$2000-$3000 Home Loan Refinance Cashback (Min Loan $400,000 and LVR up to 80%) + 0.3% Broker Cashback @ ME Bank

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$2000-$3000 Home Loan Refinance Cashback (Min Loan $400,000 and LVR up to 80%) + 0.3% Broker Cashback @ ME Bank
Go to Deal
AssociatedLendingWorkshop @ Lending Workshop on 02/04/2024 - 09:13 mebank.com.au (769 clicks)
Last edited 28/04/2024 - 11:36 by 1 other user

Hello Ozbargainers,

Firstly, thank you for your support so far.

ME Bank continues to offer refinance cashback. Probably the only proper bank still offering $3,000 cashback. I know there are Bank of China, Greater Bank and New Castle Permanent but they come with their own challenges.

ME Bank rates are not the best but below are the reasons why they are worth considering.

  • ME Bank cashback combined with broker cashback of 0.3% gets quite competitive.
  • They offer cashback per security. As long as separate applications are submitted. I am happy to support situations like that.
  • They also offer combo pricing. That means same rates for Home Loan and Investment loans if your home loan portion is larger than investment property loan and all of the loans are submitted under same application. Happy to weigh the options and make suggestions.

Below are some of the rates. I have been able to negotiate further discounts on loans above $700K.

Owner occupied P&I with comparison rate (CR) Refer to this link for all rates.
Basic Variable with redraw facility under 80% (OO PI) IR at 6.17% CR at 6.19%
Member Package Variable with offset facility under 60% (OO PI) IR at 6.19% CR at 6.57%
Member Package 2 Years Fixed with offset facility under 80% (OO PI) IR at 6.09% CR at 6.67%
Member Package 3 Years Fixed with offset facility under 80% (OO PI) IR at 5.99% CR at 6.62%

Investment P&I with comparison rate (CR) Refer to this link for all rates.
Basic Variable with redraw facility under 60% (OO PI) IR at 6.59% CR at 6.61%
Member Package Variable with offset facility under 80% (OO PI) IR at 6.44% CR at 6.82%
Member Package 2 Years Fixed with offset facility under 80% (OO PI) IR at 6.24% CR at 7.02%
Member Package 3 Years Fixed with offset facility under 80% (OO PI) IR at 6.19% CR at 6.96%

ME Cashback terms and conditions.
A $2,000 cash back offer is available on refinances of an existing home loan from another financial institution with a minimum new lending of $400,000 and a loan to value ratio (LVR) up to 80%. A $3,000 cash back offer is available on refinances of an existing home loan from another financial institution with a minimum new lending of $700,000 and an LVR of up to 80%. To be eligible for this offer, applications must be received from 8 September 2023 and settle within 120 days of the loan application date. Not available where any of the loan proceeds are for the refinance, restructure, switches or top ups of home loans from ME or from other lenders within the Bank of Queensland (BOQ) Group which includes BOQ, BOQ Specialist and Virgin Money (Australia).

This offer is available to Owner Occupier and Investors on all ME home loan products. Applications including any loan proceeds for Construction and owner occupied loans with interest only repayments are ineligible for the cashback offer. A home loan application involving both a purchase and refinance are not acceptable. Only one cash back can be received per qualifying home loan application regardless of the number of borrowers. In the case of multiple qualifying applications, only one cash back can be received per separate security property.

Eligible refinance applications received by ME prior to 8 September 2023 that also settled within 120 days of the loan application date will get the previously advertised cashback offer of $2,000 for minimum new lending of $250,000 with an LVR of less than 80%, or the previously advertised cashback offer of $4,000 for minimum new lending of $250,000 with an LVR of less than 60%.

The cash back amount will be paid within 60 days of loan settlement into the ME Everyday Transaction Account (ETA) held by the borrower first listed on the application. In the event the first listed borrower doesn’t hold an ETA, the cash back will be credited to the home loan it applies to. Terms, conditions, fees and charges apply. Applications are subject to credit approval. The offer can be withdrawn or varied at any time.

Combined with Broker Cashback of 0.3% **, the effective rate will be from **5.84% for the first 2 years, that is quite competitive considering the refinance cashback on top.

Please refer to this link for Broker Cashback.

You can also combine the broker cashback with any of the 40+ banks on my panel, The easiest way to reach out, is to book an obligation-free appointment in my calendar.

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 40+ banks/lenders.

My Profile:
I am an ex-banker with 13+ years of finance industry experience.

Regards,
Roopali
0415 719 759
Director | Mortgage Broker
Lending Workshop
Credit Representative Number 544854| Australian Credit License Number 391237| ABN 98 663 429 598|Certified FBAA Member M-353524.

