Bank of Sydney Expect More Home Loan Package Limited Time Offer - 3.63% Rate (3.64% Comparison, 100% Offset, No Annual Fees)

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Bank of Sydney

• 

  dcep on 23/03/2018 - 12:24

  " Restrictions apply for properties located in Queensland "

  why ?

  • 

    mskeggs on 23/03/2018 - 12:28

    They are dropping in price.

    • 

      dcep on 23/03/2018 - 12:30

      still waiting

      • 

        mskeggs on 23/03/2018 - 13:04

        Take a look at Rocky or Gladstone.

• 

  otter-raptor on 23/03/2018 - 12:27

  +2

  "LVR up to 70%" — This is a joke for many of us millenials, getting a 80% LVR in itself is hard ( sometimes 90% even )

  • 

    dcep on 23/03/2018 - 12:29

    change your lifestyle , live with parents , get a shoebox as 1st home instead of penthouse

    20% easy

    • 

      otter-raptor on 23/03/2018 - 12:32

      Hahaha or move to Alice Springs and afford 70% LVR :)

• 

  Ametric on 23/03/2018 - 12:28

  got the loan with them during this deal. While they had a delay with a pre-approval, everything was very smooth from the settlement day till now. If someone has any questions, please fire up :)

  • 

    ShortyX on 23/03/2018 - 12:32

    Were you out of pocket for any application fees?

    • 

      Ametric on 23/03/2018 - 12:44

      nothing, no application or any other additional fees… Rate went up by 0.1% right away after that deal, but I can also see that they've dropped LVR from 80% to 70% :(

      • 

        ShortyX on 23/03/2018 - 12:45

        So you're paying 3.74% now?

      • 

        Ametric on 23/03/2018 - 12:47

        @Stix:
        I'm paying 3.54% now and getting additional 0.15% cashback from the broker from this deal…

        I meant rate went up for new loans…

      • 

        ShortyX on 23/03/2018 - 12:54

        @Ametric: Thanks

      • 

        CheapSticks on 23/03/2018 - 13:59

        @Ametric:

        So u r paying less than 3.4% ??

      • 

        Ametric on 23/03/2018 - 14:01

        @CheapSticks: I'm paying 3.54%, but after cashback, yes it is 3.39% effectively…

      • 

        CheapSticks on 23/03/2018 - 14:01

        @Ametric:

        Thats super super good deal !!!

      • 

        Ametric on 23/03/2018 - 14:04

        @CheapSticks: I know, right? :) That was like 18-19 months ago, that was the rate at that time

• 

  Voldox on 23/03/2018 - 12:33

  Last time they were on Ozbargain I did apply they took so long to process my loan never proceeded and I ended up going with another provider.

  • 

    ShortyX on 23/03/2018 - 12:38

    Who did you go with? Comparable deal?

    • 

      Voldox on 23/03/2018 - 21:54

      This was a year ago so things have changed since but went with a Fixed loan with Bank Australia for around the same rate at the time. They have branches not to far away from my home which was part of my criteria.

• 

  zzymurgy on 23/03/2018 - 12:43

  Formerly the Beirut Hellenic Bank, and owned by the Bank of Beirut based in Lebanon, which doesn't appear anywhere on their website.

  Nothing wrong with that, but a lot of people will be wondering why they've never heard of it.

  • 

    jv on 23/03/2018 - 12:50

    +1

    Formerly the Beirut Hellenic Bank

    I wonder why they might not want to be known as a Greek bank?

• 

  naritas on 23/03/2018 - 12:49

  Accredited broker here.

  Can confirm this has been an extremely popular product for us. We actually have an existing offer that couples to this product that provides a $1500 Woolworths eGift card for applications received by 31/3.

  Happy to answer any questions about the product/lender if anyone has any.

  • 

    ShortyX on 23/03/2018 - 12:51

    Thanks. Assuming applications need to be successful to get the gift card?

    And any deals like this around?

    • 

      naritas on 23/03/2018 - 12:57

      Assuming applications need to be successful to get the gift card?

      LOL - apologies, yes, successful applicants. The basics of the offer are:

      • $300k-500k - $1000 eGift card
      • $500k+ - $1500 eGift card

      Presently the cut-off dates are:

      • Applications must be received be received by 31/3/18
      • Loan must be funded by 31/5/18

      NB: The dates may be revised dependent on Bank of Sydney processing times. Last time we had a major promo with them they ran into major backlogs for processing. Our intention is to try and work around that possibility with respect to cut-off dates.

