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


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.

Related Stores

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closed Comments

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

    • +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

      • -3

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

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

    • +2

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

      • *Terms and conditions apply

  • +38

    5 of my properties

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

    • +8

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

      • +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.

        • +13

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

          • +13

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

            Even despite stage 4 lockdown!

          • +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.

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

          • +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.

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

          • @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.

        • +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.

          • @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.

          • +5


            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

            • @DisabledUser262693: 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.

              • @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.

                • @DisabledUser262693: 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.

                  • +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.

                    • @DisabledUser262693: 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.

                        • @DisabledUser262693: 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.

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

            • @DisabledUser262693: 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

          • +1


            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.

            • @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

            • @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

              • @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.

                • @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.

        • -1

          You forgot the major cause which is high immigration.

          • -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

            • +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.

              • -1

                @nightqueen: what about non auction…

                • +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.

                  • @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

                    • +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.

                      • @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.

          • -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.

            • @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.

          • +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

        • +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.

          • @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.

        • 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.

      • -2

        yep thanks for being part of the problem mate

        • +2

          Works for a bank, so is the problem!

  • -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?

    • +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.

      • -2

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

        • +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.

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

    • +7

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

  • 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 :)

    • same property or different property for the second one?

      • 3 different properties

        • +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?

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

    • 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.

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

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

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

          • @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.

            • +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!

              • @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!

                • @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…

              • +2

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

                • @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.

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

    • 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!

      • 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).

        • +1

          Mine took about 2 months from start to finish.

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

          • @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?

            • +3

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

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

            • +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.

              • +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.

                • @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).

          • +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.

            • @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.

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

  • +1

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

    That what I did.

    • +3


      • +1

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

    • Yes I'd like to know this too.

    • Me too

    • Broker is free? No charge to customer?

      • +2

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

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

          • +2

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

  • +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.

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