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Bank of Sydney 3.54% Pa Owner-Occupier Variable Rate Home Loan. $0 Setup/Ongoing Fees (QLD, NSW, VIC, SA, WA Metro only)

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Bank of Sydney 3.54% Pa Owner-Occupier Variable Rate Home Loan. $0 Setup/Ongoing Fees (QLD, NSW, VIC, SA, WA Metro only)
Go to Deal
sacs2k1 on 18/08/2016 - 10:46 banksyd.com.au (2944 clicks)
Last edited 18/08/2016 - 13:52

On paper it looks like one of the best home loan deals out there.

Variable rate: 3.54%pa
Comparision rate: 3.55% pa

$0 application fees
$0 ongoing monthly fees
Free Offset account
Fee-free Platinum Credit Card
Android Pay

Criteria:
PAYG only - so not available for self-employed
LVR less than 80%
At least 1 year in same line of employment
Sydney, Melbourne, Adelaide Metro postcodes only QLD, NSW, VIC, SA, WA Metro postcodes only

Cashback - Mortgage brokers are offering up to $1,500 cashback. Read comments for more information.

Financial Home Loan

Related Stores

Bank of Sydney
Bank of Sydney

closed Comments

  • MadMaxBargainRoad on 18/08/2016 - 11:01

    Looks like a decent offer. Any cash withdrawal facilities?

    • sacs2k1 on 18/08/2016 - 11:04

      Do you mean redraw?

      • scud70 on 18/08/2016 - 11:07

        or an offset ?

        "Free Offset account"

        :)

        • sacs2k1 on 18/08/2016 - 11:09

          It comes with both redraw and an offset account. I believe they use RediATM network - so pretty good coverage.

        • scud70 on 18/08/2016 - 11:11
          +2

          @sacs2k1: seems to tick all the boxes, i'm looking to refinance and get a lower rate with an offset account ..

        • sacs2k1 on 18/08/2016 - 11:18
          +2

          @scud70: The only negative I see is the $10k extra payment limit per annum. The fine print mentions "Break costs will be payable subject to Terms & Conditions for any payments exceeding $10,000 p.a." - don't know with these costs are though!

        • scud70 on 18/08/2016 - 11:19

          @sacs2k1: is that on the variable or just the fixed, i thought that was mainly a limitation with fixed interest loans ….

          "Additional repayments for Fixed Loans4 Additional or lump sum payments up to $10, 000 p.a. are allowed without penalty."

        • sacs2k1 on 18/08/2016 - 11:21
          +1

          @scud70: My bad - you are correct. Reread the info on website and it is applicable only to fixed-rate loans.

        • scud70 on 18/08/2016 - 11:23
          +2

          @sacs2k1: yeh thats a normal thing with fixed loans :) they also have a Split facility option so you can split the loan to fixed and variable… all in all seems to have all the features of loans that are .5% higher in interest.

      • MadMaxBargainRoad on 18/08/2016 - 11:13

        I mean if I have funds in my offset account; do they provide a debit card for me to withdraw? I am using ING at the moment and I am trying to get the same convenience.

        • sacs2k1 on 18/08/2016 - 11:16
          +1

          Yes, they provide a debit card and also a cheque book for withdrawls/payments.

        • MadMaxBargainRoad on 18/08/2016 - 11:19
          +1

          @sacs2k1: Sounds great. Do you also happen to know whether they deal with brokers? It would be great if you can combine with MatesRates' offer.

        • sacs2k1 on 18/08/2016 - 11:20

          @MadMaxBargainRoad: Sorry, no clue if they deal with brokers.

        • MadMaxBargainRoad on 18/08/2016 - 11:28
          +1

          @naritas: lol another great deal. I might send you a PM later on to get a bit more info. Thanks.

        • bargain_knight on 18/08/2016 - 13:00

          @MadMaxBargainRoad: Bank of Sydney are not listed on the MatesRates website. Have you asked one of their brokers directly, whether they can offer a deal with them?

          That would be best as their trail commission rebate can be up to 0.2%.

        • dein_gesicht on 18/08/2016 - 14:01

          @naritas: which broker?

        • stockastics on 18/08/2016 - 14:15

          @naritas: I have loan from YBR through a broker since 11 months. If I refinance to Bank of Syd, do I need to pay anything to the existing broker if i switch brokers? Also, does bank of syd increase rates arbitrarily once someone joins? Loans.com.au does it after few months..

        • CM123 on 18/08/2016 - 14:31
          +1

          @stockastics: I have the same question about the interest rate increment. Just got off a chat with a CSO of naritas, they said there is no guarantee that the discount off the standard rate won't be change for the life of the loan.

