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Your clients could receive a $2,000 cashback1 per property when they refinance their home loan to Westpac. Available on Premier Advantage Package# and Flexi First Option Home loan for Owner Occupier with Principal & Interest repayments and Investment Loans. Refinance applications submitted by 31 July 2020 and settle by 30 September 2020.
$250k min loan per property refinanced. $395 annual package fee. Excludes refinances from within Westpac Group.
Full-service property management agents, propper, are offering Westpac home loan customers 6 months free6 property management when you join propper between 25 May 2020 and 25 August 2020, in selected metro and regional areas. Click here to apply.
Credit criteria, fees and charges apply. Terms and conditions available on request. Based on Westpac’s credit criteria, residential lending is not available for Non-Australian Resident borrowers. Tax consequences may arise from these promotions for investors and customers should seek independent advice on any taxation matters.
The above rates exclude any LVR discounts available for new loans.
Fixed interest rates: Interest Rates displayed are for Australian residents only. The Bank will apply the fixed rate that is available at the loan settlement date. At the end of the fixed rate period the interest rate will convert to the applicable variable home loan interest rate unless a new fixed rate term is selected and then the fixed rate is determined two business days prior to the refix.
^The comparison rate is based on a loan of $150,000 over a term of 25 years. WARNING: 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.
#Premier Advantage Package Conditions of Use and $395 annual package fee applies. Your clients must either hold or be approved for a Westpac Choice account in order to qualify and continue to receive the benefits of the Premier Advantage Package. Before deciding to acquire a Westpac Choice account, they should read the terms and conditions, and consider whether the product is right for them.
Premier Advantage package Conditions of Use (PDF 56KB)
1 $2,000 Refinance Cashback: For new home loan refinance applications submitted from 23 September 2019 and 31 July 2020, with loan settled by 30 September 2020. Offer current as at 23 September 2019. Offer may be varied or withdrawn at any time. Offer available on the Premier Advantage Package and Flexi First Option Loans for Owner Occupier with Principal and Interest repayments and Investment Loans. $250k min loan per property refinanced. Only 1 cashback per property refinanced will be paid regardless of the number of loans involved. Excludes switches and refinances of home loans within the Westpac Group, which includes Westpac, St.George, Bank of Melbourne, BankSA and RAMS. Offer not available for Owner Occupier Interest Only loans or residential lending originated under family or company trusts. The cashback will be paid into a Westpac Choice transaction account within 60 days of settlement. The transaction account must be linked to the home loan at the time of settlement, and kept open for 60 days after settlement. Offer available on the Premier Advantage Package and Flexi First Option Loans for Owner Occupier with Principal and Interest repayments and all Investment Loans. Tax consequences may arise from this promotion for investors and customers should seek independent advice on any taxation matters.
2 Flexi First Option Home Loan: Offer commences 5/06/2020 and may be varied or withdrawn at any time. This offer is only available on new Flexi First Option Home Loans with principal and interest repayments. Rate includes a 1.14% p.a. discount off our Flexi First Option Home Loan Principal & Interest repayment Variable Rate for the life of loan. Excludes internal refinances or switches within the Westpac Group, which includes refinances from Westpac, St.George, Bank of Melbourne, BankSA and RAMS. Not available to company and trust account holders. Offer cannot be taken in conjunction with, or in addition to other special offers, negotiated rates or discount. Interest rate is subject to change.
3 Flexi First Option Home Loan: Offer commences 5/06/2020 and may be varied or withdrawn at any time. This offer is only available on new Flexi First Option Home Loans with interest only repayments. Rate includes a 0.53% p.a. discount off our Flexi First Option Home Loan Variable Rate for the Life of Loan. Excludes internal refinances or switches within the Westpac Group, which includes refinances from Westpac, St.George, Bank of Melbourne, BankSA and RAMS. Not available to company and trust account holders. Offer cannot be taken in conjunction with, or in addition to other special offers, negotiated rates or discount. Interest rate is subject to change.
4 Flexi First Option Investment Loan: Offer commences 5/06/2020. This offer is only available on new Flexi First Option Investment Property Loans with principal and interest repayments. Rate includes a 1.29% p.a. discount off our Flexi First Option Investment Property Loan Principal & Interest repayment Variable Rate for the life of loan. Excludes internal refinances or switches within the Westpac Group, which includes refinances from Westpac, St.George, Bank of Melbourne, BankSA and RAMS. Not available to company and trust account holders. Offer cannot be taken in conjunction with, or in addition to other special offers, negotiated rates or discount. Interest rate is subject to change.
