$3000 Cashback for Refinance for Owner Occupied Variable Rate from 2.19% @ Westpac (& 0.25% Broker Cashback)

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AssociatedPWilson Heroes HL @ Heroes Home Loans on 24/12/2021 - 19:44 westpac.com.au (174 clicks)
Last edited 24/01/2022 - 10:50 by 1 other user

Merry Xmas all Ozbarginers and hope you are having wonderful festive season.

Westpac has new offer for the Flexi First Home Loan variable rate' and offering an $3000 Cashback on all refinances for owner occupied and investments

Principal and Interest Owner Occupied HOME LOAN
2.19% variable (CPR 2.20%) FOR LVR <70%
2.29% variable (CPR 2.30%) FOR LVR <80%

Interest Only Owner Occupied LOAN
3.89% variable (CPR 3.90%) FOR LVR <70%
3.99% variable (CPR 4.00%) FOR LVR <80%

Fixed rates are available. Please contact us for details rates are subject to lender changes

Fees for Flexi First Home Loan variable rate
No Establishment fee - savings you $600
$395 annual package fee

Apply by 28th February 2022, settle by 31st May 2022. Owner Occupier loans (P&I repayments) and Investment Property Loans, with LVR+ up to 80% and min $250k loan. Flexi First Option or packaged# home loans only ($395 annual package fee). Only one cashback offer available per primary applicant within a 12 month period. Excludes refinances within Westpac Group.

0.25% Broker Rebate
In addition to bank rebates, Heroes Home Loans gives a rebate of 0.25% of loan size (net at drawdown) for any bank or product, only applicable via broker. Cash Rebate is paid 50/50 after 1 month and 18 month of settlement. Clawback applies if you refinance within first 12 months unless you use our services to complete the refinance and remain with the new lender for 12 months.

We are a Sydney Based Broker that has several years' experience in mortgage industry and have access to 45 different lenders. Please call us or message us for a consultation. Thank you.

Wilson Yuan
Managing Director
M : 0479107213
E : [email protected]
W: www.heroeshomeloans.com.au

Credit Representative Number is 530101 under Australia's Services Australian Credit License (ACL) 389328 © 2021 HEROES HOME LOANS AUSTRALIA PTY LTD

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• 

  MuddyClear on 24/12/2021 - 20:07

  Will threatening to refinance with westpac force cba to match interest rate after I complete the discharge of mortgage form they sent me?

  • 

    netsurfer on 24/12/2021 - 20:14

    https://www.commbank.com.au/home-loans/interest-rates.html

    The so called variables rates here from Westpac doesn't include an offset account, so is basically comparing to CBA's Extra Home Loan (I would be surprised if CBA is willing to let you go by refusing to drop 0.1% to match). Based on what I saw, Westpac's variable rates with offset "officially" is more competitive than CBA.

    However, I doubt you can get competitive rates from the 4 major banks now compared to a few months ago.

    I think this broker needs to do a lot better than those rates listed on the deal (to entice people to switch). The rates on the Web sites aren't actually competitive. If you are getting the CBA rate from the link I provided, then you really need to talk to CBA. The rates listed there are rates without any negotiation. You want best rates, you might want to look at other lenders instead of the big 4.

    • 

      MuddyClear on 24/12/2021 - 21:02

      Yeah i’m still on 2.69% before they dropped it to 2.29% for new customers only. They won’t even match their own rate regardless of competition too. They even sent me a mortgage of discharge form when I mentioned westpac offering. I wonder if completing this form will force them to match or can I not expect any action from them.

      • 

        netsurfer on 24/12/2021 - 21:11

        well, if that's the case, then move to another bank. HSBC rates seem quite competitive as pointed out by another OZBer.

        2.69% without offset is a rip off.

        • 

          MuddyClear on 24/12/2021 - 21:25

          @netsurfer: I will be moving. I was just wondering if the cba loan retention team will try to keep me after submitting discharge of mortgage form. So far it feels like they are calling my bluff

          • 

            netsurfer on 24/12/2021 - 21:32

            @MuddyClear: CBA seems to have changed. About 2 years ago, I was told CBA would match any rate I can get. However, this year, CBA simply cannot match variable rates from HSBC. Threaten to leave doesn't work (same experience, discharge if I want to). CBA did lower the rate, but still a big gap.

            I am reluctant to go to Westpac because a few years ago, Westpac staff basically hinted that I am nobody so don't expect too much. The guy in front of me was finalising one transaction worth 3 millions. I got the hint so I left Westpac. I know I am poor, but try not to rub it in.

            • 

              MuddyClear on 24/12/2021 - 21:59

              @netsurfer: Perhaps they work on some sort of commission and are being selective due to time constraints. I would definitely try them again. But yes, it’s not nice the way you were treated. Also does not hurt to make a complaint on the individual. A good bank will have procedures to follow up on complaints.

      • 

        tunzafun001 on 24/12/2021 - 22:12

        No joy with me either with CBA. I have multiple loans <50%LVR. Wont do any better than 2.7. Escalated it for an "upstairs" review. Didnt even call me back. Shit bank…dont deserve any customers.

        • 

          MuddyClear on 24/12/2021 - 22:16

          @tunzafun001: My guess is you might get a call back if you complete a discharge of mortgage form…

• 

  ham0718 on 24/12/2021 - 20:31

  I've just refinanced from st George (owned by Westpac) over to the hsbc deal from a few weeks ago.

  After 4 calls with the St George retention team the best they would do was 2.64% variable and 2.34% fixed. Hsbc rates are 0.5% better. 50%LVR.

  Such stupidity from the banks they'd rather lose me after 5+ years than just match their competition. Especially when they then offer deals like this to new clients.

  • 

    MuddyClear on 24/12/2021 - 22:11

    I think they have data on this that says most people stay than leave so they don’t bother matching…

    • 

      tunzafun001 on 24/12/2021 - 22:13

      +2

      We can fix that data. Just leave …

      • 

        ham0718 on 25/12/2021 - 15:05

        Agreed. Which is exactly what I did. Ends up saving us a few grand per year so definitely worth my time.

        • 

          tunzafun001 on 25/12/2021 - 21:40

          +1

          @ham0718: Good man..they will never change unless we do. Not that hard. Increasing housing market… We have the power.to dictate rates offered..not them.

• 

  mikmac on 24/12/2021 - 22:43

  They must have just hiked the rate. I refinance last month for 1.99% and $3k cashback (paid surprisingly quickly)

• 

  bayan on 24/12/2021 - 22:51

  would this apply if I am already with westpac? owner occupied and loan is ~150k

  • 

    dajiska on 25/12/2021 - 11:05

    I think this deal is for new customers only.
    Lenders wont care about their existing customers which is very disappointing :-(