Hello OzBargainers,
Bank of Melbourne has extended their cashback offer with super sharp interest rates.
You can still get $4K cashback when refinancing at least $250K:
- Switch your loan to Bank of Melbourne and you could lower your repayments, or pay off your loan faster.
- Apply by 31st August 2023, and settle by 30th November 2023.
- Owner Occupier (P&I repayments) and Residential Investment (P&I or I/O repayments) loans, with LVR up to 80%.
- Available on home loans with Advantage Package ($395 annual package fee) and the Basic Home Loan (no annual fee).
- $250K min loan.
- Only one $4K cashback offer available per primary applicant within a 12 month period.
- Excludes refinances from within Westpac Group (Westpac, St.George, Bank of Melbourne, BankSA and RAMS).
Interest Rates:
Bank of Melbourne hasn't increased their fixed rates yet, and they also offer very good variable rates. Some of the interest rates we have been able to secure recently:
| Product | Owner Occupied | Investment P&I | Investment I/O | LVR | Annual Fee |
|---|---|---|---|---|---|
| 2-Year Fixed Rate: | 5.59% (CR 6.58%) | 5.74% (CR 7.06%) | 5.94% (CR 7.33%) | 70% | $395 |
| Variable Rate with Offset: | 4.92% (CR 5.27%) | 5.24% (CR 5.58%) | 5.49% (CR 5.83%) | 70% | $395 |
| Variable Rate without Offset: | 4.99% (CR 5.00%) | 5.24% (CR 5.25%) | 5.59% (CR 5.60%) | 70% | $0 |
Other Details:
- The above Comparison Rates are based on $150K loan and assume you stay with the bank until the loan is fully paid off. If you go on a fixed rate, it assumes you stay with the bank on the high variable rate after the fixed rate expires.
- Rate Lock for the fixed rate is optional, valid for 90 days, with the fee being 0.15% of the loan amount (minimum fee amount $500, maximum charge is capped at $1,000 for loans up to $2M, and 0.15% of the loan amount for loan above $2M).
- Multiple offset accounts can be linked to 1 loan account.
- Partial offset account available for the fixed rate product.
- If your LVR is >70% and <=80%, fixed and variable rates will be higher by 0.10%.
- Variable rates will increase by 0.25% on 21 March 2023.
- More details on their website.
- $1 LMI up to 85% LVR available for First Home Buyer borrowing up to $850K.
On top of Bank of Melbourne's offer, we also have our own broker cashback & holiday accommodation voucher 😀
Other popular banks with super sharp rates and super generous cashbacks:
- Westpac: variable rate from 4.89% (CR 5.22%), with refinance cashback from $3,500 [Min Loan $250K]
- ANZ: variable rate from 4.99% (CR 4.99%), with refinance cashback of $4,000 (or $3,000 First Home Buyer cashback) [Min Loan $250K]
- Ubank: variable rate from 4.99% (CR 5.01%), with refinance/property purchase cashback of $4,000-$5,000 [Min Loan $400K]
- AMP: variable rate from 5.14% (CR 5.17%) after the March 0.25% rate increase, with refinance/property purchase cashback of $4,000 [Min Loan $750K]
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
Lending Clinic Pty Ltd (Credit Representative Number 511270) is authorised under Australian Credit Licence Number 384704
Refinancing from Westpac doesn't count?