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$400 Cash Back for Every $100k of Home Loan Balance Mortgage Refinanced @ Base Finance

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$400 Cash Back for Every $100k of Home Loan Balance Mortgage Refinanced @ Base Finance
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AssociatedBase Finance on 08/02/2019 - 12:51 basefinance.com.au (145 clicks)
Last edited 13/02/2019 - 15:49 by 1 other user

$400 Cash Back per $100k Settled
I ran this promotion last year and helped many Ozbargainers (https://www.ozbargain.com.au/node/359523). Post the Royal Commission I'd like to assist as many people as possible while mortgage brokers still exist.

The terms are very simple:
  • Cash Back paid on settlement
  • Must be a refinance
  • The LVR must be less that 80% and no defaults or bad judgements
  • Must have made contact with me before 22 February 2019
  • "Balance Settled" means if you have a loan of $500k and $100k in the offset/redraw the cash back is for $400k balance not the total $500k loan - this is how banks pay me.
  • The cash from this promotion is from me, not the bank. eg A $500k loan will receive $2000 from me in addition to whatever else the selected bank has on offer. I have access to around 30 different banks.

If interested call 0418112131 or email [email protected]
Base Finance is a Credit Rep (468719) of ACL 389328

Financial Home Loan Mortgage Broker

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closed Comments

  • salmon123 on 08/02/2019 - 13:01
    +5

    Post the Royal Commission I'd like to assist as many people as possible while mortgage brokers still exist.

    Read it as, 'milk them' while you still have a job

    • AssociatedBase Finance @ basefinance.com.au on 08/02/2019 - 13:07
      +1

      If you notice I ran the same promotion exactly 12 months ago. I found this the quietest month because no auctions are held over the xmas period. I was intending on doing this regardless of the RC.

      Not sure how this is "milking" when I'm giving back to the customers a huge chunk of what I earn. The RC wants it the other way for me to charge customers.

      • salmon123 on 08/02/2019 - 13:20
        +4

        Not sure how this is "milking"

        Best I can tell, you get paid 0.5% upfront and .15% trailing. On a 400k mortgage, you stand to make 10k+ over the life of the loan (I'm assuming lots of variables). I doubt anyone would pay you 10k or even 5k upfront for your services (probably more in the 2k region) and I doubt you'll stay in business if you're revenue is cut by 50-80%.

        So yeah, offering up a $1600 rebate so you can make 10k, before the gravy train comes to an end, is what I call milking.

        The RC wants it the other way for me to charge customers.

        Did you miss the part where they also recommended scrapping the commissions you get from the bank?

        • AssociatedBase Finance @ basefinance.com.au on 08/02/2019 - 13:33
          +1

          You should have become a mortgage broker if you think we make $10k for every $400k loan!

          • salmon123 on 08/02/2019 - 13:43
            -1

            @Base Finance:

            You should have become a mortgage broker

            Yeah, I'll hop right on that, right before they shut down the industry.

            if you think we make $10k for every $400k loan!

            You're right, it's probably a lot more than that. I was pretty generous in my back-of-the-envelope calculations.

            If you aren't making that sort of money, then you should probably get out sooner, rather than later.

  • caramellokoala on 08/02/2019 - 13:03
    +4

    Quite funny a week after the RC singled out your profession for being unscrupulous your on here spruiking your wares. As you say hopefully the RC recommendations are implemented fully and the broking profession ceases to exist.

    • WaywardOne on 08/02/2019 - 13:14
      +4

      Yeah, a few years ago I had a friend speaking positiviely of a mortgage broker. He was saying that thanks to the trailing commission his broker was being paid, the broker had found a lower interest rate.

      The thing is, I wonder if he realised who was paying the broker the trailing commission (him via higher interest rates) or whether the mortgage broker was finding him the best deal (or just the one with the highest commission)

      EDIT: It's a similar deal with those 'comparison' websites iselect, choosi etc. They are trying to appear unbiased, but they are only presenting the options that pay a commission

      Also, with subsidised SMSF at esuperfund. They give you lots of freebies, but restrict your investments to ones that earn them a generous commission.

      Summary: Very rarely people do things for free. Commissions just hide the fee. Refer-a-friend systems are usually just free marketing.

  • thydzik on 08/02/2019 - 13:07

    How long do we need to hold the mortgage for?