        • stockastics on 18/08/2016 - 14:44

          @CM123:thats the catch then..my current loan guarantees 0.5% off the variable rate..

        • tomleonhart on 18/08/2016 - 14:55
          +1

          @stockastics: for what's it worth. that's the catch you will get with all banks.

        • stockastics on 18/08/2016 - 15:26

          @tomleonhart: do u have to pay the current broker any money if refinancing through another broker?

        • tomleonhart on 18/08/2016 - 15:28
          +1

          @stockastics: You'll have to check your agreement with your current broker I guess.

    • EnALup on 18/08/2016 - 12:28

      Does anyone know any major difference in Redraw and Offset account? I know the basic difference of one being offered from a bank and other from a non bank. Do we need to be careful selecting each?

      Also how much time normally it takes to transfer?

      • Slo20 on 18/08/2016 - 17:15
        +1

        It only becomes an issue if you have it as an investment loan, in which you would want it as offset. For owner occupied it's no difference.

        It's always good to read the fine print though with banks on redraw as some with charge you fees to redraw or have limits on how much you can redraw each month.

        • EnALup on 18/08/2016 - 17:20

          Thanks. These find prints are so fine and long that a normal person hardly understands that.

        • Jster on 18/08/2016 - 23:48
          +1

          Whilst it is correct to say offset is important for investment loans (for tax reasons), it's good to be open to the possibility that your residence could become your investment property at some stage (if you move and then rent your old place out) in which case offset is also good to have for owner/occupiers.

        • hanofee on 19/08/2016 - 18:15

          What's the difference btw? Both still reducing your interest the same way, right? Even for investment?

        • Jster on 24/08/2016 - 13:34

          @hanofee: Most common situation would be - when you rent your old place, you can move whatever the offset balance was elsewhere because the interest on the morgage is now tax deductable. You cannot do the same thing with redraw, well you can but not for tax advantage this is against ATO rules (btw I'm not an accountant or anything so seek you own advice)

  • SpaceNinja on 18/08/2016 - 11:22
    +7

    TIL Bank of Sydney

    • nickj on 18/08/2016 - 13:03
      +5

      Background, if you're interested: They used to be called Beirut Hellenic Bank, but they renamed after Greece had the grexit problems to Bank of Sydney.

      They are a subsidiary of the Bank of Beirut - e.g. if you look at that bank's wiki page: https://en.wikipedia.org/wiki/Bank_of_Beirut , and this bank's homepage: https://www.banksyd.com.au/ , you will see that they have the same logo.

      I had some money with them for a year when they offered the highest at-call saver rate. The staff in the bank are very friendly at the Castlereagh street HQ. I didn't like their online banking portal though, it seems to be the same software as ME Bank uses, it was a bit clunky. And their transfer-out limits were quite low, so for withdrawing more than a few K it was best to go into the branch with ID and get a bank cheque. Other than that, it was all good.

    • sacs2k1 on 18/08/2016 - 11:43

      Thanks, I have updated the post.

        • sacs2k1 on 18/08/2016 - 13:54
          +2

          Done sir!

    • hotdish on 18/08/2016 - 14:25
      +1

      No ACT / Canberra?

      • ozmu on 25/08/2016 - 14:29

        Really? Why?

  • Gorodemon on 18/08/2016 - 11:57

    Hi guys, how does Bank of Sydney compare to Ubank in terms of service? I'm getting 3.74% with Ubank, is it worth the hassle to move my loan to BoS on a 400k loan?

    • ihbh on 18/08/2016 - 13:26
      +2

      Ubank dropping rate to 3.64% on 19/8

  • jkcat on 18/08/2016 - 12:58
    +1

    Does any know if this is P/I only?

    • jkcat on 18/08/2016 - 14:28
      +2

      Just found out, no I/O.

        • ozbargainy on 18/08/2016 - 13:24

          I'm looking to refinance my current loan with INGDirect, loan is around 300K and LVR is less than 80%, is it possible to provide any cashback to counter the approx. $700-800 discharge/legal/govt/switch fees?

        • BestofOZB on 18/08/2016 - 16:05

          @ozbargainy: Read above and you can get $1,500 not just $700-800.

        • Arsi on 18/08/2016 - 16:50
          +1

          @BestofOZB: The loan has to be more than 400k for the $1500 rebate

        • Frozensage on 19/08/2016 - 09:09

          @naritas:
          By chance do you know how much is it to leave AnZ? Looking at jumping ship.

