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Variable Home Loan from 3.14% (CR 3.58%), $0 Application Fee, $0 Ongoing Fees, 2 Year Intro @ Westpac (for Purchase / Refinance)

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Variable Home Loan from 3.14% (CR 3.58%), $0 Application Fee, $0 Ongoing Fees, 2 Year Intro @ Westpac (for Purchase / Refinance)
Go to Deal
Cashback
Store Repfootyboy @ Blue Owl Finance on 27/07/2022 - 17:01 westpac.com.au (353 clicks)
Last edited 18/08/2022 - 11:19 by 3 other users

Super low rates, $0 ongoing fees and $3,000 cashback for refinances.

No offset here!! This does however offer free and unlimited redraw and no annual fees.

Refinance your home loan over $250k with an LVR of 80% or less to qualify for $3,000 cashback.

Our Pick Of The Rates - full list available via link.

Owner occupier variable LVR under 70% = 3.14% (comp 3.58%) 2 year intro
Owner occupier variable LVR between 70% and 80% = 3.24% (comp 3.58%) 2 year intro

Investor variable LVR under 70% = 3.54% (comp 3.98%) 2 year intro
Investor variable LVR between 70% and 80% = 3.64% (comp 3.98%) 2 year intro

$0 annual or ongoing fees.

This is a honeymoon rate for 2 years. Rate will jump 0.40% after 2 years, would be a good time to consider another refinance.

COMPARISON RATE WARNING
Each comparison rate is based on $150,000 over 25 years. These comparison rates apply only to the example or examples given. Different amounts and terms will result in different comparison rates. Costs such as redraw fees or early repayment fees, and cost savings such as fee waivers, are not included in the comparison rate but may influence the cost of the loan. Comparison rates for Interest Only Fixed Rate home loans are based on an initial Interest Only period equal in length to the fixed rate period. Comparison rates for Interest Only Variable home loans are based on an initial 5 year Interest Only period.

Hope you find this useful,
Aidan
Owner & Mortgage Broker at Blue Owl Finance
[email protected]
www.blueowlfinance.com.au
Link to my calendar to book 15 minute appointment here

We are Westpac Platinum brokers - Westpac currently just 3 days turnaround for loan assessments for Platinum brokers and 20 days for standard brokers.
Note - I do not offer broker cashback, some brokers on OzB do offer their own cashbacks.

ABN 27 646 433 374 | Certified MFAA Member 230928 | Australian Credit Licence number 387025 | Credit Representative’s number 527699

Referral Links

Westpac Choice Account: random (115)

Referrer & Referee get $50 after referee makes 5 card purchases & deposits $500+. Maximum of 5 referrals allowed per customer: bonus is not paid to either parties if the referral code has been used more than 5 times.

Financial Home Loan Refinance

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closed Comments

  • Store Repfootyboy @ Blue Owl Finance on 27/07/2022 - 17:04

    Here to answer any Westpac policy questions, we've helped over 50 OzBargainers on our recent Westpac deal.

    • gabos on 27/07/2022 - 17:05

      Gday - If I get approved for a variable loan at this rate how difficult would it be to lock into a fixed rate for a few years in the next 6 months or so?

      • Store Repfootyboy @ Blue Owl Finance on 27/07/2022 - 17:07
        +1

        Pretty easy actually to go from variable to fixed.

        The reverse, not so much.

        Aidan
        [email protected]

      • nmachine on 28/07/2022 - 08:49

        can fix rates in 5 minutes via the westpac app

  • Iluvfreebies-freeDel on 27/07/2022 - 17:07
    +3

    Would have made a great deal if it was interest free.

    • Store Repfootyboy @ Blue Owl Finance on 27/07/2022 - 17:48
      +4

      Haha, would break OzBargain.

      Aidan.

      • kaitoivan on 04/08/2022 - 19:25

        But that's the whole point of OzBargain

        • Store Repfootyboy @ Blue Owl Finance on 05/08/2022 - 12:59

          Yeah, find me an interest free home loan and I'll post it!

