We refinanced our home loan with Ubank about two years ago and I always wondered why everyone wasn't doing the same. With most standard variable rates sitting around 6.20%, refinancing with Ubank's 4.87% would save people about $2,660 in the first year if their loan is $200,000. With that size of saving, it's not surprising that UBank is offering a guarantee that they will save you $1000 if you refinance with them - or they will give you $1000. But will you get it? Let's look at the fine print.
The loan needs to be $300,000 or more and there are only 300 gift cards available. That mean's you will get a $1000 gift card if your current home loan rate is 5.20% or less. That means if you are currently on 5.20% or more, you will save more than $1000 by switching to UBank. Here's the other details of the offer, if you don't want to click here. To read more about UBank, click here to search all our articles on UBank.
$1000 Guarantee Terms and Conditions
1. Offer open to customers who apply to refinance a variable rate home loan with a UBank variable rate UHomeLoan between 29 May 2013 and 30 June 2013 (inclusive) (“Offer Period”), provided that their refinance application is approved and settled in accordance with the loan contract. Applications made prior to the Offer Period (even if resubmitted during the Offer Period) are not eligible.
2. Minimum home loan refinance amount is $300,000 (excludes any fees associated with the payout of your current home loan, as well as any amount not required to payout your current home loan, such as cash out amounts or the consolidation of other debts). Loans with a home loan refinance component of less than $300,000 will not be eligible.
3. Evidence, satisfactory to UBank, of the home loan refinance amount and the interest rate applicable to the home loan being refinanced must be provided to UBank prior to settlement to enable the savings calculation to be made (eg, a bank statement). You will not be eligible for this offer if you do not do this.
4. UBank will calculate the estimated interest savings based on (1) the evidence provided in relation to the home loan being refinanced (as contemplated above), and (2) UBank’s prevailing UHomeLoan variable interest rate (including any available discounts). UBank will not take into account the any regular or adhoc repayments, redraw or offset arrangements in the interest savings calculation. We will then discount the savings figure by a fixed percentage to reflect the effect that making the same regular principal and interest repayments on both loans would have: we will make this adjustment even if your current loan and/or your UHomeLoan is “interest only”. This discounting may mean that an applicant more easily meets the condition set out in 5: it does not affect the amount of interest you actually pay or save.
5. If, based on the above calculation, UBank does not believe that you will save at least $1,000 in interest in the first 12 months, you will (subject to condition 6 below) be eligible are receive, within 30 days of settlement, an EFTPOS Gift Card to the value of $1,000. Where your UHomeLoan is in joint names, a single $1,000 gift card will be sent jointly to both borrowers.
6. There is a maximum of 300 gift cards available. If more than 300 customers are eligible to receive a gift card, gift cards will be awarded to the first 300 eligible customers based on date of application.
7. This offer is based on estimated projected savings. UBank will not calculate the actual savings at the end of the 12 month period, and will not consider any claims made in relation to this offer should the actual savings be less than $1,000.
Thursday, May 30, 2013
Friday, May 10, 2013
ANZ cuts rates by MORE than RBA
The ANZ bank today announced that they will cut their interest rates by 0.27% which is more than the cut that the RBA on Tuesday. The surprise cut came after all other big four banks followed the RBA's 0.25% cut on Tuesday, while the ANZ waited until today to announce their move. This is the first time that any big four bank has cut their rates by more than a RBA move.
The ANZ standard variable rate will now equal the NAB standard variable rate at 6.13%. NAB has been leading all other big four banks, having the more competitive rate than its competitors for the last four years.
The ANZ standard variable rate will now equal the NAB standard variable rate at 6.13%. NAB has been leading all other big four banks, having the more competitive rate than its competitors for the last four years.
Tuesday, May 7, 2013
Australian Banks' Reaction to RBA Cash Rate Announcement
The NAB is the first of the big four banks in Australia to follow the decision of the RBA, dropping their interest rates by the full 0.25% within half an hour of the announcement by the RBA. Their interest rate will be 6.13% from Monday, 13th May.
UBank's UHomeLoan will also reduce the standard variable interest rate by 0.25% down to a market-leading 5.12% which will take effect on the Friday 17th May. Factoring in the lifetime loyalty rates, customers will have an interest rate as low as 4.92% and 4.87%. UBank is a subsidiary of NAB.
The Bank of Queensland has also announced a full interest rate cut of 0.25%. Their standard variable interest rate is now 6.26%.
The Commonwealth Bank this afternoon also announced they will follow suit, bringing their standard variable rate down to 6.15% on 13th May.
3pm By the end of the day, Westpac finally announces that they too will drop their rates by the full 0.25% to 6.26%.
Nothing from the ANZ yet, who are expected to announce their decision on Friday.
