As the property market loses steam and lenders look for ways to boost their mortgage books, some of the nation's top home lenders are fighting it out with generous cashback offers and discounted rates to entice home loan refinancers looking for savings.
Some of the top home loan cashback deals available right now include CommBank's $2,000 cashback for refinancers, Bank of Queensland's $2,500 cashback and Suncorp's $2,000 cash bonus. With attractively low fixed interest rates on offer as well as the generous upfront cashback, these limited time only deals are proving popular with borrowers looking to save money on their home loan and earn cashback into the bargain.
To help you cash in on the savings, the Mozo Editors have rounded up the details on these deals plus some of the other top home loan specials on the market right now.
COMMBANK $2,000 CASHBACK
Commonwealth Bank Fixed Rate
$2,000 cashback on eligible refinanced loans of $250K+
2.29% fixed rate for 2 years (3.99% comparison rate*)
No establishment or ongoing fees
Proving that big banks can deliver competitive value, Commonwealth Bank is tempting home loan refinancers with a special discounted 2 year fixed rate and a generous $2,000 cash reward for switching. What's more, you'll pay $0 establishment fees or ongoing service fees. To take advantage of this limited time offer, you just need to refinance an eligible home loan of $250,000 or more by 3 August 2020 and be funded by 3 October. (T&Cs apply).
SUNCORP $2,000 CASH BONUS
Suncorp Fixed Home Loan Special Offer
2.29% fixed rate for 2 years (3.32% comparison rate*)
Suncorp is delivering real value here with one of the lowest fixed rates in the Mozo database plus a $2,000 cash bonus when you take out a loan of $250,000 or more (T&Cs apply). Not only will you get peace of mind over your mortgage repayments for 2 years, you can also choose to make extra repayments of up to $500 a month to pay down your loan faster. Oh, and did we mention there's $0 loan establishment fee? Be quick, as this offer is available for a limited time only.
Popular online lender UBank knows how to do value, and this discounted variable rate offer is no exception. With one of the lowest variable rates in the Mozo database, plus $0 application or ongoing fees, this is a great budget-friendly home loan for refinancers that comes with the security of being backed by NAB. It's available for loans of $200,000 plus with a minimum deposit or 20% or more, and you can choose monthly, fortnightly or weekly repayments to suit your budget.
BOQ REFINANCE CASHBACK
Bank of Queensland Discount Fixed Rate
$2,500 refinance cashback
2.29% fixed rate for 2 years (3.52% comparison rate*)
Free extra repayments up to $5,000 per year
The beauty of this super competitive fixed rate home loan from Bank of Queensland is that you can lock in an ultra low rate for 2 years without missing out on the added benefit of making free extra repayments to cut down your interest. Plus, for a limited time Bank of Queensland is offering a generous $2,500 cashback when you refinance an eligible home loan. This one's available for loans from $250,000, with a minimum deposit of 30%. Apply before 15 August.
*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 the amount and term you entered.
**Initial monthly repayment figures are estimates only, based on the advertised rate, and a loan of $500,000 repaid over 25 years. 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.