          Aidan.

          • kaitoivan on 06/08/2022 - 14:24

            @footyboy: Mate, that's your job!

            • Store Repfootyboy @ Blue Owl Finance on 06/08/2022 - 17:38

              @kaitoivan: I wonder what commission I get from a 0% home loan?? 🤔

              Aidan.

              • kaitoivan on 06/08/2022 - 22:30

                @footyboy: I thought you're doing for exposure, no?

                • bobs burgers on 07/08/2022 - 02:51

                  @kaitoivan: Don't make my kids cry, I already promised them a 0% home loan! How could you do this to us?!

                • Store Repfootyboy @ Blue Owl Finance on 07/08/2022 - 12:45

                  @kaitoivan: Exposure don't put food on my dog's table!

    • JIMB0 on 05/08/2022 - 15:13

      For a while it was looking like you'd get to paid to borrow money. Not going to happen now after the European Central Bank raised interest rates last month by 0.5% to 0.0%

  • coast666 on 27/07/2022 - 17:10
    +1

    Curious, in the process of refinancing, once move into new bank, can I be refinanced to wespack after one month probably?

    • Store Repfootyboy @ Blue Owl Finance on 27/07/2022 - 17:48

      Would be outside of policy as under 6 months, case by case really.

      Aidan.

      • ozbargainerlife1 on 27/07/2022 - 18:11

        What's the 6 month rule?

        • Store Repfootyboy @ Blue Owl Finance on 28/07/2022 - 07:50

          Most lenders will want to see 6 months home loan statements.

          That said, we've seen loan declined by assessors for being cashback chasers.

          Aidan.

          • ozbargainerlife1 on 28/07/2022 - 08:35

            @footyboy: When you say most lender- do you mean small or big lenders?

            I read that online or small lenders can refuse cashback chasers but not the big ones

            • Store Repfootyboy @ Blue Owl Finance on 28/07/2022 - 08:42

              @ozbargainerlife1: Big lenders can also choose to accept or decline whoever they wish at the assessor's discretion, if it's outside of lending policy (which includes borrower's borrowing habits) they can decline.

              Aidan.

          • El-Rhi on 29/07/2022 - 07:00

            @footyboy:

            That said, we've seen loan declined by assessors for being cashback chasers

            At Westpac, or other banks?

            • Store Repfootyboy @ Blue Owl Finance on 29/07/2022 - 07:54

              @El-Rhi: All banks will assess on credit history. Multiple applications will also impare youre credit file.

      • coast666 on 28/07/2022 - 07:31

        Sorry, do you mean have to be after 6 months later?

  • cook99 on 27/07/2022 - 17:11

    Do the banks take issue to new loans dumping excess cash against them immediately after opening?
    I.e. if I get a loan for $300k and then put $160k cash against it to reduce to $140k through early repayment right away?
    Would this impact the cashback?

    • Rode on 27/07/2022 - 17:26
      +1

      No that shouldn't impact the cashback, I've been in similar situations with no issues.

    • justtoreply on 27/07/2022 - 17:33
      +1

      I asked Westpac recently regarding offset taking me under the threshold, didn't affect the bonus. I imagine your circumstance is better

    • Trishool on 27/07/2022 - 17:46

      I probably wouldnt disclose these plans to the bank at all (not even after you've settled). Recently refinanced with Westpac, read through everything line by line, and dont remember any such mention them having issues with such a situation.

      • cook99 on 27/07/2022 - 18:55

        Absolutely, my "plan" is maybe a term deposit with my extra cash - which I'm sure they'd love more products being taken up.

        Oops plan changed, massively reduce mortgage, thanks for the $3k 😉

    • Store Repfootyboy @ Blue Owl Finance on 27/07/2022 - 17:49

      Nope, all good there!

      Aidan.

