Variable Home Loan from 5.58% (CR 5.78%), Refinance Cashback $2K ($400K+), $3K (>$1M), Purchase Cashback $2K @ Bank of China

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Variable Home Loan from 5.58% (CR 5.78%), Refinance Cashback $2K ($400K+), $3K (>$1M), Purchase Cashback $2K @ Bank of China
Go to Deal
AssociatedMortgage Broker @ Lending Clinic on 07/04/2025 - 16:48 bankofchina.com (199 clicks)
Last edited 07/04/2025 - 18:29 by 1 other user

Hello Everyone,

Thank you for your support so far.

Bank of China has announced a new cashback offer for April, now offering the following:

  • Refinance Offer: $2,000 cashback for loan amount at least $400K and up to $1M; or $3,000 cashback for loan amount above $1M
  • Property Purchase Offer: $2,000 cashback for loan amount at least $400K
  • Available for loan applications received from 1 April 2025 to 30 June 2025 and settled before 30 September 2025, LVR up to 80% (exclude Construction Loans)
  • Each customer (including each holder of joint accounts) can only qualify for one cashback offer per 12 month period (the refinance and property purchase offers are 2 separate offers and can get both)
  • The loan repayment must be direct debited from a Bank of China account
  • Cashback offer applies for loan applications with new security property to Bank of China
  • First-year annual fee waiver applies for loan amount at least $400K

This offer can be combined with our $2,500 broker cashback (min loan $500K).

Latest interest rates are still lower than most banks:

  • Owner Occupied P&I: 5.68% variable rate (CR 5.88%)
  • Investment P&I: 5.98% variable rate (CR 6.17%)
  • Investment I/O: 6.08% variable rate (CR 6.27%)
  • 0.10% discount available if the property has solar panel, or solar/heat pump hot water system
  • LVR can be up to 80%
  • Annual fee is $190 if no offset account, $395 if with offset account

We have some customers coming off fixed rates and their existing banks are not giving a very good variable rate offer. We hope the Bank of China offer can help reduce your home loan cost.

We also have other banks with competitive offers below:

  • ANZ: $2,000 refinance cashback & $3,000 first home buyer cashback (min loan $250K)
  • ME Bank: $3,000 refinance cashback (min loan $700K) per property
  • Australian Military Bank: $3,000 investment loan refinance or investment property purchase cashback (min loan $250K)
  • Macquarie Bank: no cashback but super sharp fixed rates from 5.39% (CR 5.77%)
  • Please refer to the bank's website for their cashback terms & conditions. Typically you cannot have received a cashback from the bank within the previous 12 months, and cannot refinance within the same banking group. The bank's cashback is usually paid within 60 days.

Kind regards,

Arman Soetanto
M: 0431 825 128
E: [email protected]
W: www.lendingclinic.com.au
Lending Clinic Pty Ltd (Credit Representative Number 511270) is authorised under Australian Credit Licence Number 384704

Financial Cashback Home Loan Investment Loan Loan Refinance

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Comments

  • yangshw321 on 07/04/2025 - 16:51
    +3

    I've heard my broker friend complaining it takes ages for the whole refinance process.

    • pavman on 07/04/2025 - 16:58
      +2

      True - haven't used BOC, but previous deals on OzB for BOC have had some pretty negative feedback.

  • noogu on 07/04/2025 - 16:59

    Their valuations are also very conservative…

    • AssociatedMortgage Broker @ Lending Clinic on 07/04/2025 - 20:59

      I'm finding they're similar to other banks, they use the same pool of valuers and it's randomly assigned. Might just be unlucky with that particular valuer?

  • anamul on 07/04/2025 - 16:59

    I have tried to contact them to refinance and get investment loan, and left voice messages. Never heard back.

  • prezmex on 07/04/2025 - 17:11

    Do you require the use of bankstatements.com.au (or equivalent) for the purpose of assessing the eligibility?

    • arcticmonkey on 07/04/2025 - 20:04

      Why do you ask?

      • prezmex on 12/04/2025 - 07:34
        +1

        there's fair share of banks who automate their assessment of application with usage of 3rd party service like bankstatements.com.au (or equivalent/similar) in a form of their website asks you to log in to the bank so they download statements are transaction history.

        I choose not to share/enter my bank's access credentials on 3rd party sites.

        • arcticmonkey on 12/04/2025 - 07:43

          I did this and it shut down my whole CBA account.

    • AssociatedMortgage Broker @ Lending Clinic on 07/04/2025 - 20:52
      +1

      Bank of China can accept PDF bank statements (doesn't need to be through bankstatements.com.au)

  • Kongzi on 07/04/2025 - 17:21

    Offset?

    • AssociatedMortgage Broker @ Lending Clinic on 07/04/2025 - 20:52

      Yes offset account is available ($395 annual fee, first year waived).

  • Uncle Joseph on 07/04/2025 - 17:36
    +7

    I was a BoC customer. They are pretty efficient, open and transparent. Considering their main market share is the Australian Chinese community, they're doing pretty well. It's not them but their Australian legal agent located in Qld, who is dragging their feet in settlements. That's my experience.
    Pros:
    - Their rate is pretty low compared to other Major Banks.
    - Full swag of banking services, including offset account with the HL at no extra monthly charge (only my experience. Not sure what T&C's are now)
    Cons:
    - Very cumbersome customer service. You can communicate only with the branch where your account is held. However, once you get to the right person, everything is done very efficiently.

    will I recommend?
    No hesitations "Yes"

    • dlovep on 08/04/2025 - 09:15

      Their rate is pretty low compared to other Major Banks.

