortgage - variable 5.89% CR w/offset
  • GenerallyClumsy on 13/03/2024 - 10:03
    +5

    Thanks but I'll pass on getting a home loan from a company owned by the CCP.

    • GenerallyClumsy on 13/03/2024 - 10:26
      +10

      Looks like there are a few CCP fans on OB! I have nothing against Chinese people, I'd just rather not get a home loan from their government.

      • chadbest on 13/03/2024 - 10:29
        +7

        Yes, they don't know how evil the CCP is. and They have no idea that BOC belongs to CCP.

      • drazenm on 13/03/2024 - 12:48
        -5

        And our government is any better and loves you?

        Seriously, they, do, love….

        • effraye on 13/03/2024 - 13:42
          +2

          They aren’t disappearing tennis players due to being sexually assaulted by politicians either… big difference.

        • GenerallyClumsy on 13/03/2024 - 14:05
          +2

          Our government is definitely better and I wouldn't want a home loan from them.

  • Valk2022 on 13/03/2024 - 10:28

    Does this come with a debit card from China? If so, it might benefit me

    • Ham Dragon on 13/03/2024 - 10:58
      +1

      Comes with a social credit score.

    • AssociatedWilson Heroes HL @ Heroes Home Loans on 13/03/2024 - 11:06

      Comes with a debit card and offset account

  • samsal46 on 13/03/2024 - 10:42

    I thought Chinese banks were crashing in the real estate bubble that burst 2 years ago?

  • ArnoldSchwarzenegger on 13/03/2024 - 11:04

    Can you offer this deal for loans greater than $300k?

    • AssociatedWilson Heroes HL @ Heroes Home Loans on 13/03/2024 - 11:06

      Can offer the deal but you wont get cashback unless min loan of 400K

  • Asdfgh233 on 13/03/2024 - 11:26

    what is CR?

    • whitey1212 on 13/03/2024 - 11:27

      Comparison Rate

  • Richie312 on 13/03/2024 - 12:12
    +3

    This is an ad not a deal

    • effraye on 13/03/2024 - 13:42
      +3

      Welcome to the new China-bargain

      • cook99 on 13/03/2024 - 15:29
        +1

        Can't wait to meet the new mods!
        Not sure they'll be as friendly as our current ones…

        • effraye on 13/03/2024 - 16:41

          I think you’ll find it very pro Chinese in 2024, this ‘bargain’ (cough. Ad) is 1 of a few in the last 7 days

  • webtonmoy on 13/03/2024 - 13:01

    What is the rate for an interest-only investment loan?

  • NRGIZE on 13/03/2024 - 13:50
    +1

    If only it was 2023 rates then it would be worth it 😁

  • TA4life on 13/03/2024 - 16:25

    Hey @Wilson Heroes HL could you let us know what the annual fee is for the product with offset?
    The Bank Of China website is horrible to navigate to find a PDS.

    • AssociatedWilson Heroes HL @ Heroes Home Loans on 13/03/2024 - 17:44

      Hey the annual fee is $395 but if you apply via us we can get the first year waived

  • catbin on 13/03/2024 - 17:05

    Any chance accept CNY as repayment?

  • a1234my on 13/03/2024 - 18:29

    How long people ozbargainer usually hold until next refinance.?

  • Herbert on 28/03/2024 - 11:06

    I refinanced one of my home loans to BOC through an earlier Ozb deal.

    $4288 refinance rebate was credited to my account just two days ago and annual fee was waived for the first year.

    Their refinance cost is a couple hundred above par as BOC doesn't absorb the fees charged by MSA National.

    Overall, my experience has been okay. I am happy with the full offset account and the BOC card is eligible for those Unionpay exclusive promotions.

    • emboon on 28/05/2024 - 09:40

      Hi can you share how long the process is to refinance? whats the total cost to refinance if you don't mind?

      These are the Quoted fees from what I can find:
      $395 annual fee
      $250 Discharge fee
      $300 Switch fee

      and also what is your experience with their mobile app, offset account and dealing with customer service? do they have osko / payid?

  • Dealsclaw on 06/05/2024 - 14:51
    +1

    Please do not go with bank of china loan. Applied through heros home loan since December last year and its now May. I have not received an outcome. Its not worth the time or effort. The loan application is still pending with Bank of China

    • cocomelon on 06/05/2024 - 14:53

      Through a broker or yourself?

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