Hi OzBargainers,
Happy new year to all!
Bank of China starts a new purchase and refinance offer from 01/01/2024. The cashback amount for New Home Loan is as below:
- $2,000 for a new refinanced home loan
- $1,000 for new purchase home loan.
Eligibility criteria:
- To qualify as a New Home Loan the loan must be an external refinance or a new purchase and the Borrower must set up a Bank of China account with a direct debit for loan repayments. Each customer (including each holder of joint accounts) can only participate once per Cashback within 12 months. Loan amount is no less than $400K and no LMI. The Cash Rebate is only payable up to 60 days from loan settlement and will only be paid to a Bank of China (Australia) Limited Transactional At Call account.
- Special Interest Rates and Cash Rebates available for loan applications received from 1 January 2024 to 31 March 2024 and settled before 30 June 2024.
- Promotional rates and cashback offer available for loan applications fully assessed on Australian sourced Income with an LVR ≤ 80%.
- Each customer (including each holder of joint accounts) can only participate once per cashback offer.
- Cashback applies for external refinanced or new purchase eligible loans if the borrower sets up a Bank of China account for direct debit of loan repayments
- Cashback offer applies for home loan applications with new security property to Bank of China.
- Only one discount can apply per loan.
- No special offers for LMI applications or construction applications.
- Any changes will be updated accordingly at any time without notice during this promotion period.
Please see below for Bank of China's current rates:
Owner Occupied Loan Products:
- P&I Variable LVR 70% - 6.08% (Comp. Rate: 6.45%)
- P&I Variable LVR 80% - 6.18% (Comp. Rate: 6.55%)
- P&I Fixed 1 Year - 6.39%
- P&I Fixed 2 Year - 6.39%
- IO Fixed 1 Year - 6.69%
- IO Fixed 2 Year - 6.69%
Investment Loan Products:
- P&I Variable - 6.38%
- P&I Fixed 1 Year - 6.69%
- P&I Fixed 2 Year - 6.69%
- IO Fixed 1 Year - 6.89%
- IO Fixed 2 Year - 6.79%
In addition to the Bank of China's cashback, With Cashback, as your mortgage broker, offers extra cashback to our customers (withcashback.com.au). The cashback amount from us will be 0.60% of the loan balance. Our cashback will be paid to you at the following intervals from the settlement date:
- After Year 1: First 50% of the cashback to your nominated bank account.
- After Year 2: The remaining 50% of the cashback to your nominated bank account.
Simple example:
If you refinance a $1,000,000 loan, the cashback amount you are able to get: $2,000 (from Bank of China) + $6,000 (from us) = $8,000 (in total)
Feel free to contact us at:
Phone: 1300 685 008
Email: [email protected]
Website: www.withcashback.com.au
With Cashback Pty Ltd ACN 620 888 502 is registered with the Australian Securities and Investment Commission as an Authorized Representative number 502385 under FreedomLend Pty Ltd ACN 604 868 957, Australian Credit License 498325.
I believe bank of China will pass on the paperwork fees onto you, together with mortgage registration fee and others, you'll be at least $1000 in fee. In addition their processing time will be slow, with a compulsory branch visit if you don't live in major capital cities.
so essentially you will be waiting for a while to get that miniscule amount bonus on your home loan.