$3,000 cashback: ING unveils new incentive for home loan refinancers

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Online mortgage lender ING has launched a new cashback scheme for borrowers looking to refinance their home loans.

The bank will provide eligible refinancers with $3,000 cashback if they switch their existing loan from another lender to an ING home loan. Owner occupiers and investors will be able to take advantage of the offer, though there are a few requirements they’ll need to meet:

  • Loan sizes must be $500,000+ with a maximum loan-to-value ratio (LVR) of 80%
  • Applications must be received between July 1 and September 30, 2021
  • Loans must be settled by 31 December, 2021

ING is not the only lender offering a cashback deal though. In fact, as of July 2, 17 lenders in the Mozo database are offering cashback deals between $1,500 and $3,288 to eligible refinancers.

Of course, when it comes to comparing home loans there’s more to think about than just a cashback deal, as rates, fees and other features may all be important factors to consider. 

But if you are thinking about refinancing your home loan and you’d like to see how ING’s deal stacks up against those from other lenders, we’ve wrapped up five other cashback deals that are currently available.

  • $3,000 cashback
  • 1.89% p.a. (3.05% p.a. comparison rate*) 2-year fixed rate
  • Make extra repayments (free up to $5k p.a)

The Bank of Queensland (BOQ) has a red hot cashback deal on offer with its Discount Fixed Rate home loan for eligible borrowers looking to refinance loans of $250,000 or more (<80% LVR). They’ll be able to score $3,000 cashback when they apply before 29 August, 2021 and settle by 26 November, 2021. Aside from the cashback deal, the Discount Fixed Rate loan comes with competitive interest rates starting from as low as 1.89% p.a. (3.05% p.a. comparison rate*) on 2-year fixed terms for owner occupiers, and borrowers will be able to make up to $5,000 in free extra repayments each year. There is a $10 monthly service fee and a few one-off fees to consider though.

  • $3,000 cashback
  • 1.98% p.a. (2.66% p.a. comparison rate*) 2-year fixed rate
  • Extra repayments (up to $10k p.a.)
Find out more

If you’re looking to snag a low fixed rate and some cashback by refinancing your home loan then Virgin Money’s Reward Me Fixed Rate Home Loan could be a great place to start. The loan offers fixed rates from 1.98% p.a. (2.66% p.a. comparison rate*) on 2-year fixed terms for owner occupiers, plus borrowers wanting to pay down their balance faster will be able to make up to $10,000 in extra repayments per year. We’re not forgetting that cashback deal though! Virgin Money will provide eligible refinancers with $3,000 cashback when they apply to refinance a loan of $300,000+ (<80% LVR) by 29 August, 2021 and settle it by 26 November 2021. Just remember, there’s a $10/month service fee among other loan fees.

  • $3,288 cashback
  • Variable rates from 2.19% p.a. (2.20% p.a. comparison rate*) - <70% LVR
  • No ongoing service fee
Find out more

HSBC has laid down a bumper cashback deal with its Home Value Loan, offering $3,288 to eligible refinancers who switch their existing loan of $250,000 or more to HSBC. Applications need to be made before 31 July, 2021 and they need to be settled by 30 September, 2021. The Home Value Loan offers more than just a cashback deal though! It comes with variable rates from just 2.19% p.a. (2.20% p.a. comparison rate*) for owner occupiers with an LVR below 70%, plus it has no ongoing fees and there are handy features like extra repayments and a redraw facility available. Be sure to weigh these features up against the one-off upfront and discharge fees though.

  • $2,000 cashback
  • 1.89% p.a. (3.67% p.a. comparison rate*) 2-year fixed rate
  • Free extra repayments (up to $25k p.a.) and redraws

The Special Fixed Rate Home Loan from customer-owned bank Newcastle Permanent could provide the perfect combo for refinancers looking to lock in a low rate while also scoring some cash back. The loan offers fixed rates from as low as 1.89% p.a. (3.67% p.a. comparison rate*) on 2-year terms for owner occupiers, plus useful features like the ability to make up to $25,000 a year in extra repayments (for free) and the use of a redraw facility. There is a $395 yearly service fee to think about though. Let’s get down to the cashback offer though. Eligible refinancers will receive $2,000 cashback when they apply to switch a loan of $250,000+ (<80% LVR) to Newcastle Permanent before 30 September, 2021 and have that loan funded by 30 November, 2021.

  • $2,000 cashback
  • 1.99% p.a. (2.58% p.a comparison rate*) 3-year fixed rate
  • Offset account, redraw facility and extra repayments
Find out more

There’s a lot to like about the Own Home Loan (Fixed) from neobank 86 400, especially when it comes stacked with useful features, competitive rates and a cashback deal! Borrowers have a number of low fixed rates to choose from, including a 3-year fixed rate of just 1.99% p.a. (2.58% p.a. comparison rate*) for owner occupiers - one of the lower rates for that term in our database. Borrowers will also have plenty of features at their disposal, including an offset account, redraw facility and the ability to make extra repayments, though there is a $250 yearly service fee among other loan fees. 86 400 is also giving eligible refinancers $2,000 cashback when they switch their existing loan over to an 86 400 Own Home Loan. Just remember, there’s a minimum loan size of $250k and applications will need to be received by 30 September, 2021 and settled by 31 November, 2021.

Interested in seeing how the offers above compare against other loans on the market? Head on over to Mozo’s refinance home loans comparison table to view even more loans available to borrowers wanting to make the switch.

* WARNING: This comparison rate applies only to the example or examples given. Different amounts and terms will result in different comparison rates. Costs such as redraw fees or early repayment fees, and cost savings such as fee waivers, are not included in the comparison rate but may influence the cost of the loan. The comparison rate displayed is for a secured loan with monthly principal and interest repayments for $150,000 over 25 years.

** Initial monthly repayment figures are estimates only, based on the advertised rate, loan amount and term entered. Rates, fees and charges and therefore the total cost of the loan may vary depending on your loan amount, loan term, and credit history. Actual repayments will depend on your individual circumstances and interest rate changes.

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