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St George $4000 Refinance Rebate + $2000 Per Extra Property (> $250K)

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St George $4000 Refinance Rebate + $2000 Per Extra Property (> $250K)
Go to Deal
carva848 on 20/09/2020 - 03:30 stgeorge.com.au (3345 clicks)
Last edited 22/01/2021 - 14:18 by 2 other users

St George $4000 refinance rebate + $2000 per extra property (> $250K)

Apply by 31 January 2021 and settled by 31 March 2021.

St George Basic Product
No annual fees, free online redraw, no offset.
2.64% (CPR 2.66%) owner occ variable P&I (further -0.05% for <60% LVR = 2.59%)
3.09% (CPR 3.11%) investor variable P&I (further -0.05% for <60% LVR = 3.04%)

St George Package
$395 annual fees, offset account, free redraw, premium credit card.
Rates from below (variable rates subject to approval)

2.24% (CPR 3.45%) fixed 1-3 years owner occ P&I. (further -0.05% for <60% LVR = 2.19%)
2.64% (CPR 3.99%) fixed 2-3 years investor P&I. (further -0.05% for <60% LVR = 2.59%)
from 2.74% (CPR 3.67%) owner occ variable P&I. (further -0.05% for <60% LVR)
from 3.09% (CPR 4.13%) investor variable P&I (+0.2% for investor interest only) (further -0.05% for <60% LVR)

*Excludes refinances from within Westpac Group.

I've just refinanced 5 of my properties over from CBA to St George Bank which resulted in me getting a total cashback of $12K from St George Bank. My interest rates also reduced when I switched to St George Bank which I had been trying to get CBA to do for a while with no luck as apparently banks don't value existing customers as much as they do new customers.

Anyone can access this deal directly from St George Bank. I personally used a Mortgage broker to help me do this as I am extremely time poor and the Mortgage Broker pretty much did everything for me. I was extremely happy with his service and would highly recommend him to any fellow Ozbargainer needing someone who is honest, reliable, efficient, available at all hours, quick to respond to emails/sms/phone calls etc. His name is Tony from Pagoda Finance and can be reached on 0403 828 880 and/or [email protected]. Full disclosure - I do not get anything for this referral. I am simply providing this information to fellow Ozbargainers who may be looking for a good mortgage broker to help with their refinance as I can vouch for him from personal experience. I understand good service is hard to find these days and I figured there may be people out there like myself who are simply too time poor to go through the refinance process themselves directly with the bank.

Financial Home Loan

Related Stores

St.George Bank
St.George Bank

closed Comments

  • SydOzber on 20/09/2020 - 04:49

    Did you mean $2000 + $2000 = $4000 per property ?

    • carva848 on 20/09/2020 - 05:37
      +3

      The current promotion is $4000 cashback for the first property and then $2000 cashback for each property thereafter.

      So for example, I refinanced 5 properties over to St George Bank so I received $4000 + $2000 + $2000 + $2000 + $2000 = $12,000

      • PAPower on 21/09/2020 - 18:13
        -3

        Will you pass this on (partially) to your struggling tenants (if any)? 😅

        • carva848 on 21/09/2020 - 18:47

          I passed this onto my tenants way back in March by reducing their rents substantially! :)

    • cashless on 20/09/2020 - 11:12
      +2

      So if I refinance all 50 of my properties I can bank $102k?
      Noice!

      • shreav on 20/09/2020 - 12:33

        *Terms and conditions apply

  • ely on 20/09/2020 - 06:49
    +38

    5 of my properties

    Deal is good, so +1 from me, but FFS.

    • carva848 on 20/09/2020 - 06:50
      +8

      Alot of hard work, alot of saving and alot of 2 minute noodles. Haha

      • ely on 20/09/2020 - 06:59
        +39

        Good for you on the hard work and saving front, but it's putting that money into property that's the problem. Aussie housing is unaffordable and it's largely because of the collective activity of speculators (and of idiot politicians providing incentives to speculate) pushing up prices.

        • funnysht on 20/09/2020 - 08:42
          +13

          aussie housing is unaffordable because everyone wants to live in inner sydney on the east coast.

