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St George/Bank of Melbourne Home Loan: Owner Occ 1.89% Fixed 4 Yrs, 1.79% Fixed 2 Yrs 60% LVR (+0.05% 80% LVR) & $4000 Cashback

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St George/Bank of Melbourne Home Loan: Owner Occ 1.89% Fixed 4 Yrs, 1.79% Fixed 2 Yrs 60% LVR (+0.05% 80% LVR) & $4000 Cashback
Go to Deal
Third PartyLen -Bundle Loans on 04/01/2021 - 19:08 stgeorge.com.au (2542 clicks)
Last edited 01/04/2021 - 18:50 by 2 other users

Happy 2021 and stay safe!
St George / Bank of Melbourne has extended the $4,000 cashback offer to 30/6/21 and is currently still the highest cashback in the market.

$4,000 bank cashback + $2,000 per additional property (>$250k)

(>$250k, lodge by 30/6/21 settle by 30/9/21.)
$1 LMI 85%LVR for first home borrowers (<$850k)

Updated rates as of 1/4/21

Owner occ 60LVR (+0.05% for 80LVR)

2 year fixed 1.79% CPR 3.33%
3 year fixed 1.88% CPR 3.25%
4 year fixed 1.89% CPR 3.16%
Variable from 2.44% to 2.59% CPR 2.80 - 2.95% offset
Variable 2.44% CPR 2.46% basic no annual fee

Investor 60LVR (+0.05% for 80LVR)

2 year fixed 2.19% CPR 3.84%
Variable 2.99% CPR 3.03% offset
Variable 2.74% CPR 2.76% basic no annual fee

Other lenders
Westpac + $3k bank cashback

Owner occ 70LVR (+0.1% for 80LVR)
2 year fixed 1.79% CPR 3.36%
3 year fixed 1.88% CPR 3.28%
4 year fixed 1.89% CPR 3.19%
Variable 2.39% CPR 2.80% offset
Variable 2.19% CPR 2.62% basic no annual fee

Investor 70LVR (+0.1% for 80LVR)
2 year fixed 2.19% CPR 3.87%
Variable 2.74% CPR 2.88% offset
Variable 2.49% CPR 3% basic no annual fee

Available under Advantage package, can combine with 100% offset on variable. Annual fee $395 and incl premium credit card (eg. Black card)

Fixed has break costs if closed before expiry. No break costs under variable products.

Westpac Cashback
$3,000 cash cashback plus $2,000 per additional property refinance. eg. 2 properties = $5,000 bank cashback .
Min $250k loan size. Lodge by 31/3/21 settle by 30/6/21.

CBA lowest fixed rates ever + $2000 CBA Refinance bank rebate

Owner Occupied
2 Year Fixed - 1.94% P&I - (3.93% comparison)
Variable from 2.55% offset (2.97% comparison)

Investor
3 Year Fixed - 2.39% P&I - (4.31% comparison)

Still Available Lenders with up to $4k PURCHASE bank cashback, rates from

1.99% for 2 years fixed for home loans (Comp 2.92%)
2.09% for 3 years fixed for home loans (Comp 2.94%)
2.29% for basic variable rate (Comp 2.34%)
2.49% for variable with offset (Comp 2.89%)

PLUS up to 0.4% eg $4,000 broker rebate (available via broker only, not via the bank)

In ADDITION to bank rebates, we have 0.3% - 0.4% broker rebate (based on net of offset/redraw ie balance owing) for ANY bank or product. (Loans >$250k paid as eGift cards 50/50 at 2 and 24 months after settlement).

We are Flame (highest) level brokers due to our high loan approval rate and get the fastest turnaround times. StGeorge/BOM was slow earlier in the year but now alot faster.
We have some of the lowest rates, and can get pricing discounts up to 2.15%. Our policy is to beat any competitor/broker/lending manager with our rates and rebates, so will do whatever we can to get the best deal for you.

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

Related Stores

St.George Bank
St.George Bank
Bundle Property Home Loans
Bundle Property Home Loans
Third-Party
Bank of Melbourne
Bank of Melbourne

closed Comments

    • Third PartyLen -Bundle Loans on 04/01/2021 - 19:43
      +3 votes

      Up to $4k broker rebate on top to $4k bank = $8k

  • tonyyang on 04/01/2021 - 19:38
     

    Is it broker ads?

  • lawbee on 04/01/2021 - 19:43
    +5 votes

    Sent you an email last year but never got reply

    • Yamai on 04/01/2021 - 20:24
      +4 votes

      Didn’t think to call them?

