Extra $1000-$1500 Cashback from Home Loan Mortgage Broker (Refinance or Purchase) @ Lending Clinic

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AssociatedMortgage Broker on 20/02/2022 - 12:52 lendingclinic.com.au (219 clicks)
Last edited 11/03/2022 - 14:36 by 1 other user

Are you on a 3%+ interest rate? Chances are we can get you a rate which is very close to 2.00% or even slightly under, with up to $4k cashback from the lender, plus up to $1500 cashback from us (as your friendly mortgage broker).

On a $500k home loan, a 1% reduction in interest rate equates to around $5k in yearly savings.

As we're new to OzBargain, we're offering the following BROKER-FUNDED CASHBACK for a limited time:

• $500k-$749k loan: $1000
• $750k+ loan: $1500
• You need to still have the loan until the end of the lender's commission clawback/refund period, which is either 18 or 24 months. The broker cashback will be paid at this point.
• The loan amount applicable will be based on the lender's commission calculation method, which is generally the amount net of redraw & offset.
• Applicable for refinance or property purchase, as long as only 1 application is involved, without having to extend/renew the pre-approval, and without involving bridging loan or construction loan.

What about the bank/lender's offers?

Some banks/lenders are offering $2k-$6k cashbacks. Our $1k-$1.5k broker cashback is on top of the $2k-$6k cashback provided by the bank/lender.

There are often some trade-offs between interest rate and loan features, maximum loan amount, ability for the lender to approve your specific scenario, or the amount of documents/admin work required from you.

But some of our CHEAPEST LENDERS as of 20 February 2022 are below:

SUNCORP:
- 1.94% owner occupied P&I variable rate (1.95% comparison rate)
- 2.19% investment P&I variable rate (2.20% comparison rate)
- 2.59% investment I/O variable rate (2.35% comparison rate based on 5-year I/O)
- $3k lender cashback ($750k+ loan)
- Applicable for refinance or property purchase
- LVR up to 70% for the rate, 90% for the lender cashback
- Apply by 29 April 2022, settle by 29 July 2022, unless withdrawn prior

CITIBANK:
- 1.99% owner occupied P&I variable rate (2.04% comparison rate)
- 2.21% investment P&I variable rate (2.26% comparison rate)
- 2.58% investment I/O variable rate (2.63% comparison rate)
- $3k-$6k lender cashback ($6k $1m+ loan, $4k $750k+ loan, $3k $350k+ loan)
- Applicable for refinance or property purchase
- LVR up to 80% for the rate, also 80% for the lender cashback to avoid LMI
- Apply by 31 March 2022, settle by 30 June 2022, unless withdrawn prior

ST.GEORGE/BANK OF MELBOURNE/BANKSA:
- 2.19% owner occupied P&I variable rate (2.21% comparison rate)
- 2.49% investment P&I variable rate (2.51% comparison rate)
- 2.69% investment I/O variable rate (2.71% comparison rate)
- $4k lender cashback ($250k+ loan)
- Applicable for refinance only
- LVR up to 80% for both the rate and lender cashback
- Apply by 31 March 2022, settle by 30 June 2022, unless withdrawn prior

ANZ:
- 2.19% owner occupied P&I variable rate (2.23% comparison rate)
- 2.49% investment P&I variable rate (2.53% comparison rate)
- 2.89% investment I/O variable rate (2.67% comparison rate based on 5-year I/O)
- $4k lender cashback ($250k+ loan)
- Applicable for refinance only
- LVR up to 70% for the rate, 80% for the lender cashback
- Apply by 29 April 2022, settle by 31 July 2022, unless withdrawn prior

ME BANK:
- 1.98%+ owner occupied P&I variable rate (2.45%+ comparison rate)
- 2.98%+ investment P&I variable rate (3.43%+ comparison rate)
- 3.18%+ investment I/O variable rate (3.50%+ comparison rate)
- Interest rate depends on loan amount & LVR, the above are optimistic scenarios
- $3k lender cashback per property ($250k+ loan per property)
- Applicable for refinance only
- LVR up to 80% for the lender cashback
- Apply by 30 May 2022, settle by 31 August 2022, unless withdrawn prior

Additional terms and conditions apply as determined by the lender. Typically you cannot have received a cashback from the lender within the previous 12 months.