      Hope this helps.

      • 

        ShortyX on 23/03/2018 - 12:58

        Thanks - and any deals like this around?

      • 

        naritas on 23/03/2018 - 13:09

        @Stix:

        Thanks - and any deals like this around?

        You're most welcome and thanks for the questions.

        From the looks of it that is another Store Rep's offer for a lender we are not familiar with (possibly Finsure?). As such, it wouldn't be good form for us as Store Reps to comment on that Store Rep's offer. Perhaps best to ask them directly.

        If you were evaluating a specific scenario, it'd be our pleasure to see if we could meet your expectations. All you would need do is send us a PM to have a no obligation chat about your requirements.

        Hope this helps.

      • 

        ShortyX on 23/03/2018 - 13:14

        @naritas: Thanks - it was Bank of Sydney.

      • 

        Ametric on 23/03/2018 - 13:19

        @naritas: yep, that one was through Fisnure ;)

      • 

        naritas on 23/03/2018 - 13:28

        @Stix:

        Oh yes! LOL - the confusion surrounding that deal was best summarised by the comment here.

        Regarding trailing rebates, naturally YMMV, but we presently don't feel that this is a style of rewarding customers that is most conducive to success. Why?

        1. Real savings over time - Nearly all borrowers who chase this are very cost conscious. Yet cost conscious borrowers are typically best served by evaluating their finance options every couple of couple of years and being prepared to refinance if their present lender can't meet their cost/value goals.
        2. Cost of switching vs complication of recouping these costs over time - Most of the costs of switching are encountered upfront and nearly all trail rebates are paid on loan balances not approved limits. This means that the relative value of the cashback decreases as you pay your loan down - and ensuring accuracy with these repayments is typically laborious for borrower and rebate provider. As such, we don't often see the mathematical efficiency in it for many borrowers.
        3. We can't control the future. As other have mentioned, rates change, customer service can vary, expectations may not be met. YMMV but as many would agree, a bird in the hand is worth two in the bush. Rather than having to stick around 3-5 years to get full value out of a trailing rebate, you have that benefit upfront. On the last BOS offer the clawback period was only 11 months. That meant if you weren't happy you could exit in 1 year and keep the full upfront rebate.

        Hope this helps.

  • 

    dasher86 on 23/03/2018 - 12:58

    From an approval process i cannot recommend going with this bank.
    It was a shemozzle which took 3/4 months if i recall correctly.
    Branch manager at the time didn't even know how to do a proper approval.
    Consistently chased up and asked if they had everything they needed was told yes, however month later required more information.

    At the moment the bank has been okay to deal with…
    However i did request a call back due to banking problems and haven't received one. 2 weeks and counting. subsequently i have fixed my own problem but i believe there is still an issue with their two factor authentication.

• 

  Skramit on 23/03/2018 - 12:50

  -7

  I can’t upvote the deal given it’s actually bank of Lebanon. No doubt funding Hezbollah etc.

  Go elsewhere please people.

  • 

    ShortyX on 23/03/2018 - 12:54

    +1

    Had to Google Hezbollah. Any confirmation of association?

• 

  bargain_knight on 23/03/2018 - 12:58

  I'm with these guys. Customer service is useless.

  You will spend hours extra in time and effort compared to a big 4 bank. So make sure you are saving at least $2k a year and then decide if your time is worth it. (Note any extra fees and charges you may be paying under this deal, eg. stamp duty. Then make sure the savings are sufficient.)

  I'm the kind of guy who would normally take the $2k saving and not mind the extra effort. But if I had my time again I wouldn't have switched from my old loan provider.

