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2.19% for Home & 2.49% for Investment 3 Years Fixed with Full Offset @ Unibank, Health Professionals Bank, Teachers Mutual Bank

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2.19% for Home & 2.49% for Investment 3 Years Fixed with Full Offset @ Unibank, Health Professionals Bank, Teachers Mutual Bank
Go to Deal
AssociatedJohnKKMK @ Mortgage Better on 29/08/2020 - 21:12 unibank.com.au (2378 clicks)
Last edited 02/09/2020 - 19:59 by 1 other user

2.19% for Home & 2.49% for investment 3 years fixed with Full offset @ Unibank, Health Professionals bank, Teachers mutual bank + $500 VISA giftcard

Investment loan
- 2.49% for P&I repayment 3 years fixed (Comparison Rate 3.92%)
- 2.64% for Interest Only 3 years fixed rate (Comparison Rate 3.97%)
This fixed loan comes with Full offset account
Upfront $600 fee
No annual fees

Owner Occupier Home loan
- 2.19% for P&I repayment loans 3 years fixed (Comparison Rate 3.85%)
This fixed loan comes with Full offset account
Upfront $600 fee
No annual fees

Eligibility criteria:
* working in the emergency services, education, or health industry
* OR currently studying or have previously graduated from any Australian university

$500 VISA broker giftcard - our gift to you for any refinances of $500k or higher net of offset or redraw.

What is a comparison rate (CPR)?
Comparison rate can very often be misleading as it uses assumptions that are often irrelevant to an individuals circumstances. Typically it assumes a loan size of $150k over 25 year loans term which is irrelevant to majority of borrowers. It also assumes the borrower will remain with the same lender for the whole 25 years on a revert rate which is also unrealistic as most Australians refinance their home loans every 2 – 4 years. So often comparison rates can cause more confusion than help. However due to government regulations, banks and brokers MUST quote these CPR when quoting a home loan interest rate. As a general rule of thumb, it’s best to look at the actual interest rate & repayment (including fees) for the same loan amount over the same specified period when you compare loans. We can help in doing this accurately and systematically.

For further details about this deal or other 35 lenders we work with, please call or email us or phone book a phone call with me on the link below. Messages on Ozbargain may receive delayed response. Thank you.
https://calendly.com/mortgagebetter

John Kim
Mortgage Adviser
M : 0433 390 648
E : [email protected]
Google reviews : https://www.mortgagebetter.com.au/google-reviews/

RCA Finance Solutions (Trading as Mortgage Better) is an authorised credit representative (CRN 508268) of QED Credit Services PTY LTD (ACL 387856).

Financial Home Loan Mortgage Broker Refinance

Related Stores

UniBank
UniBank
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Third-Party
hpbank.com.au
hpbank.com.au
Teacher's Mutual Bank
Teacher's Mutual Bank

closed Comments

  • Fijiboy on 30/08/2020 - 06:01

    Would you do 90%LVR with no LMI for Medical professionals (like some other banks do), with this particular deal?

    • sjobeck on 30/08/2020 - 06:31
      +1

      Good luck getting that these days. As a doc that's what I have done in the past. Come covid we recently purchased a home and max LVR was 65% - 70% with ANZ

      • serpserpserp on 30/08/2020 - 12:00

        When you say home you mean Investment Property?

        I doubt very much if your personal balance sheet was pretty clean you'd be asked for 35% up front.

    • frazel on 30/08/2020 - 09:01
      +1

      We got 85% with St George with health professional, they were 10% before covid

  • swilso on 30/08/2020 - 06:27

    The banks are all pushing for fixed rates. I would only be using a variable rate.

    • Nurcopolics on 30/08/2020 - 07:58
      -2

      Correct… Negative rates soon

      • Bozman on 30/08/2020 - 08:52

        No. The banks are pushing for Fixed rates because their funding is currently fixed under the TFF. They want to match A&L.

        Phil Lowe has repeatedly said negative rates are highly unlikely in Australia.