5 Flexi First Option Investment Loan: Offer commences 5/06/2020. This offer is only available on new Flexi First Option Investment Property loans with Interest Only. Includes a 1.35% p.a. discount off our Flexi First Option Investment Property Loan Interest Only repayment Variable Rate for the life of loan. Excludes internal refinances or switches within the Westpac Group, which includes refinances from Westpac, St.George, Bank of Melbourne, BankSA and RAMS. Not available to company and trust account holders. Offer cannot be taken in conjunction with, or in addition to other special offers, negotiated rates or discount. Interest rate is subject to change.
6 Westpac home loan customers receive 6 Months Free Property Management: For full terms and conditions on propper’s offer, click here.
Effective 1 June 2020, ANZ home loans switching cashback discretion will be updated. For eligible customers refinancing $250,000 or more from an OFI (which may include some additional new lending), a cashback amount of $3,000 will be available.
Please note the eligibility criteria for cashback discretion include brokers submitting an OFI Refinancing Payment form for the customers they have offered cashback (once their loan has drawn down), and that the cashback amount must be paid to an eligible ANZ transaction account.
This updated discretion replaces any existing ANZ switching cashback arrangements (from 1 June 2020). If your customer submitted their application at the time a previous ANZ switching offer applied, they will remain eligible for cashback under that previous offer (subject to satisfying applicable terms and conditions).
| New to ANZ Lending^ | Switching amount available |
|---|---|
| At least $150,000 but less than $250,000 | $1,200 |
| $250,000 or more | $3,000 |
^New to ANZ Lending must include home lending refinanced from an OFI. New to ANZ Lending may also include additional new lending.
Important note: ANZ’s home loans switching cashback discretion can be varied by ANZ from time to time and may be withdrawn at any time.
| Refinance Component | Must include an OFI Home/Residential Investment Loan |
| Maximum Number of Cashback Payments | 1 per customer within any 12-month period This switching cashback offer is not available in conjunction with any other advertised switching offers (but is available in conjunction with any special interest rates discounts available to the customer) |
| Eligible Home Loans | ANZ Standard Variable Rate LoanANZ Fixed Rate LoanANZ Simplicity PLUS LoanANZ loan product which permits a borrower to draw down credit progressively for the purchase and/or construction of a property or a homeANZ bridging loanResidential loans in a company nameResidential loans in the name of a trust |
| Cash Back Account | Must be an ANZ Transaction Account (cannot be OFI/Cheque) |
| Ineligible Home Loans | Equity ManagerOther lines of Credit |
| Other Exclusions | Non-Credit Critical (NCC) ApplicationsInternal ANZ Refinances (e.g. New Loan containing the same borrower(s))Credit Cards and Personal Loans |
Please note: cashback payments are regularly monitored to ensure appropriate use.
Offer Details
Advantage Package
Refinance Cashback
Please refer to the following important documents
To be eligible, the approved loan/s must satisfy the following
Available on;
Refinance Cash Bonus Offer (1) – how much is the customer eligible for?
Frontline Extra Cash Bonus Bonus Offer (2) – for eligible occupations
Campaign Codes – please enter into Apply Online
$250,000-$749,000 use CASHBONUS250
$750,000+ use CASHBONUS750
If also eligible add EXTRA to the above. e.g. CASHBONUS250EXTRA
Special Offer Interest Rates – Need to Know
We are offering a Refinance Cashback of $2,000 to customers who refinance their home loan from another financial institution to CommBank.
Applications must be submitted by close of business on Monday 3 August 2020, with loans funded by 11.59pm AEST on Friday 9 October 2020. Additionally Owner Occupied Interest-Only customers who fund on or from Tuesday 7 April 2020 will now be eligible for the cashback.
