This was posted 7 years 8 months 4 days ago, and might be an out-dated deal.

Related
  • expired

Owner-Occupier Variable Rate Home Loan (3.32%P.a. - Comparison Rate 3.33%) - $0 Setup/Ongoing Fees

1050
Owner-Occupier Variable Rate Home Loan (3.32%P.a. - Comparison Rate 3.33%) - $0 Setup/Ongoing Fees
Go to Deal
Product Rep[Deactivated] @ LinkedIn on 22/08/2016 - 21:21 facebook.com (1881 clicks)
Last edited 05/10/2016 - 21:03 by 3 other users

OzBargain exclusive

Variable rate: 3.54%pa
Comparison 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
QLD, NSW, VIC, SA, WA Metro postcodes only

How it works:
I am a broker with access to this particular lender.
Once the you settle a loan with me, we will rebate you the trailing commission income (0.22%) for as long as we receive it. This is documented prior to settlement.

I am a Credit Representative 453 502 of Finsure Finance and Insurance Pty Ltd, Australian Credit Licence Number 384 704
http://www.finsure.com.au

To sign up to this deal simply PM me your email address and I will email you the requirements.

† WARNING: This comparison rate applies only to the example or examples given. Different amounts and terms will result in different comparison rates. Costs such as redraw fees or early repayment fees, and cost savings such as fee waivers, are not included in the comparison rate but may influence the cost of the loan.

† The loan application is subject to the lenders standard credit assessment terms & conditions.

† The offer is based on a variable interest rate which can change at any time.

† Full 0.22% rebate will only be applied to loans $400k and above. Loans below $400k will be rebated as follows:
$300,000 - $399,999.99 - 0.15% - Applicable rate 3.39%
$200,000 - $299,999.99 - 0.10% - Applicable rate 3.44%
$199,999.99 and below - 0.05% - Applicable rate 3.49%

Note: The current interest rate offer (3.54%) can be withdrawn at any stage.

Financial Broker Home Loan Investment Loan

Related Stores

LinkedIn
LinkedIn

closed Comments

  • Loki556 on 22/08/2016 - 21:27
    +1

    That's nice.

    What's the lowest investment loan you can do?

    • Product Rep[Deactivated] @ LinkedIn on 22/08/2016 - 21:27
      +1

      Fixed or Variable? Interest only or Principal & Interest? Loan amount $400k or over?

      • Loki556 on 22/08/2016 - 22:16

        Under 400k, variable, don't care too much if P&I of just I

      • anjudevi on 23/08/2016 - 19:04
        -2

        Hi Rep
        please pm your details

  • shadmaster4 on 22/08/2016 - 21:39

    Would Geraldton, wa 6530 be eligible?

    • Product Rep[Deactivated] @ LinkedIn on 22/08/2016 - 21:41

      Unfortunately that is not deemed metro, however please PM me and we can discuss similar deals.

  • chyawala on 22/08/2016 - 21:41
    -1

    Would be worth using this comparison site http://www.canstar.com.au/compare/variable-rate-home-loans/, especially when rates drop tomorrow. Already before the rate cut there's Homestart offering 3.25%, and Reduce Home Loans 3.35%.

    • Product Rep[Deactivated] @ LinkedIn on 22/08/2016 - 21:44
      +1

      No offset account on the reduce home loan offer. It is just a basic loan.

      The Homestar loan is a honeymoon style loan so you are left with a higher rate after 6 months.

      • chyawala on 22/08/2016 - 22:07
        -2

        Good reply. Let's see how things compare tomorrow with the cut rate rate cut.

        • Product Rep[Deactivated] @ LinkedIn on 22/08/2016 - 22:19
          +1

          Best of luck with that.

        • googoogaga on 22/08/2016 - 22:39
          +2

          what rate cut?

        • [Deactivated] on 22/08/2016 - 22:40
          +4

          RBA only meet the first Tuesday of every month…

        • altomic on 23/08/2016 - 00:52
          +1

          @sqeeksqeek: unless the are booked in for golf….

        • Product Rep[Deactivated] @ LinkedIn on 06/09/2016 - 16:31

          Haha rates stayed as is. Look forward to hearing your informed opinion on the next RBA decision.