        • Nurcopolics on 30/08/2020 - 12:08
          -2

          So was a pandemic..

          • twjr on 30/08/2020 - 12:21
            +1

            @Nurcopolics: Completely disagree. Based on historical evidence a pandemic occurring at some point again was an almost certainty.

        • samprofs on 31/08/2020 - 14:11

          Bozman spot on.

  • Budju on 30/08/2020 - 08:36
    -4

    Are we seting a dangerous precedent allowing mortgage brokers come on here to earn commissions?

    • AssociatedJohnKKMK @ Mortgage Better on 30/08/2020 - 09:16
      +2

      Hi Budju
      The post is first and foremost advertising the deal. Whether you go through myself or the bank direct is totally up to you. Hence the link on the post is the banks website not my website.
      However 60% of loans in australia are now going through mortgage brokers due to the obvious benefits. Happy to explain further via phone with no obligations to you if you would like to discuss more. 0433390648.

      • spaceflight on 30/08/2020 - 10:49
        +1

        Without saying more that you are comfortable with, what's in it for you?
        On this deal I assume a borrower pays exactly the same interest rate and fees direct to the bank or through you. So do you get a referral fee, trailing commission for a few years or the life of the loan?

        How about where the rate is different. A friend was looking at a loan through a broker from a major bank (I cannot remember which one) and the broker's rate was something like 0.3% higher than the bank. Does the broker get that extra?

        I don't have an issue with brokers earning an income, I'm interested how it works.

        • AssociatedJohnKKMK @ Mortgage Better on 30/08/2020 - 23:33
          +1

          Hi spaceflight. A valid question. A little lengthy question but basically my business is in linking buyers to loan deals. Sometimes its just about the best deal if the client is a clean skin deal but 60-80% of the time clients have unique situation or requirements. In these circumstance theres more research and checking that goes into the job. We also do all the paperwork for the clients and prepare a well drafted and details application to maximise chance of approval. Theres also the service element to it. Check out our client reviews to see what they say. In return the bank pays us a upfront commission for the work we do and then trail commission to continue looking after the customers. I cant comment on any particular scenario you have as i dont have all the details of what happened with your friends scenario but i have plenty of customers coming to me because i got them the same or better rate than direct plus my service.

    • funnysht on 30/08/2020 - 10:00
      +6

      well there are a lot of retailers posting their deals here..so what's the difference

    • Kinko82 on 30/08/2020 - 10:41
      +2

      Why the negativity? Sounds like the mortgage broker earns a commission just by advertising here without having to do anything else. Dont worry about the work this bloke has to do to arrange the loan. Hes also throwing in an extra $500 visa gift card, you dont get that if you go to TMB directly. If you don't like brokers, nothing here to force you to enquire.

      • funnysht on 30/08/2020 - 12:09
        +1

        well he is like a retailer …he spends his time answering questions etc…so charges commission..

  • Mattpattt on 30/08/2020 - 08:58
    -1

    Gday John, I'm a teacher

    Is this rate available for a 95% loan, are banks in Vic allowing the building grant to be used towards the deposit ?

    • AssociatedJohnKKMK @ Mortgage Better on 30/08/2020 - 09:17

      Hi Matt
      Thanks for your enquiry.
      Yes it is. In terms of the grant though most banks arent accepting it as genuine savings or deposit for a purchase. Happy to discuss further if you would like to call me or email me.

  • lknight on 30/08/2020 - 09:13

    macquaire offers the same rate ≤ 70% with offset though there is an annual fee $248 but you can get their credit card which has an annual fee of $149 waived.

  • askvictor on 30/08/2020 - 10:03

    Bank First has 1.99% fixed for 3 years (no offset though, and there are some annual fees I think)

    • AssociatedJohnKKMK @ Mortgage Better on 30/08/2020 - 23:36

      Thats right victor. I have another post with the bankfirst deal. Same broker giftcard offer as well.
      Thanks

  • Edward66 on 30/08/2020 - 10:08

    This is not that good. 2.19% is widely available anywhere without the $600 application fee. Full valuation and legal fee is extra on their website.

