5.93%-5.98% (CR 6.30%-6.35%) Owner Occupied Variable with Offset / 6.13%-6.18% (CR 6.50%-6.55%) Investment P&I @ Bank of China

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5.93%-5.98% (CR 6.30%-6.35%) Owner Occupied Variable with Offset / 6.13%-6.18% (CR 6.50%-6.55%) Investment P&I @ Bank of China
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AssociatedMortgage Broker @ Lending Clinic on 30/04/2024 - 10:44 bankofchina.com (100 clicks)
Last edited 30/04/2024 - 11:38 by 1 other user

Hello Everyone,

Hope you're all doing well.

Bank of China has become competitive again, they've caught up with their backlog and are earger for business again!

From 1 May 2024, they're reducing their interest rates to below:

  • Owner Occupied P&I: 5.98% variable rate with offset (CR 6.35%)
  • Investment P&I: 6.18% variable rate with offset (CR 6.55%)
  • Investment I/O: 6.78% variable rate with offset (CR 7.14%)
  • LVR can be up to 80%
  • Discount of 0.05% available to the variable rate for Green Borrowers (if the property has solar panels; solar hot water systems; or heat pump hot water systems)
  • Annual fee $395, legal fee at cost, valuation fee waived for property value <=$1m
  • Very sharp fixed rates available, owner occupied 5.79% for 1-5 years, investment P&I 5.99% for 1-5 years, investment I/O 6.19% for 1-5 years (Rate Lock fee $700)

Also, if your loan is at least $400K, they're offering $3288 refinance cashback and $2000 property purchase cashback, with a waiver of the first year annual fee.
Loan applications must be received from 1 May 2024 to 30 June 2024 and settled before 30 September 2024.
To qualify as a New Home Loan the loan must be an external refinance or a new purchase and the Borrower must set up a Bank of China account with a direct debit for loan repayments. Each customer (including each holder of joint accounts) can only participate once per Cashback within 12 months. Loan amount is no less than $400K and no LMI. The Cash Rebate is only payable up to 60 days from loan settlement and will only be paid to your Bank of China (Australia) Limited, Transactional At Call account set up for direct debit payments to your Loan Account.

Please note, a branch visit will be required to open the offset account/savings account (together with your partner at the same time, if the loan is in joint names).

Good to finally see sub-6% variable rates again on new loans, and very competitive investment rates too.

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 Home Loan Investment Loan Refinance

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Comments

  • s26f84 on 30/04/2024 - 10:46
    +9

    i did my application with them in nov 2023 and still no reply. poor customer service. buyer beware!

    • Taro Milk Tea on 30/04/2024 - 11:00
      +2

      to Bank of China or OP? I used OP's service and he has been great.

      • s26f84 on 30/04/2024 - 11:46
        +1

        comment is for BOC. sorry about confusion

  • Panpanw on 30/04/2024 - 10:47

    What is property purchase cashback?

    • Harry P Ness on 30/04/2024 - 11:38
      +1

      Lower incentive for a purchase, higher incentive for refinance.

  • cook99 on 30/04/2024 - 10:54
    +7

    Grabs popcorn 🍿

  • maxo84 on 30/04/2024 - 10:55
    +3

    Ah bank of china no thanks!

    • Hinee on 30/04/2024 - 11:01
      -1

      I don't know anything about them - why not?

  • Aussiecash on 30/04/2024 - 10:56
    +2

    China

    • TightAl on 30/04/2024 - 11:04
      +3

      Thanks, that wasn't obvious

    • Sapiens on 30/04/2024 - 11:32
      +5

      I believe it's spelled 'Jyna'

      • Lizard Spock on 30/04/2024 - 12:13
        +2

        It's spelt China. It's pronounced Jyna

  • TheJoker on 30/04/2024 - 11:00

    Why… what would happen… why would you even…. eeerrggghhhhh

    • Sapiens on 30/04/2024 - 11:32
      +1

      Brother ewwww!

