1-5 Year Fixed Rate Home Loan from 5.99% (CR 8.3%) + $3288 Refinance Cashback / $2000 Purchase Cashback @ Bank of China

1513
1-5 Year Fixed Rate Home Loan from 5.99% (CR 8.3%) + $3288 Refinance Cashback / $2000 Purchase Cashback @ Bank of China
Go to Deal
AssociatedWilson Heroes HL @ Heroes Home Loans on 01/07/2024 - 11:28 bankofchina.com (231 clicks)
Last edited 01/07/2024 - 16:31 by 1 other user

Dear All

In light of recently commentary that RBA could potentially increase the rates in August

https://www.smh.com.au/politics/federal/august-rate-rise-on-….

There are some attractive fixed rates in the market, especially the one year fixed options

We are delighted to inform you that we have launched a new promotion
Effective date: 01/07/2024 - 30/09/2024
Settled by: 30/12/2024
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 - 6.18% with 80% LVR (CR 6.55%)
**Discount Plus home loan with offset - 6.13% with Green Energy (Solar panel etc.) (CR 6.45%)

1 Year Fixed Rate - 5.99% (CR 8.30%)
2 Years Fixed Rate - 5.99% (CR 8.06%)

Investment Home Loan Products
Discount Plus home loan with offset - 6.38% below 80% (CR 6.75%)
**Discount Plus home loan with offset - 6.33% the Green Energy (Solar panel etc.) (CR 6.7%)
**Discount Plus home loan with offset (interest only) - 6.78% (CR 7.14%)

1 Year Fixed Rate - 6.39% (CR 8.34%)
2 Years Fixed Rate - 6.39% (CR 8.14%)

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 Refinance

Related Stores

Bank of China
Bank of China
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Comments

  • Wiadro on 01/07/2024 - 11:33
    +20

    bro CR 8.3%. no thanks

    • jv on 01/07/2024 - 11:35
      -4

      You don't like CashRewards ?

    • parsimonious one on 01/07/2024 - 12:10
      +1

      Yeah, wtf!….8.3%

    • thestig on 01/07/2024 - 12:21
      +3

      Learn how a comparison rate works and why you shouldn't care about them on a fixed rate loan. Not saying it's a good/bad deal but you're barking up the wrong tree with your reasoning.

      • MorriJ on 01/07/2024 - 22:06
        +1

        The CR is a valid source of concern. Some people on a fixed loan will look at the refinancing costs before skipping a lender and this CR is high as their standard variable rate is 8.39% at the moment meaning for years 3-25 on a 2 year fixed is at 8.39% at today's rate.

        If a CR is absurdly high, its always worth considering why it is so high - whether that's fees or rates, it's all relevant.

        If someone were to take this loan fixed for 2 years; they would want a degree of certainty their financial situation is not going to change before they are looking to refinance etc.

        Fixed, variable or otherwise, CR has its place for consideration. High CRs are problematic on fixed rate mortgages if the underlying loan rates it reverts to are hefty and should be considered by someone seeking the loan.

        • thestig on 01/07/2024 - 22:45

          The CR uses the standard variable rate without a discount applied, which no one should ever be on.
          (My current lender has a standard variable rate almost 3% higher than my actual variable rate.)

          If you're not wanting to change lender at the end of the fixed rate then consider the discounted standard variable rate offered, not the CR on the fixed rate. Maybe look at the CR for the discounted standard variable rate if you want a really rough idea of fees. I still maintain the CR on a fixed loan is a completely invalid source of concern.

    • tobia on 01/07/2024 - 15:39

      Could you please explain why this is bad? Thank you

      • MorriJ on 01/07/2024 - 22:08
        +2

        The CR is simply a comparison rate - similar to unit of measure for shopping. It's calculated against a $150k loan over 25 years. This offers a low interest rate and charges fees each year for the product. Years 3-25 on the comparison rate calculation are done at the % rate the loan will revert to (8.39% or something like that with BOC).

        It's high because their underpinning rates are very high and a nice topper of a few hundred a year in account fees.

  • jv on 01/07/2024 - 11:35
    +15

    Bank of China. no thanks

    • cloudie9 on 01/07/2024 - 11:36
      +2

      Why?