    The only benefit is if you have extra $100k cash you accumulate over the 3 years, you can offset against the 2.19%. This can also be done with any lender by splitting the loan with a variable portion, even if the rate is a bit higher, it is only on $100k so not much effect. Also many banks have $3000 cash bonus for refinancing with no annual fee and much cheaper application fee.

    • Ok computer on 30/08/2020 - 13:14
      +1

      Yeh but the banks typically charge $400 year for the option to split and offset. Can you name some examples that have no ongoing account qlfees like this deal, or a low cost annual fee?

  • itsTricky83 on 30/08/2020 - 11:26
    -1

    Quick FYI on Comparison Rates. Many people have no idea what their CR is, or what it even means.

    A comparison rate gives a more accurate representation of the rate of your loan. It considers the extra fees associated with the home loan over its lifetime: the interest rate of the loan, plus the cost of setting up the loan and the loan approval fee; plus any ongoing fees; plus any discharge fees for leaving the lender. That is why a comparison rate is commonly much higher than its interest rate. The higher the comparison rate, the more fees and extra costs there are associated with the loan.

    This is why you should pay attention to comparison rates, as they are a way of understanding the true cost of a loan, and to compare lenders on an even playing field.

    • funnysht on 30/08/2020 - 12:12

      but if you plan to pay the loan in 5-10 yrs then comparison rate should be much lower im assuming?. This is what i don't get ..i guesss if you go over 30yrs then then 3 years 2.19% interest rate isnothing compared to like 4%+ that you spend after over 27 yrs. So i assume the 'net rate' would be like 3.9%

      Is that what you're alluding to?

      I guess what if someone finishes paying after just 3 yrs…?

    • Kinko82 on 30/08/2020 - 13:18

      The comparison rate is usually based on a scenario of a $150,000 home loan. The fees and charges are the same if you're getting a $150,000 or $750,000 loan. So obviously the fees and charges will translate to a much higher rate if its based on $150,000.

      I think the intention with the comparison rate is good but they really need to update the guidelines on the loan amount its based on. $150,000 loan is really out of date in today's market.

      Knowing and understanding the lenders fees is a better way to compare rather than focusing on the comparison which doesn't reflect your situation.

  • funnysht on 30/08/2020 - 12:14

    If ive already been with an interested only investment loan for 5yrs with one bank, can i get another 5yrs if i switch to another bank?

  • funnysht on 30/08/2020 - 12:23

    Will i get the VISA debit card if i have an owner and investment combined to >500k?

    • AssociatedJohnKKMK @ Mortgage Better on 30/08/2020 - 15:38

      yes, if it's refinanced together you will. thanks.

  • BusMan247 on 30/08/2020 - 13:14
    +2

    Comparison rates are not misleading. Lenders are. That's why lenders got made to provide a comparison rate. This guy.

  • GuyfromMelbourne on 30/08/2020 - 14:09

    Taking an example of 500K loan and only 1 property as home. This deal is not as good as it looks from the surface.

    There are quite a lot of banks offering 2K to 3K cashback for refinance. Costs for refinancing are approximately $500 so you will end up with atleast $1,500 cash.

    In this case you will start with approx $1,500 negative. $500 for refi costs and $1000 for application and valuation fees. Then you are tied up for 3 years. And not counting the cash you could have pocketed by taking the cashback deal.

    Taking example of Westpac. They are offering 3K. Cashback and annual fees waived for first year. You start with $2,500 cash.

    So even if the difference is 0.5%. The extra interest is 2,500 that you were ahead by in the first place. Makes westpac better. Also, it is variable so you won't be tied up.

    What about $500 gift card? Many brokers are offering same or more for any bank offer.

    Btw I don't work for Westpac. Just taking an example.

  • beebul on 30/08/2020 - 15:11

    I'm already with UniBank and have 14 months left on my current 3 year loan… Is it worth calling them to try and switch to this or will fees negate any interest savings…?