      • 9839002 on 05/01/2021 - 12:34
        +5 votes

        If they aren't gonna reply to emails, no thanks.

        • Wolfenstein98k on 24/01/2021 - 01:00
           

          What if your email got sent to spam?

  • Third PartyLen -Bundle Loans on 04/01/2021 - 19:44
     

    Sorry if missed pls pm me

    • Nyclix on 05/01/2021 - 09:46
       

      Hi there,

      I'm pre approved with ANZ for a loan of 424k for a purchase of new home due in March contract value 530k have 20% deposit ANZ are offering me 2.09% fixed 3 years, no extra benifits. What sort of deal can you do?

      Cheers,

      Hugh

      • Third PartyLen -Bundle Loans on 05/01/2021 - 10:18
         

        1.94% fixed 4yrs 60lvr? or if insist fix 3yrs 80lvr 2.04%. Plus broker rebate ~$1300

    • clartan2015 on 08/01/2021 - 12:09
       

      OP- Pm'd you

  • Kunnny on 04/01/2021 - 19:47
    +2 votes

    Incredibly good deal from St George/BOM, bloody hell! so attempting to break my 2 year fixed loan with Suncorp

  • pHyR3 on 04/01/2021 - 20:06
    +1 vote

    what happens after the fixed term and how come the CR is so high?

    • Kyanar on 04/01/2021 - 20:09
      +7 votes

      It goes to variable, like always. And the CR is probably so high because it's based on a stupidly unlikely amount ($150k?) over a stupidly unlikely term (25 years?) and includes a $395 package fee, which is going to take up a disproportionately high percentage of the stupidly unlikely amount.

      • pHyR3 on 04/01/2021 - 20:22
         

        $400 fee should only add on 0.27% to the interest rate on 150k

        looks like they shift you over to this package at 3.19% variable after your fixed term: https://www.stgeorge.com.au/personal/home-loans/our-home-loa...

        don't want that to happen at a time when i might be in between jobs/newly joined and can't refinance

        • Kyanar on 04/01/2021 - 20:25
          -3 votes

          Yeah, you're right, but it's also based on the loan over a 25 year term. Typical home loans are 40.

        • AssociatedKoulie on 04/01/2021 - 23:17
           

          Yep, it is the variable rate that causes the comparison rate difference (as is the case we most bank’s comparison rates of their respective fixed products). However it isn’t as bad as it sounds as you can request a better variable rate or look to fix again once your fixed rate expires.

          • swilso on 05/01/2021 - 07:14
            +1 vote

            @Koulie: In my experience St George we’re a pain to deal with when negotiating to a competitive variable after a fixed period. I ended up having to fill out an entire new application to switch and receive the LVR discount that was applicable.
            Meanwhile, paying out my loan sooner/fast as I can is much more beneficial in my circumstances than being locked in with repayment limits. Fixed rates would provide good security for investors, those who make less than $10k a year in extra repayments or those in Insecure professions to have known repayments but otherwise paying down your loan should be a priority.

      • Kuge on 04/01/2021 - 22:44
         

        CR calculated on the assumption you stay on it for the 30yrs and pay the annual every year. Not a real representation of course

    • Third PartyLen -Bundle Loans on 05/01/2021 - 10:15
      +3 votes

      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.

      • pHyR3 on 05/01/2021 - 11:03
         

        For your points:

        1. $395 fee may only be 0.1% rate diff on 400k loan but it's also only adding in 0.26% on the CR, not that much really. Also multiplying the fees by 25 and then saying it adds a lot on the the CR is a bit disingenuous since the CR is p.a.

        2. I don't want to have to refinance every 2-3 years. In reality, st george offers 2.04% fixed for 3 years (on 80% LVR) then reverts to over 3% p.a. I could go with tic:toc at 1.99% for 3 yrs reverting to a mind boggling 2.19% after that (no fees hence the CR is very close to the actual rate) and not have to worry about refinancing every so often and potentially getting stuck with a crazy high rate if i lose my job or move countries

        3. tic:toc doesn't have any application fees i can see, just 60-200 for solicitor fees (half the annual st george fee)

  • lukebr on 04/01/2021 - 20:58
    +1 vote

    Any idea for those already switched when the bank 4k comes through?

    I switched over 2 months ago and no cashback. St George say it's not on them to answer and to talk to the broker.

    I spoke with the broker (not the broker in this deal) and he has said a couple of times he'll "email St George and let me know".

