Home Loan Special Offers – August 2018

This article will run you through the different home loan special offers that are currently available on the market during the August – September 2018 period. Lenders are constantly adding new products to entice customers and build their market share in different segments.

Please refer back to this page throughout the month. We will update it with any new specials as the different Lenders announce them.

Market Update

The real estate market is cooling around the country. Especially in Sydney and Melbourne. Most Lenders, lead by the big 4 Banks and their subsidiaries applying more stringent credit criteria. This includes placing post code restrictions on a number of inner ring suburbs and at times specific developments in order to manage their risk.

Please consult with your Mortgage Broker if you are looking at purchasing especially in some of the bigger developments.

More restrictive lending criteria means refinancing may not be as straight forward as it once was. Many new rules need to be applied often reducing your borrowing capacity since the last time you applied and was approved for finance. Again, please consult with your Mortgage Broker for more advice.

Current Home Loan Specials

We’ve broken the current specials by rate category and borrowing purpose (investment / owner occupied).

1. Variable Rate Loans – Owner Occupied

• Westpac: 3.59% p.a. (4.42% comparison rate) Flexi First 2 Year Introductory special, P&I repayment only, max. 95% LVR including LMI, $100 legal/settlement fee, $25 redraw fee per redraw, no ongoing fee but no offset
• Citibank: 3.63% p.a. (comparison rate NA, but estimated to be around 3.99% p.a.) Mortgage Pro Pack special, min. loan $1M, P&I repayment only, max. 80% LVR, $250 legal/settlement fee, $350 annual Package fee, offset included
• ING: 3.64% p.a. (3.96% p.a. comparison rate) for min. loan $1M or 3.68% p.a. (4.00% p.a. comparison rate) for min. loan $150K or more under Orange Advantage, P&I repayment only, max. 80% LVR, $299 legal/settlement fee, $299 annual Package fee with offset
• ANZ: 3.65% p.a. (3.69% p.a. comparison rate) Simplicity Plus loan, P&I repayment only, max. 80% LVR, min. loan $50K, $150 legal/settlement fee, no ongoing fee but no offset

2. Variable Rate Loans – Investment

• AFM: 3.89% p.a. (3.92% p.a. comparison rate) Enhance Discount special, min. loan $10K only, P&I repayment only, max. 80% LVR LMI, $790 upfront fees, no ongoing fee without offset or $10 monthly fee with offset
• Virgin Money: 3.99% p.a. (4.13% p.a. comparison rate) Reward Me Loan P&I repayment only, max. 80% LVR, $150 legal/settlement fee, $10 monthly fee, comes with offset facility
• Macquarie: 3.99% p.a. (4.24 p.a. comparison rate) Offset Loan Package, P&I repayment only, max. 70% LVR, $365 legal/settlement fee, $248 annual fee with offset

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3. Fixed Rate Loans – Owner Occupied

• Heritage Bank: 2 Year Fixed 3.65% p.a. (4.26% p.a. comparison rates) / 3 Years Fixed 3.89% p.a. (4.30% p.a. comparison rate), P&I only, up to 95% LVR incl. LMI, $450 legal/settlement fee, $350 annual Package fee
• Newcastle Permanent: 2 Year Fixed 3.69% p.a. (4.62% p.a. comparison rates) / 3 Years Fixed 3.74% p.a. (4.58% p.a. comparison rate), P&I only, up to 95% LVR incl. LMI, $50 legal/settlement fee, $395 annual Package fee
• NAB: 2 Year Fixed 3.69% p.a. (4.86% p.a. comparison rates) – Special First Home Buyers only. P&I repayment, up to 95% LVR incl. LMI, $395 annual Package fee applies

4. Fixed Rate Loans – Investment

• Newcastle Permanent: 2 Year Fixed 3.89% p.a. (4.89% p.a. comparison rate) / 3 Years Fixed 3.99% p.a. (4.85% p.a. comparison rate), P&I only, up to 90% LVR incl. LMI, $50 legal/settlement fee, $395 annual Package fee

5. Refinance Rebates

• Bankwest: Offering $1,500 cashback for refinances to the Complete Package loans ($395 annual fee applies)
• Westpac: Offering 200,000 Velocity Rewards points for new loans of at least $250,000, or 500,000 Velocity Rewards points for loans of $1,000,000 and above. Must be for new loans under Westpac’s Premier Advantage Package ($395 annual fee applies)
• NAB: Offering a $1,250 rebate for purchasers or refinancers. Minimum loan amount $250,000
• ANZ: Offering $1,200 cashback for refinances to their Breakfree Package loans ($395 annual fee applies). Min. loan amount of $250,000 applies. Also offering $1,000 solicitor rebate for First Home Buyers eligible for the state’s First Home Buyers concession/grant; min loan size of $250,000
• CBA: Extending their $2,000 cashback for refinances until 30 November 2018. Min. loan amount $250,000

Contact us to find out about the eligibility criteria for the different offers.

And as always, please keep in mind;

1. All offers listed are subject to each Lender’s pricing approval
2. As with all products, Lenders’ terms and conditions apply
3. The above offers are running for a limited time only

Legal Disclaimer

As with all financial products, you need to understand a few things when reading the associated advertising.

• The above special offers are valid only if a full loan application is successfully approved based on your circumstances, acceptable credit history, requirements and objectives.
• The comparison rate quoted in each scenario is based on a $150,000 loan over 25 years. This comparison rate is true only for the examples given and may not include all fees and charges. Different terms, fees or other loan amounts might result in a different comparison rate.

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