Aussies looking to save money on their home loan and earn thousands of dollars cashback into the bargain have been rushing to snap up the generous refinance cashback offers available with Commonwealth Bank, Bank of Queensland and Suncorp this month.
CommBank's $2,000 cashback offer is proving particularly popular with refinancers keen to take advantage of its competitive new Fixed Rate Home Loan and lock in at a low 2.29% for 2 years (3.99% comparison rate*).
Bank of Queensland is also in hot demand with refinancers right now, with an equally competitive 2 year fixed rate and an even more generous cashback offer of $2,500.
To take advantage of these deals, borrowers will need to be quick and get their applications in before these limited time offers end. Read on for the Mozo Expert rundown on these three refinance cashback deals and see how much you could save by switching.
$2,000 REFINANCE CASHBACK
Commonwealth Bank Fixed Rate
2.29% fixed rate for 2 years (3.99% comparison rate*)
2,000 cashback bonus for refinancers
No establishment or ongoing fees
This competitive fixed home loan from Commonwealth Bank ticks all the boxes for borrowers looking to save money on their home loan and enjoy peace of mind over their mortgage repayments. Not only do you get the security of an ultra low fixed rate for 2 years, there are no establishment or ongoing fees to pay and refinancers can reap the rewards of a $2,000 cashback simply by applying before 3 August and having your loan funded by 3 October 2020. Minimum refinance amount $250,000.
$2,500 CASHBACK SPECIAL
Bank of Queensland Discount Fixed Rate
2.29% fixed rate for 2 years (3.52% comparison rate*)
Free extra repayments up to $5,000 per year
$2,500 refinance cashback
If you like the sound of a fixed loan that lets you lock in an ultra low rate while still having the flexibility to pay down your mortgage faster by being able to make free extra repayments of up to $5,000 a year, then this cracking offer from BOQ could be for you. Plus, you can enjoy a generous $2,500 cashback when you refinance your home loan to BOQ. Minimum loan size $250,000, 70% LVR or less. Apply before 15 August.
$2,000 CASHBACK BONUS
Suncorp Fixed Home Loan Special Offer
2.29% fixed rate for 2 years (3.32% comparison rate*)
Suncorp is a favourite with borrowers looking to find value outside of the big four banks, and for good reason. With this Fixed Home Loan Special Offer, you can enjoy one of the lowest 2 year fixed rates on the market with no loan establishment fees and the flexibility to make free extra repayments of up to $500 a month. Plus for a limited time, Suncorp is offering a $2,000 cash bonus when you refinance an eligible home loan of $250,000 or more.
*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.