  • padman on 18/08/2016 - 13:08

    Are brokers able to do interest only on this deal? Still would be owner occupied.

    • cheapfab on 18/08/2016 - 16:25

      Also looking for the same. Any brokers on here who can do an I/O for owner occupier for same or similar rates just PM me

      • junet on 18/08/2016 - 17:02

        Looking for the same as well. Interest only with offset.

  • [Deactivated] on 18/08/2016 - 13:23
    -1

    I have $50 in my account. Can i buy a house yet?

    • WaterMark on 18/08/2016 - 16:31
      +1

      You could invest it with a wealthy Nigerian prince whom apparently found out you have inhereted a very large sum of money. Your $50 can translate to millions of dollars. Good luck.

      PM me if you need a referral. Happy to help a brother (or sister) out.

  • markb28 on 18/08/2016 - 13:49

    This looks to fit the bill for us, we are currently renting but will be looking to buy in Nov/Dec. We seem to meet all the criteria. If accepted, would any BoS mortgage offer still be valid then? This would be my first time purchase in Australia (I'm from UK).

  • Duram on 18/08/2016 - 13:50

    Good product 3.54% god damn!

    • macrocephalic on 18/08/2016 - 14:54

      FWIW, Reduce Home Loans are even cheaper, but inclusions are less and discharge fee is probably more.

  • Zoiks on 18/08/2016 - 13:54
    +3

    How is Bank of Syd when it comes to lowering/raising interest rates. Obviously a really competitive deal, would be annoying to switch to them only for them to bump the rate in the near future.

    • bargain_knight on 18/08/2016 - 14:21
      +1

      Probably better than the big four at passing on any rate cuts.

    • BestofOZB on 18/08/2016 - 16:08

      They have just passed on the full 25 points, so my guess is they won't pass the full cut next time, if there is any.

  • batrarobin on 18/08/2016 - 14:04

    Have no branch in WA!

    • scud70 on 18/08/2016 - 14:32

      as Naritas pointed out "For anyone going through a broker the number of areas considered acceptable is expanded to include metro QLD, VIC, NSW, SA and WA (up from the standard Sydney, Melbourne & Adelaide). "

      • batrarobin on 18/08/2016 - 14:38

        Yes however if I need a bank cheque made I have no option other than transferring money to one of the major banks and get the cheque made.

        • scud70 on 18/08/2016 - 14:39
          +1

          ah fair enough i guess.. :) didnt think of that

  • sillycattle on 18/08/2016 - 14:27

    I'm wondering what they class as a metro postcode. Could anyone find a list?

    • stockastics on 18/08/2016 - 14:45

      where are u based?

      • sillycattle on 18/08/2016 - 14:51

        Wollongong. We're metro for some companies, but regional for others. I believe the last time I got a val done it was a metro charge, but honestly it's a regional area.

  • onetwothreefour on 18/08/2016 - 14:50

    I took out a fixed home loan 4 months ago, is it worth looking to change so soon? Doesn't look like I would qualify for the 1500 Cashback as my loan was under 400k

  • Dr Prepper on 18/08/2016 - 14:50
    -1

    Is it worth refinancing $116,000 odd for an investment loan.

      • Dr Prepper on 22/08/2016 - 11:16
        +1

        I've posted some retarded shit on ozbargain so I think it is interesting I was down voted for this. It's a legit question . Anz told me I can't score their best rates & package because the balance of the loan was under $250,0000.

  • atlinus on 18/08/2016 - 14:52
    +2

    Does this apply if you plan to buy a house and land package like a construction home loan?

  • NW74 on 18/08/2016 - 14:53

    We are looking at refinancing but have no idea where to start. Do we just contact the bank we wish to go with? This rate is much better than our current one!

    • macrocephalic on 18/08/2016 - 14:56
      +2

      You contact the bank, or you contact one of the brokers in this thread who say they will give a cash back. The whole process is tedious with finding paperwork, getting it notorised, filling in a million forms etc - but it's not "hard" - and the bank or broker will step you through it all.

    • tomleonhart on 18/08/2016 - 15:00
      +1

      give naritas a call. They'll guide you through it ;D

    • stockastics on 18/08/2016 - 15:27
      +4

      contact your existing bank and negotiate..if they dont go lower then switch..

  • keithality on 18/08/2016 - 15:16

    Another similarly unknown vendor, "Reduce home loans" has a similar product with a rate of 3.44. Looks like it has an application fee though while Bank of Sydney doesn't.