      • BarrytheBargain on 01/07/2024 - 12:12

        Racism

        • jv on 01/07/2024 - 12:16
          +1

          How is it racist?

          • goodwillN1 on 01/07/2024 - 14:00
            +1

            @jv: Maybe they are saying Bank of China is racist? Do they give loans to Uyghur people?

        • UFO on 01/07/2024 - 14:55
          +2

          It's not racist to encourage doing business with Australian companies. Fly the flag elsewhere.

          • Misasagi on 01/07/2024 - 15:53
            -1

            @UFO: encourage doing or not doing business with Australian company, if based on his BACKGROUND, is racist.

          • cheapskate101 on 01/07/2024 - 17:47
            -1

            @UFO: Which banks are Australian owned? Look it up!!! Not the big 4

            • FLICKIT on 01/07/2024 - 17:56
              +2

              @cheapskate101: But they're not state owned by a foreign government ;)

              • cheapskate101 on 01/07/2024 - 19:17

                @FLICKIT: Just corporations that are out to get your money and control the government.

      • batrarobin on 01/07/2024 - 12:17
        +3

        jv

  • aja12 on 01/07/2024 - 11:37
    +7

    Each to their own, but no way would I switch to a fixed rate now. All of the experts have been forecasting rates will begin to come down late 2024 - early 2025, albeit slowly and nowhere near pre-covid rates anytime soon. Locking yourself into (FROM) 6% for up to 5 years would be nuts.

    • AssociatedWilson Heroes HL @ Heroes Home Loans on 01/07/2024 - 11:40
      +2

      Fair enough. I think personally the rates will most likely be increase between now to sometime at the end of this year. I think potentially in the next two meetings they will increase by 0.25% because of the higher inflation figures that come through last month

      • aja12 on 01/07/2024 - 11:44
        +4

        They may do, but we’re at the pointy end of the worst of it before we start seeing some relief. We’re going to see more decreases than increases over the next few years.

        • BatmanAU on 01/07/2024 - 11:54
          -1

          Mate, who are you listening too, Labor media?? We are in a world of hurt and only starting to hit the bay days.

          The increase in immigration was the worst thing this useless Government could have done to this Country. The inflation that this has and will cause is crazy, just give it a few more months (if that) to feel the full affects of this.

          I would be grabbing fixed with both hands, but just my view!

          • aja12 on 01/07/2024 - 12:04
            +8

            @BatmanAU:

            I would be grabbing fixed with both hands, but just my view!

            Go for it, I’m not paying your mortgage.

            The increase in immigration was the worst thing this useless Government could have done to this Country. The inflation that this has and will cause is crazy, just give it a few more months (if that) to feel the full affects of this.

            Ah, so that’s why inflation world wide went to shit. Australian immigration policies. Thanks for clarifying.

            • BatmanAU on 01/07/2024 - 12:18
              -3

              @aja12: It sure about world wide, but Australia yes. And no worries clarifying for you, but you can also Google inflation, will explain a lot more than I can

              • aja12 on 01/07/2024 - 13:08
                +1

                @BatmanAU: For someone complaining about immigration, your English sure is terrible.

          • tunzafun001 on 01/07/2024 - 12:16
            +1

            @BatmanAU: Inflation is still way over the 2ish % they want..

            They use rates as a tool to slow spending…

            Simple as that.. we ARE getting a rate rise.

            • BatmanAU on 01/07/2024 - 12:20
              -7

              @tunzafun001: They use rates as a tool to slow spending…

              Should have stuck it straight to 10% from day dot

              • clubhonda on 01/07/2024 - 14:23

                @BatmanAU: Immigration is the only thing stopping the country from sliding into a recession and seeing a fall in house prices. It really depends on one's perspectives if that is a good or bad thing.

                • BatmanAU on 01/07/2024 - 15:03

                  @clubhonda: I’m not talking about recession, I’m talking about inflation and no inflation doesn’t necessarily trigger a recession.

                  Let’s revisit this topic towards the end of the year and see where we are at.