    • AssociatedBase Finance @ basefinance.com.au on 08/02/2019 - 13:08

      I don't make people sign anything but would hope you keep it for 2 years so I don't get clawed back.

  • MadeInPRC on 08/02/2019 - 13:09
    +1

    Wow…just wow! the report from Commissioner Hayne clearly had no effect on you/the industry.

    • Click_It on 09/02/2019 - 16:57
      +4

      Mortgage brokers trail commissions are hardly anywhere near the biggest problem uncovered.

      And I'm willing to bet when the mortgage broker industry crashes (because few will pay $2k) we're not going to see the savings on homeloans. The banks will continue doing what the do. People think the banks have been caught out and now everything will be rainbows and butterflies. I dare say very little will actually change.

      Iceland imprisoned their corrupt bankers. Ours get a slap on the wrist and will be back at it when the dust settles.

      Mortgage brokers have saved my bacon twice in the last 10 years, they should investigate and weed out the cowboys rather than destroy the industry. Less competition never brought prices down. And no I'm not in the industry.

    • igreen on 13/02/2019 - 15:28

      Once I used a mortgage broker and I did not turn back. I got a free valuation from more than 3 banks at a time. My annual fee was paid by my broker for 2 years. I tried going to the bank directly and had no luck.
      I would prefer the mortgage broker and screw the banks. It is always the low end of towns will get screwed (small fish) and not the big boys. Have you seen how much the Bank boss get pay rises 15% or more?

      The Bank boss - fee for no service should go behind bars or providing wrong financial advice to the lady to sell her home for a business. If a broker provides wrong advice (crook - not all are crook), the impact is not profound furthermore you can check the bank websites.

  • Tiggrrrrr on 08/02/2019 - 13:11

    Any examples of actual rates?
    Cashback is pointless if your offered interest rate is not equal or better to existing.

    In saying that, if you have a good rate for any of the big banks (i.e. 3.92% or less) then PM me and I'll switch.

    • flashi007 on 08/02/2019 - 13:14

      I’m in the same boat as this guy. I’d love to know some rates

      • AssociatedBase Finance @ basefinance.com.au on 08/02/2019 - 13:26

        I don't want to sound vague, but don't want to be seen advertising rates that might change in a week.
        But as of right now, the cheapest of the reputable banks with no offset in Citibank 3.55% but they have some limitations.
        With offset, Bankwest at 3.72% is probably best. They have their own cashback of $1500.

        This is not a recommendation but to give you an idea.

        • flashi007 on 08/02/2019 - 14:21

          Can you get bankwest and your cashback concurrently?

          • AssociatedBase Finance @ basefinance.com.au on 08/02/2019 - 14:30

            @flashi007: Yes

            • fatz on 09/02/2019 - 11:45

              @Base Finance: Just shows how much money brokers are making of your loan..happy to see this industry gone actually.

              Don't get me started on Commission on selling your own place.

              These people has no shame and cry poor

        • sagrules on 08/02/2019 - 16:59

          Does bankwest come with an offset?

        • mini_wombat on 09/02/2019 - 19:44

          I was with bankwest … can't recommend longterm. As soon as the variable rate went up … mine went up too (but more than the variable rate. Just always around 0.01 - 0.05 more … it adds up and suddenly your loan is at a pretty high rate (Compared to what they advertise for new customers.) Take that into consideration.

          • AssociatedBase Finance @ basefinance.com.au on 09/02/2019 - 20:27

            @mini_wombat: Yes. I’d agree that usually whoever is the cheapest only does so to build up their book and then put their rates up soon after.

  • maxwellish on 08/02/2019 - 13:17

    Can you beat 3.56 im on with HSBC?

    • AssociatedBase Finance @ basefinance.com.au on 08/02/2019 - 13:54

      If you had a loan of 3.56%, and you wanted the best rate, I would say it's not worthwhile you moving.

  • mr_asstight on 08/02/2019 - 13:20
    +1

    What's the rates bro?

    • AssociatedBase Finance @ basefinance.com.au on 08/02/2019 - 13:53

      see above

  • Powls on 08/02/2019 - 14:47

    Can you bear 3.55% for an investment loan? I probably can’t move from where I am without losing

    • AssociatedBase Finance @ basefinance.com.au on 08/02/2019 - 14:51

      Nah. that's very cheap. Nothing I'm aware of (that is reputable) is near that mark for investment.

