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$2000-$4288 Home Loan Purchase/Refinance Cashback, Offset Variable Rate from 5.18% (CR 5.56%), fixed from 5.29% @ Bank of China

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$2000-$4288 Home Loan Purchase/Refinance Cashback, Offset Variable Rate from 5.18% (CR 5.56%), fixed from 5.29% @ Bank of China
Go to Deal
AssociatedMortgage Broker @ Lending Clinic on 03/05/2023 - 12:35 bankofchina.com (1075 clicks)
Last edited 22/05/2023 - 17:18 by 1 other user

Hello OzBargainers,

Hope you're all doing well.

Are you looking for a low variable rate home loan with offset account, and do not need a local branch or internet banking with fancy features?

Bank of China is offering $4,288 cashback for a refinance and $2,000 cashback for a property purchase, main criteria below:

  • Apply by 30 June 2023 and settle by 30 September 2023.
  • Minimum loan size $250,000.
  • LVR not more than 80%.
  • Excludes foreign income earners.
  • Excludes customers who received a cashback from them in the last 12 months.

Their interest rates are super sharp at the moment (updated 22/05/2023 with special offer after the May variable rate increase):

  • Owner Occupied (Principal & Interest): 5.18% variable rate (CR 5.56%) at 70% LVR, 5.28% variable rate (CR 5.66%) at 80% LVR, 5.29% 2-year or 3-year fixed rate
  • Owner Occupied (Interest Only): 5.58% variable rate (CR 5.96%) at 70% LVR, 5.68% variable rate (CR 6.06%) at 80% LVR, 5.69% 2-year or 3-year fixed rate
  • Investment (Principal & Interest): 5.68% variable rate (CR 6.06%) at 70% LVR, 5.78% variable rate (CR 6.16%) at 80% LVR, 5.79% 2-year or 3-year fixed rate
  • Investment (Interest Only): 5.98% variable rate (CR 6.35%) at 70% LVR, 6.08% variable rate (CR 6.45%) at 80% LVR, 6.09% 2-year or 3-year fixed rate
  • Indicative fees: $395 annual fee for variable rate loan ($190 for fixed rate loan), waived valuation fee for property value <=$1m, legal fee/disbursements at cost
  • Offset account available with the variable rate loan

On top of the bank's cashback, we're also offering our own broker cashback of between $1,000 and $4,000 depending on your effective loan balance (minimum $500,000).

Want to know more about the Bank of China offer or similar offers we have from other banks, such as Westpac, ANZ, AMP, Suncorp and more? Please call us on the number below, or email us with your number and we can give you a call 😀

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

Financial Cashback Home Loan Investment Loan Loan Refinance

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closed Comments

  • Agent Q on 03/05/2023 - 12:43
    +28

    Majority owned by the Chinese state = CCP

    No thanks.

    • MaxHashrate on 03/05/2023 - 13:29
      -1

      Typed on a Xiaomi phone ? Haha

      • Agent Q on 03/05/2023 - 14:50
        -8

        No, that was typed on a Samsung.

        And Xiaomi are not state owned.

        Get your facts right before you make comments.

        • MaxHashrate on 03/05/2023 - 15:15
          -2

          Lol yeah typed on a Samsung made with 37%-58% Chinese parts.

          Looks like we have a ccp supporter here. Lmao

          • Wolfenstein98k on 03/05/2023 - 16:07
            +2

            @MaxHashrate: Having your mortgage go through the CCP is different to using a device whose hardware is in part made in China.

            • MaxHashrate on 03/05/2023 - 17:21
              +10

              @Wolfenstein98k: Oh geez the hysteria….

              Tell that to the US govt when they borrowed at one point a trillion dollars from China…

              USA led wars since 9/11 has caused over 37m refugees. Well no moral problems there…. In fact let's buy their submarines.

              • Wolfenstein98k on 03/05/2023 - 21:06
                -1

                @MaxHashrate: Classic whataboutism, the old communist trick.

                https://en.wikipedia.org/wiki/Whataboutism

                • MaxHashrate on 03/05/2023 - 22:51
                  +2

                  @Wolfenstein98k: Ah yes the classic hypocrisy

                  • Wolfenstein98k on 03/05/2023 - 23:35
                    -1

                    @MaxHashrate: Tu quoque. Why, on a post discussing the CCP, would you deflect and bring up the United States, who is completely irrelevant?

