1.95% Owner & 2.25% Investor 4yr Fixed with 100% Offset @Unibank, Health Pro, Teachers, Firef Bank + up to 0.4% Broker Rebate

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1.95% Owner & 2.25% Investor 4yr Fixed with 100% Offset @Unibank, Health Professionals, Teachers Mutual, Firefighters Bank + up to 0.4% Broker Rebate
Rates cut from 23 Nov, not yet updated on site.

Owner fixed 80%LVR

1.95% 4yrs P&I cpr 3.61%
2.05% 2yrs P&I cpr 4%
2.35% 2yrs IO cpr 4.06%
This fixed loan comes with Full offset account
Upfront $600 fee
No annual fees

Investor fixed P&I 80%LVR

2.25% 4yrs P&I cpr 3.71%
2.35% 2yrs P&I cpr 3.89%
2.50% 2yrs IO cpr 4.08%
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

Other Banks Offers
  • Adelaide bank from 2.09% owner, investor 2.35% fix 2yrs with 100% offset
  • Citibank 1.99% (ask me for further discounts) fixed 2yrs + citi cash rebate + broker rebate
  • St George bank from 1.89% fix 4yrs or 1.99% fix 2yrs + $4000 bank rebate + broker rebate
PLUS up to 0.4% Broker gift card for purchase or refinance (available via broker only, not via the bank)

In ADDITION to bank rebates, we have up to $4000 gift card (based on net of offset ie balance owing) for ANY bank or product.

Rebate paid as VISA gift card up to 0.4% rebate depending on loan size tier below:

For example loans sizes above:
$200k x 0.2% = $400 Broker rebate
$300k x 0.3% = $900 Broker rebate
$400k x 0.3% = $1,200 Broker rebate
$500k x 0.3% = $1,500 Broker rebate
$700k x 0.3% = $2,100 Broker rebate
$800k x 0.3% = $2,400 Broker rebate
$900k x 0.3% = $2,700 Broker rebate
$1m + x 0.4% = $4,000 Broker rebate
(Paid 50/50 at 2 and 24 months after settlement).

Let us know if we can help.

We have some of the lowest rates, and can get pricing discounts up to 2.1%.
Our policy is to beat any competitor/broker/lending manager with our rates and rebates, so will do whatever it takes to get the best deal for you.

My experience:
I have worked as a tax lawyer having worked for the ATO and Big 4 Accounting firms, as well as a property investor.
Feel free to ask me any questions about my experience. However in our capacity as a broker we must disclaim we are not providing you with financial advice and you should seek your own independent financial and/or legal advice.

Len
Bundle Property Home Loans (Bundleproperty.Com.Au)
T: (02) 9698 7186
M: 0422354868
E: [email protected]
ACL 445947

Regarding Comparison Rates (CPR):

There is a common misconception that lower comparison rates CPR will save you more money and better than a higher CPR - not necessarily and can actually be the opposite, here's why:
- "Comparison rates" were invented by the government to reflect lender fees over the life of the loan.
- It is based on a loan size of $150k over 25 years which is irrelevant for most customers. The CPR is actually misleading and can cost you more money.
- If your loan is larger than $150k, then it is better to pick a lender with a lower ACTUAL rate (even if the CPR is higher) as it will save you more interest each year. Of course take into account all the fees eg $395 annual fees, which may be less significant for a larger loan size.
For larger loans, a lower ACTUAL rate (with a higher CPR) is often better than a higher actual rate (with a lower CPR).
- Hence CPR can be misleading and a lower CPR can be more expensive than one with a higher CPR but has a lower ACTUAL rate. The correct approach is to look at the ACTUAL rate plus all fees involved, rather than the CPR.

