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$4000 Cashback When Refinancing Your Mortgage (>$250k) Online with St. George

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$4000 Cashback When Refinancing Your Mortgage (>$250k) Online with St. George
Go to Deal
Viper8 on 14/11/2019 - 18:28 stgeorge.com.au (5549 clicks)
Last edited 15/11/2019 - 17:54 by 1 other user

Refinance cashback doubled from $2000 to $4000 for online applications.

Summary of deal:
"Get one $4,000 Refinance Cashback plus $2,000 cashback per additional property refinanced when you apply online by 31 January 2020 and settle by 31 March 2020. Available on Basic Home Loans and Advantage Package loans ($395 package fee, $0 fee for Basic home loan). Excludes Owner Occupier loans with interest only repayments and refinances from within Westpac Group. Min. loan size $250k per property."

I would like to make it clear that the in order to be eligible for the additional $2000 on top of the original $2000, the application must be online (not via broker or in-store).
The rebate is paid 60 days after settlement, with no clawback.

For additional info, please see "What else do I need to know?" and "Frequently Asked Question." below:
https://www.stgeorge.com.au/personal/home-loans/manage/refin…

I was going to take the $2000 standard St George refinance cashback in addition to cashback offered from a broker over a 24 month period (whom may go bankrupt or not pay-up), until I saw this updated offer yesterday. I canceled my application with the broker and have had my application online with St George confirmed as eligible for the $4000 rebate.

Also of mention: the lending Manager assigned to me is asking for a better rate than the default 3.44% (given you apply online there is no way to negotiate during your initial application). Apparently 3.1X% should be achievable on the Package.

Enjoy!

Update: I've been given 3.04% with ~70% LVR on ~$300k loan (Package).

Financial Home Loan

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closed Comments

          • donbot on 18/12/2019 - 13:21
            +1

            @brettmo: PEXA is the titles exchange platform. All done electronically now.

            I've just got to provide discharge form and my FASTRefi should be underway. anyone have a clue as to how long between all docs and ID done to settlement, refinancing away from ING?

            • jobargain on 19/12/2019 - 03:12

              @donbot: with PEXA, is it just a single fee or charged twice with both lenders??
              And does it mean "title Search fee" no longer relevant?

  • Jayclemente on 17/12/2019 - 21:28

    Thanks mate. Was there any additional charges associated with it?

    • rarelyscene on 18/12/2019 - 10:57

      None that I have come across so far.

  • macr0hard on 19/12/2019 - 10:21
    +1

    When I applied there was some money in my ING loan redraw so the amount is a bit lower than what I needed to borrow. Now I've taken the money out so the balance is back to loan amount that St George will loan me. However on the docs the discharge of debts amount is that lower amount and it has a surplus. Will St George just dump all the surplus to my loan anyway or would I have to specifically ask them to increase the discharge of debts amount?

    Also, in my package, it says I have a home loan and a transaction account, not an offset account. Is this ok assuming this "transaction account" is the offset account?

  • Hunter14 on 23/12/2019 - 17:34

    Just curious to those who churn these mortgage deals like credit cards.

    Do you keep the same bank account (for when your employer pays you etc) or create new bank accounts with the bank you switch to every time?

  • dumkaze on 01/01/2020 - 06:59
    +2

    I just received 4K in my account … settlement date was on 6 dec. very quick

    • nightqueen on 01/01/2020 - 19:04

      Wow, so you got the payment in 3 weeks time post settlement. Excellent

    • Hunter14 on 02/01/2020 - 12:32

      So they deposit the 4K rather than reduce the loan by 4K?

      • dumkaze on 02/01/2020 - 14:31

        They have deposited in to the complete freedom account with ref of rebatecampaign.

        • Hunter14 on 02/01/2020 - 14:33

          Awesome. Thank you.

  • wearabloodymask on 02/01/2020 - 13:21

    Anyone know if any fees with paying back loan early? Couldn't see it on paperwork

    • nightqueen on 02/01/2020 - 20:40

      Discharge fee and government fees apply

  • Kramberry on 02/01/2020 - 21:25

    Hey folks, first time refinancing and hoping to jump on this deal. Have a quick question -

    I went through the application process and was provided a rate of 2.94% fixed on basic.