Email [email protected]
Book An Appointment
Website

Referral Links

Referral: random (33)

$150 Coles Group & Myer Gift Card for both referree and referrer when loans are settled.

Financial Cashback Home Loan Mortgage Broker Refinance

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Comments

  • Hansblitz on 02/04/2024 - 09:29

    Do any of the ME home loans off 100% offset accounts?

    • AssociatedLendingWorkshop @ Lending Workshop on 02/04/2024 - 10:02

      The package option allows offset account. And they support multiple offset accounts too.

      • tunzafun001 on 02/04/2024 - 12:20
        +5

        Geez I hate "package fees"… We'll charge you $395 a year and give you a rubbish rate and the same offset account that others give for nothing.

        Look at Community First spin offs. Been brilliant over 6 years. No package fee whatsoever, multiple offsets including 100% OFFSET FIXED, split loans etc.

        They always take a long time to raise rates after a RBA decision, and still way better than the Big 6.

        Lastly, they have a number. You call it and someone actually answers within a few mins..and a direct email.

        Again…no package fee.

    • cheekymonkey on 02/04/2024 - 11:15
      +2

      https://www.abc.net.au/news/2020-05-04/westpac-will-not-take…

      it's been four years since this happened, and I'm sure the bank has learnt from it.

  • Ozfanmel on 02/04/2024 - 09:29

    Will you rate match with my current provider( HSBC rate is 5.94% )?

    • Talos2005 on 02/04/2024 - 09:35

      Unlikely, most banks are being really difficult with reducing or matching of interest rates.

    • AssociatedLendingWorkshop @ Lending Workshop on 02/04/2024 - 10:01
      +1

      hi @Ozfanmel, Honestly, that is a very good rate you are on. Can it be beaten? probably yes! but depends on loan amount, LVR and other details. It's hard to say until I know all the details.

    • Clear on 02/04/2024 - 10:09
      +3

      Everytime I ever tried to get ME to price match their phone consultants called BS and said no other bank could possibly be any lower than them.

    • ausausausoioioi on 02/04/2024 - 18:24

      hi do you mind sharing the lvr you are on and what state the rate is applicable for because my rate is higher so interested in getting a lower rate if possible.

  • kungfuman on 02/04/2024 - 09:37
    +1

    what is a ME bank? never heard of them

    • JuryWheel on 02/04/2024 - 09:56
      +2

      Owned by BOQ

      • kungfuman on 02/04/2024 - 10:05

        ahhh cool cheers.

    • Chazzozz on 02/04/2024 - 11:27

      Used to be known as Members Equity Bank. They were one of the first fully-online banks in AU, they merged with BOQ a couple of years ago.

    • lachhelix on 02/04/2024 - 15:35

      The one with the really annoying TV ads

  • mordinhoz on 02/04/2024 - 09:46

    Is the cashback enough to cover the fees?

    • AssociatedLendingWorkshop @ Lending Workshop on 02/04/2024 - 09:59

      It's more than enough. Fees to move are normally around $500-$700(Varies based on state and number of properties etc). Happy to explain in detail, feel free to reach out.

  • Duckie2hh on 02/04/2024 - 10:12
    +1

    Anyone used OP's services before?

  • GreatBarrier on 02/04/2024 - 10:17

    I highly recommend Roopali @LendingWorkshop. Roopali finalised my refinance with St George with in 2 weeks from Start to Finish.6.02% for owner occupied with offset plus 2k cash-back by bank and 0.3% mortgage broker cash-back(0.15% at 13 th month and 0.15% at 25 th month) Better process to complete paperwork for loan application. easy to communicate.

    • AssociatedLendingWorkshop @ Lending Workshop on 02/04/2024 - 10:29

      hi @sivarythm, appreciate your kind words.

    • star-ggg on 17/04/2024 - 12:07

      Was the broker cashbacks paid as 0.15% of loan amount net off redraw and offset as of the 13th month or of loan amount net off redraw and offset that was initially borrowed?

  • BargainBogan99 on 02/04/2024 - 10:21
    +1

    Is it me or do these rates seem not that good

    • AssociatedLendingWorkshop @ Lending Workshop on 02/04/2024 - 10:32

      hi @BargainBogan99, the rates are or on the higher side. But this is one of 40+ banks I have on my panel. I can compare all of them to make sure you get the best deal. And keep in mind that broker cashback is applicable with all of them.