      • Powls on 08/02/2019 - 16:07

        Yeah. My bank didn’t make me switch from PPOR to investment when I told them. They said it was fine.

        Probably stuck with them now haha

        • AssociatedBase Finance @ basefinance.com.au on 08/02/2019 - 18:17

          haha! yes!

  • herbo on 08/02/2019 - 21:35
    +2

    Probably too late to add a positive as I think deals don’t show up when there’s been negatives added. Anyway I will add that we refinanced using Base Finance last year. Was with BankWest on 4.15% and they wouldn’t budge any lower. Ended up on 3.68% with two offset accounts. The cash back was swiftly paid out into our bank account and it well and truely covered all fees with a decent chunk leftover. Very happy with the service.

    • AssociatedBase Finance @ basefinance.com.au on 08/02/2019 - 22:39

      Thanks. And I’m always available to assist if you have any issues.

  • [Deactivated] on 08/02/2019 - 22:20

    I’m on 3.69% fixed term with NAB, approx 1.2 year remaining. I’m interested in 3.59% with offset account - variable with HSBC. Your thoughts?

    • AssociatedBase Finance @ basefinance.com.au on 08/02/2019 - 22:28

      It’s hard to find a good reason to leave 3.69%. Especially when it’s fixed and there could be break costs. I’m happy for you to call me on Monday.

      It’s unlikely you will change banks but I can give you some free advice.

  • Stingee on 08/02/2019 - 23:22

    For the rates you mention above I assume its for PPOR. Can you provide the same current rate guidance for Investment IO?

    • AssociatedBase Finance @ basefinance.com.au on 09/02/2019 - 10:09

      PLEASE TAKE THIS AS A GUIDE ONLY and not a recommendation.
      As a guide only as of today, INV I/O - a couple of cheap options would be Adelaide Bank 4.29%, AMP 4.39% or Bankwest 4.44%.
      Another option could be 3 years fixed at CBA for 4.19% (and collect $2k cashback from them).

      • Click_It on 09/02/2019 - 17:29

        Slightly off topic, what are your thoughts on an official rate cut this year? I think it's highly likely myself.

        • AssociatedBase Finance @ basefinance.com.au on 09/02/2019 - 17:31

          This is my thoughts only and not a recommendation with all the disclaimers. My view is they will not change this year. U r welcome to privately message me to discuss u thoughts.

  • kanad on 20/02/2019 - 20:35

    Regarding

    "Balance Settled" means if you have a loan of $500k and $100k in the offset/redraw the cash back is for $400k balance not the total $500k loan - this is how banks pay me.

    Can you please explain this. Say I have $400K loan with Bank A and $200k offset. I refinance with Bank B the loan with an attached offset account. My understanding is on settlement Bank B will payout the loan with Bank A, hence I will have a closed loan account but still a $200 offset which is now just a normal savings account. In Bank B my loan account will now have a debit balance of $400K and still $0 in the offset account.

    The offset account is not involved in loan balance at settlement, so how come this will reduce the cash back?

    • AssociatedBase Finance @ basefinance.com.au on 21/02/2019 - 02:29

      The offset is not involved in the settlement but the bank will adjust the commission based on the offset balance after a certain amount of time.
      So in your example, if you move the $200k offset in bank A to the offset in bank B after a week of settling, the bank will adjust the commission to the net number.

  • Newozbargainuser on 27/02/2019 - 23:53

    Long time ozbargainer (most of my purchases over the past 5+ years - including many impulsive mistakes, ie xiaomi air purifier I didn’t need), but only just signed up to share my experience on this deal as I don’t think it got fair credit.

    I followed up with Base Finance on this deal for my home loan as very few brokers will provide their customers with a share of the commission. I don’t work in the industry but I think it’s important to note that brokers earn a commission because they serve as a sales function to banks, and by being outside of banks my personal opinion is that they increase competition which is better for those of us getting home loans. For any customer that can do better direct with banks or prefers to deal direct with banks they have the option, and for those that don’t there are brokers too.

    Anyway, I harp on. From my dealings with Base Finance, they are really quick to operate and very switched on to what deals are available - also I saw no bias between different banks etc. Really clear explanation of options and considerations. Couldn’t recommend more highly!!

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