    My current outatanding loan with Bankwest is 380k, however st George has readjusted my loan amount to 320k (and $13).. am a bit confused as to how this works? Surely they aren't wanting to pay 60k to my current bank voluntarily. The confusing part is that there is a section underneath next to the $13 as my contribution to finalise the loan (which I understand is the rounding of the loan) but nothing about the 60k.

    Thanks in advance

    • Viper8 on 02/01/2020 - 22:25

      You had $60k of redraw surplus on the mortgage?

      • Kramberry on 02/01/2020 - 23:34

        Thanks Viper,

        Nope, I haven't contributed any additional repayments outside the monthly minimum so there wouldn't be a surplus.
        Initially i thought maybe it had something to do with the savings i reported, but removing that didn't change the new loan amount.
        Maybe the bank doesn't want to loan the full amount would be my other guess?

      • Kramberry on 03/01/2020 - 10:34
        +1

        I just had a chat with a live rep and they said that the numbers were indicative only and will be finalised with a call from the lending manager.
        Its odd that they ask for the desired loan amount then spit out a completely different number just to clarify it again.

        I was told that others have raised this same issue with them - has anyone come across this with their application?

        • fozzie on 09/01/2020 - 00:17
          +1

          Yes, my rate was totally different from initial online but I used it to negotiate a slightly better rate

  • c0nfus3d on 02/01/2020 - 23:01

    Just wondering if anyone split loans into several loan accounts and if they were charged any split/admin fees for every loan account when refinancing? My lender is suggesting at least $150 fees per loan account. I have been with several banks and have always had multiple loans (var + fixed) but never had to pay anything for the split especially when it was done in the process of new loan/refinancing.

    • Viper8 on 02/01/2020 - 23:05

      I believe with Basic yes, Package no.

      • c0nfus3d on 02/01/2020 - 23:06

        Thanks, I am looking to go ahead with Package at 3.07% with 78% LVR, and lender manager mentioned this $150 fees to me which I was not happy with at all.

        • c0nfus3d on 07/01/2020 - 00:37

          Turns out there is no fees for splitting the loan up to 5 loans under the package. I confirmed this with another lending manager over the phone. So my lending manager has agreed to not charge $150 fees for each split.

          But, now he is suggesting that I could only have 1 free offset facility under the package. So if I was to split loans into 3, I could only have 1 offset and will have to pick one loan to offset it against. Also, they don't offer Interest Only on owner-occupied properties…

          This sounds like a loads of crap to me. Does anyone here have answers to these questions? Thanks in advance.

          • whatif on 07/01/2020 - 02:02

            @c0nfus3d: Don't know if it helps but I have 3 offset accounts on one loan under package. Was also told there is no limit on number of offset accounts I can have.

  • dumkaze on 03/01/2020 - 15:32

    Now NAB start giving 4K as well

    https://www.nab.com.au/personal/home-loans/offers?cid=sem:p4…

    I just moved to St. George.. How long should I wait to lodge application with NAB.

    • fozzie on 04/01/2020 - 22:44

      Usually you should have 6 months mortgage history, so you won’t make that offer. But who knows, maybe others will come along!

  • donbot on 03/01/2020 - 22:59

    Loan settled today. Can see surplus funds that I didn't want drawn down today in the offset account.

    Can I pay these funds into the loan to create a redraw available? I don't need them as yet and don't want them mixed in with offset.

    • dumkaze on 04/01/2020 - 01:00

      If you pay your surplus fund to mortgage account … then u have to wait for the statement … I did the same thing now I am waiting for month to finish

      • donbot on 04/01/2020 - 03:18

        Yeah I don't need instant access to redraw on it… I just want to make sure it remains as available funds to redraw at a later date a few months from now.

        • Neoika on 18/02/2020 - 19:39

          Have you got redraw available by now? Do you need to submit a "Home Loan Redraw Request Authority" form?

          • donbot on 18/02/2020 - 20:11
            +1

            @Neoika: Redraw is there. Don't believe I need a form to call upon it as it's available funds.

