Am I Getting a Good Mortgage Refinance Deal?

LNiama on 18/04/2024 - 19:57
Last edited 19/04/2024 - 09:02

Hi Ozbargainers,

I've been testing the market with my mortgage, and am able to get 6.09% variable with ANZ on a owner-occupier principal and interest loan. I am able to get the standard $2,000 cashback offer + a bonus $1,000 as well which the lender was able to throw in.

Before signing on the dotted line, I thought I'll check with the experts, Ozbargainers!

Is this a good deal?

Cheers

**Update: Wow, I've been getting so many PMs! Yes, I'm happy to pass the lender's contact if anyone is keen. No, I don't get a cut from referrals.

Poll Options

  • 37
    Yes
  • 4
    No
Financial Home Loan

Comments

  • cashless on 18/04/2024 - 19:58
    -3

    Yeah nah

  • Pcosmic on 18/04/2024 - 19:59

    First home owner with 6.27% interest + $3000 cashback with ANZ. You got a good deal.

    • Niama on 18/04/2024 - 20:04

      Ah thanks. Maybe I've just been lucky with this lender.

  • elgrande on 18/04/2024 - 20:01

    Variable?

  • Niama on 18/04/2024 - 20:03

    Yeah variable.

  • Doboman on 18/04/2024 - 20:12

    I got the same last year 6.12% with $2000 cash back. Good deal.

    • Niama on 18/04/2024 - 21:30

      Thanks mate

  • MadgeH on 18/04/2024 - 20:20

    What loan size and LVR?

    • Niama on 18/04/2024 - 21:29

      $1m and 70%LVR

      • MadgeH on 18/04/2024 - 21:42

        Yeah good deal

  • jm7 on 18/04/2024 - 20:34

    Is 6.09% the comparison rate?

    • Niama on 18/04/2024 - 21:29

      No, it's the interest rate

      • jm7 on 19/04/2024 - 06:40

        What are the costs associated with the loan?

    • ginormousgiraffe on 19/04/2024 - 11:49

      Do you really care about comparison rates? It's useful assuming you don't get a discounted package or reduced fees that a lot of banks offer.

  • star-ggg on 18/04/2024 - 20:49
    -2

    You should be getting back 0.15% of your loan amount from the broker

    • Niama on 18/04/2024 - 21:30

      Spoke to 2 brokers and couldn't get a better a deal though

  • onetwothreefour on 19/04/2024 - 07:03

    You can get lower interest rates elsewhere but without the cashback so you just have to figure out is it better to get a lower rate or will the cashback cover the difference?

  • tomclancy on 19/04/2024 - 10:38

    Your rate is OK for a major bank. St George should have dropped to 6.05% with $2k cashback so I'm surprised your two brokers couldn't get that for you.

    That said, probably the best variable OO P&I deal in the market right now can't be obtained via a mortgage broker —> Greater Bank 5.94% with $3,000 cashback. For that you'll have to go direct.

    But if I was in your shoes I would sign up with ANZ today then in 30 days after you receive the $3k cashback refinance immediately to Greater Bank. Greater Bank's cashback offer runs to 31/5 so you have enough time.

    FWIW two months ago I started refinancing away from ANZ and the retention team called and offered me a rate of 5.99% + $3k cashback so there is definitely wiggle room in the rates they offer customers

    • Haribo on 23/04/2024 - 13:48

      Shame Greater bank don't service Vic

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