          • 00 on 20/09/2020 - 09:58
            +13

            @funnysht: As a Melburnian I do not want to live in inner Sydney.

            Even despite stage 4 lockdown!

          • nightqueen on 20/09/2020 - 10:19
            +1

            @funnysht: Most of Australia is semi arid or arid and have to deal with water shortages. Not surprising that 85% of Australia's population lives on the coast with the majority between Brisbane and Melbourne coast line.

            • funnysht on 20/09/2020 - 10:45

              @nightqueen: Abt living in innner sydney coast. Can always get a decent place outer sydney much cheaper

          • nightqueen on 20/09/2020 - 10:53
            +2

            @funnysht: Australia's population is around 25 mil, Sydney's population is around 5mil. So 20 mil people have decided not to live in Sydney and Inner Sydney.

          • gizmomelb on 20/09/2020 - 15:28

            @funnysht: oh (profanity) no we don't.

          • virhlpool on 20/09/2020 - 16:07

            @funnysht:

            aussie housing is unaffordable because everyone wants to live in inner sydney on the east coast.

            You know why it's the case though.. don't you? When most of the jobs are located in the centre of the city, this is expected to happen. Workplaces need to be distributed across the city (rather outer city) and public transportation to those places need to be in place too.

        • SelfMade on 20/09/2020 - 10:41
          +9

          Housing is very affordable. You don't have to live in Melbourne or Sydney. If you do want to then compete against everyone else and pay up. It's that simple. Entitled mentality leads to people thinking they should be able to afford to buy where they grew up.

          Get smarter and work harder if you want to live in high demand areas. Clearly people can afford it even if others can't. That's life.

          • nightqueen on 20/09/2020 - 10:49

            @SelfMade: Yes housing is affordable, it depends on the locations and the amount of land. If people want Inner City Sydney or Melbourne then they have to pay that premium price and the associated high demand.

          • [Deactivated] on 20/09/2020 - 12:41
            +5

            @SelfMade:

            Get smarter and work harder

            wow it was that simple all along?! Those people must just choose to stay poor then seeing as we live in such a fair meritocratic system

            • SelfMade on 20/09/2020 - 18:39

              @[Deactivated]: It actually is that simple, especially in a country like Australia. If you can't make it here then you have no hope.

              So many whingers who think working a 9-5 job is so tough.

              Have NO idea what life is like for many who ACTUALLY struggle outside of the western world.

              • [Deactivated] on 20/09/2020 - 18:53

                @SelfMade: No I do, I made it and my parents aren't western but to say it was just completely all my work is ridiculous. Especially for those who went to private schools. I know what goes on outside Australia but that isn't to say it's the individual's fault for not making it or that no one struggles in Australia. Look at the Indigenous community and their poor educational outcomes, it's their fault, right?

                Also so many whingers complaining about stagnate wages, don't they know people outside the Western World live on $2 a day and yet here people are complaining about their salary not matching the 2% inflation rate or whatever.

                There's a video that explains just how much 'luck' i.e being born in the right situations affect your outcome.

                • SelfMade on 20/09/2020 - 19:04

                  @[Deactivated]: My issue is with those who whinge and complain about 'high' property prices yet do nothing to try and be able to afford it…it seems there are more and more of these types of people who somehow think they are entitled to own their own home without much effort.

                  It's mentality more than anything, so many want to blame this person or that government or investors or whatever and not take the responsibility on themselves to do what it takes, it's a weak mindset.

                  • [Deactivated] on 20/09/2020 - 19:52
                    +1

                    @SelfMade: and my issue with those who consistently compare us to third world countries is that you can't stop until we're at that level. Even if I was living on instant noodles every night at least I'm being fed right?

                    I think people are entitled to homes but some people can work their entire lives and never afford one. When they have families and such it's not so easy to just 'get smarter and work harder'. Hell, even if you go to university, you're not guaranteed a job, even if you're guaranteed a job, you're not guaranteed one high enough to afford a house. But you have to be willing to live on rice, work overtime and pick up as many shifts as you can just to own a roof over your head right as to not be entitled. You have to be willing to give 40% of your pay check to the bank for the next 30 years for land that was already there and a house that cost 1/10th of what you paid to build.

