Bankwest $2,000 Refinance Rebate + Broker Cashback

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Bankwest

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  avoidfullprice on 09/11/2020 - 09:59

  Minimum aggregate refinance amount ≥$250k (excludes debt consolidation of personal loans and credit cards).

  In general terms, if refinance a loan with a balance <250k but borrow above 250k, I'll meet the requirements?

  Whereas if I borrow 300k, but >50k is to pay off cc or personal debts, I'm not eligible for loan/ cash back?

  Don't quite understand that clause sorry

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    MuddyClear on 09/11/2020 - 10:45

    The borrowing is for a new home loan, and is not for paying off your personal debt. But what it means is you need a minimum of $250k home loan debt to be refinanced, and excludes other debts such as cc etc. for example $200k home loan debt + $50k cc debt is not ok

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      avoidfullprice on 09/11/2020 - 11:28

      Just for discussion sake, and not looking for advice. Other people can join.

      I am wondering if that actually means the person need to have a borrowing capacity of min 250k excluding servicing of the existing CC/personal debts. Because once you get a loan of 250k with bankwest, do they care how you use the 50k (example above)? I could use it for renovation for all anyone's care. I could pay off my CC with that 50k, then use CC to pay for renovation…. Which in a way is debt consolidation.

      It seems the clause is to deny someone who cannot service a 250k loan without debt consolidation. (Risk based decision)

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        MuddyClear on 09/11/2020 - 11:36

        It’s for refinancing an existing loan at another bank. They are not going to let you borrow more so you can pay off your personal debts.

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          wisc on 09/11/2020 - 16:09

          @MuddyClear: i had "lets say 300k" (actual numbers hidden for privacy) to pay on my homelone, and "lets say 100 k" in redraw - (so a 200K balance), when i signed up for the new loan it was for 300K, i could have borrowed more and done whatever i wanted with it. there is even a thing in the loan documents that say, where do you want any excess money to go…(i just kept it in redraw- but as i said i could have even borrowed another 100K if i wanted to -would have just gone onto the mortgage and id owe 400K on the mortgage there is no issue borrowing up to the maximum LVR you can, as long as you have the means to pay it back.)

          with the excess, you can pay off whatever you want with it, buy a new car if you like, anything. just keep the full loan under the allowed LVR and your fine.

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            MuddyClear on 09/11/2020 - 18:13

            @wisc: Everything you mentioned has nothing to do with refinancing, and the conditions surrounding it.

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            avoidfullprice on 09/11/2020 - 19:46

            @wisc: What wisc said is what I meant.

            Although after some googling, I learned that the bank has every right to ask what we are using the extra borrowing is for and we should honestly disclose.

            Because , you know, responsible lending will become a thing of the past. Thanks scomo government.

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  wisc on 09/11/2020 - 10:30

  +1

  I was with bankwest for way too long, they almost never pass on rate cuts, i had to switch within there own products to get a better rate, I started off with a rate cutter product which was a few 0.x percent higher than the other banks (IE 0.3), then was supposed to go down 0.1 per year, being even at year three, then .2 lower for the rest of the life of the product, however, as others lowered there rates, the rate cutter remained higher, I got totally ripped off paying higher than standard. (discount was of something like 2 less than standard variable rate)

  went over to ubank this year (after being with them for about 7-8 years), best decision i made so far.

  spent far more than 2K being loyal to them, stupidest thing ive done staying with them for so long.

  just my personal experience.

  i'm still with them for savings and CC, but wouldn't do it again as they have closed all there branches in the area.

  re fixed loans very bad deal considering the HSBC loan 2 deals down:
  2 Years Home Loan Fixed P&I 1.88% @ HSBC Australia n

  • 

    RMBC on 09/11/2020 - 10:56

    +1

    Similar story, and in the process of moving everything away from them. They started off well about a decade ago, however have gone downhill since.

    Their no international fee credit card was great, however since everyone else does it, there's no point staying now.

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      RMBC on 09/11/2020 - 10:57

      Also their recent logo rebrand is awful