May 25, 2017
Want to pay off your loan faster with a better rate? Need to access low interest credit for renovating, investment, a build, or to help you pay off other high interest debt? Refinancing could help you get more out of your mortgage – which is why many borrowers opt to refinance every three to five years.
When banks try to compete for your business, you can benefit even more. Currently, Westpac is one of the banks with a cashback offer, if you switch to them when you refinance. Apply for a refinancing package with Westpac, meet the eligibility requirements and you could enjoy $1,250 cashback, making it that much easier to pay off your home loan faster.
In order to receive the $1,250 rebate, you’ll have to refinance to Westpac’s Premier Advantage Package home loan. This package does come with a $395 annual fee, however you’ll enjoy a few perks for packaging your financial accounts with Westpac. If used correctly, these advantages balance out the annual fee. You won’t have to pay establishment fees and there are zero monthly service fees on your account, as long as your loan package is linked with your transaction account.
The minimum loan amount required is $150,000. Unless you’ve already paid down most of your mortgage, you can refinance your balance with Westpac and enjoy the cashback offer. Only one rebate is available for each property even if multiple loans are involved. Your money will be deposited in your transaction account two months after the loan is settled. Once it has been deposited, you can withdraw the rebate whenever you want.
If your mortgage is already with a lender within the Westpac Group, you won’t be eligible for the rebate. Bank of Melbourne, BankSA, RAMS, and St. George are all within the Westpac structure. You can still refinance with one of these sister banks, you simply won’t be offered the cashback.
The Westpac refinance campaign is designed for residential property lending. While the offer won’t be available forever, right now the bank hasn’t set a final date for submitting your application.
Westpac’s Rocket Repay loan packages are designed to help you pay off your loan faster. When you package your loan with your other accounts, you can take advantage of great features to make repayment that much easier such as discounts, no annual card fees with your Westpac credit card, and no loan maintenance fees. You can also enjoy discounts on insurance products.
Refinancing has a lot of advantages. You may be able to get a lower rate, secure a better payment term, and take advantage of features that your current loan product may not offer. Also, if you’ve built up enough equity in your loan, you may not have to pay lender’s mortgage insurance.
Still, it’s not always time to refinance, even with a cashback rebate offer. If you currently are paying off a fixed rate loan or if you have only been paying down your mortgage for a year or two, you may save more if you wait to refinance.
Make sure you weigh your options to determine if now’s a good time for starting an application. Then, shop around, do your research, and get the best refinanced mortgage product for you.
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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