                  • clubhonda on 01/07/2024 - 18:37

                    @BatmanAU: I'm saying immigration is stopping us from going into a recession, I did not say that inflation triggers a recession. Persistent inflation can force the RBA to continually raise interest rates to the point where it triggers a recession, but our recessionary pressure is not directly caused by inflation.Causation is not correlation.

                • chromium on 01/07/2024 - 16:43

                  @clubhonda: It's a great thing for people who just want to have a roof over their head, bad news for those balls deep in investment loans. The problem is the people making the decisions are in the latter group, so nothing will ever change

                  • clubhonda on 01/07/2024 - 18:39
                    +1

                    @chromium: Problem is those who want just a roof over their head are the most vulnerable to job losses and losing everything in a recession. Those with a few investment properties may need to offload a couple to shore up their cash, but is generally going to be ok. If you look at the current retail environment, those in the low to middle class have really pulled back on their spending, and only the recession-proof ultra-luxury is still going ok.

                    • BatmanAU on 01/07/2024 - 19:08

                      @clubhonda: those in the low to middle class have really pulled back on their spending, and only the recession-proof ultra-luxury is still going ok.

                      Not sure where you shop, but im seeing the absolute opposite. Even at work, you see the higher end earners bringing their lunches and now making coffees, the lower end, takeaway upon takeaway. But who knows, they may live with their folks, or from money, but good old Westfield near me is definitely flooded with the very lower end splashing cash

            • Siuto on 01/07/2024 - 14:19

              @tunzafun001:

              Simple as that.. we ARE getting a rate rise.

              Is it really that simple? Rate rises can slow discretionary spending sure, but how about non-discretionary spending? Rises on house prices, rents, energy, insurance, food etc are still high, how do rate rises squash this?

              I can only see further rate rises making a difference on these when more small businesses shut their doors (if they make their money off discretionary spending or if they have a business loan that they are struggling to pay off) and unemployment rate goes up. Only then people are forced to cut back on non-discretionary items because they don't have a job!

              • tunzafun001 on 01/07/2024 - 19:05

                @Siuto: Oh, if you are asking if I think rate rises are the way to go..then absolutely not

                But… It's what we use currently. So there is zero reason why rates won't rise.

              • ozbking on 01/07/2024 - 22:55

                @Siuto: Also, it’s dependent on the data coming out. It’s not like the RBA hasn’t been surprised by the quarterly data before…

    • star-ggg on 01/07/2024 - 13:18
      +3

      You mean the same experts that predicted rates were going to stay at 3% for 5 years?

      • Chinese on 01/07/2024 - 13:23

        We priced in increases (100bps) when most of the media are reporting record low for the coming years. Now the guess is another 50bps this year before it goes flat the following year.

        Of coz, this is pure speculation as per all guesses on interest rate.

    • michaelavelli on 01/07/2024 - 13:59
      +1

      The "experts" change their predictions regularly.

    • cowboydev on 01/07/2024 - 14:18
      +1

      These "experts" are never right, it's like predicting the stock markets. All they do is comment on the changes after it happens.
      The RBA has just reported that inflation jumped to 4% this month "unexpectedly" so all the experts are starting to say another rate hike is likely.

      • tunzafun001 on 01/07/2024 - 19:01

        About as unexpected as the sun coming up.

  • Dollar General on 01/07/2024 - 11:38
    +33

    Considering China already has all our data, does one need to provide many documents?

    • softwhite on 01/07/2024 - 11:47
      +3

      It's only so you think they don't.

    • MMM on 01/07/2024 - 11:48
      +10

      Downvote? Get a grip, its a joke! Should advertise NO paperwork needed, we already have it! :)

  • Nalar on 01/07/2024 - 11:39

    How is a comparison rate more than +2%? Is it just a stack of fees?

    This mortgage stuff is annoying!

    • AssociatedWilson Heroes HL @ Heroes Home Loans on 01/07/2024 - 11:41

      It's the annual fee over 30 years = $395*30 = $11 850. But I can get the annual fee waive for the first year and if you factor in the cashback you will be better off in the first two years

      • BarrytheBargain on 01/07/2024 - 12:13
        -2

        Then worse off over the following 28 years? Sounds like a great deal

        • ozbking on 01/07/2024 - 22:57

          I don’t like the deal, but in fairness, many people refinance after 3-5 years. My banker calls me yearly to review the rates

      • Nalar on 01/07/2024 - 14:02

        Why this over UpBank @ 5.99% no fees?