                    It's mentality more than anything, so many want to blame this person or that government or investors or whatever and not take the responsibility on themselves to do what it takes, it's a weak mindset.

                    yeah it not the governments fault nor the people who partook in it. When houses have increased 150% and wages 33% it's my weak mindset. I'm not gonna partake in this stupid game of who can get the most houses and who can reduce their taxable income the most. I told you, I made it, I have what I need and that's enough. I don't need to push families who want to call a place home out of the market only to try to get them back in to help pay for my mortgage in the same house AND claim tax reduction on it. You said it yourself, people in third world countries have it 100x worst, so why on Earth would I want to be so greedy?

                    You know what, it's probably the same situation in those third world countries you talk about, it's their weak, weak mindset. I honestly think the people at the top just like to feel they earned their money, just like Trump with his 1 million dollar loan, the rest was all him, and that they're intelligent for making their money work for them because they have a housing portfolio without realising its simply modern-day slavery. When millionaires' own tens of houses because it's probably cheaper for them than to pay tax and the tenants pay most of their mortgages anyways, it's my weak mindset.

                    • SelfMade on 20/09/2020 - 20:05

                      @[Deactivated]: lol…all about mentality…unfortunately for most they will never change their mindset.

                      Having a job is not what it used to be, there are many other ways to make money. Much better ways.

                      My parents came here with not much, I was born overseas as well but raised here.

                      Going to university set me back and put me in debt.

                      There are many 'at the top' who didn't get any handouts at all…Trump is an idiot who got millions from his dad, it was his dad who was self made, not Donald.

                      But sure keep on thinking the same way, each to their own.

                        • SelfMade on 20/09/2020 - 20:37

                          @[Deactivated]: You seem to have a lot of time on your hands, please put it to productive use so you don't continue to waste either of our time.

                          • [Deactivated] on 20/09/2020 - 20:54

                            @SelfMade: Yeah typical response from someone who can't hold an argument

            • yannyrjl on 20/09/2020 - 20:26

              @[Deactivated]: you've taken the first step by visiting this forum.

              The amount of times I see when people pick up two bottles of 1.25L soft drink or juice when the 2L version of the same is on sale at even lower price per bottle is ridiculous

          • virhlpool on 20/09/2020 - 16:13
            +1

            @SelfMade:

            Housing is very affordable. You don't have to live in Melbourne or Sydney.

            It's not a valid argument. Many people across the world manage to live in major cities to have the kind of employment they need/ want and can still afford a property. I can't confidently say it's 'affordable' in Sydney/ Melbourne even if you work hard in most cases. We must acknowledge this issue in our property market instead of running away from it.

            • yannyrjl on 20/09/2020 - 20:28

              @virhlpool: many people across the world have parents who chip in with the purchase, don't go on international holidays, don't have cars and forego luxuries, some times a little sacrifice is required to get to your goal

            • astarman on 16/10/2020 - 16:33

              @virhlpool: Do they ?
              Is Melbourne housing that expensive ?
              Houses 30mins away from CBD melbourne is quite affordable.
              Yes if you want a house and land 5mins away from CBD it'll cost you…
              But I don't think it'll be as expensive as LA, Tokyo , Singapore , Shang Hai , new York. Especially not for the size

              • virhlpool on 16/10/2020 - 16:35

                @astarman: Melbourne isn't as bad as Sydney but then job opportunities (even as a ratio of population) are in that proportion too, so it's the same story.

                • astarman on 16/10/2020 - 23:24

                  @virhlpool: yeh it would make sense if a city has more job opps the housing will cost more

                  hence adelaide or NT is so cheap.

        • rokufan on 20/09/2020 - 13:54
          -1

          You forgot the major cause which is high immigration.

          • funnysht on 20/09/2020 - 15:39
            -1

            @rokufan: and you forgot the major effect- aussies getting greedy and selling it to 'immigrants'. Why not these fair dinkum aussies say no I'm going to sell my house at average price….takes two to tango

            • nightqueen on 20/09/2020 - 18:34
              +1

              @funnysht: When a house goes to auction and the reserve is met, it's not like the owner can discriminate and deny an 'immigrant' from bidding and winning. An auction is where bids can be made transparently in a free Market.