    So far though nothing…

    Any similar experiences with how long it takes coming through after switching to St George?

    • applejack on 04/01/2021 - 21:16
      +3 votes

      Their terms state within 60 days of settlement

      • wellzi on 04/01/2021 - 22:56
         

        If Luke is not rounding up then 2 months > 60 days. Luke has a right to be concerned.

    • pyr0maniac on 04/01/2021 - 21:54
       

      My $4k came through in just over 2 weeks from the date of settlement.

    • ashftc on 04/01/2021 - 22:31
       

      I got mine in around 2 weeks after final settlement.

      • profeeder55 on 04/01/2021 - 23:01
         

        Same here. Thought I would need to chase for it

    • AssociatedKoulie on 04/01/2021 - 23:19
       

      T&Cs says within 60 days of settlement, however we’re typically paying in 2-4 weeks currently. Check with your Broker or Lender if it has been over 60 calendar days. As a reminder it is paid into your Complete Freedom account (which you hopefully did not close!).

    • myusername on 05/01/2021 - 07:52
       

      got mine day of settlement

    • Third PartyLen -Bundle Loans on 05/01/2021 - 10:18
       

      TC is within 60 days but mostly sooner

    • johnmelb on 05/01/2021 - 16:16
       

      I can't say for St. George, but with ANZ it was 2 days after settlement (even before breakfree fee was charged and before 1st repayment).
      2 months is way too long, I would complain to the broker and bank.

  • ShortyX on 04/01/2021 - 21:26
     

    OP - sent you a PM.

  • lthh89vt on 04/01/2021 - 21:57
     

    What is the minimum loan amount to get 3.04% investment p&I?

    • Third PartyLen -Bundle Loans on 05/01/2021 - 10:19
       

      $250k min for $4k bank rebate

  • axlfan on 04/01/2021 - 22:31
     

    What are the processing times for refinancing please? Need to refinance asap and looking for 4-5 week to settlement.

    Have solid finances and excellent credit history. Been given the runaround today by different brokers though.

    • AssociatedKoulie on 04/01/2021 - 23:23
       

      Typical entire process for approval, loan documents and settlement is 2-4 weeks.

      However if you are with an eligible bank (mainly majors) for “Fast Refinance” it is typically 1-2 weeks. Enquire with your Broker/Lender about “Fast Refinance” eligibility - please note that there is some discharge shinigans that is mostly irrelevant to the customer that you should be aware of/enquire about.

    • ashftc on 05/01/2021 - 00:19
      +1 vote

      I will just share my experience. I was quoted 2 weeks from application to settlement but it took over 2 months with a lot of back and forth emails, calls and lodging an official complain. My broker was following up every second day but their BDMs are not responsive and caring enough. Given they are only major bank with $4k cashback, a lot of people are refinancing with them hence their turnaround time is way much more than what they quote.

      • MrChum on 05/01/2021 - 08:42
         

        Likewise for my recent loan with BOM, BDM's don't care - nothing is wrong is their response to being 2 months late…

    • lk0811 on 05/01/2021 - 11:48
       

      4 months with my last refinance with these guys

  • MkVIGTI on 04/01/2021 - 22:33
    +22 votes

    Do not recommend this broker based on past experiences, very slow to respond and always need to be followed up on. Avoid!!

    • axlfan on 04/01/2021 - 22:34
       

      Thanks for this

    • Third PartyLen -Bundle Loans on 05/01/2021 - 10:35
       

      Our response times blew out from the ANZ $4k deal which took ANZ up to 9 weeks to first pick up a file. We were also inundated due to our broker rebate on top. If you don't get an answer on email just call us or send us a text, we reply to 99.9% of messages. During these popular offers we do get many enquiries, so we apologies in advance if you don't get an immediate response but if you prefer a large broker rebate then please email us.

  • Teddychan on 04/01/2021 - 22:44
    +8 votes

    Very slow and inefficient broker service and please avoid and my friend has used them before. St george service is also terrible, if they are good they are already number one lender in Australia with such high cash rebate.

    • Trishool on 04/01/2021 - 22:59
       

      Yeah I've had pretty lazy experience from St. George home loan specialists. Spoke to one today, said she'd get back to me on the best rate she can do for a $760K loan. Heard nothing back. And I've spoken to her a few times in the last couple of years, always the same outcome. Maybe its just her. Who knows.

    • BargnHuntr on 04/01/2021 - 23:00
      +3 votes

      Not sure about this broker but i refinanced with st george last year and their customer service is really good. The person who processed my application was helpful chased my cashback etc.

