Broker Exclusive - Owner-Occupier Variable Rate Home Loan - 3.59% (Comparison Rate 3.60%) with 100% Offset

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Product Rep[Deactivated] @ LinkedIn on 26/10/2016 - 19:49 facebook.com (183 clicks)
Last edited 04/11/2016 - 11:03 by 1 other user

******For loan balances of $300k or below*******

Broker exclusive - Owner-Occupier Variable Rate Home Loan - 3.59% (Comparison Rate 3.60%)
Lender: Smart Finance, funded by Resimac

Variable rate: 3.59%pa
Comparison rate: 3.60%pa†

To take advantage of this special offer, please send me a private message with your email address and I will email you with the requirements.

Acceptable loan purposes:
Purchase
Refinance
Debt Consolidation
Cash out

Specific fees:
No annual fee
Application fee waived
Valuation fee at cost
Legal fees waived

Features:
100% Offset account
Inward BPAY
BPAY
Outward Third Party Direct Debits
Internet Banking
Redraw
Dynamic Repayments
Inward Direct Debits / Credits
Internal Portion Transfer (if a split loan)
Split Loan Facility

Criteria:
PAYG or Self Employed
LVR less than 80%
Most securities acceptable. For non-metro locations, please let me know the postcode and I will advise if acceptable
Probation not allowed
Income must come from Australian sources
Non-permanent residents excluded
Studio apartments excluded

Credit Representative Number 453 502 is an authorised representative under Australian Credit Licence Number 384 704

† The loan application is subject to the lenders standard credit assessment terms & conditions.
† Terms and conditions, fees and charges, normal lending criteria apply. Smart Finance Prime Standard Owner Occupied Home Loan Variable Interest rate is 3.59% (comparison rate 3.60%), correct as at 26th October 2016. Offer ends 31st January 2017, or may be withdrawn at any time. Other fees and charges may apply. Maximum LVR < 80%. Comparison rates above are based on a home loan of $150,000 for 25 years. WARNING: This Comparison rate applies only to the example given. Different amounts and terms will result in different comparison rates. Costs such as redraw fees and cost savings such as fee waivers, are not included in the comparison rate but may influence the cost of the loan.

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• 

  xyron on 26/10/2016 - 19:50

  err, what lender is this with?

  • 

    Product Rep[Deactivated] @ LinkedIn on 26/10/2016 - 19:51

    Hi there,

    Smart Finance, funded by Resimac

• 

  SoylentGreen on 26/10/2016 - 20:29

  +3

  When the property bubble bursts, do you just take the arm and leg, or take the whole body to make smashed soylent green with salt on toast?

  http://www.macrobusiness.com.au/2016/10/adelaide-bank-tighte…

  • 

    Spam Service on 27/10/2016 - 08:41

    When the housing bubble bursts the lenders will be in a lot more trouble than the borrowers. If you borrow against a house and prices go down, your repayments will likely go down too (as the Reserve Bank will drop interest rates to increase investment). And on top of that, if you default on your loan and your lender takes your property, if the value is significantly less the lender will make a loss. Either way, the lenders lose.

• 

  Berek on 26/10/2016 - 20:48

  So what is the deal exactly? The 0.01% discount with <80% LVR lol.

  • 

    Chuckler on 26/10/2016 - 20:50

    +1

    That's not how comparison rates work.

  • 

    Product Rep[Deactivated] @ LinkedIn on 26/10/2016 - 20:51

    +1

    No, the deal is the rate? I can only think you are referring to the difference between the interest rate and the comparison rate.

    A comparison rate by law must display next to any advertised interest rates. It's a rate which takes into account some of the fees and charges of a home loan to give you a more accurate representation of a loan's interest rate once the costs are taken into account.

    • 

      Berek on 26/10/2016 - 21:04

      So the deal I got for my loan 2 months ago is for 3.6% with a 5% deposit. Does that compare? What is the real rate if the comparison rate is not? What am I missing here?

      • 

        Product Rep[Deactivated] @ LinkedIn on 26/10/2016 - 21:14

        Which lender did you go with?

      • 

        Berek on 27/10/2016 - 10:10

        Someone with bank before their name using a broker with mortgage before their name ;-)
        So if the comaprison rate isn't used to compare the rate, what rate do you need to compare it to? Sorry I should google but it's your deal to sell.

      • 

        Chuckler on 29/10/2016 - 09:08

        @Berek:
        I used this: http://www.visionabacus.com/Finance/Australia/1/SuiteA100/64…
        to calculate my effective rate. Basically you put in your loan amount, the length of the loan, the interest rate, the introductory period (if any) and add any annual fees/establishment fees/break costs to get your effective rate.

        The reason BankWest's effective rate is so high (imo) compared to their advertised rate is because of their fee structure. I am planning to transfer from BW, and their breakcost is $600 + legals. !!

• 

  Chuckler on 26/10/2016 - 20:52

  The advertised rate of 3.99% expires in 2015 on the Smart Finance website?

  Is this a 0.4% discount on the published rate for the life of the loan?

  • 

    Product Rep[Deactivated] @ LinkedIn on 26/10/2016 - 20:55

    The Standard Variable Rate is 6.14%. This is a guaranteed discount of 2.55% off the Standard Variable Rate for the life of the loan.

• 

  footyboy on 26/10/2016 - 20:59

  +1

  All good until they move their SVR TO 7% !
  Stick with the banks guys.

  • 

    Product Rep[Deactivated] @ LinkedIn on 26/10/2016 - 21:02

    -1

    What happens when the banks move their SVR's to 7%?

    • 

      footyboy on 26/10/2016 - 22:14

      +2

      Smart finance will be 9%.

• 

  Steptoe on 27/10/2016 - 14:59

  Any trailing commission rebate?

  • 

    Product Rep[Deactivated] @ LinkedIn on 27/10/2016 - 15:16

    No trailing commission is payable on this deal.