              • funnysht on 20/09/2020 - 19:29
                -1

                @nightqueen: what about non auction…

                • nightqueen on 20/09/2020 - 20:34
                  +1

                  @funnysht: A real estate agent for private treaty sale, it would be very unprofessional to discriminate and not sell to an 'immigrant', they are paid by the vendor to act in their best interests and get the best sale price.

                  • funnysht on 20/09/2020 - 23:08

                    @nightqueen: no. i did not mean restricting sales to only australian citizns etc…..

                    .i meant why doesnt the seller say oh wait i won't sell for 1milion, i want all australians to be afford my property. Ie ill sell it for $400k.. like i said takes two to tango

                    • nightqueen on 21/09/2020 - 08:38
                      +1

                      @funnysht: If I had to choice to sell my house for a 1 mil to a non citizen or 400k to a citizen. I know which one I would choose (especially if I needed the funds to pay off debt or move or downsize). Humans act in self interest.

                      • Davgilmr on 25/09/2020 - 01:04

                        @nightqueen: Exactly, everyone wants to buy low and sell high, which at this point of property cycle doesn't seem going to happen, hence the whinging.

          • nightqueen on 20/09/2020 - 15:46
            -1

            @rokufan: Housing is affordable in Hobart, Adelaide, Perth and Brisbane. Especially with the work from home/anywhere culture, people don't have to live in inner city Sydney Or Melbourne anymore.

            • virhlpool on 20/09/2020 - 17:00

              @nightqueen:

              work from home/anywhere culture

              In most companies it's not going to be all 5 days a week and for all weeks though.. it will be mostly 2-3 days/ week so you still need to be around the same city where your work is.

          • yannyrjl on 20/09/2020 - 20:32
            +1

            @rokufan: not sure why the down votes, obvious increased demand increase price, most immigrants do gravitate toward major cities and often have accumulated wealth which they will bring with them

        • ely on 20/09/2020 - 17:56
          +1

          Lots of people here making excuses (immigration, everyone wants to live in Sydney/Melbourne/Brisbane, it's affordable elsewhere etc.) but all missing the point.

          All of those things can remain the same and it would still be much more affordable without the speculators. A small restriction on speculators back in 2017 gave us the 2017-2019 correction as speculators pulled out of the market, and with the political will it could easily be done again. Yes, even with immigration. Yes, even with everyone wanting to live in SydMelBris. Yes, even the regions will be somewhat cheaper.

          If you're looking at anything other than speculators (and our politicians that encourage and reward them) then you're missing the forest for the trees.

          • nightqueen on 20/09/2020 - 18:19

            @ely: Speculators invest in housing because it can generate a greater return than the current cash rate 0.25% (free liberal market). Everytime interest rates go down, Mum and Dad investors look elsewhere because savings and term deposits offer poor returns.

        • tunzafun001 on 20/09/2020 - 20:28

          I've seen a live in ready 3 bedroom house within a few km of an awesome beach for $18k. It's in rural Australia. They exist and the interest rate is 2%. Jobs are there, shops are there ..but it's 4hrs from an international airport and you will learn how to cope with 48C days. This country is huge. With small sacrifices, almost anyone can be a home owner. You want an inner metro house straight out of school / uni..nope, life doesn't work that way.

      • [Deactivated] on 20/09/2020 - 09:34
        -2

        yep thanks for being part of the problem mate

        • RockyRaccoon on 20/09/2020 - 09:49
          +2

          Works for a bank, so is the problem!

  • virtualds on 20/09/2020 - 06:55
    -3

    You mentioned "I've just refinanced 5 of my properties over from CBA to St George Bank"
    Offer started a day ago, how did you refinance all properties in a day?

    • carva848 on 20/09/2020 - 07:03
      +5

      There is an ongoing St George Bank promotion of $2,000 cashback per property, so I had actually been in the process of refinancing my loans over to St George Bank for the past few months. As settlement drew near, my mortgage broker actually got word of this updated promotion of $4000 cashback on the first refinanced property and he was able to negotiate for me get access to the extra $2000. Lucky timing I guess.