                    • MaxHashrate on 03/05/2023 - 23:53
                      +2

                      @Wolfenstein98k: This is a post of a home loan… you already are going irrelevant towards the CCP thing and you want to go about what is relevant and irrelevant?

                      Lmao….

                      • 1st-Amendment on 04/05/2023 - 13:27
                        -1

                        @MaxHashrate:

                        you already are going irrelevant towards the CCP thing

                        It is completely relevant. All Chinese businesses are answerable by law to the CCP, and the CCP are an autocratic regime.
                        Just because you don't believe in something, doesn't mean it doesn't exist.

                        • MaxHashrate on 04/05/2023 - 19:18

                          @1st-Amendment: And what USA does isn't relevant?

                          Australia got finessed by USA to buy these subs… Of course they gotta ramp up the hysteria amongst the plebs here.

                          • 1st-Amendment on 05/05/2023 - 08:21

                            @MaxHashrate:

                            And what USA does isn't relevant?

                            Well you tell me, if I apply for a mortgage with a CCP owned bank, what does that have to do with the US or any other country?

                            Of course they gotta ramp up the hysteria

                            Once again, just because you don't believe in something, doesn't mean it doesn't exist.

                            • MaxHashrate on 05/05/2023 - 08:44
                              +1

                              @1st-Amendment: Oh it does because US is the one funding anti china propaganda. You just need to open any msm news and bam it is like overwhelming negative.

                              Your hesitation to take up anything CCP owned is just another hysterical reaction like USA when it comes to banning tik tok.

                              I remember once I was watching a clip on Uyghur slave labour on the BBC. There was a clip of a Uyghur girl crying. Turns out BBC stole the clip from a local Chinese documentary where they were promoting jobs amongst Muslim girls as they often married off young. She was crying when leaving her family and the end it was her being happy to earn her own income. BBC pushed the slave labour bit by showing her crying and made it looked like she was forced lmao.

                              • 1st-Amendment on 05/05/2023 - 09:02

                                @MaxHashrate:

                                You just need to open any msm news

                                Lol, I don't watch MSM news…

                                China is an autocratic dictatorship and I choose not support that.
                                Now, what does the US or any other country have to do with that?

                                • MaxHashrate on 05/05/2023 - 09:23

                                  @1st-Amendment: Who asked what U support? Why is that relevant to a home loan?

                                  • 1st-Amendment on 05/05/2023 - 09:32

                                    @MaxHashrate:

                                    Who asked what U support?

                                    You brought it up first: https://www.ozbargain.com.au/comment/13700845/redir

                                    Why is that relevant to a home loan?

                                    Why is the entity you are applying for the loan with relevant to the loan?
                                    Do you have a functioning brain?

                                    • MaxHashrate on 05/05/2023 - 09:44

                                      @1st-Amendment: Just showing how silly your questions are.

                                      I mean U were happy to go off track on a home loan which has passed and gotten approval from Australian authorities. It isn't relevant because any acts of influence and Australian authorities will just shut it down.

                                      You are the one virtue signalling. So I guess it is fair game to question how china compares to its peers to decide whether U are just a sinophobe?

                                      Perhaps I should keep this to short catchy slogans for you to better understand lmao

                                      • 1st-Amendment on 05/05/2023 - 09:48

                                        @MaxHashrate:

                                        It isn't relevant because any acts of influence and Australian authorities will just shut it down.

                                        The Australian government will just shut down the CCP?
                                        I guess the answer to my last question in my last post has been answered…

                                        • MaxHashrate on 05/05/2023 - 09:51

                                          @1st-Amendment: Lol missing something?

                                          It hasn't been shut down so that means it has been properly vetted.

                                          Your concerns are just a product of hysteria and virtue signalling.

                                          Looking forward to you applying the same moral values in your everyday life consumption decisions lmao…

        • hoxygt on 03/05/2023 - 15:29

          Doesn't have to be state owned to be utilised by the state.