  • ticket65 on 22/08/2016 - 21:42
    +1

    Can I ask what you get out of this? You're giving away your trailer commission. Are you doing this for free?

    • Product Rep[Deactivated] @ LinkedIn on 22/08/2016 - 21:46
      +19

      You can and I'll be completely transparent with you. 0.77% of the loan amount is my upfront commission and I retain this.

      • rambokid on 22/08/2016 - 22:27

        Do you provide the cash back as a instant rebate on settlement? How much is it in $$. ?

        • Product Rep[Deactivated] @ LinkedIn on 22/08/2016 - 22:30

          You are probably best off with Narita if you only want short term savings but to pay full rate.

        • rambokid on 22/08/2016 - 22:47
          -5

          @mls1989:

          What are you talking about ?

          I am merely asking for more info . What's wrong with that

        • Product Rep[Deactivated] @ LinkedIn on 22/08/2016 - 22:50

          @rambokid:
          Sorry Rambo, I thought you wanted an instant rebate over the lower rate. Sorry I am not offering a rebate as I am already taking a hit on the trailing commission.

        • rambokid on 23/08/2016 - 06:57

          @mls1989:
          Ok so the rebate for the trailing commission will be paid as and when we make repayments ?

          Is that how it works?

    • Tiger on 23/08/2016 - 18:52
      +3

      So, who pays the Income Tax on this monthly payment? Do you include this trailer in your income tax return, or does the person receiving the monthly trailer (or both)?

      Also, what about the GST? Is it 0.2%+GST (i.e. 0.22%) or 0.22%+GST (i.e. 0.242%)? What happens with that GST? Do you pass it on to the borrower or not? If you pass it on, does the borrower have to pay this to the ATO? Does the borrower have to invoice you every month?

      Another question - I understand the trailer is paid to you by the Banks to compensate you for servicing me after the loan has started. Since you're offering to pay that trailer to me, should I expect you not to provide any service to me after the loan has commenced? Perhaps you'll be prioritising your other clients who you do not rebate trail to as they are more profitable to you?

      Furthermore, is the agreement to receive the trailer with you, your business, your aggregator or with the Bank? The risk of losing this trailer seems to rely on all of these parties, with the risk decreasing as I get closer to making this agreement with the Bank directly, rather than you (e.g. you retire, resign or sell your business over the next 30 years).

      • ShannonIngram on 23/08/2016 - 21:21
        +4

        All very good questions Tiger.

        Also does the rebate percentage change as the loan is paid down? Eg. If I borrow $400,000 today but pay back $110,000 tomorrow is do I get 0.22% or 0.10% for the rest of the period?

        Personally I'd want to know who I was dealing with as well and how long they had been established as a broker for.

        I'd also think the comparison rate quoted should be the full 3.55% legally as the rebate shouldn't be factored into this as it's not a reduction on the interest rate but rather a payment made after the fact that should be subject to taxation. I'd urge anyone to get their own taxation advice in this regard. Naritas for example quote the full rate on their website despite giving cash back (https://www.naritas.com.au/latest-news/rates-under-3-55p-a-w…) I believe this is the correct way to do it.

        • ShannonIngram on 30/08/2016 - 11:20
          +1

          Looks like the hard questions get ignored.

          I fail to see how an aggregator is going to continue to pay dozens of trail incomes to different people for 30 years if the broker exits the industry tomorrow. The broker will have an agreement with the aggregator and that will be subject either to a percentage of the income or a set fee for continuing service.

          I'm certainly skeptical that the OP is being entirely honest here or doesn't know the truth themselves and this is reinforced by the lack of disclosure on who they are (there are dozens or hundreds or people using the credit licence number mentioned as it belongs to the aggregator not the individual person) and refusal to disclose any other information beyond rates when holes have been exposed in what has been said.

      • [Deactivated] on 07/09/2016 - 15:16
        +1

        I was keen to hear back on this but clearly OP has no appetite for answering serious questions.

  • yaditya on 22/08/2016 - 21:48

    Interest only available or P/I only? Please PM me since I am interested to refinance my current loan, more than 400k. Ta

    • Product Rep[Deactivated] @ LinkedIn on 22/08/2016 - 21:49

      Just P&I.