    • freedomofspeech on 02/04/2024 - 11:10
      +1

      Pretty expensive rates

  • Frankenbeanie on 02/04/2024 - 10:51
    +1

    You mentioned 'Bank of China, Greater Bank and New Castle Permanent come with their own challenges' can you please elaborate a little on what the challenges are specially with newcastle? New Castle Permanent has a better cash back offer IMO so just trying to workout why would one choose this over Newcastle perm.

    thank you

    • AssociatedLendingWorkshop @ Lending Workshop on 02/04/2024 - 12:04
      +1

      hi @Frankenbeanie, Very good question. I do not have New Castle Permanent and Greater bank on my panel so can only go by what Ozbargainers commented on the deals posted for those banks. I got a sense that they are difficult to deal with, due to broken processes and limited appetite for risk.

      I do have Bank of China though and they are offering $3,288 cashback for refinances. If you are comfortable to be with them. Feel free to reach out and we can discuss. Combined with broker cashback, they will work out to be the cheapest. There are other options like St George, ANZ, BoQ etc with cashback so will recommend based on your personal circumstances.

  • Ruckmauler on 02/04/2024 - 11:05

    Do you offer home loans on Company Title properties.

    • AssociatedLendingWorkshop @ Lending Workshop on 02/04/2024 - 12:18

      hi @Ruckmauler, I do Company Title too. Do not post deals about it as it doesn't apply to masses. Feel free to reach out and we can work out a deal to save money.

  • shabaka on 02/04/2024 - 11:17
    +1

    make it 5.99

    • AssociatedLendingWorkshop @ Lending Workshop on 02/04/2024 - 11:56

      hi @shabaka, I posted the Heritage bank deal with 5.99%. You can combine that with broker cashback too. If you prefer better rate over switching cashback.

      • shabaka on 02/04/2024 - 13:45

        thanks a lot mate! I am however on WP 5.99 and got cashback when I switched, hoping to repeat but market seems a bit dry. how big broker cashback on it? no bank cashback on it?

  • EnALup on 02/04/2024 - 11:18

    Will recommend them. Had small hiccups from bank which were handled nicely by Roopali.

    • AssociatedLendingWorkshop @ Lending Workshop on 02/04/2024 - 11:55

      hi @EnALup, Thank you for the kind words. Appreciate it.

  • Alvinheng96 on 02/04/2024 - 11:23

    Hi, how long will this deal last?

    • AssociatedLendingWorkshop @ Lending Workshop on 02/04/2024 - 11:54

      hi @Alvinheng96, there is no end date mentioned by ME Bank.

  • syswong on 02/04/2024 - 11:55

    Cash back more less paid the fees but if you are on a sub 6% then you are paying more on repayment. So what is the point for this deal?

    • Aureus on 02/04/2024 - 12:06

      As long as you can churn away to a decent bank with cashback after, then it is free money. I wouldn't go via a broker to do that though.

      • fufufu on 03/04/2024 - 08:48

        Why not?

        • Aureus on 03/04/2024 - 10:13

          Because the broker won't get the commission if you leave early, so you are just wasting their time. Also you can just go direct anyway.

      • syswong on 03/04/2024 - 19:55
        -1

        That I don't get, regardless who you go to you will have to pay admin and docs fees right? So the free cash went to that pot.

        then you are paying a higher rate, so where is the gain here?

        • Aureus on 03/04/2024 - 20:15

          The deals are no where near as good as they used to be. But an example with this deal.

          $700k mortgage currently paying 6% and moving to ME bank and paying 6.17%

          You will get $3000, and let's just say $2000 after fees. Fair chance fees will be less, but $1000 is pretty safe.

          You will be paying an extra $1190 in interest, so assuming you can get this deal and refinance to another cashback mortgage in 6 months you will be ahead $1405. Not amazing money, but still free money.

          I borrow the minimum to get the cashback and then chuck the cash straight back in to the mortgage, so I pay very little interest. If you are in the position to do that, then the deal is even better.

          • syswong on 06/04/2024 - 06:24
            -1

            @Aureus: That is why I say in my first comment if you are on sub 6% then there is no point.

            SERIOUSLY, who will be pay 7% these days😥😥

            • Aureus on 06/04/2024 - 09:31

              @syswong: But this isn't 7%.

              • syswong on 07/04/2024 - 11:11
                -1

                @Aureus: Switching from a home loan that is under 6% to one that is 6.17% isn't really a deal even with 3K cash back, that was my point…

                Yes I am on one that is under 6%.

                • Aureus on 07/04/2024 - 11:24

                  @syswong: As per the math above, you would probably still come up ahead, as long as you keep switching and getting more cash back. Just may be not worth the effort. But yeah it has never made sense to switch to a higher interest rate with cashback if you intend to stay with the new mortgage for 30 years.