        • HK Refugee on 05/05/2023 - 12:42

          Any Chinese company MUST handover data when requested by the Chinese government.

          Doesn't matter if you are xiao mi, or tik tok.

    • mooreshady on 03/05/2023 - 14:20

      Who cares who you borrow money from anyways.

      • hoxygt on 03/05/2023 - 15:30
        +1

        Ask countries involved in the belt and road scam/ initiative!

        • strupper2003 on 03/05/2023 - 19:01
          +1

          Like Sri Lanka? Which foreign debt is 90% denominated in US $?

      • HK Refugee on 05/05/2023 - 12:43

        @moorsehady What is stopping it from luring you in, THEN jack up the variable rates 6 months down the road????

        You have time to re-do yet another mortgage loan?

    • chadbest on 03/05/2023 - 15:46
      +4

      Government should ban any financial products that come from chinese company. They didn't open market to us, we should do the same thing to them. Fair and simple.

    • BaeSuzy on 03/05/2023 - 17:56

      Good work! Screw the CCP!

  • 2jzzzz on 03/05/2023 - 12:45
    +16

    Cheap way for CCP to acquire cheap property

    • Meconium on 03/05/2023 - 19:34
      +1

      Cheap Cheap Property

  • TripleJJJ on 03/05/2023 - 12:49
    +21

    More honey for Winnie The Pooh…

  • rdrooster on 03/05/2023 - 13:01
    +20

    Recommended for Hong Kong citizens who fled after 2020 and Falun Gong practitioners. The cashback will be delivered personally with special police car and you can even win free trip to China ;).

    • spock on 03/05/2023 - 13:21
      -1

      Hilarious lol .

    • Aerith-Waifu on 03/05/2023 - 14:34
      +2

      This is a cult. Many followers burn themselves alive thinking they can go to heaven. I am glad they banned this cult. My aunt became a completely different person once she joined them. Almost emptied her entire bank account for the supposed donation.

      • rdrooster on 03/05/2023 - 14:45
        +2

        Did you hear that from Sing Tao or Global Times ?

        Are you upset that your aunt emptied her bank account because you won't get a cent from her ? If my aunt wants to spend all her money to her church, I don't care as I won't have to look after her anyway. It's her choice and this is why we are in democratic country. I can only give her advice but at the end, it's her choice and it's her money.

        • Aerith-Waifu on 03/05/2023 - 15:01
          +3

          Money from her? She is my aunt not my parents. She got conned by the very people she trusted.

          So you are the person who does nothing when you see your loved one pouring out their entire retirement money to some religious beliefs? How blind are you?

          • rdrooster on 03/05/2023 - 15:24

            @Aerith-Waifu: I think you are the one who is blind. I did say that "I can only give her advice". What else do you want to do if that's her money at the end ?

            • simonl on 08/05/2023 - 10:37

              @rdrooster: Oh, you are the nice people that will pay for the retirement life of her aunt

  • dasher86 on 03/05/2023 - 13:03
    +8

    Something something China BAD…

    • 1st-Amendment on 05/05/2023 - 09:12

      Something something China BAD…

      Not something something China bad. Autocratic dictatorships are bad and China is one.
      Change my mind…

      • simonl on 08/05/2023 - 11:39

        before further discussion, have you learned about China Electoral System? what's your opinion about that system.

        • 1st-Amendment on 08/05/2023 - 13:07
          -1

          what's your opinion about that system.

          I thought I made that clear. What part of single party authoritarian dictatorships do you like?

          • simonl on 08/05/2023 - 14:01
            +1

            @1st-Amendment: Please go into details to comment on that voting system, not just throw big words.

            • 1st-Amendment on 08/05/2023 - 14:08
              -1

              @simonl: before further discussion, have you learned about China Electoral System? what's your opinion about that system.

  • schwinn on 03/05/2023 - 13:04
    +3

    Keen to understand the real risks of having a mortgage with Bank of China. Anyone care to clarify?

    • incipient on 03/05/2023 - 13:11

      The moral imperative aside, the main one would be how much you are worried about sending your financial and working life to China (absolutely be certain it'll get cross checked against if say you visited China).