  • sistermay on 30/04/2024 - 11:03
    +2

    Just a word of warning to people who wants to use a smaller bank in Australia (like HSBC as well) for home loans, they don't have their own in house legal team and for that reason, whenever you discharge / refinance your loan, its a nightmare to deal with the bank. They also charge you a lot more because they have to get an outside firm to handle this process so factor that in. If you refinance quite frequently, this could add up your costs.

    • ylu203 on 30/04/2024 - 11:49
      +2

      nightmare to refinance with BOC

  • plmko on 30/04/2024 - 11:04

    Not bad

  • s3048161 on 30/04/2024 - 11:09
    +4

    if you default your loan does that mean your house is then owned by china?

    • Maxxjet on 30/04/2024 - 11:22

      technically CCP

    • tekisei on 30/04/2024 - 11:26

      I don't think random suburbian houses are strategically important enough to waste money on when the Chinese economy is rather unsteady and suffering from capital outflows at the same time.

      • TheJoker on 30/04/2024 - 15:43

        They certainly are important enough

  • MarsTitan on 30/04/2024 - 11:16
    +2

    For essential workers there is this deal (5.8% with offset) https://www.gcmutual.bank/products/home-loans/essential-work….

    • rcgy on 30/04/2024 - 21:27

      This looks great. What's the catch? The fee for withdrawing early repayments, obviously, but you can just use the offset account.

  • musai on 30/04/2024 - 11:21
    +6

    will i get liquidated if i say bad thing about ccp?

    • incipient on 30/04/2024 - 11:37
      +6

      You joke, but I mean that's literally what happens to people 😬

    • Jessie Ryder on 30/04/2024 - 12:18
      +1

      Yes, it is no joke

  • Ladcake on 30/04/2024 - 11:29
    +1

    not relevant to deal, but recently sold a property in Perth. 4 out of 5 potential buyers provided proof of finance thru HSBC and other one was thru Bank of China. Those guys must have best rates or something

  • boku on 30/04/2024 - 11:39
    -1

    Does Bank of China accept RSU as income?

    • AssociatedMortgage Broker @ Lending Clinic on 30/04/2024 - 13:36
      -2

      Typically banks don't count RSU as income, but we're happy to review your circumstances further and make a case for it. Are you buying a property or refinancing?

  • Oipjo on 30/04/2024 - 11:53
    +1

    Checking their site - probably worth mentioning that the Minimum Loan Amount for 5.98% is $2,000,001

    • incipient on 30/04/2024 - 11:56

      So, you mean anyone that buys a 2x1 apartment is eligible for 5.98%?

      • shoelover on 30/04/2024 - 14:23
        +1

        Not everyone lives in Sydney.

    • tomclancy on 30/04/2024 - 12:16

      Very misleading. I checked their website and the rates are:
      - <$1,000,000 = 6.18%
      - $1,000,001 - $2,000,000 = 6.08%
      - >$2,000,000 = 5.98%

      Greater Bank 5.94% on all loans a way better deal

    • AssociatedMortgage Broker @ Lending Clinic on 30/04/2024 - 13:29
      -1

      They have a new offer starting tomorrow, minimum loan $100k for the interest rate (but the cashback is for $400k+ loan).

  • sunnyc on 30/04/2024 - 11:54
    +1

    I mean it’s a shit deal even if it was just based on numbers, a smaller lender would have better rates.

  • shoelover on 30/04/2024 - 12:02
    +4

    No thanks. Get out ! I hate Bank of China ! I've had terrible experience in the application process! No more!

    • AssociatedMortgage Broker @ Lending Clinic on 30/04/2024 - 13:31
      -1

      How long ago did you apply? Bank of China had a massive backlog last year. But currently they have caught up, should be a smoother experience. Still need to visit a branch though to do the final ID check and open the offset account.

  • stratbargain on 30/04/2024 - 12:24

    Up Bank is 5.95% with no annual fees and 50 offset accounts. Not sure why you'd go with the CCP over a local bank?

    • AssociatedMortgage Broker @ Lending Clinic on 30/04/2024 - 13:30

      Bank of China has $3288 refinance cashback :)

      • stratbargain on 30/04/2024 - 15:33

        Great

      • sunnyc on 02/05/2024 - 20:45

        That’s just to cover their refinance fees

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