      I use their app to contact cust service and they do pick up calls quiet fast and provide good service.

    • Pufff on 04/01/2021 - 23:10
      +1 vote

      st george is rubbish with loans, banking and don't get me started on their CC.
      I had never before stayed on the line to give the lowest ratings and leave a long winded complaint at the end of a call until I came across these clowns. Even after I told them to cancel my application they emailed me about 4 times saying my application was expiring.
      I don't expect much from banks but they take the cake.

    • drprox on 05/01/2021 - 10:44
       

      You really just signed up your account to ozb to submit this comment? Is your friend MkVIGTI?

  • ganymede on 04/01/2021 - 22:47
     

    Is this REALLY a deal?

    Owner
    1.89% (CPR 3.90%) fixed 4 years owner occ P&I.
    1.99% (CPR 3.68%) fixed 1-3 years owner occ P&I.

    • wellzi on 04/01/2021 - 22:59
      +3 votes

      CPR is bullshit nowadays, unless you're a complete idiot and stick with the same loan past a promotional period. ;)

    • WeatySmalls on 04/01/2021 - 23:09
       

      Comparison rates are unhelpful for fixed terms. If I remember correctly, the CPR assumes a rollover rate for the remainder of the 25 year term.

      For example, the CPR assumes $150,000 loan at 1.89% for the first 4 years and then a higher rollover variable rate for the next 21 years. Then incorporate $400 annual fees every year on the assumed 150k small loan amount. This is why it is a high comparison rate.

  • JIMB0 on 04/01/2021 - 22:50
     

    What is the minimum loan amount and will they give you cash out to make it up to the minimum amount?

    • AssociatedKoulie on 04/01/2021 - 23:31
       

      $250K minimum loan size.

      The “loan size” only has to be your new loan with St George. For example, if you had a $230K loan at Bank Y and refinanced to St George to $250K ($20K cashout) you would still be eligible.

      Granted, you need to provide the bank a valid reason to cashout and have enough equity/borrowing capacity to do so. Common reasons include renovations and debt consolidation.

  • MrOzbargain on 04/01/2021 - 22:56
     

    Sorry to take over thread, anyone know best option for second home loan (owner occ) ? Thanks

  • AssociatedMrokire on 04/01/2021 - 23:06
    -2 votes

    i got 2.64 variable offset by st george. its a good deal!

    • spackbace on 04/01/2021 - 23:24
       

      Associated?

      • boretentsu on 05/01/2021 - 00:41
         

        I like the way snrub thinks!

    • spiff on 04/01/2021 - 23:36
       

      The above post suggested you could've gotten 2.59% if you had 60-80 LVR, is that right?

      • Mick C on 05/01/2021 - 06:08
         

        Based on stg website extra 0.05% discount if lVR is under 60%.
        So basic home loan is 2.49 if under 60% and 2.54 if 60-80%

    • Maz78 on 05/01/2021 - 09:44
       

      No it's not…

  • aaron1988 on 04/01/2021 - 23:23
    -2 votes

    high interest rate but low comparison rate

    Or

    low interest rate but high comparison rate

    which I should I choose????

    • datsuzei on 04/01/2021 - 23:54
      +10 votes

      You probably should rent.

      • axlfan on 05/01/2021 - 13:06
         

        LOL

      • montorola on 06/01/2021 - 14:45
         

        Savage.

    • ShortyX on 05/01/2021 - 07:55
      +1 vote

      Low interest rate then refinance.

  • jedimaster on 04/01/2021 - 23:33
     

    Any application fees or settlement fees?

    • spiff on 05/01/2021 - 00:02
       

      Assume about $800

    • Third PartyLen -Bundle Loans on 05/01/2021 - 10:43
       

      $100 legal settlement fee + government fees

  • netjock on 04/01/2021 - 23:52
    -2 votes

    $1 LMI 85%LVR for first home borrowers (<$850k)

    You know things are bad. Potentially a whooping loss. But I guess at least they could pursue someone for it rather than a bunch of criminals for their owner's (Westpac) whooping big fine.

  • brettd on 05/01/2021 - 00:30
     

    Speaking of the St George $4k cashback, does anyone know how long the clawback period is?

    I remember a couple numbers been thrown about the first time it came up (late 2019) but not sure if anyone's tested it yet?