        • MorriJ on 01/07/2024 - 20:11

          If you did a 2 year fixed rate here at 5.99%, provided you weren't switching away from BOC at the end of the period and happy to wear a standard variable rate of 8.39% on years 3-25, you are getting the benefit of the cashback.

          If you went with upbank 2 year fixed rate at 5.85% it would revert to 5.95% on years 3-25 but you would be paying no exit fees staying with them but have no cashback.

          • Nalar on 01/07/2024 - 21:38

            @MorriJ: Yeah after all the negs, I don't think there's any reason I'd go for BOC over a local neo bank. But thanks for clarifying the logic.

    • MorriJ on 01/07/2024 - 20:05

      BOCs Standard Variable is high around 8.39% or something stupid right?
      Isn't that why the CR is so high - 5.99% first year, 8.39% years 2-25.

      The CR is done over 25 years and cost of fees is also weighted into the % calculation; but it's sitting around 0.01% percentage adjustment or something small.
      Presuming you are only staying with them for the period of the fixed interest period and leaving or seriously negotiating the % afterwards, you only need worry about your 2 year break costs etc.

  • bdl on 01/07/2024 - 11:42
    -1

    Username checks out

  • shoelover on 01/07/2024 - 11:45
    +15

    After my poor experience dealing with them over 5 months last year. Not anymore.

    • io on 01/07/2024 - 15:04
      -2

      I have received the best customer service from them.

      • io on 01/07/2024 - 16:10
        +1

        Why the neg? Lols. I believe for ppl like you I get the better service. Lols. You expressed your experience I shared mine. If they are different does that beg for a neg?

        • shoelover on 01/07/2024 - 17:36
          +1

          Wait wow. So judgemental.
          Also , how did u know I negged you? Fuyoh..

          • io on 01/07/2024 - 20:28

            @shoelover: I did not mean you. Sorry.

      • shoelover on 01/07/2024 - 17:34

        I meant BoC.

  • Ozfanmel on 01/07/2024 - 11:48

    They have legal fees isn’t ?

    • dosada on 01/07/2024 - 12:17

      In English?

      • mandelbrot on 01/07/2024 - 13:17
        +3

        They have legal fees innit?

        • Chinese on 01/07/2024 - 13:23

          Free legal?

  • Numbfeeling on 01/07/2024 - 11:48
    +7

    Very poor experience dealing with Bank of China

    • jv on 01/07/2024 - 12:21
      +1

      🏦

  • Dealsclaw on 01/07/2024 - 11:49
    +24

    I had the most poor and appalling experience with both the broker and the bank of China. Please do NOT go with Bank of China or this broker. My application for refinance is still pending for the last 6 month and they still keep on asking for documents. Please save your self from mental torture. Please run on the other direction from Bank of China.
    Please PM me for any other details or if you want to me to share my experiences. mine was a straight forward standard PayG refinance.

    • shoelover on 01/07/2024 - 14:05

      Last 6 months ? Didn't some lenders a couple of months ago said it's better now this yr and it's more streamlined and efficient bla bla bla?

  • ozvictor on 01/07/2024 - 11:54
    +13

    Please do not use OzBargain as free advertisement for yourself. It’s just a standard offer from BOC and you did not provide any additional cash back. Your offer is the same as the other 100,000 brokers, why should we pick you over the others?

    • Chinese on 01/07/2024 - 13:25

      He might be good looking? "Shrug"

    • rainy118 on 01/07/2024 - 14:20
      +1

      Agree with u, we need to know all the broker rebates, otherwise this becomes a website just to display rates

  • chickentaste on 01/07/2024 - 11:55
    +6

    Temu grade banking

    • Rachadeal on 01/07/2024 - 12:17
      +3

      Hey don't insult Temu lol

  • jay9 on 01/07/2024 - 11:59
    +5

    Experience with broker was not ideal. Would not recommend to others.

