Hello Ozbargainers,
Firstly, thank you for your support so far.
ME Bank continues to offer refinance cashback. And I have increased the broker cashback to $3,000 for loans above $700,000 until 31/08/2024.
- ME Bank offers cashback per security. As long as separate applications are submitted.
- They also offer combo pricing. That means same rates for Home Loan and Investment loan if your home loan portion is larger than investment property loan and all of the loans are submitted under same application.
Below are some of the advertised rates. I have been able to negotiate further discounts on loans above $750K for both basic and offset products.
Advertised Owner occupied P&I variable rates start from 6.17% p.a.(Comparison Rate 6.19% p.a.*) Refer to this link for all owner occupier rates.
Advertised Investment P&I variable rates start from 6.39% p.a.(Comparison Rate 6.77% p.a.*) Refer to this link for all investment rates.
ME Cashback terms and conditions.
A $3,000 cash back offer is available on refinances of an existing home loan from another financial institution with a minimum new lending of $700,000 and a loan to value ratio (LVR) of up to 80%. To be eligible for this offer, applications must be received from 15 June 2024 and settle within 120 days of the loan application date.
This offer is not available where any of the loan proceeds are for the refinance, restructure, switches, or top ups of home loans from ME or from other lenders within the Bank of Queensland (BOQ) Group which includes BOQ, BOQ Specialist and Virgin Money (Australia). This offer is available to Owner Occupier and Investors on all ME home loan products but is not available to applications for owner-occupied loans with interest only repayments. A home loan application involving both a purchase and refinance is not eligible.
Only one cash back will be paid per qualifying home loan application regardless of the number of borrowers. In the case of multiple qualifying applications, only one cash back will be paid per separate security property. The cash back amount will be paid within 60 days of loan settlement into the ME Everyday Transaction Account (ETA) held by the borrower first listed on the application. In the event the first listed borrower doesn’t hold an ETA, the cash back will be credited to the home loan it applies to. Terms, conditions, fees, and charges apply. Applications are subject to credit approval. The offer can be withdrawn or varied at any time.
Please refer to this link for Broker Cashback Ts&Cs
General Advice Warning- The information provided on this site is on the understanding that it is for illustrative and discussion purposes only. Whilst all care and attention is taken in its preparation, any party seeking to rely on its content or otherwise should make their own enquiries and research to ensure its relevance to your specific personal and business requirements and circumstances. Terms, conditions, fees and charges may apply. Normal lending criteria apply. Rates subject to change. Approved applicants only.
Comparison rate warning: Home Loan comparison rates calculated on a loan of $150,000 for a term of 25 years, repaid monthly. For variable loans with interest only repayments, the comparison rates are based on an initial 5 year interest only period. WARNING: These comparison rates are true only for the examples given and may not include all fees and charges. Different terms, fees or other loan amounts might result in different comparison rates. Fixed rate comparison rates only apply for loans with a loan amount of $150,000 to less than $400,000. The comparison rates for fixed loans with interest only repayments are based on the interest only period being equal to the fixed rate term.
Below are some other cashback offers from bank on my panel of 30+ lenders and you can combine broker cashback with any of these.
- BOQ 2K refinance cashback.
- ANZ Bank 2K refinance cashback and 3K First Home Buyer Bonus.
- Bank of China. Refinance and Purchase Cashback Offer
- IMB Bank 2K,3K and 4K refinance cashback.
If you are after a better rate without bank cashback I can get 5.99%(Comparison Rate 6.00%) upto 70% LVR or 5.89% if loan is above $1Million. With People's Choice Credit Union. Plus the broker cashback.
For loans below $700,000. The broker cashback offer of 0.3% of the loan amount is available and ongoing. Refer to this deal for more details.
The easiest way to reach out, is to book an obligation-free appointment in my calendar. You can also call me on my mobile number mentioned in the signature below.
My Profile:
I am an ex-banker with 13+ years of finance industry experience.
Regards,
Roopali
0415 719 759
Director | Mortgage Broker - Lending Workshop
Credit Representative Number 544854| Australian Credit License Number 389328| ABN 98 663 429 598|Certified FBAA Member M-353524.
And we need to stay with Me bank for how long (minimum)?