      I remember their rate is pretty different to our standard rate, when our rate drop theirs stay, YMMV.

    • nicolascage on 08/04/2025 - 12:21

      Thanks for the review. I was hesitant but went ahead with their previous offer

  • jumpypotato53 on 07/04/2025 - 18:03

    Why the comparison rate is so much higher than the interest rates?

    • sistermay on 07/04/2025 - 18:36
      +1

      Because they have lots of fees, that's how the comparision rate shot up when compare to others.

    • selphie on 07/04/2025 - 18:51
      +1

      my understanding is fees are usually few hundred bucks per year regardless of loan amount, and comparison rate is calculated based on $150k loan (which is a bit stupid considering average homeloan these days are >$600k). so the higher the loan amount, the the closer the actual comparison rate to the loan interest rate.

  • yellowfever on 07/04/2025 - 19:33
    +1

    Don't do it. BOC take min 3 months to process any loan applications

    • cheapskate101 on 07/04/2025 - 20:07

      Westpac took 2 months for me

  • Tiggrrrrr on 07/04/2025 - 19:58
    +1

    ANZ: $2,000 refinance cashback & $3,000 first home buyer cashback (min loan $250K)

    What are ANZ rates like?

    • dixy on 07/04/2025 - 20:21

      5.85%? If someone can confirm?

      • AssociatedMortgage Broker @ Lending Clinic on 07/04/2025 - 20:56
        +1

        I have obtained 5.85% recently for a customer, but 5.88% would be more typical. Please contact me privately to get a customised pricing approval for yourself.

        • Ozfanmel on 10/04/2025 - 21:51

          For investment how much is interest rate ?

          • AssociatedMortgage Broker @ Lending Clinic on 11/04/2025 - 10:07

            @Ozfanmel: Hi Ozfanmel, 6.09% variable rate would be achievable for many loan scenarios. Please reach out privately to get a pricing approval under your name :)

  • BeefBiryani on 07/04/2025 - 20:14

    OP i am in the market for a refinance but the comments here re processing times are putting me off.

    • AssociatedMortgage Broker @ Lending Clinic on 07/04/2025 - 21:08

      Agree they're slower than most banks :(
      On average we're getting approved in around a month, settlement can be another month after that (total 2 months).
      Important to use a good broker as they take some time to look at any email (then go back to the queue if the response is incomplete, can go back and forth several times and massively drag out the whole process if the broker is not good).

  • cker on 07/04/2025 - 20:26

    Can vouch for Arman, he’s been able to get my BoC home loan package fee waived after 1 year. Not many brokers you’ll find with a CFA these days

    • cocomelon on 08/04/2025 - 07:25

      I got the package fee with BoC with my broker.. I think it is their promo you just have to ask for it.

      • cker on 08/04/2025 - 21:59

        I meant to say my annual package fee has been waived for 2 consecutive years now

  • Lord Ra on 07/04/2025 - 20:47
    +4

    People should reply to this comment with their current bank and interest RATE. Will help others see what they can bargain for.
    I'll go first.
    NAB - 5.79%

    • Rakddon on 07/04/2025 - 21:09
      +3

      You should clarify if PPOR or Investment

    • bumluffa on 08/04/2025 - 00:45
      +2

      Bank of China 5.53% variable with offset

    • IXXI on 08/04/2025 - 08:32
      +2

      PPOR Bank Australia 5.13% variable with offset. $350 annual fee.

      • Lord Ra on 08/04/2025 - 11:42
        +1

        Congrats on getting that unicorn deal! If rates drop, will they drop the 5.13% also?

        • IXXI on 08/04/2025 - 11:52
          +2

          Thanks, I was pretty chuffed. They have stopped taking applications now as they were overwhelmed by demand. Yes, they passed forward the last rate cut. Went from 5.38% down to 5.13%. The reduced variable rate will last for 5 years, then its back to their standard offering.

          • Lord Ra on 08/04/2025 - 14:04

            @IXXI: No sorry, I mean, if the RBA drops rates again in May, July, Sept, etc, will those rate cuts get implemented into the 5.13%? So if it drops by 50 points, will the loan then be 4.63?
            Feel free to DM me, I have a couple of questions about it cos I would like to apply in the future, TIA!

    • Lord Ra on 08/04/2025 - 11:40

      PPOR - Variable with Offset
      NAB 5.79%
      $8 monthly fee

    • USER DC on 08/04/2025 - 21:27
      +1

      Westpac- 5.86% Offset with $395 annual fee

      how to get better deal please guide, new to this stuff. Dont think I can refinance before full construction either

  • Makaveli99 on 07/04/2025 - 23:59

    They new rates are crap - https://www.ozbargain.com.au/node/895550 , better have moved before rate cut

    • Makaveli99 on 08/04/2025 - 00:00

      And serviceability is poor & refinance timeframe is terrible.

      • AssociatedMortgage Broker @ Lending Clinic on 09/04/2025 - 16:36

        I'm finding their serviceability/maximum loan amount to be similar to major banks. Sometimes even better for certain customers. They don’t have the special refinance policy which some other banks have, for certain refinances the maximum loan amount may not be as good.

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