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Bank of China Offset Variable Rate from 5.98% p.a. (CR 6.34% p.a.) + 0.15% p.a. Broker Cashback @ Bank of China

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Bank of China Offset Variable Rate from 5.98% p.a. (CR 6.34% p.a.) + 0.15% p.a. Broker Cashback @ Bank of China
Go to Deal
AssociatedLyouwintoo @ Mates Rates Mortgage Brokers on 22/05/2024 - 10:12 bankofchina.com (307 clicks)
Last edited 01/06/2024 - 14:13 by 1 other user

STOP THE PRESS –

$3,288 Home Loan Refinance Cashback at Bank of China. — Duplicate offer removed from deal (Mod)

5.83 effectively with the inclusion of our Exclusive Mates Rates 0.15%pa cash-back.**

Effective date: 01/05/2024
Submitted between:1/05/2024 to 30/06/2024
Settled by: 30 September 2024
Special rates are only applied to all new applications
Cash back offer available for loan applications with minimum lend of $400,000 and <80%LVR

*CR – comparison rate does not include the BOC cashback or Mates Rates Exclusive 0.15%pa cash-back for BOC

** cash-back is 100% of the lender paid monthly trail commission paid to you every month

Australian Credit Licence No. 382805

Please feel free to email me at [email protected] or call 1300 558 161 and we will be happy to answer all your home loan questions
https://matesratesmortgages.com.au/

Trent Lee
Founder and CEO

Financial Cashback Home Loan Loan Mortgage Broker

Related Stores

Bank of China
Bank of China
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Mates Rates Mortgage Brokers
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closed Comments

  • orbital on 22/05/2024 - 10:22
    +2

    Oh dear OP… You've just sent the neck beard/basement dweller signal up by mentioning Bank of China

    All the best with the incoming comments 🍿

    • sircable on 22/05/2024 - 10:40
      +1

      No clean shaven basement dwellers?

    • Slo20 on 22/05/2024 - 11:00

      I’m more concerned with all of mates rate reps ozb accounts (potentially also op) all being in penalty box for breaking ozb rules.

      • Associatedyouwintoo @ Mates Rates Mortgage Brokers on 22/05/2024 - 15:35
        +1

        MRMB was banned in 2016 because there was an OB request to add more details and the request was missed being received due to over whelming enquiries coming out of the Barefoot Investor Book and Mortgage Month interviews. The information was recently sought, and posts are now compliant.

    • Associatedyouwintoo @ Mates Rates Mortgage Brokers on 22/05/2024 - 15:20

      It's an Australian bank licenced lender, there are many other lenders available with our exclusive Mates Rates monthly cash-back from 0.15%pa. BOC is just presently the lowest interest rate available and with a cash-back for loans >$400K among other t's&c's

  • wise penny on 22/05/2024 - 10:27
    +1

    How about investor loan?

    • Associatedyouwintoo @ Mates Rates Mortgage Brokers on 22/05/2024 - 15:21

      We need to a full analysis of your situation to be able to make recommendations. Send an email to [email protected] for recommendations with cash-back.

    • Associatedyouwintoo @ Mates Rates Mortgage Brokers on 23/05/2024 - 13:25

      Having said the below wise penny,

      We have a number of investor property cients taking up the BOQ $2,00 cashback offer

      BOQ – Fixed Home Loan Special Investment IO
      6.14% Revert Rate 6.59% - Comparison 6.58 effectively 5.99 IO for 3years security with our exclusive Mates Rates monthly cash-back
      Not available for refinance or restructure of existing BOQ Group lending (which includes BOQ, BOQ Specialist, ME Bank and Virgin Money (Australia)
      Minimum loan amount $250K - $2000 cashback
      Settlement fees $150
      $10.00 Monthly Fee
      $350 Discharge Fee

  • d-hunterz on 22/05/2024 - 10:30

    anything for the less min. loan value loans?

    • Associatedyouwintoo @ Mates Rates Mortgage Brokers on 22/05/2024 - 15:25

      Yes however, BOC is providing the most competitive interest rate for owner occupied principle & interest home loans. For further assistance send a detailed email with your email and mobile number details to us at [email protected]

  • hongd on 22/05/2024 - 10:35

    what are the signup fee (like evaludation, lawyer fee) and ongoing fee (like package fee)?
    Is it still 5.98% without offset ?
    How long will we stay with BOC in order to retain the cashback?

