May 18, 2017
Have you been thinking of refinancing? It’s always a good idea to keep your eye out for refinance rebate offers, especially as the market begins to slow. Just recently, new borrowers became entitled to a $1,500 cashback offer from National Australia Bank.
Earlier this year, NAB, one of the big four banks, rolled out an amazing deal for new customers. To be eligible, applications must have been submitted by 28 February 2017, and your home loan must have been drawn down by the end of May.
NAB is trying to lure in new customers, as are other banks, as lenders compete for the strongest market share. This is excellent news if you are in the market to refinance your home loan. NAB’s offer was extended to current homeowners who switch to the bank when they refinance, and to first-time buyers.
This is one of NAB’s best rebate offers. Last year, the bank offered 250,000 frequent flyer points to new home loan customers for opening a bank account at the same time as getting a loan. Cashback is always a favourite amongst borrowers. With cash in hand, you can use the money to cover some of the costs of refinancing, such as your application fee, save it for a rainy day, or put the money towards next month’s mortgage repayment.
This offer was not available to current customers of NAB. Instead, successful applicants had to switch to NAB from another lender. When you decide to refinance, you’ll have to choose between sticking with your current lender and applying with another bank.
Of course, your bank will want you to stay with them when you refinance your home loan and may even be willing to offer you a great deal to keep your mortgage with them. While NAB’s $1,500 cashback rebate would have made the process of switching more appealing, it’s always wise to check with your current lender first to see if you can refinance and get the new home loan you’re looking for. You may end up better off.
Also, make sure you look over your current mortgage agreement so you know what you’ll have to pay to leave. Some banks include mortgage discharge fees and other expenses, such as break costs if you have a fixed rate loan, on top of any new application fees and stamp duty.
To qualify for the NAB rebate, borrowers also had to apply for an NAB credit card and a NAB transaction account. Many banks require that you apply for a certain bundle of products in order to receive a rebate.
This is simply a way of moving your financial needs over to your chosen lender. Just be sure to read all the fine print to make sure you’re comfortable meeting all the requirements and can actually get your rebate!
If you missed NAB’s cashback offer for new borrowers, don’t worry. Steve Kane, NAB General Manager of Broker Distribution, hints at more rebates in the future. We look forward to launching more initiatives throughout the year.
Also, plenty of lenders, including other big four banks, are using creative means to entice new customers. Be sure to shop around and factor in the benefits of any rebate offers when you choose where to refinance your home loan. It can definitely pay off!
Terms, conditions and lending criteria applies.
Written by Refinancing.com.au
Refinancing.com.au is an end-to-end service that helps people refinance their home loan. We empower you to search for your home loan, and choose the process that suits you.
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