Eligibility
| ► | Owner Occupied Home Loans; and |
| ► | All Investment Home Loans; and |
| ► | All Lines of Credit. |
Criteria
| ► | Applications must be submitted by close of business on Monday 3 August 2020, with loans funded by 11.59pm AEST on Friday 9 October 2020. Additionally Owner Occupied Interest-Only customers who fund on or from Tuesday 7 April 2020 will now be eligible for the cashback. |
| ► | Customers must refinance their eligible Home/Investment Home Loan from an OFI. |
| ► | The refinance amount from the OFI must be $250,000 or more. New money and Top Up applications are not included in the $250,000. |
| ► | Refinancing of an existing CommBank or Bankwest Home/ Investment Home Loan is not eligible for this offer. |
| ► | Limit of one $2,000 cashback payment per borrowing entity and per customer. |
| ► | We will credit the $2,000 cashback amount only to a CommBank Transaction Account within two weeks of loan funding. |
| ► | We will not combine the $2,000 cashback offer with our MAV fee waiver. |
Process
| ► | Customers with eligible applications will automatically receive the cashback payment. You no longer need to complete a request in the Home Loan Pricing Tool (HLPT) for the customer to receive the $2,000 OFI Refinance Cashback offer. |
Note | |
| ► | This offer replaces the existing $1,250 OFI Refinance Cashback Offer. |
| ► | If the customer is completing a Bridging Loan application at the same time as the refinance application, they are not eligible for the $2,000 OFI Refinance Cashback Offer. |
| ► | We reserve the right to terminate the offer at any time. |
Jobkeeper
On 30 March 2020, the Australian Government announced a new JobKeeper Payment for eligible businesses, to help them retain employees during the COVID-19 crisis and recover quickly afterwards.
On Saturday 2nd May 2020, the ATO released the employer declaration form. If you are already registered, you need to make the declaration to be entitled to a payment. If you are not already registered, you can register and make the declaration.
We summarised below questions and answers as related to the Jobkeeper payment.
Which small businesses are eligible for the JobKeeper Payment?
Australian businesses that are structured as companies, partnerships, trusts and sole traders, as well as not-for-profit entities and charities, are eligible if they meet the following criteria:
eligible employees must have been employed by them as at 1 March 2020 and be currently engaged.
Eligible businesses must register online with the ATO for the JobKeeper Payment on behalf of their nominated employees (including themselves) and provide monthly updates to the ATO. To register, click here.
Which employees can receive the payment?
Businesses can claim the JobKeeper Payment for employees that stood down after 1 March 2020. To be eligible in relation to these employees, you will need to pay them a minimum of $1500 per fortnight (before tax) for the payment periods of the JobKeeper Payment. The first payment period is from 30 March 2020 to 12 April 2020.
How much is the payment and when will we receive it?
The JobKeeper Payment is $1,500 per fortnight per eligible employee for a maximum of 6 months.
Initial payments are expected to be made in the first week of May, backdated to 30 March.
If a business does not meet the turnover test at the start of the JobKeeper program on 30 March 2020, they may start receiving the JobKeeper Payment later, once the turnover test has been met. In this case, the payment is not backdated to the start of the scheme.
Businesses can receive JobKeeper Payments until 27 September 2020.
What if I am self-employed?
Sole traders are eligible for the JobKeeper Payment but must meet certain eligibility criteria. Other eligible businesses can nominate only one working director, partner, beneficiary or shareholder, as well as, any eligible employees.
People who are self-employed will need to provide a monthly update to the ATO to declare their continued eligibility for the payments. Payment will be made monthly to the individual’s bank account.
Do I need to top up my employee’s pay?
If an employee usually earns more than the JobKeeper Payment ($1,500 a fortnight) the employer is expected to top up their wage payment and pay superannuation as normal. Employers will be legally obliged to pass the $1,500 payments in full to their employees. The ATO has provided the following examples:
Seek advice from an HR professional and accountant for specific advice on payments to your employees.
Am I required to pay PAYG withholding and superannuation on the JobKeeper Payment?
You must pay a minimum of $1,500 (before tax) per fortnight to your eligible employees, withholding income tax as appropriate. If an employee is paid more than $1,500 per fortnight, your superannuation obligations will not change.
Where an employee is having their wages topped up to $1,500 per fortnight by the JobKeeper Payment, it will be up to the employer if they want to pay superannuation on any additional wages paid by the JobKeeper Payment.
You cannot use the $1,500 per fortnight towards superannuation contributions.
Key steps to take now to receive the first round of payments
The ATO has advised that you’ll need to meet the following criteria in order to receive the first round of JobKeeper Payments (due during the first week of May):
Please note: The ATO has announced an extension to the deadline to pay eligible employees’ wages for April. If you pay your employees by 8 May you will also be eligible to claim JobKeeper Payments for the two pay fortnights in April.
