ANZ - 300,000 QFF points offer on a mortgage

[glasszon]

You can use a broker to access this offer.

Thanks, will PM you.

 

[calgarychris]

Ugh - the timing of this...I'm in the process of getting ready for settlement, property settles in September and Westpac won the toss a few months ago but my ANZ guy is teasing me with this promo and his rate is now 14bps better. What to do???

The property hasn't settled, although I've done all the paperwork with Westpac. Does anyone know what fees might be payable - I signed up for variable (and the ANZ loan would also be variable)...Can I switch now without cost? I do feel bad for the WBC banker though, she's been lovely...

Thoughts?

 

[Amanad78]

Has anyone gone through the switching process yet? Is it painful?

My husband just went through an application for an ANZ credit card and it was so long-winded and painful that he's reluctant to deal with ANZ again (had to keep sending the same documentation over and over again, kept receiving texts to call the call centre who then didn't know why he was ringing etc). Finally got the card after about 6 weeks....

 

[NoName]

I’ll be starting the application process probably next week. Will advise how it goes.

 

[NoName]

I’ll be starting the application process probably next week. Will advise how it goes.

Update to this:

We fluffed around a bit in getting the requested info to put in an application but has now been done.

Nothing onerous as yet with only a few things needed - pay slips, bank statements, rates notice etc plus the usual form with a list of assets & liabilities, income & expenses. Of course they may request a bunch of other stuff as the process progresses.

Valuer coming around on Monday then should be approved by end of next week all things being equal.

The interest rate has proven to be better than what our current lender Suncorp has been willing to do for us so that will be a positive. There are better rates out there with smaller lenders but after reading some mixed reviews we were happy to go with ANZ. YMMV.

Obviously cost to refinance will be different for different people/lenders but for us it’s looking like all up about $800. This will be recouped in about 1yr through the lower rate plus of course there will be the 300,000 qantas points.

Overall very happy so far. In the worst case if we end up being unsatisfied we can look to change again in a couple of years. And hey, if handing out a big chunk of airline points with home loans become the norm we may do that anyway.

 

[Amanad78]

Update to this:

We fluffed around a bit in getting the requested info to put in an application but has now been done.

Nothing onerous as yet with only a few things needed - pay slips, bank statements, rates notice etc plus the usual form with a list of assets & liabilities, income & expenses. Of course they may request a bunch of other stuff as the process progresses.

Valuer coming around on Monday then should be approved by end of next week all things being equal.

The interest rate has proven to be better than what our current lender Suncorp has been willing to do for us so that will be a positive. There are better rates out there with smaller lenders but after reading some mixed reviews we were happy to go with ANZ. YMMV.

Obviously cost to refinance will be different for different people/lenders but for us it’s looking like all up about $800. This will be recouped in about 1yr through the lower rate plus of course there will be the 300,000 qantas points.

Overall very happy so far. In the worst case if we end up being unsatisfied we can look to change again in a couple of years. And hey, if handing out a big chunk of airline points with home loans become the norm we may do that anyway.

Thanks for the update, we are still considering it

 

[NoName]

Thanks for the update, we are still considering it

The lender I am dealing with in my branch told me that to be eligible for the points you just need to have STARTED the application by 31 August. Doesn’t have to have been approved. So I guess that gives a little more time to consider.

I will say that so far (touch wood) this process has been far easier than what Mrs NoName had to go through with Citi to get her Qantas Money CC a month ago.

 

[JB expat]

The lender I am dealing with in my branch told me that to be eligible for the points you just need to have STARTED the application by 31 August. Doesn’t have to have been approved. So I guess that gives a little more time to consider.

I will say that so far (touch wood) this process has been far easier than what Mrs NoName had to go through with Citi to get her Qantas Money CC a month ago.

Interesting - I didn't think refinancing was eligible for the offer. We have the full package (offset account, free credit card) - there's value in the full package for us. I'm dreadful at paperwork, but this may be worth the phone call for me.

 

[NoName]

Interesting - I didn't think refinancing was eligible for the offer. We have the full package (offset account, free credit card) - there's value in the full package for us. I'm dreadful at paperwork, but this may be worth the phone call for me.

In the FAQ on their website one of the questions relates to refinancing existing home loans to ANZ. Definitely eligible.

 

[JB expat]

Interesting - I didn't think refinancing was eligible for the offer. We have the full package (offset account, free credit card) - there's value in the full package for us. I'm dreadful at paperwork, but this may be worth the phone call for me.

thank you - just looked it up myself - very clear! will go in to branch

 

[NoName]

The lender I am dealing with in my branch told me that to be eligible for the points you just need to have STARTED the application by 31 August. Doesn’t have to have been approved. So I guess that gives a little more time to consider.

I will say that so far (touch wood) this process has been far easier than what Mrs NoName had to go through with Citi to get her Qantas Money CC a month ago.

Fully approved and signing docs tomorrow morning. Have a couple of things to sort out with Suncorp and then some time next week will ask ANZ to begin the process. Very happy with the ease of this application. Really couldn’t have gone any smoother. Hopefully the points hit my QFF account with a similar minimum of fuss.

Apparently they send a web link to enter a code similar to what happens with their Travel Adventures CC.

 

[Hoffsare]

Anybody had luck negotiating a better rate than the advertised deals? Particularly on the 3.38% variable.

 

[NoName]

Anybody had luck negotiating a better rate than the advertised deals? Particularly on the 3.38% variable.

Not sure about the 3.38% simplicity plus option but I have had the package rate reduced from 3.43% to 3.36%.

 

[tricky1337]

The rate I got was 3.37%.

Very painless process. Approved within a week and was about 100x easier than my original home loan (and a lot of CCs). Hopefully more banks start to do this and mortgage churning can be the new CC churning!

 

[Hoffsare]

I have now been offered 3.32 on the breakfree package. Sounds like I should be happy with that. My existing lender wouldn't match it.

 

[NoName]

The rate I got was 3.37%.

Very painless process. Approved within a week and was about 100x easier than my original home loan (and a lot of CCs). Hopefully more banks start to do this and mortgage churning can be the new CC churning!

Agree! This process has been far less painful than I could have ever imagined. From time of actually formally lodging the application after the valuation it was approved in 1 day. All up from time of filling out the form and giving documents a week. Very happy with it.

 

[JB expat]

I have now been offered 3.32 on the breakfree package. Sounds like I should be happy with that. My existing lender wouldn't match it.

That’s the package we have. Calling today!

 

[boris12345]

Is there anything stopping me taking out a mortgage on my fully paid off home, banking the 300k points and then immediately paying it off?

 

[JB expat]

Is there anything stopping me taking out a mortgage on my fully paid off home, banking the 300k points and then immediately paying it off?

Inciting jealousy of us mortgage holders?

 

[NoName]

Is there anything stopping me taking out a mortgage on my fully paid off home, banking the 300k points and then immediately paying it off?

Try it and let us know. But don’t pay it off right away. At least wait until the prize draw takes place on 14 Feb!