  Examples of problems faced:
  - Excessive documentation requirements on loan application;
  - Long lead time to get the loan approved;
  - Loan application fees are higher than for a big 4 bank;
  - They use a third party law firm to process the loan and you pay for this;
  - I have been charged fees that were clearly exempt from my mortgage. The time and effort to get these reversed is a hassle.
  - The credit card you get, although good in offering a 0.8% cash back, is not reliable. It does not work at merchants from time to time. Also they have very a very strict credit policy so my credit limit is so low it proves a hassle.
  - I am unable to make payments transfers to some merchants, so still need to use my old bank account to do so.
  - Systems and processes are straight out of the 1970's. They operate on a branch system, hence don't have a centralised call centre. When you call up you get put through to a branch and to get anything sorted they need to speak to the branch you were signed up through. Even though I live in Melbourne, my branch is in Marrickville. Go figure.
  - Only expect responses between 9 and 5 Monday to Friday.
  - Make sure you have back up facilities in case you have problems with these guys. Particularly as you can only get things sorted during business hours.
  -

  So be warned, decide if the extra saving is worth an extra 30 hours a year in effort.

  • 

    z28 on 23/03/2018 - 13:39

    • Excessive documentation requirements on loan application; - Can't recall this
    • Long lead time to get the loan approved; - Yes 3-4 months
    • Loan application fees are higher than for a big 4 bank; - I think mine was all rebated or mostly rebated through their offer and broker's offer
    • They use a third party law firm to process the loan and you pay for this; - As above
    • I have been charged fees that were clearly exempt from my mortgage. The time and effort to get these reversed is a hassle. - No
    • The credit card you get, although good in offering a 0.8% cash back, is not reliable. It does not work at merchants from time to time. Also they have very a very strict credit policy so my credit limit is so low it proves a hassle. - Didn't want one, too many CC already
    • I am unable to make payments transfers to some merchants, so still need to use my old bank account to do so. - Not encountered this yet
    • Systems and processes are straight out of the 1970's. They operate on a branch system, hence don't have a centralised call centre. When you call up you get put through to a branch and to get anything sorted they need to speak to the branch you were signed up through. Even though I live in Melbourne, my branch is in Marrickville. Go figure. - Agreed but for me (Burswood branch and I am in Perth) it does the job
    • Only expect responses between 9 and 5 Monday to Friday. - No issues
    • Make sure you have back up facilities in case you have problems with these guys. Particularly as you can only get things sorted during business hours - No issues

    I was refinancing via Naritas (highly recommended) so didn't have much contact with BOS. However I had few queries after the loan approval and they responded very promptly.

    • 

      Ametric on 23/03/2018 - 13:57

      In our case:
      -Excessive documentation requirements on loan application; - was asked quite a few docs at that time, but didn't have enough Australian docs, maybe that is the reason, didn't bother me to much
      -Long lead time to get the loan approved; - Was 2.5 months for us
      -Loan application fees are higher than for a big 4 bank; - I believe ours were all rebated their offer / broker's offer
      -They use a third party law firm to process the loan and you pay for this; - As above
      -I have been charged fees that were clearly exempt from my mortgage. The time and effort to get these reversed is a hassle. - No
      -The credit card you get, although good in offering a 0.8% cash back, is not reliable. It does not work at merchants from time to time. Also they have very a very strict credit policy so my credit limit is so low it proves a hassle. - Didn't want one, so don't apply for one
      -I am unable to make payments transfers to some merchants, so still need to use my old bank account to do so. - Not encountered this yet, using it as ,a main account, no problems at all, did all types of transfers / payments and all was fine.
      -Systems and processes are straight out of the 1970's. They operate on a branch system, hence don't have a centralised call centre. When you call up you get put through to a branch and to get anything sorted they need to speak to the branch you were signed up through. Even though I live in Melbourne, my branch is in Marrickville. Go figure. - Agreed but for me (Doncaster branch definitely not the closest one to me in Melbourne) - it does the job
      -Only expect responses between 9 and 5 Monday to Friday. - No issues with this, worked okay for me, except when I wanted to increase the limit for transfers, but was resolved within a day…
      -Make sure you have back up facilities in case you have problems with these guys. Particularly as you can only get things sorted during business hours - No issues

• 

  CapeFin on 23/03/2018 - 13:03

  Another reasonable offer from Better Choice came out this week for owner occupied variable P&I loans at 3.55% / CR 3.59% (rate sheet: http://www.betterchoice.com.au/wp-content/uploads/BCHL-Intro…).

