Westpac/ St George are withdrawing their unlimited rebates, offering $3,000 or $4,000 for the first property refinanced to them, and an additional $2K for every single other property.
Whilst most of the big banks offer rebates to new customers, Westpac have been the only group to offer multiple rebates. Some of our serious investors have cleaned up, with rebates up to $18K!
Sorry guys, not for existing Westpac customers. You’ve probably figured out that when it comes to the banks, their love is reserved for other banks’ customers.
Anyway, of course you shouldn’t restructure all your lending just for a one-off cash grab. The long-term is always more important. And sometimes, using a different bank or indeed 2 banks, can be beneficial.
But if everything else lines up, we have until midnight next Wednesday to have your applications lodged in the system. There will be a backlog and the approval process might take weeks, but we need the apps electronically lodged in the next 8 calendar days.
Victoria and I will be working all day Saturday, which this weekend for the benefit of our network will be a workday. I’m just hoping I’ll be done before State of Origin Sunday night!
The current multiple rebates will not be extended; the Westpac group have already announced that it’s only one rebate per customer from July;
Personally, I’m refinancing a few investment properties so need to get my own applications in! An easy $7K for me!
Please read this if you have two properties:
If you have two loans to refinance, I will prefer to lodge your loans AFTER Wednesday, in July.
The fine print of this offer is “one $3,000 cash back offer per Primary Applicant (PA)”.
If for example a married couple want to refinance two loans, I just need to make the husband the PA for the home loan, and the wife the PA for the investment loan. It makes absolutely no difference to you but will create $6,000 in rebates.
Ahh, the tricks …
Keep cool 🙂