  • pyramid on 22/08/2016 - 21:50

    Any chance for LVR to be more than 80%, say 90%?

    • Product Rep[Deactivated] @ LinkedIn on 22/08/2016 - 21:57

      Sorry, not this deal, no room for any wiggle.

  • f4te on 22/08/2016 - 21:57
    +1

    Is this available for the ACT / Canberra?

    • Product Rep[Deactivated] @ LinkedIn on 22/08/2016 - 22:01

      QLD, NSW, VIC, SA, WA Metro postcodes only

      • f4te on 22/08/2016 - 22:17
        +3

        Just making sure we're not lumped into NSW as what often happens…

        • Product Rep[Deactivated] @ LinkedIn on 22/08/2016 - 22:18

          99% sure not applicable to ACT/Canberra

        • f4te on 23/08/2016 - 06:45
          +3

          @mls1989: So your comment about Category 1 being 'a strong chance', that has Canberra's postcodes in it (2600-2618, 2900-2914). Are you able to confirm (100%) for us please?

        • Product Rep[Deactivated] @ LinkedIn on 24/08/2016 - 06:51
          +1

          @mls1989:
          Edit: Canberra is eligible for this promotion

      • ssjmark on 22/08/2016 - 22:18

        2570 considered metro?

        • Product Rep[Deactivated] @ LinkedIn on 22/08/2016 - 22:18

          Sorry no

  • SSJX on 22/08/2016 - 22:19

    Is it just one 'free' offset account or can there be multiple offset accounts? Any split loans?

    and is this bank previously that Lebanese/Beirut bank?

    • Product Rep[Deactivated] @ LinkedIn on 22/08/2016 - 22:20

      1) As far as I am aware you can only have 1 offset account.
      2) Yes

      • SSJX on 22/08/2016 - 22:20

        Ok thanks.

  • darthsparrow on 22/08/2016 - 22:33

    How long is the rate valid for? 1 year, 2 year? Thanks.

    • Product Rep[Deactivated] @ LinkedIn on 22/08/2016 - 22:34

      Rate is variable and subject to change at any time like any other variable rate loan.

  • Steptoe on 22/08/2016 - 22:38

    How far south does Sydney Metro stretch?

    • Product Rep[Deactivated] @ LinkedIn on 22/08/2016 - 22:47
      +2

      Go here - http://genworth.com.au/docs/policy-docs-2015/genworth-security-location-guide-australia---slgac0715-(by-category)-v1-0.pdf?Status=Master

      If you fall in City or Catagory 1, you are a strong chance.

  • john_conner on 22/08/2016 - 23:00

    hello, what happens if i just got a home loan a month ago. can i refi to you guys straight away? serious question.

    • Product Rep[Deactivated] @ LinkedIn on 22/08/2016 - 23:09

      Yes you can. Refinancing usually costs between $200-$300 assuming you are on a variable rate product.

      • tttower on 23/08/2016 - 02:20
        +3

        Discharge cost is normally $350, plus government fees around $220, plus Bank of Sydney document preparation fee $200, the refinance cost should be around $770.

  • [Deactivated] on 22/08/2016 - 23:06

    So is this a good bargain? How much are you saving compared to the next best alternative?

    • Product Rep[Deactivated] @ LinkedIn on 22/08/2016 - 23:10
      +9

      Its a good bargain until you find a better one :)

  • Steptoe on 22/08/2016 - 23:13
    +1

    Is the Trailing Commission calculated on Loan Balance only, or is it reduced based on Offset Balance?

    • neilpatrickharris on 22/08/2016 - 23:26

      It's based on monthly mortgage repayments and it's not affected by offset balance. This amount will only change if the interest rate changes.

      • tomleonhart on 23/08/2016 - 06:07
        +3

        False advice. Trailing is calculated based on loan -offset.

        • neilpatrickharris on 23/08/2016 - 07:29

          My rebate received from my current broker had not changed after I put 100k in my offset. The only time I noticed a change was when my bank reduced interest rates.