As of 24 April, the time to enrol for the initial JobKeeper periods was extended from 30 April 2020 until 31 May 2020.
If you enrol by 31 May you will still be able to claim for the fortnights in April and May, provided you meet all the eligibility requirements for each of those fortnights. This includes having paid your employees by the appropriate date for each fortnight.
You can enrol and claim for a JobKeeper earlier if you choose. For example, you can enrol by the end of April to claim JobKeeper payments for the two fortnights in April.
What can I do if I don’t have the funds to pay wages before receiving the JobKeeper Payment?
If your revenue has been affected and you’re unable to pay your staff, we’ve outlined four options available to help you manage your cash flow when claiming JobKeeper Payments.
Most Australian banks have agreed to prioritise applications from businesses needing funding to bridge the gap until the first JobKeeper Payments are made in May. Each bank has set up a dedicated hotline to help manage the applications from businesses and will bring JobKeeper related applications to the front of the queue. The contacts for each bank are:
JobKeeper vs JobSeeker Payments
Some people who have lost work during COVID-19 may have already applied for the new expanded JobSeeker Payment (with coronavirus supplement) via Centrelink/Services Australia.
If these people subsequently become eligible for JobKeeper Payment and are advised by their employer that they have been nominated (employers are required to advise employees of this) they should notify Services Australia via the JobKeeper employee nomination notice and report their JobKeeper Payment as income. The payment may affect income support payments.
The JobKeeper Payment is not subject to partner asset tests, unlike the JobSeeker Payment.
You can now bootstrap your way to buying your home with a whopping $35,000 from the Australian government. The payment includes the following:
What is the homebuilder grant
The Homebuilder grant is an uncapped grant, meaning there is no limit to how many people can apply. It is tax free and time limited, designed to help the residential construction market to get through the Coronavirus pandemic. It provides eligible owner-occupiers (including first home buyers) with a grant of $25,000 to build a new home or substantially renovate an existing home. The grant will be available for building contracts signed between 4 June 2020 and 31 December 2020, where construction or renovation commences within three months of the contract date. Where eligibility criteria is met, the grant is accessible in addition to all the following other State grants:
What is the eligibility criteria?
To access Homebuilder, you must meet the following eligibility criteria:
• construction must commence within three months of the contract date.
The programme will be accessed through your Local State Revenue Office like NSW office of State Revenue.
How much do I personally need to save up to buy property?
Sydney Metro: minimum of $35,000
Central Coast| Hunter: minimum of $23,200
Brisbane: minimum of $20,000
Melbourne: minimum of $25,000
The amount you need depends on whether or not you qualify for the government’s First Home Deposit Scheme (FHDS). The FHDS is a scheme that allows first home buyers to buy property with only a 5% deposit without paying lenders mortgage insurance (LMI). (LMI) is a one-off insurance premium paid by you with a purpose of protecting the lender if you default on your mortgage. Lenders usually take out this insurance when they are lending more than 80% of the value of the property and it enables them to take on this higher risk.
Table A below summarises that amount you need if you qualify for the First Home Deposit Scheme. If you don’t qualify for the First Home Deposit Scheme, refer to Table B.
| Table A – FHDS available | ||||
| Purchase price | $750,000 | $700,000 | $650,000 | $500,000 |
| Deposit you need if you qualify for the First Home Deposit Scheme | $51,889 | $48,202 | $36,684 | $27,584 |
| Amount you get from the government | $35,000 | $35,000 | $35,000 | $35,000 |
| Amount to be funded by you – Shortfall/(Surplus) | $16,889 | $13,202 | $1,684 | -$7,416 |
| Note: no stamp duty is assumed on purchase price of $500,000all examples based on house and land packages costing excludes LMI |
| Table B – FHDS not available | ||||
| Purchase price | $750,000 | $700,000 | $650,000 | $500,000 |
| Deposit you need if you don’t qualify for the First Home Deposit Scheme | $80,604 | $75,002 | $61,584 | $42,309 |
| Amount you get from the government | $35,000 | $35,000 | $35,000 | $35,000 |
| Amount to be funded by you – Surplus(Shortfall) | $45,604 | $40,002 | $26,584 | $7,309 |
| Note:no stamp duty is assumed on purchase price of $500,000all examples based on house and land packages costing includes LMI |
How can we help you?
We can help you to:
Call us now. Sekou 0432 674 668 | Sabin 0468 755 418