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Fixed Rate Home Loan from 5.79% (CR 8.28%) @ Bank of China

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Fixed Rate Home Loan from 5.79% (CR 8.28%) @ Bank of China
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AssociatedWilson Heroes HL @ Heroes Home Loans on 01/05/2024 - 09:46 bankofchina.com (302 clicks)
Last edited 01/05/2024 - 14:32 by 1 other user

Dear All,

This email I got from BOC today announcing their new promotion of $3288 cashback, and they have done a further reduction on the rates

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. Currently SLA is around 5-7 business days

We are delighted to inform you that we have launched a new promotion
Effective date: 01/05/2024
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 - 5.98% with 70% LVR (CR 6.35%)
**Discount Plus home loan with offset - 5.93% with Green Energy (Solar panel etc.) (CR 6.30%)
Duplicate offer removed from title — Mod

1 Year Fixed Rate - 5.79% (CR 8.28%)
2 Years Fixed Rate - 5.79% (CR 8.28%)

Investment Home Loan Products
Discount Plus home loan with offset - 6.18% below 80% (CR 6.55%)
**Discount Plus home loan with offset - 6.13% the Green Energy (Solar panel etc.) (CR 6.5%)
**Discount Plus home loan with offset (interest only) - 6.78% (CR 7.14%)

1 Year Fixed Rate - 5.99% (CR 8.57%)
2 Years Fixed Rate - 5.99% (CR 8.30%)

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 Home Loan Investment Loan Loan Refinance

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closed Comments

  • Duckie2hh on 01/05/2024 - 09:53

    Discount Plus home loan with offset - 6.18% below 80% (CR 6.55%)

    P&I or IO?

  • Wizard on 01/05/2024 - 09:53

    Yea nah.

  • Frozensage on 01/05/2024 - 09:54
    +1

    why is CR so much higher than advertised rate?

    • rewstar on 01/05/2024 - 10:04

      Annual package fee most likely. which is waived 1st year and OP doesn't state how much it is after the 1st year (Probably around $400)

      • fans on 01/05/2024 - 10:08

        395

      • star-ggg on 01/05/2024 - 10:59

        But the fixed rate shouldn't have a package fee since there's no offset facility

        • thestig on 01/05/2024 - 12:05
          +2

          Why do you care about the comparison rate for a fixed rate loan? They're completely meaningless unless you plan to not refinance at the end of the fixed period and allow the loan to go to a non-discounted standard variable rate, which you wouldn't do.

          • star-ggg on 01/05/2024 - 12:27

            @thestig: because the CR contains all fees and charges……

            • thestig on 01/05/2024 - 15:01
              +1

              @star-ggg: You should probably look up what comparison rates are and what they mean.

            • 1st-Amendment on 01/05/2024 - 15:13

              @star-ggg:

              because the CR contains all fees and charges……

              Nope. CR was the government's attempt at providing some sort of benchmark for comparing mortgages but it's completely pointless as the figure used is $150k over 25 years and almost no-one's mortgage is $150k over 25 years. The higher above your mortgage gets above the $150k, the more meaningless the CR becomes.
              It's yet another example of government services that cost us all money which offer zero value.

              • jm7 on 15/05/2024 - 08:51

                @1st-Amendment: Whats the best way to compare variable rates?

                • 1st-Amendment on 15/05/2024 - 09:04

                  @jm7:

                  Whats the best way to compare variable rates?

                  Maths.

                  Each mortgage product is different so there is no simple way to compare, you need to get out a calculator. Generally it boils down to the interest rate vs fees.

                  • jm7 on 15/05/2024 - 09:11

                    @1st-Amendment: Thanks. I'm trying to figure out where to refinance to. Currently paying 6.14% with ubank and not super keen to refinance again soon because I plan to have a baby.
                    Looking at up, unloan, and tiimely variable loans. I can't see any banks with <6% offering cashback to cover the fees it's going to cost to transfer the loan. But then again, if the cashback is decent and I refinance in say 3 years, perhaps I would still come out ahead. My brain hurts…

  • jv on 01/05/2024 - 09:57
    +6

    @ Bank of China

    There's already a long queue at the door…

  • cooldog on 01/05/2024 - 09:59

    Thanks China for paying my Medicare and Centrelink.