UBank's UHomeLoan will also reduce the standard variable interest rate by 0.25% down to a market-leading 5.12% which will take effect on the Friday 17th May. Factoring in the lifetime loyalty rates, customers will have an interest rate as low as 4.92% and 4.87%. UBank is a subsidiary of NAB.
The Bank of Queensland has also announced a full interest rate cut of 0.25%. Their standard variable interest rate is now 6.26%.
The Commonwealth Bank this afternoon also announced they will follow suit, bringing their standard variable rate down to 6.15% on 13th May.
3pm By the end of the day, Westpac finally announces that they too will drop their rates by the full 0.25% to 6.26%.
Nothing from the ANZ yet, who are expected to announce their decision on Friday.
RBA Brings Cash Rate Down to Lowest Ever 2.75%
The Reserve Bank of Australia has brought interest rates to the lowest level ever. The 0.25% cash rate reduction was against expectations of 21 out of 28 "experts" who predicted that the RBA would leave the cash rate unchanged in today's meeting. Here is the statement from the RBA.
"At its meeting today, the Board decided to lower the cash rate by 25 basis points to 2.75 per cent, effective 8 May 2013.
The global economy is likely to record growth a little below trend this year, before picking up next year. Among the major regions, the United States continues on a path of moderate expansion and China's growth is running at a more sustainable, but still robust, pace. Japan has announced significant new policy initiatives aimed at strengthening demand and ending deflation. The euro area remains in recession. Commodity prices have moderated a little in recent months though they remain high by historical standards.
Financial conditions internationally continue to be very accommodative, with risk spreads reduced, funding conditions for most financial institutions improved and borrowing costs for well-rated corporates and sovereigns exceptionally low.
Growth in Australia was close to trend in 2012 overall, but was a bit below trend in the second half of the year, and this appears to have continued into 2013. Employment has continued to grow but more slowly than the labour force, so that the rate of unemployment has increased a little, though it remains relatively low.
With the peak in the level of resources sector investment likely to occur this year, there is scope for other areas of demand to grow more strongly over the next couple of years. There has been a strengthening in consumption and a modest firming in dwelling investment, and prospects are for some increase in business investment outside the resources sector over the next year. Exports of raw materials are increasing as increased capacity comes on stream. These developments, some of which have been assisted by the reductions in interest rates that began 18 months ago, will all be helpful in sustaining growth.
Recent data on prices confirm that inflation is consistent with the target and, if anything, a little lower than expected. The CPI rose by 2½ per cent over the past year, and measures of underlying inflation gave a broadly similar outcome. These results have been pushed up a little by the impact of the carbon price. Growth of labour costs has moderated slightly over recent quarters while productivity growth appears to be improving. This should help to lessen increases in prices for non-tradables. The Bank's forecast remains that inflation over the next one to two years will be consistent with the target.
Over recent meetings, the Board has noted that interest rates have already been reduced substantially, with borrowing rates approaching previous lows, and that the effects of this on the economy are continuing to emerge. Savers have been changing their portfolios towards assets with higher expected returns, asset values have risen and some interest-sensitive areas of spending have increased.
The exchange rate, on the other hand, has been little changed at a historically high level over the past 18 months, which is unusual given the decline in export prices and interest rates during that time. Moreover, the demand for credit remains, at this point, relatively subdued.
The Board has previously noted that the inflation outlook would afford scope to ease further, should that be necessary to support demand. At today's meeting the Board decided to use some of that scope. It judged that a further decline in the cash rate was appropriate to encourage sustainable growth in the economy, consistent with achieving the inflation target."
Wednesday, May 1, 2013
The Top 100 Richest Post Codes in Perth
The Australian Tax Office today released the average incomes for each post code in Australia. Using their supplied information, we put together the list of Perth post codes ranking them from richest to poorest based on average income. To help you with your geography, we've included the region in case you've never heard of the Perth suburbs Lexia or Stake Hill before.
If you are looking to move into a new post code, find out what your neighbours were earning in the 2010-11 financial year and see where your post code ranks in Perth's richest post codes list. Please also note, not every suburb in Perth is listed here, so please look it up by post code instead.
If you are looking to move into a new post code, find out what your neighbours were earning in the 2010-11 financial year and see where your post code ranks in Perth's richest post codes list. Please also note, not every suburb in Perth is listed here, so please look it up by post code instead.