      • mrau on 20/09/2020 - 18:12
        -2

        It is really strange that you work for St George, but use an independent mortgage broker to do St George home loans.

        • carva848 on 20/09/2020 - 18:16
          +4

          I don't work for St George. I put myself as 'marketing' because I included a recommendation to a mortgage broker so I felt it was was appropriate since I was 'marketing' my broker's services. But as the deal is a St George deal, it marked me as a marketer for St George. I wasn't sure how I could change this.

    • ldt on 20/09/2020 - 17:13

      I’m just about to go on this deal and I started my refinancing 2 weeks ago.

    • carva848 on 20/09/2020 - 07:17

      Oh. I had not seen this. Noted. Thanks for pointing it out. Mods are welcome to remove my post. Sorry guys.

    • dmbminaret on 20/09/2020 - 08:46
      +7

      This is different as is $4000 on first property. not $2000

    • Jackson-FinanceHouse on 21/09/2020 - 11:44

      You are correct.

  • massari on 20/09/2020 - 06:59

    I have refinanced my properties over to st george over the last year. First i got 3k rebate, second i got 4k rebate, third i was just in the process with the previous 3k rebate however looks like i will be getting 4k now :)

    • pinkfong on 20/09/2020 - 07:08

      same property or different property for the second one?

      • massari on 20/09/2020 - 08:29

        3 different properties

        • carva848 on 20/09/2020 - 08:52
          +3

          Oh so by refinancing over one property at a time, you were able to access the 'Cashback for first refinanced property' promotion each time? Even though you would have had other mortgages with St George by the time you were refinancing your second and third properties?

  • dan76n on 20/09/2020 - 07:01

    What do they charge if I refinance with them then go elsewhere if I find better rates?

    • carva848 on 20/09/2020 - 07:05

      You won't get charged anything. You'll still get to keep your cashback from them. I guess the only negative point would be that you'd have an extra credit enquiry against your name which could potentially lower your credit score. But otherwise, no financial loss as long as you're not fixing any loans.

    • Muscles on 20/09/2020 - 07:28

      Don’t forget discharge and new title reg fees etc so factor those in when calculating

      • carva848 on 20/09/2020 - 07:38

        oh true! I think my discharge fees ended up being about $750/property.

        • dan76n on 20/09/2020 - 08:17

          Ok so you should end up with 2.5k profit based on that (that’s provided I don’t go to another Cashback deal).

          • carva848 on 20/09/2020 - 08:21

            @dan76n: Assuming you're refinancing one property to St George (paying $750 to discharge from your current lender) and then refinancing away from St George (paying $750 to discharge from St George), then yes you'll net ~$2,500.

            • Buz1986 on 20/09/2020 - 13:29
              +3

              @carva848: Was talking to my mate that is both a bank manager and property investor. He moves mortgages between different financial institutions just about every 2 months to take advantage of the promotions. He said it requires a bit of work but on avg he gets 40k a year in cash backs for on his portfolio. Also, this isn’t tax advice, but he said cash backs aren’t taxable, so he gains $40k tax free just by moving around!

              • carva848 on 20/09/2020 - 13:42

                @Buz1986: wow thats actually amazing. I have never personally heard of someone taking full advantage of the offers as your mate. Well done to him!

                • Buz1986 on 20/09/2020 - 19:06

                  @carva848: I guess being in the industry helps him know what’s happening and how to take advantage of it. I used to work at a retail giant and we got told about certain promotions long before they started. If you played your cards right when it came to invoicing and booking out stock, you could benefit from such promos…

              • amsaini15 on 20/09/2020 - 19:36
                +2

                @Buz1986: How is that possible? He would have plenty of credit checks on file which will decrease his ability to get further loan?

                • Buz1986 on 21/09/2020 - 13:37

                  @amsaini15: Not sure as I don't do it, but he has never had an issue. Credit checks against your name are only bad if you have reason to get knocked back or a black mark against your name.

  • Frogprince7 on 20/09/2020 - 07:34

    Hi, should I get offset account( with lower interest rate) or no ?

