Refinancing Owner Occupier and Investment Property

Corza000 on 26/04/2023 - 21:54

I have an owner occupier loan and an investment property which is still a block of land. The land is in outer suburbs of Melbourne as I hope to move from Ballarat some time in the long term but have it as an investment property in the meantime.

The pinch of rate hikes and cost of living has got me thinking about refinancing. I’m currently with ANZ for both loans.

Question:

Could I refinance both loans with different banks and get cashbacks for each? I couldn’t find any cashback deals for investment properties- they all seem to be OO and a much larger rate.

Alternatively am I just better off refinancing both loans with one bank and just getting the one cashback?

Thanks

Financial

Comments

  • ddhar on 26/04/2023 - 23:20
    +1

    IME the banks will only give cashback/rebate on loans of $250K (or larger), irrespective of OO or IP.

    So if your loan is each more than $250K, you should be able to apply to different banks and gain the applicable cashback for that bank (assuming you meet their borrowing criteria).

    • Corza000 on 29/04/2023 - 15:42

      Thanks so these offers that are being advertised as Owner Occupier deals are also often accepting IP as well?

  • crackman on 27/04/2023 - 00:34
    +2

    Refinance with different banks but make sure they're not part of the same group of banks (eg NAB/uBank are both part of the NAB group and 1 loan would void the other claim)

  • JumperC on 27/04/2023 - 02:41
    +1

    My doggy extended family member would answer the question ‘where are you living these days’? With ‘depends on which bank is asking’.

  • MortgageBrokerDylan on 27/04/2023 - 09:58
    +1

    ME Bank gives you cashback on each property

    • Corza000 on 29/04/2023 - 15:43

      Thanks. I think it’s 2k each so in an ideal world I can get 2 banks with 4k each

  • rekke on 27/04/2023 - 10:08
    +1

    Ask ANZ for a discount by asking for the discharge form, they may be able to offer you a rate discount and also something else if they want to retain your business.

    Personally, I think these cashback offers are a bit of a false economy, you lose 20-40% of it in bank fees, transaction fees, interest fees, loan application fees, search fees, discharge fees, all these fees that are not mentioned in the headline cashback offer.

    Moreover, once you actually transfer, add in the hours you need to spend updating every direct debit, credit, account details across various accounts, new cards etc and it is really a headache for not much reward and an additional inquiry on your credit file.

    • Corza000 on 29/04/2023 - 15:43

      Thank you. I’ll try this first.

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