List of Home Loan Refinance Rebates and Cash Backs for 2017-2018


December 19, 2017

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When banks compete, borrowers win. A number of mortgage lenders are offering some attractive home loan refinance rebates and cash back offers right now. If you were already thinking about refinancing to get a better deal on your mortgage or to take advantage of the features of a different home loan, now may be an even better time to make the switch.

Take a look at these mortgage rebate offers on various loan products. With typical refinancing costs hovering between $1,000 and $2,000, a cash back offer may make it that much easier to save by refinancing.

Current Refinancing Cash Back Offers

St. George Bank

St. George Advantage Package Home Loan

  • $1,500 cash back
  • Minimum loan amount of $250k
  • Annual package fee of $395
  • Current customers of the Westpac Group are not eligible

 

Westpac

Westpac Premier Advantage Package

  • $1,250 cash back
  • Minimum loan amount of $150k
  • Annual package fee of $395
  • Current customers of the Westpac Group are not eligible

 

Bank SA

Bank SA Advantage Package Home Loan

  • $1,500 cash back
  • Minimum loan amount of $200k
  • Annual package fee of $395
  • Excludes portfolio loans
  • Current Westpac Group customers are not eligible

 

NAB

NAB Home Loan

  • 350,000 NAB reward points
  • Minimum loan amount of $250k
  • Must apply and be approved by 31 December 2017 and draw down the loan by 31 March 2018
  • Available for all NAB mortgage products, excluding NAB HomePlus, NAB Peak Performance, lines of credit loans and portfolio loans
  • Current customers of UBank, Advantedge and NAB are not eligible

 

Bank of Melbourne

Bank of Melbourne Advantage Package Home Loan

  • $1,500 cash back
  • Minimum loan amount of $250k
  • Annual package fee of $395
  • Excludes Westpac Group customers and portfolio loans

How Cash Back Offers Work

Refinancing rebates and cash back deals are relatively straightforward. As long as you are eligible, you can apply for the specific loan product. When the loan settles, you’ll receive money back from your lender. These offers are always time sensitive. You’ll have to apply for the loan – and in some cases have the loan settled – before the offer ends. If you are considering a particular loan product and rebate offer, be sure to act quickly. Also, double check on eligibility dates and requirements. Sometimes there are subtle requirements like having a transaction account with the lender.

Also, once your loan settles, keep a look out for your rebate. Generally, the money is deposited by an automated system, which means no one at your financial institution may be watching to make sure you get paid. It usually takes between one and two months to receive the money in your linked transaction account.

What to Look for in Refinancing Rebates

Cash back can help you save money initially. However, it’s still important to weigh your options carefully. The money you get back with a rebate may not be worth it if you have to pay more in fees or lose out by sacrificing cost-saving loan features. Here are the factors you should keep in mind before being lured into an attractive offer:

  • Will you pay more in ongoing maintenance fees with your new loan?
  • Are you losing features, like an offset account or free early repayments?
  • Does your new lender have a track record of raising rates frequently or out of line with other lenders?
  • What are the fees for switching to your new loan?
  • Could you get a better deal, such as a lower rate, by refinancing with a different lender or even with your current bank?

Here’s the good news – if you go through this list of questions and still feel confident on your new home loan, that cash back refinancing offer may just be the icing on the cake for you. It’s not unusual for special rebates to be just what they appear to be – a great deal! But they don’t last forever. You’ll only see refinancing rebates when competition in the market heats up and lenders are more willing to make a mortgage refinance refreshingly affordable.

If you miss a great rebate, you can still get a great deal by changing loans. The amount of money you could save with a lower rate or cost-saving features can be just as worthwhile, if not more so, than a special offer.


Written by Refinancing.com.au

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