                • proudwanderer on 14/04/2024 - 00:39

                  @syswong: Which bank are you with for under 6%?

  • donman92 on 02/04/2024 - 12:06

    $400k seems a bit too high as a min loan requirement. Are you able to make it so I get $100+K refinance in order for me qualify?

    • AssociatedLendingWorkshop @ Lending Workshop on 02/04/2024 - 12:17

      Haha. Good on you, sitting on a mortgage of $100K.

      • tunzafun001 on 02/04/2024 - 12:25

        Lots of property still around in "rural cities" under $200k. Can you combine? Ie. My two duplexs might get to $400k..just.

      • donman92 on 02/04/2024 - 13:03

        oh lol I wish - I meant to say $100K or more added to my mortgage so it meets the $400K min

        • Keplaffintech on 02/04/2024 - 13:31
          +1

          why not refinance for $400k and put the extra $100k straight in the offset?

        • AssociatedLendingWorkshop @ Lending Workshop on 02/04/2024 - 13:48

          hi @donman92, as @Keplaffintech mentioned below. That could be one option or there are other banks on my panel that are offering cashback with minimum loan size of $250K. So I guess your situation is an easy fix. Please feel free to reach out and we can discuss options. Worst case scenario, if you don't feel it's worth it. We do not submit any applications.

  • CI on 02/04/2024 - 12:12
    -1

    Hi OP - do you do Oseas Aussies ? (I.e current loan with HSBC, Aussie but living Oseas as a non resident for tax purposes)

    • AssociatedLendingWorkshop @ Lending Workshop on 02/04/2024 - 12:15

      Hi @CI, I do deals for overseas Aussies too. Please feel free to reach out on the contact details provided in the signature above. And I will try getting you the best deal possible.

  • mixannik on 02/04/2024 - 12:12

    Can vouch for Roopali. Did my refinance with her. Was a smooth process that allowed me to achieve all the planned goals.

    • AssociatedLendingWorkshop @ Lending Workshop on 02/04/2024 - 12:13

      Hi @mixannik, Thank you so much for the kind words. Appreciate it.

  • A-H on 02/04/2024 - 13:10

    Does ME Bank offer bridging finance?

    • AssociatedLendingWorkshop @ Lending Workshop on 02/04/2024 - 13:59
      +1

      hi @A-H, ME Bank does not offer bridging finance. But there are other bank on my panel that do. Feel free to reach out and I can suggest options based on your situation. Please be careful when getting bridging finance and explore all options. It stressful and risky proposition, make sure that you are supported by experienced broker/banker.

  • juzz0 on 02/04/2024 - 13:43
    +1

    Notice a lot of cashback offers have gone from minimum of 250k to a minimum of 400k+ any help for those who were on fixed for 3 years and have come off now with 340k mortgages?

    • AssociatedLendingWorkshop @ Lending Workshop on 02/04/2024 - 13:56

      hi @juzz0, there are lenders still offering $2,000 cashback for a minimum loan of $250K. Plus you will be entitles to a broker cashback of $1,020(340K*0.3%). So feel free to reach out and we can discuss option. 340K is a decent loan size and there are options available.

  • ausbuysell12 on 02/04/2024 - 14:24

    To be eligible for this offer, applications must be received from 8 September 2023 and settle within 120 days of the loan application date.

    Eligible refinance applications received by ME prior to 8 September 2023 that also settled within 120 days of the loan application date will get the previously advertised cashback offer of $2,000 for minimum new lending of $250,000 with an LVR of less than 80%, or the previously advertised cashback offer of $4,000 for minimum new lending of $250,000 with an LVR of less than 60%.

    Is this correct?

    And I don't think the rates are competitive to what you can get elsewhere esp when you have to get yourself locked into fixed rates for the next 2 years.

    Last couple of settlements that I have had resulted in the fees of at least $800 or greater per settlement in VIC - could you please confirm the lowest fees for the most recent settlements that you have had for VIC or SYD?

    Has there been any settlement with a $500 fee at all recently? If not then putting a range of $500-$700 is a bit misleading imo when you would most likely get charged a fee of more than $500.

    • AssociatedLendingWorkshop @ Lending Workshop on 02/04/2024 - 15:14

      hi @ausbuysell12, you are right. Let's say if you moved from ANZ bank to the package option with me Bank. The fee from ANZ will be $320 for discharge. And ME bank will charge $250 upfront. Plus $220 for mortgage registration and discharge in VIC. So a total of 800 approx.