We look forward to helping you save money, or buy a property!

Arman Soetanto
M: 0431 825 128
E: [email protected]
W: www.lendingclinic.com.au

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• 

  JC1986 on 20/02/2022 - 12:57

  +1

  This rate is usually fixed for 1 or 2 years max, good days for 3-5 years were long gone. of course, depends on how much you borrow too.

  • 

    superroach on 20/02/2022 - 13:23

    That's when you check the leaving fees and how long if any they lock you in for

    • 

      AssociatedMortgage Broker @ Lending Clinic on 20/02/2022 - 21:25

      Refinance costs usually add up to $500-$1000, much less than the $3k-$5.5k cashbacks :)
      No lock in period with a variable rate loan. Fixed rate may incur break cost if you leave during the fixed rate period, this will usually be determined with reference to the movement in the bank's cost of funding.

• 

  dynaflow on 20/02/2022 - 13:36

  Isn't this just an advertisement?

  • 

    dasher86 on 20/02/2022 - 13:41

    Just because it's an advertisement doesn't mean that it is not a bargain.
    This broker is offering additional cash back on top of lenders cash back.

    • 

      jairichi on 20/02/2022 - 14:48

      +1

      There is a clawback clause

      • 

        dasher86 on 20/02/2022 - 14:52

        Most brokers that do cash back have a clawback clause.

• 

  RichieVn on 20/02/2022 - 13:37

  isnt the standard cash back from banks now ~$3k for loan size ~500k ?how is this a deal if not everyone has a 750k+ sized loan

  • 

    dasher86 on 20/02/2022 - 13:41

    This is additional to that.

    • 

      RichieVn on 20/02/2022 - 13:43

      but what if we want 1 year fixed only ? are we tied to the bank/broker for at least 2 years?

      • 

        AssociatedMortgage Broker @ Lending Clinic on 20/02/2022 - 21:29

        The bank's cashback doesn't have a lock-in period and usually gets paid in 1-2 months. For the broker cashback, we pay it after 18-24 months depending on the bank. You can leave anytime but no extra broker cashback if you leave within the 18-24 months commission clawback period.

  • 

    Manny Calavera on 20/02/2022 - 14:50

    +1

    Why aren’t you leveraging your equity and taking out 100% I/O loans and negatively gearing like a bandit?

    • 

      AssociatedMortgage Broker @ Lending Clinic on 20/02/2022 - 21:31

      You can do that, no problems :) Cashback on property purchase with Suncorp!

  • 

    AssociatedMortgage Broker @ Lending Clinic on 20/02/2022 - 21:28

    Hey there, St George gives $4k cashback for $250k loan. We as a broker gives another $1k for $500k+ loan, and $1500 for $750k+ loan (on top of what the bank offers). So you get a total of $5k for a $500k loan, $5.5k for a $750k loan.

• 

  [Deactivated] on 20/02/2022 - 13:45

  +2

  Can you match 1.89% with $2022 cashback?

  https://www.ozbargain.com.au/node/680677

  • 

    AssociatedMortgage Broker @ Lending Clinic on 20/02/2022 - 21:23

    Hey there, it really depends on your loan amount. Suncorp has $3k cashback plus another $1k cashback from us if your loan amount is $500k, i.e. total $4k cashback instead of $2022 from Tic:Toc. Suncorp's broker clawback period is 18 months. So if you look at a timeframe of 18 months, on a $500k loan amount the extra $2k cashback is similar to 0.20% per year. So even though their lowest interest rate is 1.94%, it's almost as if you're only paying 1.74%.

    It depends on how you think about it and whether you want your loan to be a long-term loan or an 18-month loan then refinance again for another cashback from another lender.

    Tic:Toc unfortunately doesn't work with brokers, otherwise we could have given a broker cashback for them too.