    • carva848 on 20/09/2020 - 07:37

      I believe this really depends on your circumstances as there is no right answer for everyone. I would suggest giving my mortgage broker Tony a call on 0435 202 858 and tell him your situation then I'm sure he would be able to provide you with different scenarios as well as the pros and cons to each. This would help you with making the best informed decision for yourself. Good luck!

      • Frogprince7 on 20/09/2020 - 07:46

        Thank for your reply, how long did you take do refinance?
        Im just seeing some ozbarainers doing take more than 4 months and still waiting( anz deals).

        • carva848 on 20/09/2020 - 07:48
          +1

          Mine took about 2 months from start to finish.

        • ely on 20/09/2020 - 07:59

          My ANZ refinance took over three months, but this is abnormal - they're normally much faster.

          • Dontreadthis on 20/09/2020 - 09:20

            @ely: This rebate requires you to settle in 2 months if you applied end of Jan 2021, surely you wouldn't lose the rebate due to the slowness of the bank would you?

            • Sadess57 on 20/09/2020 - 09:45
              +3

              @Dontreadthis: My ANZ refinance has been ongoing since September last year! Taking forever!

              • Dontreadthis on 20/09/2020 - 10:03

                @Sadess57: Too many comments like this about ANZ, i think I'll avoid them

            • Dontreadthis on 20/09/2020 - 10:00
              +2

              @Dontreadthis: OP answered my question further down. Yes you might lose the rebate unless you go through a broker and they have a good relationship with the lender. Thats poor on the lenders part.

              • virhlpool on 20/09/2020 - 17:11
                +1

                @Dontreadthis: I think in case of ANZ, the rebate depends on the date of application and not the date of actual transfer/ settlement, so you would still qualify IF that's the case here as well.

                • ely on 20/09/2020 - 17:49

                  @virhlpool: In the case of ANZ it was based on application date, so cashback was $4k (as per time of application) rather than $3k (what they were offering by the time I settled).

          • lgacb08 on 20/09/2020 - 10:48
            +1

            @ely: 3 months with anz is normal, last year it took them that long to finalise mine, with simple application that only took 2 weeks for approval.

            • ely on 20/09/2020 - 17:50

              @lgacb08: My broker indicated that it was very unusual; estimated time to approval was 2-3 weeks when I applied but had blown out to 7-8 weeks by the time I finally settled.

            • expertreader on 20/09/2020 - 18:50

              @lgacb08: I must be lucky. My refinance to Anz took only 2.5 weeks. Was pleasantly surprised.

  • ca4cpa on 20/09/2020 - 07:45
    +1

    Also choose a broker who pays you commission - additional cash (about 0.2% of total loan approval)!!

    That what I did.

    • ravzter on 20/09/2020 - 08:26
      +3

      Who?

      • AssociatedEdward66 @ St.George Bank on 20/09/2020 - 10:37
        +1

        There are brokers offering as much as 0.4% - search "broker rebate" in ozbargain

    • titan0r on 20/09/2020 - 08:58

      Yes I'd like to know this too.

    • yjun355 on 20/09/2020 - 09:42

      Me too

    • MuddyClear on 20/09/2020 - 10:35

      Broker is free? No charge to customer?

      • yesitisme on 20/09/2020 - 12:05
        +2

        Bank pays the broker a commission, broker says thanks for coming through me and gives you a small cut.

        • MuddyClear on 20/09/2020 - 12:34

          Thanks for your explanation. How much of a cut is the norm?

          • Slo20 on 20/09/2020 - 13:32
            +2

            @MuddyClear: 0.2-0.4% of your loan amount paid in instalments over 2 years (usually at 2nd month and then 2 years)

  • Neoika on 20/09/2020 - 08:30
    +1

    I got the same deal last year, now 2.69% with LVR <60%. I hope this new promo will motivate other lenders to offer the same cashback soon.

  • Talaria on 20/09/2020 - 08:33
    -8

    There are other brokers provide additional rebate on top of the bank.

    Also if you have multiple properties, why don't you move them to different banks? Rather than 4000 for first one then 2000 for the rests, why not move one to this, another to bank of Melbourne for another 4000, one to Westpac 4000, nab 3000 etc?

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