      In case it was the other way around. Moving from ME Bank to ANZ. It would be under $700 because ANZ has no upfront fees of $250.

      • ausbuysell12 on 03/04/2024 - 06:21

        You haven’t included the pexa and land title registration fees in vic? Or these fees not charged at all at the time of refinance and borne by yourself or ME bank?

        And you’re saying the dates from September 2023 are correct in op?

  • rs0123 on 02/04/2024 - 15:12

    Great news

  • ozzieozzieozzie on 02/04/2024 - 16:23

    When is the 0.3% broker cashback paid ? Is there a clawback clause on bank and broker cashback ?

    • AssociatedLendingWorkshop @ Lending Workshop on 02/04/2024 - 18:18

      hi @ozzieozzieozzie, the bank cashback is paid after 60 days from settlement. and Broker cashback is paid in 2 installments. after 13th month and 25th month. There is no clawback from broker or the bank.

      Refer to broker and cashback Ts&Cs in the post for more details.

  • Aerith-Waifu on 02/04/2024 - 17:56

    Not sure about those rates as I am with rams with no yearly fees and full offset at 6.09% pa

  • Blanchy98 on 02/04/2024 - 20:48

    Can also recommend ME Bank! Refinanced via a broker when I came off a fixed rate early last year. Started with an interest rate of 4.84%, and has only gone up to 5.84% since then. ~300k loan, 100% offset, broker managed to get the annual fee waived for the first year, and 4k cash back! Also my partner and I had only just started new jobs a couple months prior to refinancing, broker and ME Bank made it work no issues! He’s located in Melbourne, and I’m in SA, and had was such a smooth process. Unsure if I can I’m allowed to recommend brokers in the comments section here. If anyone knows, please let me know!

    Note: Only issue you may find is that there debit card does not fully support Osko payments as yet. No issue for myself but may bother some.

  • Positivelypoopoo on 03/04/2024 - 00:17

    Are there any other fees and charges applicable such as annual, application, banking, account, transaction, late, redraw or discharge fees?

    • AssociatedLendingWorkshop @ Lending Workshop on 03/04/2024 - 09:45

      Hi @Positivelypoopoo, The fees and charges depend on the product you choose. Please feel free to reach out and can recommend the right product. Also, can compare this deal among 40 other banks on my panel. The broker cashback applies and is same, no matter which bank I recommend on my panel.

      • Positivelypoopoo on 03/04/2024 - 11:23

        How about for this product you're advertising Member Package Variable with offset facility under 60% (OO PI) IR at 6.19% CR at 6.57%?

  • hatxihoi on 03/04/2024 - 01:00

    Do you have any good deal for a new loan, first home owner?

    • AssociatedLendingWorkshop @ Lending Workshop on 03/04/2024 - 09:43

      hi @hatxihoi, I do. ANZ is running hot at the moment with $3K cashback and no fees loans, plus broker cashback from myself. Assuming your loan is $500,000. You will be entitled to $3K from the bank and $1.5K from myself as broker cashback.

      That is just one option, there are 40 other banks on my panel. Happy to compare and offer you the best possible solution. Please feel free to reach out and we can take it from there. My details are in the signature of deal post above.

      • hatxihoi on 03/04/2024 - 15:40

        What is the current rate with ANZ, offset account, LVR <60%?

        • AssociatedLendingWorkshop @ Lending Workshop on 03/04/2024 - 17:21

          hi @hatxihoi, I have to negotiate rates with ANZ, as their advertised rates are very high. Please feel free to reach out and we can discuss. Their rates are not the cheapest but depending on loan amount, the cashback might be worth more than better rate. If not we will look at other banks. There 40 others to choose from, so plenty of choice. It's hard to recommend anything until I understand the full details.

  • Brick50 on 09/04/2024 - 14:07

    What are the challenges of Newcastle Permanent?

    • AssociatedLendingWorkshop @ Lending Workshop on 09/04/2024 - 20:20

      Hi @Brick50, I do not have New Castle Permanent and Greater bank on my panel so can only go by what Ozbargainers commented on the deals posted for those banks. I got a sense that they are difficult to deal with, due to broken processes and limited appetite for risk.

      I do have Bank of China though and they are offering $3,288 cashback for refinances. If you are comfortable to be with them. Feel free to reach out and we can discuss. Combined with broker cashback, they will work out to be the cheapest. There are other options like St George, ANZ, BoQ etc with cashback so will recommend based on your personal circumstances.

      I have had a few customers reach out to me after being knocked back by Newcastle Permanent and Greater Bank. Not saying that you will be knocked back because everyone's circumstances are different. But their risk appetite is low.

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