Multiple lenders are offering $3,000 cashback to refinance your home loan

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Thinking about switching your mortgage? 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, 25 lenders in the Mozo database currently have cashback deals on the table for eligible refinancers, including 14 banks that are offering $3,000 or more: AMP, Bank of Melbourne, BankSA, BOQ, BCU, Great Southern Bank, HSBC, ING, ME, MyState Bank, P&N Bank, 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? 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 1.99% p.a. (3.07% p.a. comparison rate*)
  • Make up to $5,000 extra repayments annually

BOQ is laying down a super low 2-year fixed rate of just 1.99% p.a. (3.07% 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 October and settle the loan by 26 November, 2021.

Newcastle Permanent - Special Fixed Rate Home Loan
  • $2,000 cashback
  • 2-year fixed rate of 1.89% p.a. (3.67% 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 1.89% p.a. (3.67% 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 17 December and are funded by 28 February, 2022.

Suncorp - Fixed Home Loan Special Offer
  • $3,000 cashback
  • 2-year fixed rate of 1.89% p.a. (2.85% p.a. comparison rate*)
  • Make extra repayments (free up to $500/month)

Suncorp’s Fixed Home Loan Special Offer not only gives owner occupiers (<80% LVR) the chance to lock in a competitive rate as low as 1.89% p.a. (2.85% p.a. comparison rate*) for a 2-year term, it gives them the chance to pay off their loans faster by way of extra repayments (free up to $500 per month). And while there is a $350 discharge fee, Suncorp is currently reimbursing the usual $375 annual fee for the life of the loan for eligible borrowers with a loan size of $150,000+. But we haven’t even mentioned the cashback! Suncorp is giving $3,000 cashback to eligible refinancers who are willing to make the switch with a loan of $750,000+ (<90% LVR). Applications need to be made by 30 November and settled by 28 February, 2022.

ING - Mortgage Simplifier
  • $3,000 cashback
  • Variable rates from 2.49% p.a (2.52% p.a. comparison rate*)
  • Extra repayments and online redraws

Online bank ING has grown to become one of Australia’s largest lenders and with home loans like the Mortgage Simplifier, it’s not hard to see why. The loan offers competitive variable rates starting from just 2.49% p.a. (2.52% p.a. comparison rate*) for owner occupiers with an <80% LVR, as well as flexible features like extra repayments and an online redraw facility. And while borrowers will need to budget for one-off settlement ($299) and discharge ($250) fees, there are no ongoing fees to worry about. And here’s the kicker. The bank is currently giving eligible refinancers $3,000 cashback when they switch a loan of $500,000+ (max. 80% LVR) to ING. Applications will need to be made by 30 September, 2021 and settled by 31 December, 2021 though.

HSBC - Discounted Home Value Loan
  • $3,288 cashback
  • Variable rate of 2.19% p.a. (2.20% p.a. comparison rate*)
  • Free additional repayments and redraws

Not only does HSBC’s Discounted Home Value Loan feature a competitive variable rate of 2.19% p.a. (2.20% 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 30 September and settle it by 30 November, 2021.

Great Southern Bank - Fixed Rate Loan
  • $3,000 cashback
  • 2-year fixed rate of 1.89% p.a. (4.04% p.a. comparison rate*)
  • Make extra repayments (up to $5k during the fixed period)

Looking to lock your rate in for 1, 2, 3 or 5 years? Great Southern Bank’s (formerly CUA) Fixed Rate Loan may have your name on it. The loan has fixed rates starting as low as 1.89% p.a. (4.04% p.a. comparison rate*) on 2-year terms for owner occupiers with an LVR below 95%. Extra repayments (up to $5,000 during the fixed rate period) and redraws are both allowed, though the loan does come with one-off establishment ($600), settlement ($235) and discharge ($500) fees. How about the cashback deal? Well, eligible refinancers can grab $3,000 when they switch a loan of at least $250,000 (max. 80% LVR) to Great Southern Bank. Plus, the usual $600 establishment fee will also be waived! Refinancers will need to apply before 31 October, 2021 and settle the loan by 31 January, 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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