  • bozbargain on 05/01/2020 - 08:50
    +1

    About to submit my application, I'm OK with the 3.02% I received for my offset package. Anything else I should consider/do before hitting 'submit'? Keen to also apply for the Amplify Rewards Signature Card (200k points: 100k points y1, 100k points y2, all up 100k Krisflyer points over 2 years), ideally for both myself and my partner (joint account). However, the booklet states "A credit card that is applied for through our website or that is in default is not eligible for inclusion in a package." Any experiences with this? Where can I find if they would allow 2 credit cards (1 in each name) to bank 2x the bonus points under this offset (both ANZ and NAB have been fine with this in the past)?

    • objtrim92 on 05/01/2020 - 09:42

      no bonus points if it comes with loan package offer.

      • bozbargain on 05/01/2020 - 09:46

        Is that a generic statement or your experience with the process? Others in this thread seem to say they managed to get bonus points.

        • objtrim92 on 05/01/2020 - 18:57

          My st george lending mgr confirmed with me. Bonus points are available for standalone applicants who paying the CC annual fee. I have similar experience with other banks.

          • Viper8 on 07/01/2020 - 11:19

            @objtrim92: If I apply via the app it still shows the bonus points offer, despite me having the package. There is no mention of such an exclusion in T&C's.

      • Viper8 on 05/01/2020 - 16:12

        Since when?

  • donbot on 07/01/2020 - 08:53

    Anyone have any idea when Google Pay will be available on their debit cards? I figured as my StG Amplify Credit Card was enabled, their debit cards would be too.

    This sucks!

  • ady211 on 07/01/2020 - 10:38

    My loan was settled yesterday as well. Now awaiting the cashback.

    • Viper8 on 07/01/2020 - 11:17

      Settled yesterday as well. No issues.

      • Neoika on 07/01/2020 - 12:25

        Did STG tell you the settlement day beforehand?

        • Viper8 on 07/01/2020 - 12:52
          +1

          I asked and then they told me.

  • khangu on 08/01/2020 - 08:06

    LOL.

    Put my data and thought all was going well until they did the web assessment and offerred me only 52% of the property value at 3.04%, needing me to pay out the remainder…

    My expenses are fairly minimal, and cc at $11K no balance. No dependents. Wage is above average around $140K. Property valued conservatively at 650K, located 10K South of Brisbane CBD. House on 400m2 in nice quiet residential area.

  • donbot on 08/01/2020 - 08:40

    Of who has done fast settlement from ING, how long did it take for ING to sort their figures out and return the difference? I know it can take a bit of time, but wondering if there is anyone with first hand how long it took from settlement to loan account being finalised?

    • macr0hard on 09/01/2020 - 20:31

      St george submitted my discharge to ING on 24th dec and they still haven’t done anything. I called them twice and was told that it’d take 9 working days for them to process and because of the holidays it would take longer. I’m still waiting, a bit annoying. I had liked ING before, thought they would disrupt the industry but I guess now they’re just slow like other banks

      • donbot on 09/01/2020 - 21:04

        Has your St George loan been drawn down? I have been told it's settled and can see a loan in stg, but ING hasn't sorted itself out. My ING fee is due in 2 weeks.. I really don't feel like paying $299 to ING

        • macr0hard on 09/01/2020 - 22:25

          No my loan isn’t settled yet because St George is still waiting for ing to move the needle:(

  • minniethemoocher on 08/01/2020 - 20:33

    I applied provided all the requested docs on the 15 December. Still waiting for the lending manager to get her act together and looks like it will be a few weeks more. Getting pretty annoyed at this stage as I have a low LVR as so it should be a no brainer. Anyone got any hints on how to get this process moving. Also I have been offered 2.94% on basic. Anyone done better than this?

    • fozzie on 09/01/2020 - 00:22

      That’s pretty good! Only got 2.99 on basic, 59% value of the property (over half of the loan will be in redraw offsetting , perhaps that’s why I got offered a higher interest rate?)

      • minniethemoocher on 09/01/2020 - 08:57

        If your LVR is under 60% you should get 2.94%. My LVR something like 22%

        • fozzie on 09/01/2020 - 11:07

          Too late now for me :(, as it’s all gone through. Yes it was 41%.
          I thought I had done well, at least I’m paying much less than Cua, plus I can always move for a better deal in a few months :)

          • minniethemoocher on 09/01/2020 - 12:31
            +1

            @fozzie: I would talk to them. If you can get your LVR below 60% you may be entitled to the rate as that is the standard variable rate.

