Multiple lenders are offering $3,000 cashback to refinance your home loan
Thinking about switching your mortgage in 2022? You might not know it, but refinancers are in high demand, with lenders throwing everything at eligible borrowers looking to switch to a new home loan.
We’re not just talking about some of the seriously competitive interest rates around right now either, because a host of lenders are also offering extra incentives like cashback offers.
In fact, 27 banks and other lenders in the Mozo database currently have cashback deals on the table for eligible refinancers, many of which are offering $3,000 or more including: AMP, BOQ, Great Southern Bank, HSBC, ING, ME, St.George, Suncorp, Virgin Money and Westpac.
And hey, who’s to say you can’t grab a great rate as well as a cashback deal while you’re at it? So to help you start comparing we’ve wrapped up some competitive refinance offers below.
CASHBACK HOME LOANS
BOQ - Discount Fixed Rate
- $3,000 cashback
- 2-year fixed rate of 2.59% p.a. (3.17% p.a. comparison rate*)
- Make up to $5,000 extra repayments annually
BOQ is laying down a competitive 2-year fixed rate of just 2.59% p.a. (3.17% p.a. comparison rate*) for owner occupiers with an LVR below 80%. The Discount Fixed Rate also gives borrowers the option of making up to $5,000 in extra repayments per year, though there are a number of fees involved including a $10 monthly service fee. How about the cashback deal? Borrowers can receive $3,000 cashback when they refinance a loan of at least $250,000 (max. 80% LVR) with BOQ when they apply before 31 January, 2022 and settle the loan by 29 April, 2022.
Newcastle Permanent - Special Fixed Rate Home Loan
- $2,000 cashback
- 2-year fixed rate of 2.54% p.a. (3.78% p.a. comparison rate*)
- Extra repayments and redraw facility
A low rate and handy features? That’s what’s on offer with Newcastle Permanent’s Special Fixed Rate Home Loan. While there is a $395 yearly service fee, owner occupiers with an LVR below 80% can lock in a 2-year fixed rate of 2.54% p.a. (3.78% p.a. comparison rate*) and make use of extra repayments (free up to $25k p.a.) and a redraw facility. Plus refinancers can even score some extra cash! Newcastle Permanent is giving $2,000 cashback when you refinance a home loan of $250,000 or more (max. 80% LVR) from another institution, as long as you apply by 31 March, 2022, and are funded by 31 May, 2022.
Suncorp - Back to Basics Special
- $3,000 solar cashback offer (conditions apply)
- Low variable rates from 1.99% p.a. (2.00% p.a. comparison rate*)
- Extra repayments and redraws allowed
Like the idea of a low rate, handy features and few fees? Well, get acquainted with the Back to Basics loan from Suncorp. To grab the sharpest rate of 1.99% p.a. (2.00% p.a. comparison rate*) you’ll need to be an owner occupier with an <70% LVR, but there are also competitive rates at other LVR tiers. Borrowers will be able to make the most of features like extra repayments, redraws and a split rate option, but there’s no offset account available. There are also no upfront or ongoing fees, though there is a $350 discharge fee. How about that cashback offer? Suncorp's offering homeowners with an eligible solar power system $3,000 cashback to refinance their existing loan of $500k+ (<90% LVR). Applications will need to be in by April 29, 2022 and loans settled by July 29, 2022.
Great Southern Bank - Basic Variable
- $3,000 cashback
- Variable rates from 2.19% p.a. (2.24% p.a. comparison rate*)
- Make extra repayments and redraws
Featuring competitive rates starting from 2.19% p.a. (2.24% p.a. comparison rate*) for owner occupiers with an LVR below 80%, the Basic Variable loan from Great Southern Bank (formerly CUA) offers borrowers plenty of flexibility. Mortgage holders will be able to make extra repayments towards their loan (for free) and dip into them whenever they need via the redraw facility. While there are settlement ($235) and discharge ($500) fees to consider, Great Southern Bank is currently waiving the usual $500 establishment fee for eligible applicants who apply for a loan online. And before we forget, Great Southern Bank also has a limited-time cashback offer! Eligible refinancers will receive $3,000 cashback when they refinance a loan of $250,000 or more (max. 80% LVR) before 31 January, 2022 and settle the loan before 30 April, 2022.
HSBC - Discounted Home Value Loan
- $3,288 cashback
- Variable rate of 1.97% p.a. (1.98% p.a. comparison rate*)
- Free additional repayments and redraws
Not only does HSBC’s Discounted Home Value Loan feature a super sharp variable rate of 1.97% p.a. (1.98% p.a. comparison rate*) for owner occupiers with an LVR below 70%, it gives borrowers access to flexible features like extra repayments and redraws. Just remember, there are one-off settlement and discharge fees to weigh up though. HSBC also has a limited time cashback offer: eligible borrowers will receive $3,288 cashback when they apply to refinance a loan of $250,000 or more by 31 March, 2022 and settle it by 31 May, 2022.
To compare even more offers available to refinancers, as well as other types of borrowers, head on over to the Mozo home loan comparison hub.
* 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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