May 23, 2017
Sydney-based St. George Bank is another Australian lender which has announced a hefty rebate offer for new borrowers who refinance. Available only to those who currently have a mortgage with a competing lender and want to refinance, St. George is handing out $1,500 to eligible applicants.
Is this an offer you could benefit from? Learn about the details of this refinancing rebate to see if you may want to apply.
St. George is trying to attract customers from other banks, so you won’t be eligible for the rebate if your current mortgage is already with St. George. Having merged with the Westpac Banking Corporation in 2008, St. George is connected to several other lenders in the Australian market. Therefore, the rebate isn’t available if you are currently borrowing from one of these banks:
- Bank of Melbourne
The $1,500 rebate offer is for loan in the St. George’s Advantage Package. This is the bank’s all-in-one financial package, allowing borrowers to save by bundling their home loan, credit card, and transaction account together for a simple annual fee of $395.
You still get to choose which financial products you want to apply for. With the Advantage Package, you can choose from a range of St. George home loans, credit card offers, and transaction accounts.
You also need:
- To borrow more than $250,000.
- Have your transaction account linked to the refinanced home loan by the settlement date.
- Keep the linked transaction account open for at least 60 days.
The cashback will then be deposited directly into the transaction account.
This is a limited time offer so you’ll have to act quickly if you want to get the rebate. Your application must be submitted on or before Wednesday 31 May 2017. A decision will be reached by Monday 31 July.
What if you weren’t planning on refinancing? Is it a good idea to do it now to take advantage of the rebate, even if you weren’t ready? What if you’ve only been paying your home loan down for a couple of years – is refinancing worth it?
There are quite a few factors you’ll want to look at to determine if the $1,500 is worth it. First, check to see if you’ll have to pay your bank any fees for leaving your current deal, and then factor that into your decision. If you are paying off a fixed rate mortgage right now, it’s probably a good idea to sit tight. You could end up with extra fees just for leaving your fixed rate agreement.
On the other hand, if you had already been planning on refinancing in order to help you cover the costs of a renovation or investment, or to save with a line of credit at your low home loan rate, then a rebate offer may be the icing on the cake. You’ll benefit by refinancing and you’ll enjoy the extra cash in your pocket once it is deposited into your transaction account.
Be sure to explore all your options. There are several banks with great rebates right now. Also, as useful as a cash rebate may be, don’t let it distract you. Choosing a loan with a competitive rate, low fees, and the right features is your priority.
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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