      • cook99 on 27/07/2022 - 19:00

        Thanking you

  • zer0Cash on 27/07/2022 - 17:21

    possible to refinance from bank of melb?

    • Store Repfootyboy @ Blue Owl Finance on 27/07/2022 - 17:49

      Yes, but no cashback.

      Message for other excellent offers
      [email protected]

  • justtoreply on 27/07/2022 - 17:33
    +1

    Why not $4k? It's not advertised but if you call them you get it.

    • Trishool on 27/07/2022 - 17:46
      +1

      Yep recently got $4K cashback when I refinanced with them directly.

    • Store Repfootyboy @ Blue Owl Finance on 27/07/2022 - 17:50

      Offer is available through brokers too, Westpac just don't advertise it.

      Don't ask me why!

      Aidan

    • taker312 on 28/07/2022 - 11:44

      Exactly, I got eh call from Westpac offering cashback becasue they knew I was with them 3 years ago

    • ykwon10 on 02/08/2022 - 15:37

      do you know when the $4k cashback offer will end?

      • justtoreply on 02/08/2022 - 16:04

        Let me get my crystal ball…

        It's $2k official and $4k unofficial now..

      • Store Repfootyboy @ Blue Owl Finance on 06/08/2022 - 17:39

        Onoing 😊

        Message me…

        Aidan
        [email protected]

  • rackxp on 27/07/2022 - 17:43

    Rather than variable rates what are the best fixed rates that you have on offer? <70%lvr

    • Store Repfootyboy @ Blue Owl Finance on 27/07/2022 - 18:04

      Sure can, just need from you;

      • o/o or inv
      • p&i or i/o
      • loan size
      • fixed term (1-5 years)

      Aidan
      [email protected]

  • JutakuHome on 27/07/2022 - 17:49

    Any offset loan offers???

    • Store Repfootyboy @ Blue Owl Finance on 27/07/2022 - 17:51

      Yep, lots.

      It's hard to quote as would need;

      • o/o or inv
      • p&i or i/o
      • loan size
      • LVR

      Aidan
      [email protected]

  • skyva on 27/07/2022 - 18:10

    Hi, I am looking to refinance my house due to excessive interest rate at a competitor. However I am also likely to sell my house in the next few months and buy another. Is this an issue?
    Thanks.

    • Store Repfootyboy @ Blue Owl Finance on 27/07/2022 - 18:17
      +2

      Hey Skyva,

      Absolutely you can.

      That said, due to broker remuneration and clawback, best to use local branch here 👍

      Aidan.

  • freedomofspeech on 27/07/2022 - 18:13

    Only for refinancing?

  • manu12 on 27/07/2022 - 18:32

    "This is a honeymoon rate for 2 years. Rate will jump 0.40% after 2 years, would be a good time to consider another refinance."

    does that mean rate will not increase with these regular rate increases by RBA ? and it will stay same for next 2 years ?

    • JutakuHome on 27/07/2022 - 18:35

      No, it’s still subject to change based on RBA rates. Still a variable loan, just reduced by 0.4% on other offerings

    • Store Repfootyboy @ Blue Owl Finance on 27/07/2022 - 18:38

      No, this is not a fixed loan.

      This comment is in regards to the discount, the discount reduces by 0.40% in 2 years time.

      Aidan
      [email protected]

  • deanwan on 27/07/2022 - 18:42

    what other O/O refinance deals do you have? im with BOM currently, so this deal wouldnt give me the bonus CB.

    • Store Repfootyboy @ Blue Owl Finance on 27/07/2022 - 18:49

      ME Bank, 3.14% and $2,500 has been popular. No ongoing fees! 2 day assessments.

      Aidan.
      [email protected]

      • deanwan on 28/07/2022 - 17:41

        Can you do the ANZ $4k cashback or should i go direct?

    • ozbargainerlife1 on 28/07/2022 - 09:25

      go to anz!

      • deanwan on 28/07/2022 - 09:47

        whats the deal at ANZ?

        3.29% P&I with no offset, and 300k QFF?