    Thanks in advance

    • GuyfromMelbourne on 30/08/2020 - 18:17

      Call them and ask what the break cost is and the fees involved to refix it. That will give you an idea. Break costs normally vary from 1 day to another.

      • beebul on 30/08/2020 - 18:39

        Thanks GuyfromMelbourne 👍

  • Melburnian on 30/08/2020 - 20:04

    Forgive my ignorance - how does a full offset on a fixed rate loan work? Does the interest amount paid decrease due to the offset even though the interest rate remains the same?

    • aragornelessar on 30/08/2020 - 20:11

      Don't think the interest rate makes a difference in an offset - just the amount of the loan that you pay interest on.

      Eg. $500,000 loan and no offset means you pay interest on $500k (be it at 3% or 1%).

      For $500k loan with an offset of $200k. You pay interest on $300k only.

      • Melburnian on 30/08/2020 - 21:53

        So the payments are variable even though the interest rate is fixed?

        • AssociatedJohnKKMK @ Mortgage Better on 30/08/2020 - 23:38
          +1

          No the repayment stays the same. Just that more of it goes towards principal repayment if you have money in offset as interest is less

    • Russ on 31/08/2020 - 00:45

      It's easier if you think along these lines:
      - you'll pay 2.19% interest on your loan
      - the offset account is like a savings account that pays you 2.19% interest, but unlike ordinary savings accounts, you don't have to pay tax on that interest.

      That's not exactly how it works, but the effect is the same.

  • zozuc on 31/08/2020 - 09:23
    +2

    I did this package with John. He is very supportive and professional. Thanks.

  • Platia on 31/08/2020 - 13:54

    Is it possible to refinance a loan that was done with the First Home Loan Deposit Scheme? i.e. can we 'carry' that place over to the new home loan company? I see UniBank supports loans via this scheme.

    My current bank had an excellent variable rate when I first joined but these fixed rates are far better, especially if they have offset.

  • DealsBoy on 31/08/2020 - 20:21

    Hi John Thanks for posting the deal.
    Just a question. What protection would you have if this small bank went bankrupt with $500000 in your offset?
    In these unusual times just interested to know what could happen to the money in the offset account as I'm not sure what protection on an offset funds? Thanks

    • AssociatedJohnKKMK @ Mortgage Better on 31/08/2020 - 23:55
      +1

      Hi Dealsboy,
      good question, 250k is generally guaranteed with by the government. but beyond that I'd be trying to answer a question something I've never witness or looked into. I dont have the financial legal background to answer that question.
      Then again, with what's happened in the US with lehman brothers in the past I don't think you could ever say only smaller banks could ever go bankrupt. and if we go down that rabit hole, we might have to keep the cash under the matress. But just a thought - I would imagine if you have $500k in offset and the bank went bankrupt and could not give you money back it would be very difficult for them for you to ask you to pay back the loan outstanding? and it wouldn't make sense to have more in offset than the loan outstanding, you would keep any surplus cash in a high interest savings or some sort of investment I assume instead of an offset. This isn't any sort of financial advice, but just my thoughts on the hypothetical scenario.

  • goingDHfast on 01/09/2020 - 15:57
    -1

    Hi John,

    As the RBA just announced further liquidity supply for the TFF when will you be offering lower fixed rates?

    Cheers,
    gDHf

    • El-Rhi on 07/09/2020 - 21:07

      Why would fixed rates go down as a result of the TFF being extended? It’s still 0.25%. Banks aren’t really even accessing this given all the additional liquidity in the system, so it unlikely fixed rates would go lower.

  • fo0d on 07/09/2020 - 09:22
    +1

    If this will be your first property you can waive the $600 application fee.
    You have to have a split loan but you can just put the minimum amount on the second loan which is 10k with an variable interest rate of 4.16%.
    You can just pay off ASAP and then redraw if you need to later on.
    I did this a few weeks ago.

    • zozuc on 12/09/2020 - 15:33

      Hi, can you advise me how to do that? I also did mortage with them as my first property some weeks ago. Thanks

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