PC | Local Government | Region | Average Income | |
1 | 6011 | Cottesloe (T) | North Metro | $128,252 |
2 | 6012 | Mosman Park (T) | North Metro | $117,397 |
3 | 6009 | Nedlands (C) | North Metro | $116,819 |
4 | 6015 | Cambridge (T) | North Metro | $114,873 |
5 | 6010 | Claremont (T) | North Metro | $98,694 |
6 | 6008 | Subiaco (C) | North Metro | $85,994 |
7 | 6153 | Melville (C) | South West Metro | $85,974 |
8 | 6159 | Fremantle (C) - Remainder | South West Metro | $83,342 |
9 | 6005 | Perth (C) - Remainder | East Metro | $82,785 |
10 | 6151 | South Perth (C) | South East Metro | $81,066 |
11 | 6050 | Stirling (C) - South-Eastern | East Metro | $78,070 |
12 | 6029 | Stirling (C) - Coastal | North Metro | $77,883 |
13 | 6014 | Cambridge (T) | North Metro | $77,734 |
14 | 6158 | East Fremantle (T) | South West Metro | $75,607 |
15 | 6007 | Cambridge (T) | North Metro | $74,256 |
16 | 6156 | Melville (C) | South West Metro | $73,029 |
17 | 6038 | Wanneroo (C) - North-West | North Metro | $69,798 |
18 | 6090 | Swan (C) | East Metro | $69,332 |
19 | 6020 | Stirling (C) - Coastal | North Metro | $68,450 |
20 | 6154 | Melville (C) | South West Metro | $66,813 |
21 | 6004 | Perth (C) - Remainder | East Metro | $65,441 |
22 | 6006 | Vincent (T) | East Metro | $65,330 |
23 | 6019 | Stirling (C) - Coastal | North Metro | $63,739 |
24 | 6160 | Fremantle (C) - Remainder | South West Metro | $63,732 |
25 | 6018 | Stirling (C) - Coastal | North Metro | $63,654 |
26 | 6157 | Melville (C) | South West Metro | $63,016 |
27 | 6000 | Vincent (T) | East Metro | $62,609 |
28 | 6106 | Canning (C) | South East Metro | $62,576 |
29 | 6173 | Rockingham (C) | South West Metro | $62,522 |
30 | 6148 | Canning (C) | South East Metro | $61,598 |
31 | 6152 | South Perth (C) | South East Metro | $61,311 |
32 | 6023 | Joondalup (C) - South | North Metro | $61,205 |
33 | 6025 | Joondalup (C) - South | North Metro | $60,599 |
34 | 6070 | Mundaring (S) | East Metro | $60,242 |
35 | 6016 | Vincent (T) | North Metro | $60,208 |
36 | 6083 | Swan (C) | East Metro | $59,575 |
37 | 6166 | Cockburn (C) | South West Metro | $59,119 |
38 | 6165 | Kwinana (T) | South West Metro | $58,919 |
39 | 6175 | Rockingham (C) | South West Metro | $58,750 |
40 | 6071 | Mundaring (S) | East Metro | $58,558 |
41 | 6076 | Kalamunda (S) | East Metro | $58,446 |
42 | 6171 | Rockingham (C) | South West Metro | $58,317 |
43 | 6052 | Stirling (C) - South-Eastern | East Metro | $58,134 |
44 | 6028 | Joondalup (C) - North | North Metro | $57,849 |
45 | 6162 | Fremantle (C) - Remainder | South West Metro | $57,775 |
46 | 6021 | Stirling (C) - Central | North Metro | $57,720 |
47 | 6067 | Swan (C) | East Metro | $56,563 |
48 | 6055 | Swan (C) | East Metro | $56,550 |
49 | 6051 | Bayswater (C) | East Metro | $56,339 |
50 | 6149 | Melville (C) | South West Metro | $56,328 |
51 | 6100 | Victoria Park (T) | South East Metro | $56,306 |
52 | 6121 | Serpentine-Jarrahdale (S) | South East Metro | $56,182 |
53 | 6069 | Swan (C) | East Metro | $55,879 |
54 | 6073 | Mundaring (S) | East Metro | $55,707 |
55 | 6026 | Joondalup (C) - South | North Metro | $55,693 |
56 | 6164 | Cockburn (C) | South West Metro | $55,512 |
57 | 6068 | Swan (C) | East Metro | $55,473 |
58 | 6084 | Swan (C) | East Metro | $55,467 |
59 | 6053 | Bayswater (C) | East Metro | $55,146 |
60 | 6081 | Mundaring (S) | East Metro | $55,097 |
61 | 6122 | Serpentine-Jarrahdale (S) | South East Metro | $54,845 |
62 | 6123 | Serpentine-Jarrahdale (S) | South East Metro | $54,795 |
63 | 6150 | Melville (C) | South West Metro | $54,551 |
64 | 6033 | Wanneroo (C) - North-East | North Metro | $54,531 |
65 | 6032 | Wanneroo (C) - North-East | North Metro | $54,511 |
66 | 6101 | Victoria Park (T) | South East Metro | $54,489 |