    • Associatedyouwintoo @ Mates Rates Mortgage Brokers on 22/05/2024 - 15:30

      Quoted fees

      $395 annual fee
      $250 Discharge fee
      $300 Switch fee

      2yrs but can me mitigated needs discussion.
      For further assistance send a detailed email with your email and mobile number details to us at [email protected]

  • MakkhiChoos on 22/05/2024 - 10:41
    +2

    Will I be asked to become a CCP spy if I took China money?

    • bennybaubles on 22/05/2024 - 10:44
      +4

      Congratulations, you’re the first one to start the ball rolling now the rest will follow.

      • MakkhiChoos on 22/05/2024 - 10:45
        +5

        There are three ways to make a living in this business: be first; be smarter; or cheat.
        Now, I don't cheat. And although I like to think we have some pretty smart people in this building, it sure is a hell of a lot easier to just be first.

    • plmko on 22/05/2024 - 11:16
      +5

      So a bank that does it's due diligence lol

  • star-ggg on 22/05/2024 - 11:55
    +5

    PSA: This broker charges $10/month "processing fee" for the monthly cashback

    • strikerzebra on 22/05/2024 - 11:56

      sketchy as , what processing would be required once the refinance went through

      • star-ggg on 22/05/2024 - 12:14

        I've done my research into these broker cashback models. The broker won't get a trailing commission until you've stayed for a year so this broker paying out to you every month from their initial 0.6% commission for the first year (but that 0.6% gets clawed back if you stay less than one year). After that first year the $10/month becomes pure profit for them.

        So really it just depends on how long you plan to stay on the new loan. If less than a year then it's direct profit for you and a loss for them (but then you probably get blacklisted from using them again).

        • Associatedyouwintoo @ Mates Rates Mortgage Brokers on 22/05/2024 - 15:17
          +1

          You are referring to imitators, that is not the Mates Rates model. Our cash-back commences the 2nd Friday of the 3rd month after settlement and
          have now paid more than $13million in cash-back to our client's loans helping them to pay their homes of faster.

      • Associatedyouwintoo @ Mates Rates Mortgage Brokers on 22/05/2024 - 16:26

        Unlike ordinary brokers that retain the entirety of the trail commission, Mates Rates has now credited more than $13million in trail commissions to our clients home loans to help them to pay their homes off faster. Administering and processing the cash-back does not happen automatically there is staff and systems that require to be paid for to administer the cash-back. Legitimate enough to be the broker chosen to use and written about since 2013 by the Barefoot Investor.

        Citing The Only Money Guide You'll Ever Need

        'They're called 'cash-back mortgage brokers'. I used them when I bought my farm, and, ‘when the cash-back was kicked-back to my loan each month’, you too can get ‘the same buzz I assume a pokie-punter gets when they score 'five free spins' on the pokies’'

        • douevenozbargain on 22/05/2024 - 18:32
          +2

          just be honest that customers wont receive 100% of the trailing commissions, whats so hard about that?

          • Associatedyouwintoo @ Mates Rates Mortgage Brokers on 23/05/2024 - 10:48

            @douevenozbargain: not sure what your issue is here douevenozbargain since you have an axe to grind, maybe a borrower that doesn't receive trail commissions credited to your home loan.

            If you want to be specific, our clients are entitled to receive 100% of the ongoing lender paid trail commission now more than $13million which we charge $10p/mth per month to administrate. However, we also provide the option to nominate that the $10p/mth can be deducted from their cash-back before it is credited. So technically you are correct there are some clients that don't receive 100% credited due to the fee deduction however, that is not a deception that 100% is not paid by Mates Rates!

            Honesty is an issue for me nor my staff, colleagues and clients.

    • douevenozbargain on 22/05/2024 - 13:32

      Oh wow. Negged. This should be in the post

      • star-ggg on 22/05/2024 - 13:38
        +2

        It's carefully hidden and obscurely written on their website as well.

        What fees do you charge?
        Instead of charging you for our services, our “fee” is taken from the upfront commission we receive from the lender – not from your pocket!

        The small $10 monthly administration fee we charge for administering the cash-back can be deducted from your cash-back so there’s no need to pay upfront.

