Hello Ozbargainers, Firstly want to thank you for your support so far.
I can imagine this product might not be suitable for every property investor but it is an option and is very much in demand around this time of the year because of taxation benefits.
Here is a link explaining the basics of Fixed and Interest in advance loans.
Example. You have an investment property loan of $500K upto 70% LVR:
- The interest you will pay at start of the loan is $27,450
- You get 4K Refi cashback and 2K as broker cashback
- Plus additional money back when you do your tax return in next financial year starting July, depending on your income ( Please speak to your Accountant for tax advice)
If you do not have the cash available to pay for full year, ANZ offers Yearly, Half Yearly, Quarterly and Monthly Interest in advance options. Again you can combine 4K cashback from ANZ to that too. The cheapest rate ANZ have for Interest in Advance option is 5.59%(CR7.09%) for 3 years fixed and interest in advance.
Please note that banks and accountants do get busy around June and these loans being time critical cause a lot of last minute pain. If you are keen on learning more about this product and deciding if this is right for you. Please start discussing now. The best way reachout is, by booking an obligation-free appointment in my calendar
Cashback offers are being tapered off. So act swiftly if you are after a cashback offer from the bank. uBank has decided not to extend their cash back offer and Bankwest has reduced their cash back offer to 2K.
You can also combine the broker cashback with other offers. I have access to 30+ banks, just few hot offers mentioned below.
- ANZ Bank 4K cashback.
- Westpac/BoM/St George 4K cashback.
- Suncorp upto 4K cashback.
- ING upto 3K cashback.
- Me Bank upto 4K cashback.
- AMP Bank upto 4K cashback.
- Heritage bank upto 4K cashback.
General Advice Warning-. The information contained on this web page is general in nature and does not take into account your personal situation. Please contact me for a tailored solution, comparing 30+ banks/lenders.
Fixed interest rates valid as of today but could change by the time of settlement. Banks do have an option for locking your fixed rates by paying a fee.
You can combine this deal with my broker cashback of 0.4% of loan amount and $4K cashback offer from Bank of Melbourne giving you more savings.
Regards,
Roopali
Director | Mortgage Broker
Lending Workshop Pty Ltd
Credit Representative Number 544854| Australian Credit License Number 391237| ABN 98 663 429 598|Certified FBAA Member M-353524.
Sounds interesting but I would need this in…. July 2023!!! Arghhh.