    • spiff on 05/01/2021 - 00:36
      +2 votes

      I refinanced with st George a year ago and then refinanced with anz 3 months later and had no issues with clawback

      • brettd on 05/01/2021 - 00:42
         

        Thanks for that, very good feedback.

    • yellowfever on 05/01/2021 - 09:30
      +1 vote

      What is clawback

      • Kyanar on 05/01/2021 - 10:27
         

        Clawback is when if you refinance away after signing up through a broker, the broker comes to you with a bill for the commission that the bank took back from them because your loan wasn't with them long enough. This can range into the many thousands, and not every broker and not every bank necessarily does come after you.

        • yellowfever on 05/01/2021 - 10:31
           

          What if you didn't use a broker

          I refinanced with StG, left recently to another bank, but considering to come back to StG

          • Kyanar on 05/01/2021 - 10:33
             

            @yellowfever: Banks can also have clawbacks directly - did you receive any rebates from the bank you refinanced to? If not, nothing to fear (though you're still best in all cases to contact them to discuss and make sure). If you did, it is definitely advisable to contact them and discuss just in case they have clawback on their rebates.

    • Third PartyLen -Bundle Loans on 05/01/2021 - 10:43
       

      No clawback on bank rebates

  • JoeBaskin on 05/01/2021 - 07:34
    -2 votes

    Jeebus, this deal stinks compared to UBank.

    • Slo20 on 05/01/2021 - 07:52
      +2 votes

      How so UBank is 2.14% 1 year fixed, 1.95% 3 year fixed or 2.59% 5 year fixed. 20% LVR and no cashback.

      • JoeBaskin on 05/01/2021 - 19:41
         

        Are you comparing the comparison rate?

        • Slo20 on 05/01/2021 - 19:47
           

          Looking at comparison rates for fixed loans is useless. It assumes you just roll over and accept the max variable rate when the fix period ends for the next 25 years. You’d get a better indication looking at the fees in detail.

  • Duram on 05/01/2021 - 07:44
    +8 votes

    Broker was impossible to contact during a previous deal, after a few weeks of emails and calls I got told my balance was too low. This should be advertised up front.

    • Third PartyLen -Bundle Loans on 05/01/2021 - 10:44
       

      Sorry we couldn't help you this time. Updated post, sorry we can't help for net owing loans under $250k

  • brad1601 on 05/01/2021 - 08:12
     

    Interesting that the longer fixed term actually offers a lower rate… Does this mean st George is hedging their bets that interest rates (or at least the cost they can access money) will drop even lower over the next 4 years? Or am I missing something.

    I thought the general consensus was a recovery would be underway within about 4-5 years.

    • JIMB0 on 05/01/2021 - 09:59
       

      After the GFC rates were meant to go back to normal by 2015.

  • akashra on 05/01/2021 - 08:39
     

    Something to beware of, I called both Bank of Melbourne and Westpac recently, and they insist this applies to all of their brands, they informed me that if I either run a business from home or work from home I'm not eligible to hold that type of home loan with them. They insisted that they won't permit any type of property/mortgage which is used for any business purpose. This included working from home even if it's not listed or registered as a premise of a business.

    They also tried to insist all banks were like this so I rang NAB who my current loan is with to check the terms and NAB insisted there was no issue with me running a business from home, nor issues with working from home.

    Since St George are part of Westpac I'd expect the story to be the same.

    • drprox on 05/01/2021 - 10:46
       

      It's an NCCP thing. It's a very grey area with lots of variables. They may also just not want to deal with self employed individuals are the loans are harder!

  • tulip99 on 05/01/2021 - 10:35
     

    What is the minimum loan amount please? What if my mortgage is under $120k? (investor)

    Do Investors get the bank rebate?

    • spiff on 05/01/2021 - 11:12
       

      $250k is minimum loan size (net of offset by the sounds of it).

      Investor would still get rebates.

      • tulip99 on 06/01/2021 - 08:29
         

        Thanks :-)

  • whoopdeedoo on 05/01/2021 - 12:13
     

    whats the current turn around times?

  • ows on 05/01/2021 - 12:15
     

    What is the rate for $500k, owner occ, variable P&I, offset, <60% LVR?

  • vijumn on 05/01/2021 - 13:03
     

    Is this applicable for construction loans, currently my land with Suncorp. Planning to take construction loan

  • El-Rhi on 05/01/2021 - 15:32
     

    Who has the highest cashback outside of the Westpac group? Anyone else have $4k?

  • Hector on 05/01/2021 - 19:42
     

    Can St George split loans (ie 80% fixed and 20% variable?)