[NSW, QLD, ACT] $2000-$3000 Cashback on 5.94% Variable Rate Home Loan @ Greater Bank

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[NSW, QLD, ACT] $2000-$3000 Cashback on 5.94% Variable Rate Home Loan @ Greater Bank
Go to Deal
Lkcome on 16/02/2024 - 10:35 greater.com.au (2090 clicks)
Last edited 16/02/2024 - 12:44 by 2 other users

I found this deal on Instagram Ad, and didn't see a post on OZB. So here comes my first deal post.

  • $2,000 cashback for loans ≥$250,000 with LVR of less than or equal to 80%.
  • $3,000 cashback for loans ≥$500,000 with LVR of less than or equal to 80%.
  • Applications must be submitted by 31/05/2024 and funded by 31/08/2024.
  • Only one (1) Cashback Payment per eligible loan, and for first eligible loan only. Not available in conjunction with any other promotional payment. Offer may be varied or withdrawn at any time. See the full Cashback Offer Terms and Conditions. Terms, conditions, fees, charges and credit criteria apply.

Haven't used this bank, but as an ADI it should be safe. I didn't find dodgy stuff in their cashback T&C https://www.greater.com.au/home-loan-cashback-offer-terms-an…

TBH I think 5.94% (CR 5.95%) at this moment is not a bad number. The only inconvenience is no offset account and personally I don't know a lot about redraw facilities.

Deal ends 31st May.

Financial Cashback Home Loan

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Comments

    • tomclancy on 16/02/2024 - 19:04
      +5

      If you refinance away from your broker in 3 months time they will have all of their commission stripped from them. Including the half they gave to you. You would need to stay with your lender for 18-24 months (timeframe depends on lender) for this to not happen.

      This is why serial home loan churners don't use mortgage brokers.

  • cker on 16/02/2024 - 19:49

    Why the cashback offers are no longer as competitive as they used to be a year ago?
    Banks don’t seem to be concerned with their market share with these lowball offers.

    • Brianqpr on 16/02/2024 - 20:18
      +4

      Bank interest margins are getting squeezed, so some banks are not chasing loans the way they were before. My own employer is an example of this. We were offering lots of cashbacks a year ago but not any more. The profits to be made are not what they were for now.

  • hohoisme on 16/02/2024 - 22:44
    +1

    Any bank offers cashback with offset account please?

  • dan76n on 17/02/2024 - 00:53
    +1

    I've noticed a few comments referring to 3 months refinancing. Is there a requirement for you to be with these banks for a minimum 3 months?

  • Peanut money on 17/02/2024 - 06:44

    Anyone doing refinances with Investment loans but applying for PPOR saying they are intending to move in soon

  • project larx on 17/02/2024 - 23:43

    Is the cashback received at settlement?

  • A2E2 on 18/02/2024 - 15:25
    +1

    Applied for a refinance with them a while ago. As soon as they saw a few withdrawals from an Australian crypto exchange on my bank statement, they 'could not provide me with a loan'.
    Went with another lender of the same size without any issues.

    • HitlersDad on 19/02/2024 - 11:25

      How do you know this was the issue, did they say this?

      • A2E2 on 19/02/2024 - 11:51

        Yes, the transactions on my bank statement did not specifically say 'crypto'. They asked about them and then rejected the application straight after my reply.

  • gungirlyuna on 19/02/2024 - 18:19

    Anything for investor interest only loan?

  • Aureus on 21/02/2024 - 13:49
    -3

    I signed up for Newcastle Permanent to try to get the cash back. Was rejected because I have been with my current bank for less than 6 months. First time I have seen that. I assume greater bank will have the same restriction.

  • UNFKNBLVBL on 26/02/2024 - 16:26
    +1

    I am being told I need to transfer over debt of $500k to qualify for $3000 cashback. I was hoping to transfer roughly $490k of debt and just borrow $15k more cash on top (loan total over $500k) but that might not be an option? I have done this in the past with other banks and it worked. The wording on the website seems to suggest that should be an option "b. $3,000 (“Cashback Offer #2”), if the amount of credit is $500,000 or more." says nothing about transferring debt. Does anyone have experience with this with Greater or any other bank?

    edit: the loan officer just got back to me and said head office approved $3k so not sure if it was me questioning or a missunderstandin on their end but we got there :D

  • qq830821 on 27/02/2024 - 16:25
    +2

    they appear to have very tight lending criteria. used the same information for my current ANZ loan and got rejected straight away!

  • 7hours 44min ago on 07/03/2024 - 16:32
    +1

    Got approved for this and since I was over $400k and <70% LVR the rate drops to 5.84% plus the $3k cashback; @kcome you might want to update the description with this?
    They are very strict on what is required from you to prove your financials. So far the process has been fairly smooth sailing.

    • kcome on 07/03/2024 - 17:08

      Thanks for sharing. But after checking their website, i didn't see an advertised rate of 5.84% for "over $400k and <70% LVR". If this is your personalised discount rate, maybe it can't goes into the title+description.

      • 7hours 44min ago on 07/03/2024 - 22:30
        +1

        It's not advertised but the guy I'm dealing with said it's a standard rate at the moment. Fine to leave out if you like.

    • hoangdekiem on 26/03/2024 - 19:35

      just confirm that you got 3k with $400k loan? OP said 500k

      • 7hours 44min ago on 26/03/2024 - 20:50

        No, the rate drop needed the >400k as one of the requirements, the 3k has different requirements that the OP correctly stated. My loan was >700k.

  • OzFrugie on 11/03/2024 - 09:33

    Whats a competitive rate for investment loan with interest only these days? Does anyone know or can share what they are getting? Ta

  • VQLD on 20/04/2024 - 21:47

    What fees are associated with loans churning? Current loan discharge, valuation, etc? Ta

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