        • douevenozbargain on 22/05/2024 - 13:51

          Haha given $10 is so small, ill send them my bank details

        • fantombloo on 22/05/2024 - 18:29

          our “fee” is taken from the upfront commission we receive from the lender – not from your pocket!

          We take what's coming your way, by stealth, even before it hits your pocket.

          • douevenozbargain on 22/05/2024 - 18:33

            @fantombloo: Hahahaha, its like saying i redirected my pay to be deposited directly to apple so my new iphone didnt cost a thing

        • GuyfromMelbourne on 22/05/2024 - 18:54

          And they don’t pay the cashback until they recover the gap if the bank they recommended pays them less commission. Check the commission leveller.

          What is a Lender Commission Leveller (LCL)?

          Our Mates Rates Mortgage Brokers Lender Commission Leveller provides a level playing field that ensures no home loan lender is left out of consideration, regardless of the amount of commission they pay us. And it’s a model that guarantees we will find the best loan for you, regardless of the percentage of commissions the lender pays us.

          If the upfront commission is lower than 0.65%, you can nominate for the difference to be deducted from the lender paid trial commissions, as soon as the LCL is recovered the cash-back will commence.

          This Lender Commission Leveller ensures that our recommendations are fair-dinkum because we are not affected by the commissions the lenders pay to us. No matter which lender you choose, we are always paid the same.

    • Bdawg on 22/05/2024 - 14:39
      +1

      Woah what the!?

    • Associatedyouwintoo @ Mates Rates Mortgage Brokers on 22/05/2024 - 16:29
      -1

      As below, yes we do.

      There is a cost for the staff and systems to process the thousands of monthly cash-back credits and our client's are happy to pay it to reap the rewards of the monthly cash-back which ordinary brokers choose to spend on themselves, we choose to share with our clients.

      • star-ggg on 22/05/2024 - 17:08
        +2

        Nothing wrong with your business model. Just be upfront about the fees.

        • Associatedyouwintoo @ Mates Rates Mortgage Brokers on 22/05/2024 - 17:20
          -5

          Your first comment attacks my business with a false claim. Now I know you understand more I would appreciate your amending your comment, as it does not relate to Mates Rates Mortgage Brokers. In fact you have not done your research on Mates Rates and the comment is false. I think you would prefer rather amending your research comment than be banned for false commentary. would you not?

          The admin fee is discussed with clients and included in the quotes and lender comparisons and calculations. It is fully disclosed, you can't be more upfront than that.

          • star-ggg on 22/05/2024 - 17:28

            @youwintoo:

            ** cash-back is 100% of the lender paid monthly trail commission paid to you every month

            fully disclosed

            100% - $10 is not 100%…..how are you customizing home loan recommendations if you can't do simple maths

          • douevenozbargain on 22/05/2024 - 18:27

            @youwintoo: Oh wow, youve started a war now. No need to threaten us for exposing your lies.

            • Associatedyouwintoo @ Mates Rates Mortgage Brokers on 23/05/2024 - 10:07

              @douevenozbargain: no war here, and no lies to expose.

              Simply a request to correct an incorrect statement which could be considered a lie by your measure. The administration fee is fully disclosed to enquirers, notate in the recommended lender quotes and included in the life of loan calculations provided.

      • broski on 22/05/2024 - 18:45
        +1

        Surely you could just offer a lower cashback and not charge an admin fee.

        • douevenozbargain on 22/05/2024 - 20:28
          +1

          its much easier to rope people in and drop the $10 fee on them after their credit check

        • Associatedyouwintoo @ Mates Rates Mortgage Brokers on 23/05/2024 - 10:01

          Hi broski, we pretty much do in our offer.

          Cash-back is 100% of the ongoing lender paid trail commission and there is a resource required to deliver that for which we charge a $10p/mth administration fee which provide the option for the client to have it deducted from their cash-back rather than pay it out of their pocket. Most clients choose this option others particularly those with an investment property loan, choose the option to pay a $100pa+gst annual fee by credit card with a 1.5% processing fee as the fee could be a tax deductible expense.

  • payless69 on 22/05/2024 - 14:28

    Stop the press

    Print your OWN money.

    Cash is CASH,
    promised cashback are just warm air!

