NAB offers $2,000 cashback for mortgage refinancers
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:
- NAB Base Variable Rate Home Loan
- NAB Tailored Home Loan
- NAB Tailored Home Loan (Fixed)
- NAB Tailored Home Loan (Choice Package)
- NAB Tailored Home Loan (Fixed, Choice Package)
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
- 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
- $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
- $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
| Lender | Loans | Cashback Offer |
| CommBank | Extra Home Loan Extra Home Loan - 2 Year Introductory Rate Standard Variable Rate Standard Variable Rate (Wealth Package) | $2K (loan over $250,000) |
| NAB | Base 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) |
| Westpac | Flexi First Option Home Loan Flexi First Option Home Loan Special Offer Rocket Repay Home Loan (Premier Advantage Package) | $2K (loan over $250,000) |
| St George | Basic Home Loan Basic Home Loan Special Offer Variable Home Loan | $2K (loan over $250,000) |
| BankSA | Basic Home Loan Basic Home Loan Special Offer Variable Home Loan | $2K (loan over $250,000) |
| Bank of Melbourne | Basic Home Loan Basic Home Loan Special Offer Variable Home Loan | $2K (loan over $250,000) |
| Bank of Queensland | 2 Year Intro Rate Variable Home Loan Clear Path Variable Home Loan | $2.5K (loan over $250,000) |
| Suncorp | Suncorp Back to Basics Home Loan Suncorp Fixed Home Loan (Home Loan Package Plus) | $2K (loan over $250,000) $3K (loan over $750,000) |
| MyState Bank | Basic Variable Home Loan First Home Loan Deposit Scheme Variable Rate Special Residential Home Loan Standard Variable Home Loan | $2K (loan over $250,000) |
| Newcastle Permanent | Discounted 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 Union | 1, 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 Star | Star Essentials Home Loan | $1.5K (loan over $250,000) |
New Borrowers
| Lender | Loan | Cashback offer |
| Virgin Money | Reward Me Variable Rate Home Loan | $2.5K (loan over $300,000) |
| 86 400 | Own Home Loan | $2K (loan over $250,000) |
| Credit Union SA | Discounted Home Loan Discounted Home Loan Special Offer Variable Rate Home Loan Variable Rate Home Loan (Package) | $2.5K (loan over $250,000) |
| Illawarra Credit Union | Bare Essentials First Home Owners Special Offer | $2K (for eligible first home buyers) |
| Police Bank | First 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 Loans | Super 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. You can change the loan amount and term in the input boxes at the top of this table. 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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