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

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, 22 lenders in the Mozo database currently have cashback deals on the table for eligible refinancers, including four banks that are offering $3,000 or more: Bank of Queensland ($3,000), Citi ($3,000), HSBC ($3,288) and Virgin Money ($3,000).

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 four competitive refinance offers below.

CASHBACK HOME LOANS

  • $3,000 cashback
  • 3-year fixed rate of 2.04% (2.73% comparison rate*)
  • Free extra repayments available

Interested in fixing your rate? Virgin Money is giving owner occupiers the chance to lock in a 3-year fixed rate of 2.04% (2.73% comparison rate*) with the Reward Me Fixed Rate Home Loan. Borrowers can make free extra repayments (up to $10k p.a.) towards their loan balance, though they will need to consider a number of fees including the $10 monthly service fee. Eligible new customers looking to refinance at least $300,000 (max. 80% LVR) will also receive $3,000 cashback when they apply by 26 February and settle the loan by 28 May, 2021.

  • $2,000 cashback
  • 4-year fixed rate of 1.99% (3.45% 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 can lock in a 4-year fixed rate of 1.99% (3.45% comparison rate) and make use of extra repayments 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 and are funded by 31 May, 2021.

  • $3,000 cashback
  • 4-year fixed rate of 1.99% (2.90% comparison rate*)
  • Make up to $5,000 extra repayments annually

BOQ is laying down one of the lowest 4-year fixed rates around at just 1.99% (2.90% comparison rate*) for owner occupiers. 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 26 February and settle the loan by 28 May, 2021.

  • $3,288 cashback
  • 2-year fixed rate of 1.88% (2.86% comparison rate*)
  • Free additional repayments (up to $10k/year)

Last, but certainly not least, is HSBC’s Fixed Rate Home Loan. Not only does the loan feature a competitive 2-year fixed rate of 1.88% (2.86% comparison rate*), it gives borrowers the chance to pay off their loan faster via extra repayments (up to $10k per year). Just remember to weigh up the $390 yearly service fee. 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 (max. 80% LVR)  or more by 30 April and settle it by 30 June, 2021.

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.

*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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