Any $4k cashback offers for $250k+> loans left?

juzz0 on 27/10/2023 - 11:28

I’m coming off a 2 year fixed investment loan on a studio (35 sqm) apartment with CBA. Loan amount ~340k and property value ~600k (around 56% LVR).

I recall last year there were plenty of brokers on the main deals page with offers (including investment loans) but now they have seemed to have dried up.

I have called around various brokers and banks and it seems the best is $3k and minimums have gone up from 250k to 700k…

I don’t mind going through the hassle with discharge and refinancing with another lender. My fixed term finishes in mid-November, single, full time stable income, no dependents or issues with credit rating or repayment history etc. just looking for the best cash back.

I don’t mind dealing with a higher rate (so long as it’s under 7%) for the time being.

Financial Home Loan

Comments

  • Wilson Heroes HL on 27/10/2023 - 11:34
    +1

    BOC does offer 4k cashback for min loan of 400K. You should be able to see the deal on ozbargin - https://www.ozbargain.com.au/node/802870#comment-14392977

    Alternatively, other lender like ANZ and St george offer 2K for min loan of 250K

    • juzz0 on 27/10/2023 - 11:44

      Thanks for the heads up, unsure what the procedure is for increasing the loan, as my investment loan is 330-340k assume it wouldn’t meet the eligibility requirement for a refinance and would require a new application and what that means with BOC. Anyone had any experience with them? Yes, I spoke with ANZ and currently have a couple of mortgages with them

      • Wilson Heroes HL on 27/10/2023 - 12:06

        Pretty simple to increase the loan, BOC is fine but just takes a while (25 business day for an approval)

  • Brick50 on 27/10/2023 - 12:11

    Currently in process of HSBC for $3288, but it needs to be submitted by 31 oct

  • miwahni on 28/10/2023 - 01:57

    The size of the studio could limit your options. Make sure you're upfront with the lender / broker that you choose - you don't want to wait until the valuation is done for the bank to tell you that the property is outside policy.

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