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$3,000 Investment Home Loan Refinance Cashback: Variable Rates from 6.19% (6.23% CR, $250,000 Min Loan) @ Newcastle Permanent

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$3,000 Investment Home Loan Refinance Cashback: Variable Rates from 6.19% (6.23% CR, $250,000 Min Loan) @ Newcastle Permanent
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Saywhatold on 07/03/2024 - 21:45 newcastlepermanent.com.au (384 clicks)
Last edited 08/03/2024 - 00:53 by 1 other user

To my very very limited knowledge of all things home loan and finance, this seems a decent deal.

To start, I am sure I'm the devil - I own an investment property*. The fixed rate has expired and my variable is due to go to 6.9%. So I was shopping today for a better rate and was pleasantly surprised to find a very competitive deal with Newcastle Permanent.

Investment home loans ($250,000 minimum) start at 6.19% or 6.23% comparison. LVR must be equal or <80%

This rate includes redraw but does not allow 100% offset; but does allow interest offsetting on the interest that would be accrued on a second account.

There is another investment loan available with a 6.57% comparison that does allow 100% offsetting.

Now, according to Finder the $3,000 cashback is on offer for refinanced home loans Finder Link

I've also managed to get the cashback offer to load on the Newcastle Permanent website twice while browsing, and Ts and Cs are available here:

But sometimes the $3,000 refinance doesn't load on the site. But nothing indicates it is targeted.

*I actually rent, my investment property is in a regional area because I'm too poor to afford to buy a home in the city I live and work in.

Financial Cashback Home Loan Investment Loan Refinance

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Newcastle Permanent
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closed Comments

  • Kawaii on 07/03/2024 - 22:04
    +1

    Good deal.

    Paying 5.65% for mine(CBA, old deal). Dealer special

  • Saywhatold on 07/03/2024 - 22:12
    +2

    RIP my 2.8% - should have locked for longer. RBA communications and all that.

    • Ryanek on 08/03/2024 - 11:50

      Im on 1.89% for my main mortgage. Expires in October :(

  • kumquat on 07/03/2024 - 22:19
    +1

    – For loan applications submitted from 12 February 2024, $3,000.
    – For loan applications submitted prior to 12 February 2024, $2,000.

  • Saywhatold on 07/03/2024 - 22:21

    Yah, the offer used to be $2k, now is up to $3k for thsoe submitting after 12 Feb. Guess they're keen for business.

  • user99 on 07/03/2024 - 22:37

    I was with them for couple of years.they were not approving to access equity from my property. I had to move to top 4 where I was able to access with no drama

  • aragornelessar on 07/03/2024 - 22:48

    They were one of the few that used to have unlimited offsets from memory. Then they closed their Parramatta branch and the closest one to me ended up being Newcastle, which was a trek when we needed to go in branch to refinance (to another lender). I did have a look at them again recently and they weren't doing better than the other options around. I guess you'd do it if it the numbers were close and you were after the cashback

  • regretvoltaire on 07/03/2024 - 23:37

    Does anyone know how their partial offset works? (as compared to fully offset)

  • LittleTicket on 07/03/2024 - 23:41
    +2

    Man that auto processing feature sucks. It’s just stuck on an infinite loop and not progressing my application. Hard pass if this is what the rest of the experience is like.

  • rabbikhan on 08/03/2024 - 00:09
    +1

    Greater bank interest rate is better than this although cash back is $2000 if loan is below $500k. Loan above $500k cash back is $3000.
    Owner occupied home loan interest rate 5.94% no offset
    And investment home loan interest rate 6.09% no offset as well.
    I am refinancing my owner occupied and investment home loan and I have managed to get interest rate for owner occupier to 5.79% and investment home loan rate to 5.94% after hard bargaining.
    https://www.greater.com.au/cashback
    https://www.greater.com.au/personal/loans/home-loans/refinan…
    https://www.greater.com.au/personal/loans/home-loans/investm…

    • Commenter on 08/03/2024 - 05:39

      How long did the whole process take? I spoke to them and they were not willing to reduce the rate even though my credit score is 1000 out of 1000.

      Just bought a property.

      • rabbikhan on 08/03/2024 - 07:46

        It took me around 2 weeks. But it took bit longer for the valuer to do the valuation. They won’t reduce the interest rate unless you send them the link of the better offer.

    • Saywhatold on 08/03/2024 - 22:26

      I believe Greater Bank and Newcastle Permanent are actually the same company. So doesn't surprise me!

  • dmanso on 08/03/2024 - 07:14
    +3

    Hopefully this is just me and the online process will work better for everyone else. I gave up after 3 attempts with the online process (this is just recently within the last 2 weeks).

    As far as I know, the rebate is only available if you process your loan via the online process. The usual broker I work with was not able to get the rebate. Even if you go through the online process and indicate you want to speak to a Newcastle loan specialist, that is not eligible for the rebate (you need to complete the automated Illion bank login verification process)
    The online process have issues with certain banks/lenders (Citi, MeBank and apparently a couple more - this was confirmed after speaking to one of their loan specialist as I had trouble getting it to work). I left out the accounts I had trouble with and was hoping someone will contact me to run through the details, but got rejected instead (no credit check though)
    The automated detection of expenses and salary is accurate for straight forward amounts, but as I have pretax benefits, it was unable to work out the correct amount. If you indicate that the calculation is wrong, you get rejected (again no credit check - at least according to the email I received)

    Seems to be ok customer service though (at least the "pre sales"). Loan specialist called through relatively quickly and was helpful with information and some advice

    Pity as it is one of the best rates currently available, especially if you factor in the rebate and intend to refinance every year. That said as the rejection does not have credit check (no ID provided during the online submission), worth giving it a crack (hopefully works better for you all)

  • Bdawg on 08/03/2024 - 09:10
    +1

    I tried with 3 different properties, two weren't even recognised by their useless online system and one was but they rejected me out of hand because of various failings in their automated system. If and when their automated system fails you then have to talk to a human (useless) and you aren't eligible for the cashback as you're not deemed to be applying online. Don't waste your time.

    Look up reviews of them online.

  • awesomise on 08/03/2024 - 09:29

    Hm mine's 5.94% and for better or for worse I haven't seen anyone advertising a lower rate in some time.

  • aph1985 on 19/03/2024 - 14:06

    mine is stuck on following for 2 hours:

    We are now collecting and categorising your data. This process could take up to 10 minutes to complete, so don't close or refresh your browser. Just sit tight and let the magic happen!

  • Herbert on 28/03/2024 - 10:51

    I had my home loan with Newcastle Permanent for 6 years via another Ozbargain deal.

    Their rate was competitive and customer service was excellent while their app was subpar.

  • Jolakot on 03/04/2024 - 15:49

    Same problem with their Illion system, didn't want to hand them the usernames and passwords for every single bank account I have (data leak waiting to happen), instead I requested a representative call-back assuming I'd be able to hand them statements like every other lender.

    Nope, if you go through an actual human then you can't get the $3k cashback. You're forced to either hand them the keys to your life, or walk away from the application.

    What a brain-dead organization, why even have lending staff if you handicap them like this?

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