      In terms of a risk as in them repossessing your property on questionable grounds? Probably low.

      The previous concerns about a bank run from last year? Also, seems to have passed (but with the recent issues globally, who knows?!)

    • ozbking on 03/05/2023 - 13:12
      +4

      Actually probably not much, well capitalised, and profitable big bank, supported by CCP.

      Data sharing isn’t much of a concern - very limited data given to mortgage brokers

      Only issue is allowing CCP to profit from your mortgage, which most people wouldn’t care.
      5.14% is also significantly below our big 4 banks.

      One issue I’ve had with many non AU banks is how poorly their online banking is set up. Commbank app and website really is one of the best I’ve used compared to HSBC, Citibank, BNP etc.

      • incipient on 03/05/2023 - 13:17
        +3

        well capitalised

        I mean there were literal queues of people due to concerns of a bank run, but that does seem to have passed. But it's definitely a risk.

        very limited data

        Full ID, working status, financial status, etc. Definitely wouldn't call it "very limited". Not sure what data is left unshared lol.

        • ATangk on 03/05/2023 - 13:33
          +1

          Less than what you’d share for a rental though.

          • 1st-Amendment on 04/05/2023 - 13:28

            @ATangk:

            Less than what you’d share for a rental though.

            Your landlord is unlikely to be a hostile foreign government though…

      • hoxygt on 03/05/2023 - 15:33

        Data sharing not a concern! They'll provide whatever customer information the CCP requests!

      • djkelly69 on 03/05/2023 - 15:42

        5.14% is also significantly below our big 4 banks.

        I am with STG and they have offered me 5.24% (with professional package, so offset, CC, etc) for my loan which comes off fixed next month.

    • simonl on 08/05/2023 - 10:48

      The real risk is if Australia gov bans bank of china. But Australian should be fine the gov will take care of it.

  • cski on 03/05/2023 - 13:17
    +4

    Belt and Road?

    Is the cashback contingent on a new radio antenna in my yard?

  • musai on 03/05/2023 - 13:20
    +8

    will they cease my property if i bad mouth china on internet?

    • mulder1989 on 03/05/2023 - 14:58
      +1

      Don't worry , you are not Russian oligarchs

  • radissimo on 03/05/2023 - 13:23
    +1

    Website looks amateurish

  • hippyhippy on 03/05/2023 - 13:39

    Dan andrews favourite bank..

    • HK Refugee on 05/05/2023 - 12:47

      Remember his travel with NO PRESS allowed?

  • Jessie Ryder on 03/05/2023 - 13:46

    Do you have to supply your wifi password as part of the application?

  • clubhonda on 03/05/2023 - 13:47
    +3

    That is a sharp rate! No real risk with who they are, unless you are a ASIO or ASIS agent. Perceived threats to your personal data is probably as overblown and exaggerated as the dangers of TikTok mining your data. If anything both Latitude and Optus have lost sensitive data and we should be asking them the hard questions instead.

    • moar bargains on 04/05/2023 - 02:57

      the dangers of TikTok mining your data. If anything both Latitude and Optus have lost sensitive data and we should be asking them the hard questions instead.

      Taco-girl.gif

  • Notacommie on 03/05/2023 - 13:52
    +2

    No thanks

    • incipient on 03/05/2023 - 13:55
      +3

      Name checks out

      • Notacommie on 03/05/2023 - 13:59
        -1

        You are smart person. You figured it out! Genius!!!

        • mr_asstight on 03/05/2023 - 14:06

          Sadly capitalists are in the minority more and more. The younger generation are full blown commies.

          • ozbking on 03/05/2023 - 19:08
            +1

            @mr_asstight: The labels are being thrown around nowadays without any meaning nowadays.

            China is more dictatorship rather than communism. Australia is definitely far less capitalist than US, which is generally a good thing in terms of regulating workers welfare and the environment.

            One could even make the argument that Europe is more “communist” than China given the Gini coefficient is 0.3 rather than 0.46 for China.

            • 1st-Amendment on 04/05/2023 - 13:46

              @ozbking:

              China is more dictatorship rather than communism.