    See http://www.reduceloans.com.au/variable-home-loans/rate-buste…

  • geoffs87 on 18/08/2016 - 16:20

    on a preliminary estimate, i think it would cost me $115k to break my current fixed loan - MUCH more than this new loan would save me :(

    • robbyjones on 18/08/2016 - 16:53
      +1

      $115K in break costs, holy snapping rear ends, how does your financial institution justify that?

    • WhyAmICommenting on 18/08/2016 - 17:29

      So, the fact that interest rates have gone down doesn't factor into their break calculation? (I'm on a split loan with Bankwest and really unhappy with rate and service)

      • geoffs87 on 18/08/2016 - 23:19

        Yeah I'm not sure how it works fully… I just calculated 2% X balance fixed X 4yrs… Doesn't look good at all

  • love2buy on 18/08/2016 - 16:39

    Sorry for a dumb question, how do i find a broker? I'm in Sydney btw and currently with westpac. Thanks.

    • robbyjones on 18/08/2016 - 16:56

      you could google financial brokers however there are a few on here; naritas, tomleonhart to name a couple.

    • stockastics on 18/08/2016 - 16:57
      -1

      the dumb thing called google..

  • DogGunn on 18/08/2016 - 16:39

    I'm still very sceptical about the Bank of Sydney / Bank of Beirut's operations. In the UK they were fined because of their lack of oversight over their fundings - who knows what they do.

    • Sira on 18/08/2016 - 18:11

      And you are completely aware of where each bank sources their funding? Sorry but this is a crazy reason not to bank with an specific institution.

      • DogGunn on 18/08/2016 - 22:14

        Not at all. But Bank of Sydney's owners are based in a very volatile and politically affected region.

    • JetBombat on 18/08/2016 - 19:13

      Agree, lending to ozbarganers is a recipe for a disaster (profit wise).

  • Stahh on 18/08/2016 - 16:57

    Do aussie home loans go through this bank

    • preldueqde on 18/08/2016 - 16:59

      no they dont,just confirmed today

      • art04 on 18/08/2016 - 19:00

        Sorry but do you happen to know how difficult it is to leave Aussie? Broker was really good, but the rate on the loan right now is a bit exorbitant in the current climate… I've only been with them for 10 months

  • T-man on 18/08/2016 - 18:35

    Sadly, I really want to refinance to this deal but it is not available to self-employed

  • [Deactivated] on 18/08/2016 - 20:05

    Wow, that's a stunning offer and they have a branch in my town. Too bad, I already switched my home loan this year.

  • Frozensage on 18/08/2016 - 21:18

    is bank of sydney like bank of melbourne where its owned by westpac?

    • Jster on 18/08/2016 - 22:59

      No

  • Powderhound303 on 18/08/2016 - 22:02

    great deal for home owners.

    does anyone know where i can get a foreign investor loan? no one does them anymore?

  • [Deactivated] on 19/08/2016 - 00:56

    This is the bank that entered Oz as the Hellenic and Beireut bank or somesuch, right? If people are looking at big loans they might consider the Greek basis. Just trying to inform in case it matters to someone.

  • YellowKnight on 19/08/2016 - 04:15

    So is it better to go with a broker or contact the bank directly? Where is Narita from because I don't want too much hassle trying to transfer over.

    I'm with BankSA and I'll contact them but I was wondering if anyone has had success getting them to match it?

  • MrBillions on 19/08/2016 - 07:47

    Anyone gone ahead with this yet?

  • moza on 19/08/2016 - 09:16

    I'm more confident in getting a loan from a bank I don't really know, then giving them my money. If we're lucky they will go broke and forgive all our debts? :)

    • chumlee on 19/08/2016 - 20:58

      Unfortunately administrators would sell off the loan book and you will just owe the debt to a new company

  • patsfromadelaide on 19/08/2016 - 09:35

    Hi Mates,

    Does anyone know of or pass on the details for a Mortgage Broker in Adelaide offering cashback.

    Either pm me or please give me the contact details.

    Pats

  • Frozensage on 19/08/2016 - 09:55

    are there any branches in melbourne?

    • [Deactivated] on 19/08/2016 - 10:32
      +1

      There is one near Parliament Station(Spring St).

  • love2buy on 19/08/2016 - 10:18

    My income is not as much as when I initially applied for my loan and together with conditions of lending tightening up, will this affect the success my application?

  • Budgetcuts on 19/08/2016 - 10:35
    +2

    Can any brokers get this rate for Investment? If not, what is the investment rate ?

  • Sunshines bright on 19/08/2016 - 13:43

    I am not employed but I have disability income from overseas. can I qualify for this deal?

  • langford28 on 19/08/2016 - 14:03

    aww.. principal and interest option only?

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