This was posted 3 months 25 days ago, and might be an out-dated deal.

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$3000 Home Loan Refinance Cashback (Min Loan $700,000 and LVR up to 80%) + $3000 Broker Cashback @ ME Bank

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$3000 Home Loan Refinance Cashback (Min Loan $700,000 and LVR up to 80%) + $3000 Broker Cashback @ ME Bank
Go to Deal
AssociatedLendingWorkshop @ Lending Workshop on 30/07/2024 - 09:14 mebank.com.au (278 clicks)
Last edited 30/07/2024 - 20:29

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.

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.

Email [email protected]
Book An Appointment
Website

Referral Links

Referral: random (31)

$150 Coles Group & Myer Gift Card for both referree and referrer when loans are settled.

Financial Cashback Home Loan Loan Mortgage Broker Refinance

Related Stores

ME Bank
ME Bank
Lending Workshop
Lending Workshop
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closed Comments

  • CyberMurning on 30/07/2024 - 09:17
    +1

    And we need to stay with Me bank for how long (minimum)?

    • dylanozb123 on 30/07/2024 - 09:21
      +2

      No locked in contract however a clawback would be in place for the broker if under 2 years of changing home loans

      • CyberMurning on 30/07/2024 - 11:20

        nope, t and c says get the full cashback if stay minimum 25months. its kind of contract yes i know not really but it is to get the $ which is the whole point of this deal

    • Clear on 30/07/2024 - 09:25
      +10

      Shit bank I wouldn't do it. Multiple customer service reps absolutely insisted that anyone else who has a lower rate than them is lying and can't possibly be real. Even the "supervisor" insisted everyone else must be a scam. They'll forever get slammed by me now.

      • CyberMurning on 30/07/2024 - 09:31

        wow…..

      • Whatisthatvelvet on 30/07/2024 - 11:02

        Geez they sound professional

        • Clear on 30/07/2024 - 11:09

          Yeah really disappointing as their local travelling rep was great when I first signed on. 2 years later he's been made redundant and everything has to go through the call centre.

  • Brick Tamland on 30/07/2024 - 09:22
    +8

    The min $700k sucks and blows

    • drhip on 30/07/2024 - 09:26
      +5

      $700k loan with current 6%+ rate… madness

      • [Deactivated] on 30/07/2024 - 09:27

        Won't buy a unit in Sydney with that.

      • CyberMurning on 30/07/2024 - 09:45

        if owner occ maybe can get slightly less under 6 but for investment i think impossible ? - right now

  • teacherer on 30/07/2024 - 09:22
    +2

    Woah, they're up to 6.17%?

    • User889344 on 30/07/2024 - 12:09

      I just had my fixed rate expire and CBA moved me from 2.49% to 6.88% :O

      • HereToSave on 30/07/2024 - 13:12

        My broker got me 6.04 with offset with commbank. 60% LVR

  • edumacation on 30/07/2024 - 09:27

    Any options for interest only investment?

    • AssociatedLendingWorkshop @ Lending Workshop on 30/07/2024 - 10:04

      Yes, there are options for interest only investment. These days majority of the interest rates are depended on LVR and loan size.

      • temporiser on 30/07/2024 - 11:47
        +1

        Can you provide some examples of rates charged for I/O

  • gsxr600rr on 30/07/2024 - 09:30
    +2

    Cashbacks are truly more or less gone, they're always cashbacks for the banks with slow, old processes that didnt invest in tech, and the cashback is the price they(and you) pay for that.

  • OzBestDeal on 30/07/2024 - 09:34

    Are the $700k minimum accumulative (ie. can be added from multiple loans applied together)?

    • CyberMurning on 30/07/2024 - 09:44

      want to know as well. one prop or can be multiples

      • AssociatedLendingWorkshop @ Lending Workshop on 30/07/2024 - 10:05

        Yes, it can be accumulative. It has to be done as split loans or one single loan, in single application against multiple properties.

  • King Steuart on 30/07/2024 - 09:43
    +1

    Not seeing the deal here on that rate. Gonna drop over the next 12 months for sure.