            • fozzie on 09/01/2020 - 13:15

              @minniethemoocher: Thanks Minnie. I would rather stay than moving tbh. I’m happy it’s a better rate than previous but a bit pissed about not getting the same as the rest of customers.
              I need to become a better ozbargainer.

              • minniethemoocher on 09/01/2020 - 13:25

                @fozzie: I’m not suggesting moving, 2.94% is the advertised rate for LVR less than 60%. Just suggesting you talk to them about whether you can be entitled to this rate assuming you are on a variable rate with St George if you can get your LVR less than 60%.

    • F-22 on 09/01/2020 - 17:57
      +1

      I originally applied via St George and was given an automated 3.2x rate on the advantage package. Once I had a lender assigned I negotiated 3.09%. My lender wasnt very responsive, wouldn't reply to my emails so I decided to apply with Bank of Melbourne (I realise it's the same bank but my aim was just to get a different lender). After applying I got an automated offer of 3.02% on the advantage package and I was quite happy with that. I wanted advantage pqckage as I need the offset, have about 40% of the loan in offset account.

  • Kramberry on 09/01/2020 - 12:34

    Been a week since application and submission of docs - still haven't heard a squeak from a lending manager..
    Is this the norm with st George?

    • fozzie on 09/01/2020 - 12:56
      +1

      I think because of the holidays they have been slow. Once the documents were electronically signed It took less than a week to go through though.

    • brettmo on 10/01/2020 - 17:25
      +1

      I uploaded all the docs on a Friday arvo and had a call the next morning (on a Saturday!). I got in really early though. Maybe a back log now?
      Everything was going pretty smoothly until loans.com.au and st George couldn't decide on a settlement date in pexa. I jumped up and down this week and they came back with 2nd march! I jumped up and down some more and it got changed to today.

  • fozzie on 09/01/2020 - 13:06

    If you have already settled how much do you have left of the $4000? I have $2300 (I am also deducting $100 settlement fee) approx
    It’s nice to see I got the bonus straight away.

    • JohnHowardsEyebrows on 09/01/2020 - 13:43

      Which state? $1.7k seems high (any break fees?) .

      • fozzie on 09/01/2020 - 13:53
        +1

        Nsw, I need to check the documents. I was just happy to move away as I was on 3.39 and cua wouldn’t offer a better rate.

    • Viper8 on 09/01/2020 - 15:06
      +1

      No. When you get paid the bonus it will be paid in full at a later date.
      This is just whatever money was left over after they paid out your old mortgages and covered the other costs and fees associated with the refinance.
      Total costs should be <$1k. You should already know what they are as you would have e-signed for them.

      • fozzie on 09/01/2020 - 15:34

        Thanks, that makes sense then.

  • minniethemoocher on 12/01/2020 - 10:29

    My lender had to also open a Complete Freedom account to get the home loan Cashback. Did anyone get the bonus $40 from this deal?
    https://www.ozbargain.com.au/node/511267

    • Neoika on 12/01/2020 - 10:34
      +1

      I got $40 from an account opened one week before home loan application. I have 2 accounts now, the other one opened from home loan so I plan to close the first one later.

      • minniethemoocher on 12/01/2020 - 10:50

        Just released that the account has to be opened online. Not sure if my lending manager has opened mine already. Just sent through the paperwork yesterday afternoon.

  • Hunter14 on 13/01/2020 - 15:37

    Genuinely curious why this deal is getting a lot of love compared to the NAB deal who are offering the same?

    • Viper8 on 13/01/2020 - 15:46
      +1

      This came out first. Also marginally better rates on offer.

      • Hunter14 on 13/01/2020 - 15:56

        Yep, I figured since St George isn't directly a big 4, they would offer slightly lower rates. In terms of purely a cash grab, I'd imagine it wouldn't matter too much.

        • El-Rhi on 13/01/2020 - 18:50

          St George is still part of the Westpac group, but they were the first to offer $4000. I’ll be taking advantage of both, and hopefully the other banks will start to increase their incentives.

