ANZ increased refi rebate to $4000 as a special switching discretion for loans above $250k (by ANZ discretion and approval for eligible loans only)
Subject to below eligibility criteria:
- This is a special switching by discretion and approval only for eligible loans only.
- Per ANZ disclaimer: cash back payments are regularly monitored to ensure appropriate use and may be withdrawn or altered by ANZ at any time.
- Loan applications must be submitted between 9 March 2020 and 31 May 2020.
- Loans must be drawn down by 30 September 2020.
Big 4 banks have already passed on the full 0.25% cut incl ANZ. Note this is for variable rates only.
Available under:
- Simplicity Plus: no annual fee, free redraw.
- ANZ Breakfree package, including offset account, redraw, premium credit card. Annual fee $395.
Can be split with variable 100% offset. Fixed has break costs if closed before expiry. No break costs under variable.
ANZ variable rates
Simplicity Plus
2.87% (CPR 2.91%) owner occupied P&I
3.27 (CPR 3.31%) investor P&I (approx +0.3% interest only)
Package (subject to pricing approval)
2.84% (CPR 4.45%) owner occupied P&I (Approx +0.5% interest only)
3.24 (CPR 4.52%) investor P&I (approx +0.2% interest only)
ANZ fixed rates
2.68% (CPR 4.40%) fixed 2 year owner occupied P&I [3.48% interest only (CPR 4.53)]
2.88% (CPR 4.91%) fixed 2 year investor P&I
2.98% interest only investor (CPR 4.92%) fixed 2 year investor IO
PLUS ANZ bank rebate (lodge by 31/5/2020)
$4,000 loan size above $250k special switching cashback discretion
Total Fees eg NSW & VIC incl GST
https://www.nswlrs.com.au/getattachment/
https://www.propertyandlandtitles.vic.gov.au/
Mortgage discharge fees $143.5 (NSW), $116.80 (VIC)
Transfer/Mortgage Registration fee $143.5 (NSW), $116.80 (VIC)
Title search $14.70 (NSW)
Legal/settlement fee from incoming lender – Approx $100-$350
Discharge admin fee from outgoing lender – Approx $250-$350
Total fees approx $650 - $800 in most cases.
PLUS 0.3% Bundle Rebate
In ADDITION to bank rebates, Bundle Home Loans gives a rebate of 0.3% of loan size (net at drawdown) for ANY bank or product.
Why should I fix?
Given lower chance of a rate cut forecast, a low fixed rate can still save you more money as you can get an immediate benefit from today as opposed to waiting for the drop to occur. Given many banks are only passing on 0.1-0.15% each cut, and the RBA cash rate is 0.75%, there can only be a maximum of 3 cuts to zero, which may take a long time or unlikely to occur.
Always worth doing a calculation for your situation, eg:
If you have an existing loan and your rate is 3.18%, fixing at 2.68% will save you 0.5% each year.
On a $500k loan, that is a saving of $2500 every year.
If you're saving 0.5% and go with a lender giving rebates eg Westpac $6,000 for 2 properties, plus our Bundle Rebate of $1,500, that's a further $7,500 in rebates, plus $2,500 interest savings, you are getting a benefit of $10,000 in just one year!
Len
Bundle Property Home Loans
T: (02) 9698 7186
M: 0422354868
E: [email protected]
ACL 445947
Disclaimer:
The information provided is for general education purposes only and is not intended to constitute specialist or personal advice. This has been provided without taking into account your objectives, financial situation or needs. Because of this, you should consider the appropriateness of the advice to your own situation and needs before taking any action. It should not be relied upon for the purposes of entering into any legal or financial commitments. Specific investment advice should be obtained from a suitably qualified professional before adopting any investment strategy.
My understanding is that the offset facility is not available under fixed rate packages? This is what ANZ told me yesterday