Hi all,
Noticed there has been some cash back deals for refinancing your home loan recently up to 4K cashback. Can anyone confirm there recent experience with the various cashback deals?
Home Loan Re-Finance Cashback Deals
LLadiesman217 on 05/07/2020 - 22:02
Comments
ANZ - $3000 cashback, settlement date should be before 30th Nov, but they apparently have a 2 month backlog.
CBA - $2000 cashback, a lot quicker processing time.Whats the best rate CBA are doing at the moment?
https://www.commbank.com.au/home-buying.html?ei=mv_home-buyi…
$2,000 cashback when you switch your home loan
For refinancers who apply before 3 August 2020 and have their loan funded by 9 October 2020. Minimum refinance amount $250,000.
Refinance application with ANZ started mid May and still waiting now. May be completed mid July.
I was eligible for 3k from Suncorp however when you crunch the numbers I ended up saving over 3.5k to remain with my bank and get them to lower the variable. Factor in new loan setup and discharge fees and it eats into the cash back fairly quickly.
Recent experience has been great… Have received $12k in cash backs ($9k ex. fees) in the last six months (St George, NAB, ANZ)…. free money from the banks so can’t complain. Unfortunately all have removed the $4k with offers ranging from $2-3k now.
how many loans??!?!? well done, though. free money is free money!
Only the one… just switch again after a month or so
Genius!
Nice! I just wrapped my second one, applied the day before the $4k deal elapsed on the last one. St George process was a dream, ANZ one was far more painful in comparison.
I'd love to refinance but my loan is too miniscule <150k with the fees to change costing more than saved interest.
I think this is more about the cashback than the rate. A cashback for you is a greater % of your mortgage. It's just as compelling imo.
For the two I applied for they required a min loan size of $250k.
Most of them finished up 30 June with the big banks.