A mortgage broker can help you navigate the benefits of refinancing your home loan. You can refinance with cash back offers available from most of the banks, but time is running out.
You might have seen an advert here or there about banks trying to entice you with refinance cashback offers? If you’re trying to work out what the real cost is for them providing that cash back home loan offer and is it really worth it…? Read on, we’ve got all you need to know about refinance cash back offers.
Before we explore what a refinance cashback offer is, let’s take a look at who is currently providing cashback home loans and whether they’ll be around for ever.
Which banks have refinance cashback offers
Unfortunately the time to complete a refinance cashback offer with some banks has already finished. Let’s look at each of the big banks.
The Commonwealth Bank finished theirs on the 31st of May 2023, which was only a $2,000 refinance cashback offer.
The National Australia Bank has announced their refinance cashback offer of $2,000 will end on the 30th of June 2023.
Westpac Bank are still offering their refinance cashback offer of up to $3,500 subject to criteria on applications made on or before 30th of June 2023 for settlements occurring on or before 30 September 2023.
ANZ Bank are still offering their refinance cashback offer of up to $4,000 with no end date advertised as yet.
Other smaller banks are also offering refinance cashback offers so it is a good idea to talk to a mortgage broker to ensure you get the right deal for you.
What is a refinance cashback offer?
This is a lump sum cashback offer that a lender provides you to entice you from your current lender, to them. They are a good incentive to move and often you’ll also be offered a lower introductory interest rate to seal the deal!
Value of refinance cashback offers
Generally a lender will offer up to $4,000 refinance cash back. This is a reasonable sum of money and can usually be used to pay for anything you would like. It’s a great way to finish furnishing your house, or doing a minor upgrade to your property courtesy of the bank! With the cost of living pressures we’re all feeling, it’s another good way to ensure there’s a bit of cash in the bank. There are terms and conditions though so read on to make sure you qualify.
Eligibility for refinance cashback offers
To qualify for cashback home loans offer you must meet the eligibility requirements of the specific lender. As a general rule, below are the eligibility criteria:
- You must be a new customer,
- The amount you refinance with cash back is usually upward of $250,000, and
- You must have a loan to value ratio (LVR) of less than 80% (this means your loan is not more than 80% or above of the value of your home).
What you need to do know
If you want to refinance with cash back, you will need to act fast. These offers are for a limited time and provide a great opportunity to receive a cash back on your home loan without it costing you anything. Speak to a mortgage broker to receive advice on the actual costs to you in your circumstances.
Looking for a Mortgage Broker?
One Click Life is a mortgage broker that can help you select the right lender that provides cash back home loans to suit your needs. We have a team of qualified mortgage professionals to help you choose the right mortgage commencing with a simple home loan application process. One Click Life can also take care of your Taxes, Will, and Health Insurance, so you can enjoy the more important things in life. One Click Life creates simple financial products for you. One Click Life, is Life made simple!