              They are not mutually exclusive. In fact, the nature of communism is that it always ends up in a dictatorship, since the only way you can continue to redistribute resources 'equally' is via unilateral force.

              Australia is definitely far less capitalist than US, which is generally a good thing.

              You are on a website that celebrates capitalism while at the same time saying it's bad? Kids these days….

              One could even make the argument that Europe is more “communist” than China given the Gini coefficient is 0.3 rather than 0.46 for China.

              You seem to have deliberately confused two separate concepts here…

              • clubhonda on 04/05/2023 - 17:31

                @1st-Amendment: It's now very clear that unbridled capitalism is VERY, VERY BAD. What you see in America is the end path of pure capitalism, where the food pyramids are wrong due to corporate influences, people are paid a wage that they can't live on, and they can't get rid of guns are the lobbying group is too powerful. When Columbine first hit, who did the Republicans ask to provide them with a press release? We now know that they asked the NRA for a press release. Pure capitalism makes life a living hell for the masses, where the rich get richer. So if you're rich, sure, keep voting for capitalism.

                • 1st-Amendment on 05/05/2023 - 09:19

                  @clubhonda:

                  It's now very clear that…

                  Something isn't 'clear' just because you say so…

                  unbridled capitalism
                  pure capitalism

                  These words seem to be made up. Could you define them?

                  keep voting for capitalism

                  I vote for what works and free markets have been show to work better than any alternative. You see because that's all capitalism actually is, a free market where buyer and seller are free to negotiate a deal between themselves. You are on a website that celebrates exactly this. If you don't like that then why are you here?

                  • clubhonda on 05/05/2023 - 12:57

                    @1st-Amendment: I think you're confusing finding a bargain with capitalism, because the link is tenous at best. Capitalism is about sellers attempting to sell for as high as they can for maximum profit, while ozbargain is about looking for the cheapest possible for maximum savings. If anything this is for the average joe, and finding bargains to share so that everyone gains is more socialistic than capitalism. It's more the question of why are you here if you're all for capitalism, as you should be lurking in the Manufacturers planned obsolesence and tax minimisation forums which suits you better.

                    • 1st-Amendment on 05/05/2023 - 13:11

                      @clubhonda:

                      I think you're confusing finding a bargain with capitalism

                      Bargains only exist in free markets. In a centralised price controlled market, there are no bargains.
                      Free markets are precisely what allows different prices.

                      because the link is tenous at best

                      Just because you can't see it, doesn't mean it doesn't exist

                      Capitalism is about sellers attempting to sell for as high as they can for maximum profit, while ozbargain is about looking for the cheapest possible for maximum savings

                      Capitalism is just a free market where both buyer and seller try to get the best deal for themselves. And the transaction only occurs when they both agree. So they are two sides of the same coin. Have you ever sold anything? Did you want the best price or the worst price?

                      finding bargains to share so that everyone gains is more socialistic than capitalism

                      Ok so your definitions of Socialism and Capitalism are off the wall. Bargain hunting is the very essence of capitalism. Everyone here is freely engaging in the market with very little constraint and enjoying it. If it was a socialist market, the government decide the price for everything and you would have no choice. If you need examples, see Medicare, education, car registration, taxes etc etc no choice, you get what you get and you suck it up.

                      It's more the question of why are you here if you're all for capitalism

                      Because I embrace the idea of free markets of which competitive pricing is one of the major benefits.

                      Manufacturers planned obsolesence and tax minimisation forums which suits you better.

                      Ok you just jumped the shark there…

  • mooreshady on 03/05/2023 - 14:20
    +7

    If you scared of CCP, Don’t buy items that’s Made in China then

    • Notacommie on 03/05/2023 - 14:35

      No one is scared here in Australia. People who live under thier boot surely are. Do you like CCP?

    • Agent Q on 03/05/2023 - 15:13
      +1

      Not everything made in China is made by CCP enterprises.

      And just because you don't support the CCP, it doesn't mean that you are scared of them.

      I'd rather not support a Government that supresses miniorities, wants to invade Taiwan, and likes to harvest organs for profit.