The CPR may be high for a few reasons:
1. It may incl the $395 annual fee x 25 years = $9,875. This extremely high amount is included in the calc of the CPR for a relatively low $150k loan hence greatly inflates the CPR of such a small loan to make the rate appear much higher than it actually is. It is actually not a huge amount over 25 years relatively speaking (equiv to 0.1% rate difference on a $395k loan size)
2. The fixed CPR is even higher due to after fixed period, it defaults to a higher rate with no discount. In reality, we can always negotiate a competitive discount on variable after expiry of fixed. Also customers refinance after 2-3 years and never stay for 30 years at the same bank.
3. Smaller online lenders have low CPR but often has up $2,000 in application, valuation, legal, discharge fees (which is negligible over 25 years hence the low CPR, but you get hit at every transaction/refinance. The smaller lenders have a lower CPR as they have no annual fee, but often a large upfront/discharge fee. The CPR is a very misleading number and small lenders using a low CPR look better than larger banks even though it may be the opposite.

Related Stores

UniBank
UniBank
hpbank.com.au
hpbank.com.au
Teacher's Mutual Bank
Teacher's Mutual Bank

Comments

  • I think I'll wait for the -ve interest rates to kick in…

  • What are the maximum LVRs on these products?

  • Thanks for the extra info on the CPRs - great context

  • What about interests only?

  • I also appreciate your explanation on CPR!

    • What I find frustrating is that banks know this but don't offer a calculator that bases CPR off the actual amount of the loan. I guess that let's you know the true price rather than just trying to bamboozle you with this kind of BS.

  • Hi Len, I've never seen offset with a fixed rate loan and was told they don't exist. Is this correct?

    • ANZ as an example, offer a full offset on their 1 year fixed, for a while now. Credit unions seem to be better at it.

    • All lenders should offer this product it’s superior. There’s a few doing it as someone else said ANZ 1 year fixed is fully offset. Bankwest have had 40% offset for some time too.

    • How would it actually work? Say you take out 300k at 2% with offset, and then the next day you throw 250k into your offset, would you only pay interest on the 50k, same as a variable with an offset?

      • That's how a full 100% offset usually works, some banks might have come up with their own twists.
        For this particular offer keep in mind the "broker gift" is calculated on the difference between loan and offset, so you'd probably miss out on that part.

      • That’s right but your repayments are set for x years but more goes to principle debt than interest.

      • Yeah exactly how it works, same as variable with offset just a lower rate and max repayments capped at $5k. There's thousands in break fees if you leave before the terms up.

        A drawback which might be worth noting is that you cant hide your $30k cash in your home loan because the fixed max repayment is $5k.

        So $25k would stay in your offset and e.g. get mean tested, while you stash just $5k.

  • I tried a couple of times with these guys.

    They were hopeless. It took forever for them to reply to emails, and when they did it was mostly cut-and-paste responses irrelevant to my queries.

    I gave up and went elsewhere.

    • John71 was that the broker Bundleloans, or the credit union/bank Unidays?

      • I would assume the broker. Doing these comm rebates and the like would see great volume which in turn sees service drop and that’s why you use a broker..
        however the lender in question here is pretty hopeless in the back office but once you’re settled you’ll be right..

  • Are the loans for refinancing only? What about first home buyers?

  • What's the etiquette regarding refinancing within 12 months of settlement of a previous loan? I know my last broker will lose some money but how much exactly? I would ask him to try and get a better deal (currently 2.92% variable) but he's too busy and I suspect minimally motivated given that he already has his commission.

    • Less than 12 months ago 2.92% was not that great of a deal.

      Chain of escalating to a better rate with courtesy:

      Call broker tell them what your expecting as better rate to give them a chance to do better/come close as you'll save refinance costs and time > Next try your bank directly as you should be eligible for your rate to be checked/reduced > lastly just find a new loan/broker yourself, dpending on what contract you signed there maybe hidden costs associated with breaking your loan under 12-24months.

      Good luck

    • Under 12 months he loses 100% over 12 its 50%. Be courteous and up front say you wanna move and will be, that is unless his service is no good

  • Len, email sent