    • Bdawg on 22/05/2024 - 14:39
      +1

      I got $6,000 in cash back so far in the last 7 months?

      • payless69 on 22/05/2024 - 15:28

        Happy counting.
        Sometimes the hoops to get thru mean it is a full time job hooping.

      • emboon on 28/05/2024 - 09:26

        care to share which bank you went with and what interest rate?

        • Bdawg on 31/05/2024 - 09:40

          My first refi was westpac for $4k, rate was around 6.54%
          Second refi ANZ 6.51% $2k cashback

          Have a look at newcastle permanent, good rate and $3k cashback - I couldn't refi with them as their crap system didn't recognise 2 of my properties:

          https://www.newcastlepermanent.com.au/personal/home-loans/re…

          • Tiggrrrrr on 31/05/2024 - 19:45

            @Bdawg: Those interest rates seem a bit high. Is that Investment loans?

            • Bdawg on 05/06/2024 - 09:20

              @Tiggrrrrr: Yes investments loans with basically nothing owing, so the rate doesn't matter to me, only the cashback.

          • douevenozbargain on 03/06/2024 - 18:24

            @Bdawg: I refinanced direct with newcastle. Highly recommend. Was all done in 2 weeks

          • douevenozbargain on 03/06/2024 - 18:25

            @Bdawg: I refinanced direct with newcastle. Highly recommend. Was all done in 2 weeks

    • douevenozbargain on 22/05/2024 - 18:28

      so they also dont pay cashback?

      • Associatedyouwintoo @ Mates Rates Mortgage Brokers on 23/05/2024 - 10:02

        unrelated to Mates Rates

  • GuyfromMelbourne on 22/05/2024 - 18:46

    For an example loan of $400,000. The cashback promised here is $50/month($600/year). Out of that these guys will take away $10/month in processing fee. So customer left with $40/month. Better than a traditional broker that doesn’t share commission at all. But this is OB, we have brokers offering better than this.

    • plain_biscuit on 22/05/2024 - 21:26

      Oh? Where can I find these brokers please?

      • GuyfromMelbourne on 22/05/2024 - 21:48

        There was one recently for me bank deal.

      • Associatedyouwintoo @ Mates Rates Mortgage Brokers on 23/05/2024 - 09:48

        Hi plain_biscuit Mates Rates Mortgage Brokers are the brokers Guy is refering to and used and written about by the Barefoot Investor since 2013.

        They're called 'cash-back mortgage brokers'. I used them when I bought my farm, and, ‘when the cash-back was kicked-back to my loan each month’, you too can get ‘the same buzz I assume a pokie-punter gets when they score 'five free spins' on the pokies’

        ‘If you need a home loan … If you have multiple properties or a non-standard situation, call a cash-back mortgage broker like Mates Rates on 1300 558 161, who'll refund you the annual trailing commission the banks pay them. It can be as much as $1000 a year, every year, on a $500 000 mortgage.’ 2016-2018 editions

  • conant on 22/05/2024 - 21:16
    -1

    BoC, the worst bank ever. Period.

    • plain_biscuit on 22/05/2024 - 23:08

      Can you share some example please?

      • zhudiasd on 13/06/2024 - 05:25

        Obviously he can't. He's just another China hater

  • plain_biscuit on 22/05/2024 - 22:39

    Sorry, I must be missing something with all the negs. Although there was a misleading statement in regards to the 100% cashback of trailing commission vs $10/month fee, even with a $100k loan, at 0.15% cash back that's $150 back still $30 better off, no?

    Is it the misleading statement that was negged? Or there's no deal here negged?

    • GuyfromMelbourne on 22/05/2024 - 23:22
      +2

      Compare the market deal is better if 100K loan. But they don’t have bank of china.

    • Associatedyouwintoo @ Mates Rates Mortgage Brokers on 23/05/2024 - 09:43

      yes you are missing something, the minimum loan amount for Mates Rates is $350,000 with average loan amounts now more than $750,000. The reference loan amount the Barefoot Investor wrote about is $500,000.

      in the early editions 2016-2018 ‘If you need a home loan … If you have multiple properties or a non-standard situation, call a cash-back mortgage broker like Mates Rates on 1300 558 161, who'll refund you the annual trailing commission the banks pay them. It can be as much as $1000 a year, every year, on a $500 000 mortgage.’

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