  Variable home loan F180D:
  - Maximum 80% LVR
  - Optional 100% offset account $10pm
  - Free online redraw
  - P&I repayments only
  - $330 solicitor fee
  - $150 loan processing fee
  - Free valuation
  - Available for purchases and refinances
  - No annual fee

  I don't think Beter Choice deal direct with borrowers so you would need to speak with your broker to organise this product, happy to give anyone a hand if they do not have a broker currently.

• 

  c0nfus3d on 23/03/2018 - 13:04

  No upfront or ongoing rebates, but State Custodians have really good rates for a loan with offset account. I am with this guys for almost a year and cannot complain except that they have reduced the rate for new applicants but it hasn't been reflected on my loan. So will check what they have to say about this.

  https://www.statecustodians.com.au/low-rate-home-loan

  • 

    ShortyX on 23/03/2018 - 13:16

    Thanks. What are you paying now?

    • 

      c0nfus3d on 23/03/2018 - 13:56

      I am paying 3.64%

• 

  Stahh on 23/03/2018 - 14:22

  I recently signed up to them they are very slow in setting up the home loan and it can be very painfull dealing with marrickville branch as stated above.

  As for the fees it does state they are covered by this deal but it has a cap on the amount it covers and I ended up paying a little for valuation legal fees ect.(prob about $300)

  I am now trying to get a construction loan through them and is proving very painful as its sooo slow and the fees seem high..

  Wish I new about the broker deals ontop of this if you are not in a rush and dont need 5 star service its a good option to save some $!

  • 

    bargain_knight on 23/03/2018 - 15:05

    Yes- as I mentioned before, they only cover $400 of legal fees. But their legal adviser charged me an additional $400, which was annoying. There is no incentive on their end to keep costs down.

• 

  firedragon on 23/03/2018 - 15:57

  Okay to refinance to this? What's the minimum loan amount?

  • 

    naritas on 23/03/2018 - 16:34

    +1

    Okay to refinance to this?

    Refinances are okay.

    What's the minimum loan amount?

    Minimum loan amount = $300,000

    Hope this helps.

    • 

      firedragon on 23/03/2018 - 16:53

      Excellent, thanks

      • 

        naritas on 23/03/2018 - 16:57

        Excellent, thanks

        You're most welcome. Hopefully you have a good experience with the refi if you decide to pull the trigger on this deal :)

    • 

      [Deactivated] on 11/05/2018 - 16:20

      Is this still the minimum? No minimum is mentioned not heir website.

• 

  arctan on 23/03/2018 - 16:18

  Any deals on interest only investment loan?

  • 

    naritas on 23/03/2018 - 16:43

    Any deals on interest only investment loan?

    The most competitive investment IO lending under $500k is largely being priced ad hoc at present (most lenders are still not tremendously keen on investment IO at the moment and are being quite fastidious as to who they are incentivising as customers).

    For over $500k loans, we've seen a lot of interest in our Citibank offer at 4.09%p.a. (CR 4.19%p.a.) variable with a $1500 eGift voucher. If you would consider going fixed rate, good offers are being seen around 4.19%p.a.

    That being said, your credit profile and preferences (so far as lender and product functionality) can see offers in the 4.4x% range still be competitive (especially the case if you have a complex portfolio).

    Hope this helps.

    • 

      arctan on 23/03/2018 - 17:14

      Is the Citibank 4.09% for interest only (investors)? If so I am keen to look into it.

      • 

        naritas on 23/03/2018 - 17:33

        Is the Citibank 4.09% for interest only (investors)? If so I am keen to look into it.

        Yes, it is for IO investors :)

        If you wanted any assistance regarding getting further info or making an enquiry please feel free to send us a PM.

• 

  BS-19 on 18/04/2018 - 08:09

  I'm thinking about this deal or essentially the same with HSBC, but HSBC don't offer an offset account (well, they do but it's like $30 per month).
  I'll see if they will negotiate.

  • 

    BS-19 on 18/04/2018 - 09:40

    No luck negotiating. However they did say you can instantly redraw any additional payments from the home loan account, essentially the same as the offset but it requires some manual labour.
    Also, HSBC are quite conservative in their lending! Just FYI.

    • 

      SydOzber on 23/04/2018 - 00:00

      Hi mate
      May I know which one did you go with ?

      • 

        BS-19 on 26/04/2018 - 07:20

        Likely to be HSBC.

• 

  SydOzber on 26/04/2018 - 10:31

  Form the link it says 3.58% now