Virgin Money $3,000 Refinance Cashback + $500 Broker Visa Giftcard For >$500k Loans From Mortgage Better

40

Go to Deal

AssociatedJohnKKMK @ Mortgage Better on 19/10/2020 - 13:08 virginmoney.com.au (130 clicks)
Last edited 19/10/2020 - 13:30 by 1 other user

Virgin Money Home Loan $3,000 Refinance Cashback + $500 Broker Visa Giftcard

P&I HOME LOAN
* variable rates starting from 2.5% (CPR 2.77%, min loan size $500k)
* Fixed rates starting from 2.09% 2 or 3 years fixed (CPR 2.83%)

Lender Fees
$450 upfront
$10 monthly per loan split

Terms & conditions
• Interest rates quoted and offer are subject to change without notice by the lender.
• Offer is available on new refinance loans for customers who apply between 12 October 2020 and 29 November 2020, and have their loan settled by 28 February 2021.
• Minimum loan amount $300,000 and up to 80% loan-to-value ratio.
• Customers will need to open a Reward Me Home Loan Companion account alongside their loan, where the $3,000 cashback payment will be credited within 60 days of settlement.
• Other virgin money lending criteria applies

$500 VISA broker giftcard - our gift to you for any loan settled through us of >$500k net of offset or redraw with at least 50% on 2 or 3 fixed rates. This is from Mortgage Better, not from the lender.

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 contact directly via email or phone. Alternatively, you can book in 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]
Our 5 start 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).

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• 

  scud70 on 19/10/2020 - 13:28

  +2

  Virgin was easily the WORST loan process I've ever had to go through, the probing level's they went to i'm surprised they didn't take a stool sample while they were at it!… and in the end i had to give up and go to NAB … never again in a million years!

  Disclaimer - This was my experience at near 50-60% LVR with 2 wages.. and it was a few years ago.. with all banks raising their checks when doing due diligence at best they'll still be as "thorough" as a few years back.. maybe even worse.

• 

  El-Rhi on 19/10/2020 - 13:57

  +1

  $450 lender fees seem a bit high as most lenders are <$100. Also charge $10 per month for just the basic home loan account. It’s an ‘ok’ cashback deal, but there’s better out there at the moment.

• 

  Vorsprungdurchtech on 19/10/2020 - 15:57

  I see ANZ is now offering same $3k cashback and no upfront or ongoing fees..

  I’ll be going for this after November’s RBA meeting on the 3rd Nov

  • 

    Gaz1 on 19/10/2020 - 16:33

    +1

    Curious - what are you expecting to change in the November’s RBA meeting ?

    • 

      El-Rhi on 19/10/2020 - 18:41

      +2

      Cash rate will most likely decline to 0.1% and TFF will be reduced to 0.1%, meaning lower fixed rates (should see under 2% fixed rates). Banks will be pressured to pass the rate cut on for existing customers so I’d expect a 0.1% to 0.15% pass through of the cut to variable rate holders.

      • 

        thehub on 19/10/2020 - 19:33

        I would say that's a little optimistic, to expect fixed rates to go to under 2% post the RBA meeting in November.

        Market expectations have already been expecting an RBA rate cut, so these expectations are arguably already priced in to the current fixed rates on offer. Don't forget that fixed rates are determined based on the bank's own forecasts for future levels of interest rates.

        • 

          Vorsprungdurchtech on 19/10/2020 - 21:15

          @thehub: Loans.com.au and Reduce Home Loans have 1.99% and 1.90% respective products available now, some strings like 1 year fixed but still genuine <2%.

          I will be stoked getting a 2.5% basic variable with cashback after the meeting, after a $4k cashback from st George back in April.

    • 

      Vorsprungdurchtech on 19/10/2020 - 21:11

      +1

      I’m hoping for El-Rhi’s response.

      • 

        El-Rhi on 04/11/2020 - 17:47

        Looks like fixed rates are dropping… not much movement in variable rates for the Big 4, although some smaller lenders are moving variable too.

        • 

          Vorsprungdurchtech on 04/11/2020 - 18:10

          +1

          @El-Rhi: Once I’ve exhausted current cashback offer homestar has 1.79% variable..