  • AngoraFish on 01/05/2024 - 10:09
    +6

    Seems to be impossible to find any information on fees and charges without sending someone an actual email.

    Fees and charges are presumably substantial, given the unusually high comparison rate.

    The advertised information is incomplete and misleading.

    • [Deactivated] on 01/05/2024 - 11:47

      Drop a note to ASIC, they will be keen to know about it.

  • Numbfeeling on 01/05/2024 - 10:10
    +5

    Had really bad experience with them. Very lengthy process for loan approvals. Never again

  • DeepPocketsShortArms on 01/05/2024 - 10:16
    +4

    For obvious reasons I would not use such a bank.

    • Drpepper666 on 01/05/2024 - 10:24
      +2

      What obvious reason?

      • TightAl on 01/05/2024 - 10:29

        Lol i am curious too

  • shoelover on 01/05/2024 - 10:30
    +6

    Terrible experience dealing with them. Kept wasting my time over and over again over 4 to 5 months. Then dishonored the Cashback as they treated the application as a new application when the previous Cashback expired. How convenient. No thanks.

    • star-ggg on 01/05/2024 - 10:57

      What was your experience over 4-5 months? Did they keep asking for more info instead of just getting everything up front? Sporadic updates that they're still processing your loan?

      • [Deactivated] on 01/05/2024 - 11:49

        AFCA is your friend.

        If any breach of their Aust Credit Licence obligation, hit up ASIC too.

  • khamzatchimaev on 01/05/2024 - 10:37
    -6

    lol y’all hate china, how’s Chinese business boom in Aussie streets. Thought sushi milk tea takeaway outlets couldn’t survive

    • thorpef1 on 01/05/2024 - 12:38
      +3

      Chinese sushi… No thanks

      • khamzatchimaev on 01/05/2024 - 16:30
        -1

        0 sushi outlet I know is from actual japanese

  • dtc on 01/05/2024 - 10:44

    If nothing else, the Bank of China building in HK is one of the greatest buildings in the world (from the outside, never worked in it but did work in an office that was very close by so saw it all the time)

  • superlawrence on 01/05/2024 - 11:15
    -6

    好利率

  • chadbest on 01/05/2024 - 11:27
    +1

    Any deal from BOC should be banned!!!

    • [Deactivated] on 01/05/2024 - 11:48

      Why?

  • Drakesy on 01/05/2024 - 11:35
    +1

    They are some bad comparison rates.

  • pitufon on 01/05/2024 - 11:59
    -2

    People should learn how negs work.

    Negative Vote
    Purpose:

    To let others know about issues with the deal, merchant or product.

    "Gonna be a no from me dawg"

    "Yeah, its a no from me"

    "For obvious reasons I would not use such a bank."

    These serve no purpose at all.

    • AssociatedWilson Heroes HL @ Heroes Home Loans on 01/05/2024 - 13:15

      100%

    • Pinchy on 01/05/2024 - 14:10
      -1

      China = bad.

  • Panpanw on 01/05/2024 - 12:19

    O s hit……..I just got my loan with BOC set up last Friday..

    Can I call them to get the better rates?

    6.48% VS 6.18% now

  • clubhonda on 01/05/2024 - 15:27
    +2

    Mods should step in and reverse some of the stupid negs here. I personally hate it when ozbargain gets tainted with political rubbish. A bargain is a bargain regardless of one's political bias. People who don't like certain slant can scroll past. God forbid we'd see an Israel or Palestine company deal here and get people voting on political slant again.

    • pitufon on 01/05/2024 - 16:05
      -2

      Ozbargain has the most toxic community around. It’s a real shame.

      • dtc on 01/05/2024 - 19:39
        +2

        The most toxic? You haven’t met twitter, reddit, facebook, instagram…

        • pitufon on 01/05/2024 - 20:01
          -3

          I am not on twitter or Reddit, insta and FB I get to choose my friends.

  • Dealsclaw on 06/05/2024 - 14:50
    +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

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