        • tomleonhart on 23/08/2016 - 07:47

          @neilpatrickharris: then your broker has been over paying you. Don't let him know that lol.

          Banks pay trail based on the interest they yield from your loan. If they don't get the interest (i.e you pay your loan down or put a large amount in your offset), they pay accordingly down to 0.

  • neilpatrickharris on 22/08/2016 - 23:16

    Hi, I was recently thinking of refinancing my existing mortgage with CBA in order to access equity and buy an investment property. I mentioned how I currently receive a trailing commission rebate and hence it'll be difficult for them to offer me something that'll be worthwhile switching. The loan consultant was very surprised that I was receiving such an offer. They told me it is illegal for a broker to offer this and that such practices are "dodgy". Naturally I was surprised. Just wondering if anyone knows anything about this?

    • Steptoe on 22/08/2016 - 23:43
      +1

      Sounds like BS on behalf of the consultant.

      One Example

      • neilpatrickharris on 22/08/2016 - 23:46

        I came across this same article when trying to find out for myself. Sounds like they were just trying to scare me. I get about 30 bucks a month which more than covers the 199 annual fee from ING so definitely quite happy.

        • Steptoe on 22/08/2016 - 23:48

          Just tell them to deduct the trailing commission and quote you a real rate for going direct.

  • OmniAtlas on 22/08/2016 - 23:20

    Do you have any refinance offers available to contractors (non-PayG)? Thanks.

    • Product Rep[Deactivated] @ LinkedIn on 22/08/2016 - 23:49
      +1

      Can do. Probably going to be around the 3.6%

  • sschen on 22/08/2016 - 23:20

    Hi there, I have a variable rate Interest Only investment loan that is just under $300k based in WA Metro. What interest rate will it be?

    • Product Rep[Deactivated] @ LinkedIn on 22/08/2016 - 23:48

      4%

  • tiara on 23/08/2016 - 00:44

    I've made a buy offer for a house which will be second property, can I apply home loan as owner occupied if I plan to stay in my second property and rent out my current home.

    • Romka on 23/08/2016 - 00:46

      if the loans are separate one can be owner occupied and 1 investment
      some banks let you have an owner occupied loan if a certain % of the loan is for a owner occupied property (if you have 1 loan for both properties)
      for taxation purposes this may become difficult

    • Product Rep[Deactivated] @ LinkedIn on 23/08/2016 - 00:55

      Can apply the rebate to this.

  • Romka on 23/08/2016 - 01:03

    by applying rebate you mean you're giving up your trail commission? so if a bank changes their trail to your aggregator the discount reduces for whoever you sign on?

    • Product Rep[Deactivated] @ LinkedIn on 23/08/2016 - 01:16

      You still pay the standard rate but get the difference as cashback

  • MadMaxBargainRoad on 23/08/2016 - 01:06

    Hi, can you please confirm that the trailing commission is based on monthly repayments or offset balance?

    ING is deducting my broker's commission by the offset balance.

    • Product Rep[Deactivated] @ LinkedIn on 23/08/2016 - 01:15
      +1

      Trail is calculated on owing loan balance i.e principle - offset

  • spendinghacker on 23/08/2016 - 06:44

    Hi rep,

    What is the best deal you can do on:

    1. Investment loan (P&I) in the name of a discretionary trust
    2. Under 400K
    3. 90% LVR
    4. Self employed
    5. Brisbane metro
    • Product Rep[Deactivated] @ LinkedIn on 23/08/2016 - 06:46
      +1

      4.05% - ING or Homeloans Ltd

      • spendinghacker on 23/08/2016 - 06:59

        Do you know if reduce home loans does 90% LVR?
        I know for a fact they do trusts

  • TailsK on 23/08/2016 - 06:52
    +7

    Rep rocking this thread.

  • random101 on 23/08/2016 - 07:02

    How about for CBA?

    • Product Rep[Deactivated] @ LinkedIn on 23/08/2016 - 22:24
      +1

      How about them?

      • random101 on 25/08/2016 - 17:34

        Can you do the return from them? They are offering me a decent discount. Can you use that discount and apply your return?