    • Wiadro on 01/07/2024 - 12:07
      +6

      yeah same, he is rubbish

      • deal4life on 01/07/2024 - 12:21
        +2

        I agree.. After providing all data needed for about 5weeks, just before submitting then secret was revealed that I was on probation period so can't provide loan.
        How can 6.19% be a good deal if Unloan is offering at 5.99% at same conditions without any annual fee.
        I think Unloan is way better than dealing with BOC.
        Take Care mate!

  • Sidor on 01/07/2024 - 12:19

    Free CCP membership with the home loan?

  • freedomofspeech on 01/07/2024 - 12:19
    +2

    China

  • payless69 on 01/07/2024 - 12:29
    +1

    Nah,
    I prefer the Bank of Turkey.
    Much better RBA rates,
    cheaper Netflix
    shows Ben the middle finger
    so rates had a slight adj from 13 to 50%
    more cashback potential?

  • FLICKIT on 01/07/2024 - 12:54
    +2

    Isn't the Bank of China state owned? lol… (not sure I'd be comfortable with the Chinese Gov/CCP having a hold over my house, or any foreign Gov for that matter)

    • Chinese on 01/07/2024 - 13:26

      Then voice in our government to scrutinise the data flow of personal information.

      Well, there isn't a data protection law in Australia.

  • CookieCounter on 01/07/2024 - 12:54

    I recently refinanced with Up Bank (Adelaide/Bendigo Bank Digital Only No Branches NeoBank etc). I'm currently on variable, 5.95%. No ongoing fees though… No cashback though. But no fees… ;)

  • TheMindsetTraveller on 01/07/2024 - 13:33

    lots of harsh commentators here

    my fixed period is ending in a month, and my existing lender (ING, been using them for 20+ years) and their comparison rate is 8.3% so same as BOC

    • Siuto on 01/07/2024 - 14:09

      But isn't that the point? Why jump through hoops to refinance with BOC when you can have the same or better rates at other financial institutions?

      • io on 01/07/2024 - 16:08

        Do they also offer cashback?

  • Jaduqimon on 01/07/2024 - 14:09

    Comparison rate is the equivalent of buying Domino's pizza without vouchers. Who actually does it? Lol

  • furiousgeorge on 01/07/2024 - 14:20
    +1

    JYNA

  • UFO on 01/07/2024 - 14:56

    Comparison rate of 8.3% is NOT a bargain.

    • io on 01/07/2024 - 16:07

      Just stay with them for two years. The comparison rate does not apply then.

  • Radical Larry on 01/07/2024 - 14:57
    +3

    This is not a deal, just shameless self promotion.

  • Dealsclaw on 01/07/2024 - 15:40
    +3

    I wish I can neg bank of china 10 times. The worst lender of all. Please consider 100 negative votes from me. Absolutely horrendous lender. They should not even allowed to operate in this country. I made the biggest mistake of refinancing my loan to them. There are better brokers out there that Wilson from heroes loan. He mentioned to me his disappointment with Bank of China service and Procedure and now putting a deal to dupe fellow Ozbargainers. Please stay away from Heroes home loans and Wilson

  • paddyo on 01/07/2024 - 15:49
    +3

    Having gone through the BoC remortgage experience earlier, with another mortgage broker, I would advise against it. The broker themselves were fine, very upfront (regarding timelines) and assisted a lot, without them I would have given up within a month. It took roughly 5 months from Go to Woe with them, sooooo slow, repeating requests for documents, ignoring common sense options. I'm convinced that there are language issues, I'm convinced that if I was a Chinese person in Oz the whole process would be done in a month (no evidence, just an opinion). It got to the point where I just revised all my previous options and ended up staying with my current provider and negotiated a discount with them. Yes, the BoC offer got Approved, but then we had to send documents to another group who were 'representing' BoC in Oz. Nope, Never, No how, No way.

    • shoelover on 01/07/2024 - 17:37
      +2

      No, I'm a Chinese dude in Oz, yet still exact same negative experience with boc.

  • Officewalks on 01/07/2024 - 15:54
    +3

    Was not really smooth experience with this broker. And looks like the cash back is from BOC.

  • knkinfo on 01/07/2024 - 16:54
    +4

    There's an awful lot of information and documentation required!

  • cool1 on 01/07/2024 - 17:36

    Bank of China? next

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