        • ozbargainerlife1 on 28/07/2022 - 10:12
          +1

          You can ask for $4k cashback. I am signing docs today

          • justtoreply on 28/07/2022 - 13:57

            @ozbargainerlife1: ANZ fixed terms suck though. In case you're intending to fix.

            Westpac allows you to pay 30k off a fixed portion early. I think they allow many fixed portions per mortgage (anecdotally an in house broker said she'd done 10 and there was no limit?).
            Nab similar but 20k and 3 fixed portions max (4 if no variable portion).

            Point is: with enough fixed portions you can lock in your interest rate and still repay the whole lot early as if it were variable (no break costs).

            And it's really only for people who can afford to repay much faster but want to dodge interest rate risk.

            Obviously with bigger loans nab may not be useful but Westpac could be.

            Dunno about commbank, their rates/terms were no good imho.

            Disclaimer: This is not financial advice and you are responsible for what you do/don't do.

  • bonezAU on 27/07/2022 - 19:38

    Westpac currently just 3 days turnaround for loan assessments for Platinum brokers and 20 days for standard brokers.

    I wish I knew this 2 weeks ago when I applied for this exact loan through what appears to be a standard broker :(
    It doesn't look like I'll be getting mine assessed until next week.

    • timmy_tam on 27/07/2022 - 21:31

      what does it mean to be a "platinum broker / standard broker" ?

      is that who we go through with?

      so direct to the bank would be standard broker?

      • Store Repfootyboy @ Blue Owl Finance on 27/07/2022 - 21:47

        Faster service with Platinum

        Aidan
        [email protected]

        • timmy_tam on 28/07/2022 - 08:46

          so are you platinum or standard?

          • Store Repfootyboy @ Blue Owl Finance on 28/07/2022 - 09:37

            @timmy_tam: Platinum -

            We are Westpac Platinum brokers - Westpac currently just 3 days turnaround for loan assessments for Platinum brokers and 20 days for standard brokers.

            Aidan
            [email protected]

            • deanwan on 28/07/2022 - 09:48

              @footyboy: Are you a platinum broker of ME Bank of any other financial institutions?

              • Store Repfootyboy @ Blue Owl Finance on 28/07/2022 - 09:56

                @deanwan: ME don't do broker tiers. ME only 2 business days anyway!

                We're top tier for all lenders that offer them, due to volume and quality we write.

                Message me…

                Aidan
                [email protected]

  • Suspect420 on 27/07/2022 - 20:12

    I'm looking at a new car and was offered 5% under business.

    Can you provide finance for cars?

  • dealymcdealerson on 27/07/2022 - 21:24

    Hi Aiden,

    What are the fee's associated?

    • Store Repfootyboy @ Blue Owl Finance on 27/07/2022 - 21:43

      No fees!

      Your bank will charge you $350 to leave them and your State aill charge approx $300 on top.

      Message me

      Aidan
      [email protected]

  • wrjcu on 27/07/2022 - 21:50

    Wen 6%?

    • Store Repfootyboy @ Blue Owl Finance on 28/07/2022 - 06:37

      2025.

      Aidan.

  • sub7er on 31/07/2022 - 11:11

    @footyboy, is it me or the rate advertised as 3.14% variable is like a fixed rate for 2 years so why is it being advertised as variable, a bit confused?

    • Store Repfootyboy @ Blue Owl Finance on 31/07/2022 - 12:35

      Hey sub7er,

      This is a variable home loan, not fixed.

      The discount off the variable rate is the aspect that is fixed here, for 2 years.

      Aidan
      [email protected]

      • sub7er on 17/08/2022 - 19:04

        Okay is the Cashback 4k with Westpac for refinancing variable loan of 250k and is it paid upfront at the settlement?

        • Store Repfootyboy @ Blue Owl Finance on 18/08/2022 - 07:43

          Hey @sub7er

          Yes.
          Paid within 60 days.

          Aidan.

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