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$4,000 Cashback on Refinancing Home Loan @ Bank of Melbourne

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For new Owner Occupier with Principal & Interest repayments and Investment loans. Available on our Advantage Package home loans, with a $395 annual package fee and Basic home loans (no annual fee). $250k min loan per property refinanced. Excludes refinances from within Westpac Group. Apply by 31 Jan 2021, and settle by 31 Mar 2021. Only 1x $2k cashback per property refinance will be paid regardless of the number of loans involved. Only 1x $2k bonus cashback will be paid regardless of the numbers of customers, properties or applications involved with a maximum LVR up to 80% at time of approval.^

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Bank of Melbourne
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closed Comments

  • +1 vote

    Any brokers offering this as an option to "stack" rebates?

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    No mention of rates though.

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      Looked into their basic no frills variable and it’s >3% which isn’t very competitive. Best to crank out the TI-32 and work out if the cashback is worth it for you and for how long before it’s lost in higher interest.

    • +2 votes

      I recently refinanced with them (owner occupier) and I'm on a basic loan at 2.59% variable with no annual fee. I understand that's for <60% LVR. Current rates are on their website. I got $3k cashback.

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    any idea if these cashback usually have terms & conditions attached regarding how long you must stay with the bank for?

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      They pay you cashbsck after certain days so until then you have to stay. In this case it is 60 days. After that you are free, assuming it is variable rate.

      • +1 vote

        Thanks Guy from Bank of Melbourne!

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    BoM is da BomB

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    Recently refinanced with Bank of Melbourne via a broker
    2 year fixed 2.19%, negotiated to 2.14%
    Variable 2.78%, package $395

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      thats really low, that would have to be over $1m loan or low LVR as I havent heard 2.14% from a major before

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      Which broker could sort out this rate for you? That's really good.

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        This is the broker I used. https://www.opulentfinance.com.au/

        Please remove if I should not be mentioning a name of another service here

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      what did you go with, fixed or variable, and what was the loan value? Thanks!

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      Hi TKC,

      Mind sharing the size of the loan you refinanced to be able to negotiate the rates you got?

  • +1 vote

    any other banks that is offering $4K cash back, that is not part of the Westpac group? I'm trying to get out..

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    was offered 2.59% variable today. They keen to chase deals