      • simonl on 08/05/2023 - 10:40

        Sounds like you are Chinese, or frequent visitor of China.

        How they supress minorities? By giving bonus score to university entry exam?

    • Terry25 on 03/05/2023 - 17:43
      +2

      I can see your logic is made in China

  • punkman on 03/05/2023 - 14:21

    Give them your data, and claim to the deed of your home

  • Section2 on 03/05/2023 - 14:51

    Looking to refinance, have sent you a pm

  • RubenM on 03/05/2023 - 16:44

    Interesting, thanks.
    Is there a limit of one cashback per customer?
    Can you combine multiple loans to get to the $250,000 required?

    • AssociatedMortgage Broker @ Lending Clinic on 03/05/2023 - 18:29

      Yes, only 1 cashback per customer.
      Should be fine to combine multiple loans, but please note they don't waive valuation fee for the second property. Valuation is at cost but usually the valuer charges $360 for a standard property.

  • strupper2003 on 03/05/2023 - 17:33

    Just refinance with Westpac about a year ago. Otherwise, would jump on this deal.

  • GuyfromMelbourne on 03/05/2023 - 17:56
    +1

    Look at their website. Why would you want to do this to yourself? Unless jumping again in short period.

  • z28 on 03/05/2023 - 18:08
    +3

    Potential win: if Aus and China start a war and Aus wins, you don't have to pay mortgage. If China wins, we are all up the sh.. creek anyway no matter which bank.

  • baron33 on 03/05/2023 - 19:54

    I remember Bank of China's internet banking is awful and how is the feedback from broker? about the overall prcocess? not sure if it will be smooth or not

  • Neoika on 03/05/2023 - 20:38

    It'll be at least 5.39% after settlement.

  • StonedWizard on 03/05/2023 - 23:46

    I wonder if they’ll deliberately give loans out to people that can’t service it. Forcing them to default which the CCP can use as a way to acquire property in Australia.

    Especially if it’s large areas/pockets which they can then offload to Chinese property developers etc.

    I’m not fully against China. But I’d be weary of any state owned bank.

  • El-Rhi on 07/05/2023 - 11:13

    Website is terrible…. Where are the details? How do you apply online?

  • nunuig on 11/05/2023 - 16:43

    anyone knows a BOC lender?

    • AssociatedMortgage Broker @ Lending Clinic on 11/05/2023 - 21:50

      We are a mortgage broker with access to Bank of China.

      • nunuig on 12/05/2023 - 11:53

        Thanks , may i know the rough cost i were to refi from anz to bank of china? is it just the 300 dollar discharge fee from anz and do i have to bear any cost to sign up with boc if im interested in an offset account as well?
        Thank you.

        • AssociatedMortgage Broker @ Lending Clinic on 12/05/2023 - 12:21
          +1

          Please contact us for a more definitive answer, but typically ANZ charges $320 discharge fee, land title office around $250-$400, and Bank of China has $395 annual fee & legal disbursements at cost.

  • billys3 on 12/05/2023 - 00:25

    This sounds like a great deal,
    But not sure about going though a broker, and being obligated to keep the loan for clawback reasons.

  • cocomelon on 12/05/2023 - 12:38

    is this with offset?

    • AssociatedMortgage Broker @ Lending Clinic on 12/05/2023 - 12:45

      Yes, has an offset account :)

  • pawnzy123 on 26/05/2023 - 13:45
    +1

    for those wondering how long they need to wait between cash backs, i recommend to read this article before you decide, TLDR seems to be worthwhile constantly refinancing noting credit score is maintained above a certain level.

    https://www.homeloantips.com.au/post/refinancing-for-cash-ba…

  • slamdunk168 on 29/05/2023 - 16:50

    if no offset required will the $395 be waived ?

    • AssociatedMortgage Broker @ Lending Clinic on 29/05/2023 - 18:10

      Still applies, sorry. The annual fee is required to get the discounted interest rate.

  • VictorC1227 on 05/06/2023 - 21:36

    Current fixed home loan with CBA expires on 19 Dec 2023, I understand the interest rate may change late, when should I start my application to refinance?

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