        Loan is for $1m 80% OO

        • Product Rep[Deactivated] @ LinkedIn on 25/08/2016 - 19:34

          Hi Random,
          I can do this for you on a much lower scale. The problem with doing a variation to your loan is that I will only recieve the trail and no upfront so whats in it for me?

        • random101 on 26/08/2016 - 13:40

          @mls1989:

          Depending on how much you save, I could always pay you upfront.

          Though I am curious how much the trail is.

          On a 1.45% discount

        • Product Rep[Deactivated] @ LinkedIn on 26/08/2016 - 15:54

          @random101:

          Trail with CBA is 0.15%

        • random101 on 27/08/2016 - 05:37

          @mls1989:

          I'll send you an email

  • minijumbuk on 23/08/2016 - 07:07

    Hey rep sent you a message this morning

  • bryans on 23/08/2016 - 07:17

    Abit of info about the bank:
    Bank of Sydney has been operating in Australia under a full Banking Licence
    since April 2001. Our parent company is the Bank of Beirut. Our Vision is to
    be Australia’s only true relationship bank. We have 16 branches in Sydney,
    Melbourne and Adelaide. We offer competitive retail and commercial banking
    products. We also specialise in International Trade Finance with an in-depth
    understanding of Global Markets and in particular strong experience in
    Middle Eastern, North African and Mediterranean regions.
    Within this context Bank of Sydney have a diverse Australian customer base,
    predominantly from a Greek or Middle Eastern heritage with varying religious
    backgrounds including Muslims. However, Bank of Sydney do not practice
    Sharia Banking today

  • Afurotsu on 23/08/2016 - 07:22

    What can you do to refinance:

    • Interest only with offset account
    • 420k
    • 80% LVR
    • Full time employed
    • Canberra (2600)?

    I'm currently with loans.com.au at 3.75%.

    • Product Rep[Deactivated] @ LinkedIn on 23/08/2016 - 22:25

      Owner occ or investment?

      • Afurotsu on 23/08/2016 - 22:35

        Owner occupied.

        • Product Rep[Deactivated] @ LinkedIn on 23/08/2016 - 23:11

          3.60% ING after rebate from 3.69%

  • Slo20 on 23/08/2016 - 07:22
    +7

    OP, what happens if you decide to no longer be a broker, is the trailing commission for the life of the loan or the duration of you being a broker (which ever is shorter)?

    • IMadeYouReadThis on 23/08/2016 - 07:35

      +1 to this question

    • IMadeYouReadThis on 23/08/2016 - 18:20

      Pity - no response to this question! Hopefully OP can respond so we can be fully informed before contacting him for the loan.

      • Product Rep[Deactivated] @ LinkedIn on 23/08/2016 - 22:29

        Responded. Sorry for the late reply.

    • Product Rep[Deactivated] @ LinkedIn on 23/08/2016 - 22:29

      Cash back is offered by me, but paid by my aggregator. They control the funds. Even if i am no longer a broker, they will pay you. With over 800 brokers nationwide, I am sure you can trust them at least.

    • tomleonhart on 23/08/2016 - 07:50
      +2

      I suggest you PM OP and remove your personal info.

      • stockastics on 24/08/2016 - 08:51

        hi tom..do you offer similar deal as mls1989?

        • tomleonhart on 24/08/2016 - 09:44

          Hi stocktastic,

          I offer a rebate on the upfront but not trail.

          Feel free to PM if you have any question.

  • yjun355 on 23/08/2016 - 07:50

    Question: if you get as home owner occupied, then day after a year you officially don't live in it anymore and renting it out. Does loan status change and you need to get as investment loan at higher rate?

    What are exit fees?

    I need loan in December as settlement to be exact. So when would i apply for this offer?

  • naru6705 on 23/08/2016 - 08:02

    Hi I am looking for home and to buy first property. Loan needed around 800k 80%ltv interest only fixed. What best offer you can get me? Any offset option? Pm me your details

  • Tarse on 23/08/2016 - 08:13
    -1

    PM me please

  • cv05 on 23/08/2016 - 08:19
    -1

    PM sent OP. Would really like something concrete back today if possible as currently discussing with another broker. Cheers.

Login or Join to leave a comment
Login Join