67 | 6059 | Stirling (C) - Central | North Metro | $54,486 |
68 | 6180 | Lakelands | South West Metro | $54,315 |
69 | 6124 | Serpentine-Jarrahdale (S) | South East Metro | $54,281 |
70 | 6176 | Rockingham (C) | South West Metro | $54,233 |
71 | 6104 | Belmont (C) | South East Metro | $54,097 |
72 | 6155 | Canning (C) | South East Metro | $53,724 |
73 | 6172 | Rockingham (C) | South West Metro | $53,704 |
74 | 6057 | Kalamunda (S) | East Metro | $53,450 |
75 | 6213 | Murray (S) | South West Metro | $53,422 |
76 | 6209 | Furnissdale | South West Metro | $53,317 |
77 | 6074 | Mundaring (S) | East Metro | $53,202 |
78 | 6174 | Rockingham (C) | South West Metro | $52,989 |
79 | 6027 | Joondalup (C) - North | North Metro | $52,928 |
80 | 6065 | Wanneroo (C) - North-East | North Metro | $52,778 |
81 | 6060 | Stirling (C) - Central | North Metro | $52,685 |
82 | 6082 | Mundaring (S) | East Metro | $52,658 |
83 | 6125 | Serpentine-Jarrahdale (S) | South East Metro | $52,489 |
84 | 6210 | Mandurah (C) | South West Metro | $52,482 |
85 | 6207 | Murray (S) | South West Metro | $52,137 |
86 | 6078 | Mariginiup | East Metro | $52,098 |
87 | 6031 | Wanneroo (C) - North-East | North Metro | $52,053 |
88 | 6211 | Dawesville | South West Metro | $52,022 |
89 | 6036 | Wanneroo (C) - North-West | North Metro | $51,866 |
90 | 6103 | Belmont (C) | South East Metro | $51,840 |
91 | 6215 | Waroona (S) | South West Metro | $51,486 |
92 | 6558 | Mundaring (S) | East Metro | $51,441 |
93 | 6163 | Cockburn (C) | South West Metro | $51,432 |
94 | 6169 | Rockingham (C) | South West Metro | $51,342 |
95 | 6170 | Kwinana (T) | South West Metro | $51,341 |
96 | 6072 | Mundaring (S) | East Metro | $51,247 |
97 | 6208 | Murray (S) | South West Metro | $51,174 |
98 | 6030 | Wanneroo (C) - North-West | North Metro | $51,012 |
99 | 6556 | Mundaring (S) | East Metro | $50,616 |
100 | 6056 | Swan (C) | East Metro | $50,290 |
101 |
6037 |
Wanneroo (C) - North-West |
North Metro | $50,133 |
102 | 6111 | Armadale (C) | South East Metro | $50,024 |
103 | 6058 | Kalamunda (S) | East Metro | $49,975 |
104 | 6112 | Armadale (C) | South East Metro | $49,973 |
105 | 6035 | Wanneroo (C) - North-West | North Metro | $49,909 |
106 | 6022 | Stirling (C) - Central | North Metro | $49,888 |
107 | 6168 | Rockingham (C) | South West Metro | $49,632 |
108 | 6024 | Joondalup (C) - South | North Metro | $49,619 |
109 | 6181 | Stake Hill | South West Metro | $49,572 |
110 | 6054 | Bassendean (T) | East Metro | $49,477 |
111 | 6167 | Kwinana (T) | South West Metro | $49,339 |
112 | 6003 | Vincent (T) | East Metro | $48,838 |
113 | 6105 | Belmont (C) | South East Metro | $48,765 |
114 | 6182 | Keralup | South West Metro | $48,576 |
115 | 6017 | Stirling (C) - Central | North Metro | $48,356 |
116 | 6110 | Gosnells (C) | South East Metro | $47,929 |
117 | 6062 | Bayswater (C) | East Metro | $47,919 |
118 | 6161 | Cockburn (C) | South West Metro | $47,792 |
119 | 6214 | Murray (S) | South West Metro | $46,991 |
120 | 6108 | Gosnells (C) | South East Metro | $46,804 |
121 | 6107 | Canning (C) | South East Metro | $46,361 |
122 | 6066 | Swan (C) | East Metro | $46,166 |
123 | 6077 | Gnangara | East Metro | $45,820 |
124 | 6109 | Gosnells (C) | South East Metro | $45,618 |
125 | 6147 | Canning (C) | South East Metro | $44,991 |
126 | 6063 | Swan (C) | East Metro | $44,884 |
127 | 6034 | Wanneroo (C) - North-West | North Metro | $43,071 |
128 | 6102 | Canning (C) | South East Metro | $42,857 |
129 | 6064 | Wanneroo (C) - South | North Metro | $42,531 |
130 | 6061 | Stirling (C) - Central | North Metro | $42,049 |
131 | 6126 | Serpentine-Jarrahdale (S) | South East Metro | $39,024 |
132 | 6079 | Lexia | East Metro | $34,012 |
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