NAB offers $2,000 cashback for mortgage refinancers

By Polly Fleeting ·
man holding cashback received from home loan

Overnight, major bank NAB launched a $2,000 cashback offer for refinancers across a range of its home loan products. 

For customers looking to refinance before 31 January 2021, the cashback is available on the following loans: 

It’s important to note that you must be refinancing a mortgage of at least $250,000 from a lender other than NAB, UBank, Medfin or Advantage home loans. Plus, this cashback offer is not available for First Home Loan Deposit Scheme home loans. 

NAB joins the cashback crew 

Like NAB, there are a whole bunch of home loan lenders offering cashback at the moment.

In fact, according to the Mozo database, 18 providers offer these sorts of deals - including three of the big four banks. 

Here are some options that might be what you’re looking for:

Cashback offers for home loan refinancers

Suncorp Back to Basics Home Loan
Promoted
  • Up to $3,000 cashback for refinancers (conditions apply)
  • 2.68% variable rate (2.69% comparison rate*)
  • Free extra repayments

If you’re a refinancer looking to get a little cashback for making the switch, say hello to the Suncorp Back to Basics Home Loan. For customers refinancing from another lender (other than Suncorp) they could be eligible for a cashback offer - $2,000 for loans at least $250,000 or $3,000 for loans at least $750,000. Just remember, you must have an LVR less than 90% to be considered. Plus you must apply by 30 September 2020 and be settled by 29 December 2020.

Newcastle Permanent Real Deal Home Loan
Promoted
  • $2,000 cashback for refinancers (conditions apply)
  • 2.59% variable rate (2.63% comparison rate*)
  • Free extra repayments

Looking for a variable rate home loan with a cashback offer? The Newcastle Permanent Real Deal Home Loan might be the one for you. This loan comes with a low 2.59% variable rate (2.63% comparison rate*) and fee extra repayments. It also has a juicy $2,000 cashback offer attached to it too. There are a few conditions though. You must be a refinancer making the switch from another lender, have a minimum loan amount of $250,000 and an LVR less than 80%. Don’t forget, you must apply by 30 November 2020.

Homestar Star Essentials Home Loan
Promoted
  • $1,500 cashback offer for refinancers (conditions apply)
  • 2.29% variable rate (2.32% comparison rate*)
  • Free extra repayments and redraw facility

Homestar’s Star Essentials Home Loan could be the perfect option for a refinancer looking to get a little cash back into their pocket. Not only does this loan come with a competitive 2.29% variable rate (2.32% comparison rate*) it also has handy features like free extra repayments and a redraw facility. But what really takes the cake is the cashback offer for refinancers. Customers making the switch can receive up to $1,500 cashback or upfront fees waived on purchases. However, this deal doesn’t last forever. Customers must apply by 30 September 2020 and be settled by 31 December 2020 to be eligible.

Who else offers cashback on their home loans? 

As mentioned, there are more than a handful of lenders that offer cashback offers. 

Here’s a breakdown of where you can find these deals, for both refinancers and new borrowers. 

Refinancers

LenderLoansCashback Offer
CommBankExtra Home Loan 

Extra Home Loan - 2 Year Introductory Rate 

Standard Variable Rate 

Standard Variable Rate (Wealth Package)
$2K (loan over $250,000)
NABBase Variable Rate Home Loan 

Base Variable Rate Home Loan Special Offer 

Tailored Home Loan Variable & Fixed 

Tailored Home Loan Variable & Fixed (Choice Package)
$2K (loan over $250,000)
WestpacFlexi First Option Home Loan 

Flexi First Option Home Loan Special Offer 

Rocket Repay Home Loan (Premier Advantage Package)
$2K (loan over $250,000)
St GeorgeBasic Home Loan 

Basic Home Loan Special Offer

Variable Home Loan
$2K (loan over $250,000)
BankSABasic Home Loan 

Basic Home Loan Special Offer

Variable Home Loan
$2K (loan over $250,000)
Bank of MelbourneBasic Home Loan 

Basic Home Loan Special Offer

Variable Home Loan
$2K (loan over $250,000)
Bank of Queensland2 Year Intro Rate Variable Home Loan 

Clear Path Variable Home Loan
$2.5K (loan over $250,000)
SuncorpSuncorp Back to Basics Home Loan

Suncorp Fixed Home Loan (Home Loan Package Plus)
$2K (loan over $250,000)

$3K (loan over $750,000)
MyState BankBasic Variable Home Loan 

First Home Loan Deposit Scheme Variable Rate

Special Residential Home Loan

Standard Variable Home Loan
$2K (loan over $250,000)
Newcastle PermanentDiscounted Real Deal Home Loan

Discounted Variable Home Loan (Premium Plus Package)

Premium Variable Home Loan 

Real Options Home Loan 

Special Real Deal Home Loan

Variable Home Loan (Premium Plus Package)
$2K (loan over $250,000)
Orange Credit Union1, 2 and 3 Year Discounted Variable Rate Home Loan

Base Rate Variable Home Loan

Essential Low Rate Variable Home Loan

Standard Variable Rate Home Loan
$2K (loans over $300,000)
Home StarStar Essentials Home Loan$1.5K (loan over $250,000)

New Borrowers

LenderLoanCashback offer
Virgin MoneyReward Me Variable Rate Home Loan$2.5K (loan over $300,000)
86 400Own Home Loan$2K (loan over $250,000)
Credit Union SADiscounted Home Loan

Discounted Home Loan Special Offer 

Variable Rate Home Loan

Variable Rate Home Loan (Package)
$2.5K (loan over $250,000)
Illawarra Credit UnionBare Essentials First Home Owners Special Offer$2K (for eligible first home buyers)
Police BankFirst Home Loan Variable 

Goldrate Home Loan 

Goldrate Home Loan Special Offer 

Police Value Home Loan
$1.5K (+$500 for police) 

(Loans over $150,000)
Reduce Home LoansSuper Saver Cashback Variable$1K - $10K (loan over $250,000)

IMPORTANT NOTE: Each of the abovementioned cashback offers have their own loan requirements for either refinancers or new customers. Ensure you meet the eligibility criteria before signing up. 

Want to check out more mortgage options? Jump over to our home loan comparison page for more lenders.

*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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