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Commonwealth Bank $1,250 Home Loan Refinance Cashback Offer

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Commonwealth Bank $1,250 Home Loan Refinance Cashback Offer
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CapeFin on 02/05/2016 - 14:05 commbank.com.au (474 clicks)

From Sunday 1st May to Sunday 31st July 2016 Commonwealth Bank are offering a new Refinance Cashback of $1,250 to customers who refinance their Home / Investment Home Loan or Line of Credit from another financial institution to CommBank.

This is an extension of their previous $1,500 refinance offer.

Eligibility
► Minimum refinancing loan amount of $250,000
► Loan funding by 11:59PM AEST Friday 30 September 2016
► Customers must hold a Commonwealth Bank Transaction Account, Savings Account, or Viridian Line of Credit to receive this cashback
► The offer is available for any OFI Home/Investment Home Loan or Line of Credit, as long as the customer meets all eligibility criteria
► Refinancing of existing Commonwealth Bank Home / Investment Home Loans and Lines of Credit are ineligible for this offer
► Only one Cashback per entity is payable (irrespective of the number of applications).

Payment
► We will make the Refinance Cashback payment centrally after we validate the customer’s eligibility, if you have selected refinance as the loan purpose
► The Refinance Cashback of $1,250 will be paid into the customer’s nominated Commonwealth Bank Transaction Account, Savings Account, or Viridian Line of Credit within two weeks of the loan funding

For additional discounted pricing requests please send me a PM or an email to [email protected] and I can request a discounted interest rate on your behalf.

NB: Perth based mortgage broker here, happy to assist with your refinance (free of charge) Australia wide or you can go direct to CBA for this offer.
Authorised credit representative 478455 of Connective Credit Services Pty Ltd Australian Credit Licence Number 389328.

Financial Cashback Home Loan Investment Loan Refinance

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Commonwealth Bank

closed Comments

  • smoke87 on 02/05/2016 - 14:15

    Any cash back for people applying for new lending through their own broker?

    • CapeFin on 02/05/2016 - 14:24

      Available for refinances only as far as I am aware, happy to request pricing for you if you do need a hand.

  • luztra on 02/05/2016 - 14:21
    +1

    OP: I've sent you a PM.

    • CapeFin on 02/05/2016 - 14:27

      Thanks, please check your inbox for a response.

  • Nia Grabzo on 02/05/2016 - 15:35

    What is the comparitive interest rate you have going at the moment for $250k refinance?

    • CapeFin on 02/05/2016 - 15:41
      +1

      Hi Nia, it will depend on your scenario. Would you like to send me a PM or email me [email protected] so that we can request pricing for you.

      • Nia Grabzo on 02/05/2016 - 15:43
        +2

        If you can just give me a guide, before I proceed with all the paper work that would be good.

        • CapeFin on 02/05/2016 - 15:52
          +1

          Sure thing, was just being respectful about asking you for more information on a public forum.
          Could you please advise:
          - Loan purpose (investment or owner occupied)
          - Estimated property value
          - Preference between principle and interest or interest only repayments
          - Preference between fixed and variable interest rates

        • Ozimodo on 02/05/2016 - 16:45
          -1

          @CapeFin: Pass

        • CapeFin on 02/05/2016 - 16:59
          +1

          @Ozimodo: This is the basic information needed to quote a loan. Normal advertised rates are available on the CBA website, however we like to work hard to get our clients a good deal if they choose to use our free service.

  • aussman on 02/05/2016 - 18:00

    how is it an extension when you get less money??

    • CapeFin on 02/05/2016 - 18:18

      The offer of a Cashback has been extended, CBA are offering $250 less for people that missed out on the initial offer and would still like to take part.

  • rubig on 02/05/2016 - 22:57
    +1

    Hey I bet CBA will make the money back during the span of loan. $9 billion profit from $23 billion revenue. This is A LOT!

  • OxfordMD on 03/05/2016 - 11:45

    CapeFin do you know if this will apply for applications already being processed or is it o ly applicable for applications started on or after 1st May?

    • CapeFin on 03/05/2016 - 11:47

      As far as I am aware, if the application was lodged before May 1st and during the previous promotion, then you will be eligible for the $1,500 cashback.

  • ninetyNineCents on 03/05/2016 - 23:02

    Home loans with CommBank are stupid, because they basically charge the same interest rates and then try and charge you $400 a year for the honour of having an account with them. You are paying them interest and they want to charge you FOUR HUNDRED DOLLARS…

    Tell them to jump!!!

    • CapeFin on 04/05/2016 - 08:30

      Only if you want the members package (MAV), which is required when discounting their standard rates. CBA do offer other good products outside of needing to pay the annual package fee. Being a big 4 they may not suit everyone, plenty of smaller lenders in the market competing for your home loans as well. We have around 40 lenders on our panel and would be happy to show you other options if you ever need a hand.

      • ninetyNineCents on 04/05/2016 - 12:22

        The $400 annual membership for $500k loan is roughly speaking an indirect cost equivalent of 0.2%. Given that the big banks fixed or variable loans are almost all the same, its just annoying this extra commbank cost is a deal breaker. The regular CBA rates are MORE than other banks so yet again why bother ?

  • CapeFin on 04/05/2016 - 16:43

    As mentioned in my previous comment it may not suit everyone, some people enjoy the benefits of a waived application fee, offset account, credit card and access to the facilities of a major bank etc that come along with it. Not sure how you worked it out to be 0.2% when 500,000 divided by 400 = .08%

  • nicksinternet on 14/07/2016 - 07:09

    @CapeFin OP do you know if the $1250 cashback applies to new loans as well? It should as either way they get your business.

    • CapeFin on 14/07/2016 - 10:22

      Unfortunately not, I agree that to them it would be new business regardless.

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