          • Hunter14 on 14/01/2020 - 11:47

            @El-Rhi: I was thinking the same but don't you have to wait 6 months? Usually they ask for 6 months of mortgage payments.

            • El-Rhi on 15/01/2020 - 06:35

              @Hunter14: You don’t need to wait 6 months, you can refinance again straight away if you want (once you’ve received the $4k). You would already have 6 months of mortgage payments from your previous bank.

    • F-22 on 13/01/2020 - 21:59

      Simply because it was advertised first for me, i was already too deep before i saw the NAB offer.

  • [Deactivated] on 14/01/2020 - 08:53

    Lender calls me 2 hours before settlement, left a voicemail saying I'm $392 short can I get some cash and deposit it into my bank account. Then doesn't return my calls when I ring him back 2 mins later.

    Work it out yourself.

  • Hunter14 on 14/01/2020 - 11:58

    Do you need to hire a settlement agent like if you were signing up for a new mortgage? Or is the refinance settlement process easy enough to do without one?

    • minniethemoocher on 14/01/2020 - 12:15

      Refinancing doesn’t require a settlement agent.

  • nightqueen on 15/01/2020 - 10:23

    Has anybody else got the 4k Cashback yet? I'm just hit the one month mark after settlement with no luck yet

    • objtrim92 on 15/01/2020 - 10:35

      settled on 16/12, no cashback yet

      • nightqueen on 15/01/2020 - 13:53

        hopefully soon in the next 30 days

    • F-22 on 15/01/2020 - 11:18

      It says 60 days after settlement.

      • Chickenleg on 15/01/2020 - 12:06
        +1

        T&Cs say within 60 days, so fingers crossed it would be sometime before that

    • hanofee on 20/01/2020 - 17:05

      How long did it take you to settled btw? I submitted on 12/12, still haven't heard back. I called early Jan, and been told that somehow the system didn't assign anyone on my application, then the CS submitted a request to escalate. I called again last week, CS said a lender had now been assigned but still no call yet (CS said, because they have long backlog, may need to be patient :()?

  • Newozbargainuser on 18/01/2020 - 20:02
    +1

    Great deal post.

    Has anyone gone through this process and able to comment on whether their offset funds affected cashback eligibility? The T&Cs note only 'loan size' matters, and speaking to St George over the phone they noted that offset funds don't impact cashback eligibility, but wanted to confirm with anyone who's been through the process.

    • Viper8 on 19/01/2020 - 09:16
      +1

      Offset is offset. Mortgage is mortgage. Does not affect the $250k min loan size.

    • brettmo on 19/01/2020 - 10:13
      +2

      What Viper8 said is correct.
      I was in the same position and have been through the process, settled this week and have been told I'm getting my 4k.

      • Newozbargainuser on 20/01/2020 - 03:13

        Thanks very much for your answers - saves me shifting money around to reduce the offset.

  • jobargain on 19/01/2020 - 08:33

    Quick question, today is my monthly repayment due date, interest has been deducted from the loan account but the repayment amount is yet to be deducted from my transaction account, I thought is suppose to be automatic? Does it happen at the end of the day or do I need to make a manual transfer?

    • Viper8 on 19/01/2020 - 09:16

      Call and ask?

    • objtrim92 on 19/01/2020 - 11:05
      +1

      May take 1 business day to reflect the deduction on your transaction account. It must be automatic.

    • nightqueen on 19/01/2020 - 14:53
      +1

      Yes, online st george banking charges the interest first at the start of the day. The repayment ammount will be automatically taken out at the end of the day.

  • hanofee on 20/01/2020 - 17:07

    To anyone successful, how long approx. did the process take? I submitted on the 12/12 and have called them a few times, and still no approval (no lender has talked to me yet). The last time I called (last Thursday), I finally got a lender assigned on my case, saying they'll call me, but still no call.

    • ady211 on 20/01/2020 - 17:19

      It took approx. 5-6 weeks but I believe 1 week would have been lost during Christmas holiday period

    • donbot on 21/01/2020 - 10:16

      Just over a month including Christmas. Applied on or around 1/12, loan settled 3/1.

      Now pushing ING to settle the existing loan - hopefully this week! So annoying.

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