  • Ultramup on 30/07/2024 - 10:00
    +1

    How is the broker cashback paid. Half on month 13 and half on month 25? Paid as an EFT or is it gift cards?

    • AssociatedLendingWorkshop @ Lending Workshop on 30/07/2024 - 10:06

      Terms and conditions are there in the link with regards to when will the broker cash back be paid.

      It will be paid via EFT.

      • ShMiCk on 30/07/2024 - 11:29
        +4

        You can’t just tell us the answer to the first question here like you did for the second question?…

        • CyberMurning on 30/07/2024 - 11:47
          +1

          (c) Your Cashback Offer will be paid out equally on the following dates (Cashback Payments):
          (i) The first half of your Cashback Offer is to be paid on the last working day of the 13th month from the Loan Settlement Date; and
          (ii) The second half of your Cashback Offer is to be paid on the last working day of the 25th month from the Loan Settlement Date.
          (d) For the purposes of this offer, “Loan Settlement Date” means the date that the lender disburses the approved mortgage loan amount to the Client.

          • Al123 on 02/08/2024 - 22:12

            @CyberMurning: Is the Cashback not on the loan settle date? Does it mean customers need wait for the 13th & 25th month for the $3000?
            Thanks

            • AssociatedLendingWorkshop @ Lending Workshop on 04/08/2024 - 12:32

              @Al123: $3,000 ME bank cashback is paid within 60 days from settlement date. The broker cashback is as per the details copied above from broker cashback Terms and Conditions.

          • Big Cat on 15/08/2024 - 12:45
            +1

            @CyberMurning: We did a loan thru a broker here that was offering similar cash back conditions (50% upfront, 50% after 24 months). We got the first 50% but after 24 months, that broker was nowhere to be found and not responding to emails.

            Not saying that this is what will happen here. But do your own due diligence, and don’t count your chickens before they hatch. For us personally, after this experience, we will go for the upfront cash back every time

            • CyberMurning on 15/08/2024 - 12:52

              @Big Cat: hmm unless they went bankrupt we can sue them on court based on signed contract, right? damn they shouldnt scam people for just few thousands really

      • flashi007 on 30/07/2024 - 13:52
        +1

        Just give us the one line answer instead of making potential customers travel through the terms and conditions BS

  • Drakesy on 30/07/2024 - 10:47

    Geez $700k loan, be paying $42k in interest a year, $3k is barely going to make a dent in it.

    • webtonmoy on 30/07/2024 - 10:56
      +2

      I guess making a dent on that is not the purpose. If someone already has that loan, that extra cashback would help, its better than 0 :)

      No one is getting 700K loan for the purpose of getting 3K cashback.

    • BlueGlass on 30/07/2024 - 11:20
      +1

      I mean, if you have a 700K loan your paying the interest regardless. Might has well bounce between banks for the cashback.

  • danzig440 on 30/07/2024 - 13:11

    Greater Bank currently have a $2500 cashback for loans over 500k and $2000 for loans under 500k with a 6.05% comparison rate.

    • temporiser on 30/07/2024 - 13:24

      Is that interest only or P&i?

  • Al123 on 02/08/2024 - 22:18

    If a current loan with another bank is $400,000, can it be refinanced with MEbank to top up to $700,000?
    1, the extra $300,000 will be in offset for the case :/
    2, if the borrowing capacity is not a problem

    • AssociatedLendingWorkshop @ Lending Workshop on 04/08/2024 - 12:31

      hi @Al123, short answer is yes, depends on what you need to keep the extra funds for. Feel free to reach out and we can discuss.

  • dannyboi on 07/08/2024 - 20:45

    @LendingWorkshop Just wondering if you work with Qudos Bank for the cashback?

    • AssociatedLendingWorkshop @ Lending Workshop on 08/08/2024 - 09:54
      +1

      hi @dannyboi, I do not have Qudos bank on the panel but there are plenty others, that might suit you. Here is the link to all.

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