    • 

      [Deactivated] on 21/02/2022 - 00:13

      Accuracy of that math depends on the exit fees after the 18 months though (but that obviously applies for almost any lender)

      What does a broker do for the client exactly if you don't mind me asking? Is it mainly recommending a suitable product or is there extra things too (ie assistance preparing application or something)?

      • 

        AssociatedMortgage Broker @ Lending Clinic on 21/02/2022 - 06:25

        You'll find that exit fees with most lenders are similar, banks typically charge around $350 discharge fee, with some non-bank lenders also charging around another $300 for a third party solicitor to process the discharge. The land title office will also charge a fee to deregister & re-register a new mortgage, in NSW this is around $300. Most of the time you can find a lender offering refinance cashback of $2k+ (more than the costs to refinance).

        We have access to 50+ lenders and can help find a lender to suit your requirements e.g. maximum borrowing power to buy another property, smallest possible deposit, fastest turnaround time for an urgent purchase, or lowest interest rate. So instead of talking to 50+ different banks/non-bank lenders, you just talk to 1 person and provide your payslips, bank statements etc 1 time. You fill in the application form 1 time and we then copy the data across to the lender's form. Also avoid multiple credit checks which can reduce your credit score :)

        • 

          [Deactivated] on 21/02/2022 - 12:46

          @Mortgage Broker: Is submitting financial docs / etc done only the once too? Or does that come later on with the bank directly once one is decided upon?

          Even without that, actually sounds quite convenient

          • 

            AssociatedMortgage Broker @ Lending Clinic on 21/02/2022 - 18:06

            @[Deactivated]: It's mostly done once :) Sometimes we try not too ask for too many documents so we may ask for the minimum when we review your indicative banks/loan options. We may then ask for a bit more documents for the specific bank you've decided to go with. But we're very organised so we don't ask for the same thing twice :)

            • 

              [Deactivated] on 21/02/2022 - 19:52

              @Mortgage Broker: You mention above a $500k example for Suncorp but original post says $750k, can you clarify eligibility and amounts? Also what's rates for lower LVR, ie 80%? Actually sounds quite decent if lower amounts are eligible too

              Regarding the St George offer do they have any similar cashback offerings for purchases?

              Edit: https://www.ozbargain.com.au/node/681529 apparently $3k cashback for new loan, can that be stacked with the $1k here?

              • 

                AssociatedMortgage Broker @ Lending Clinic on 21/02/2022 - 23:36

                @[Deactivated]: Hey there,
                There are 2 cashbacks here, the cashback from Suncorp requires $750k loan amount. The cashback from us (the broker) requires $500k+ loan amount. These can be stacked.
                Owner occupied rate with Suncorp at 80% LVR is 2.02%.

                St George cashback is only for refinance.
                Suncorp cashback can be for a purchase.

                • 

                  [Deactivated] on 22/02/2022 - 00:18

                  @Mortgage Broker: Can other offers from the relevant banks be stacked or just these specific ones?

                  • 

                    AssociatedMortgage Broker @ Lending Clinic on 23/02/2022 - 15:51

                    @[Deactivated]: Others can :)
                    We just pay $1000-$1500 extra on top of the bank's cashback ($1k extra from us for $500k-$749k loan, $1500 extra from us for $750k+ loan).

• 

  BexForHeadache on 20/02/2022 - 23:43

  So to be clear, if I have a $750k loan, with $300k in the offset, I receive no cashback?

  • 

    AssociatedMortgage Broker @ Lending Clinic on 21/02/2022 - 06:27

    You'll still get the lender's cashback. But for the broker cashback, it depends on how the lender calculates their commission, but typically it won't be applicable especially if you have the $300k in offset from day 1.

• 

  nlin1 on 24/02/2022 - 19:47

  Just wondering what the ANZ’s broker clawback period is? 18 months or 24 months

• 

  AssociatedMortgage Broker @ Lending Clinic on 25/02/2022 - 14:01

  Just messaged you privately. ANZ offers $3k cashback at the moment.