Get $4000 Cashback When You Refinance (Min Loan $250,000 & LVR up to 80%) @ Bank of Melbourne

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Only couple weeks left on this deal. FYI I refinanced a month ago on just under $500k loan and variable interest rate was 2.09%. Currently 2.34% p.a. (2.36% comparison rate).

Apply by 31st July 2022, and settle by 31st October 2022. Owner Occupier (P&I repayments) and Residential Investment loans, with LVR up to 80%. Available on home loans with our Advantage Package ($395 annual package fee) and our Basic Home Loan (no annual fee). $250k min loan. Only one $4K cashback offer available per primary applicant within a 12 month period. Excludes refinances from within Westpac Group.^

$4,000 Refinance Cashback per primary applicant for applications received between 8th December 2021 - 31st July 2022 and settled by 31st October 2022. Limit of one $4,000 cashback payment regardless of the number of applications, applicants, properties or loans involved per 12 month period. For joint applications, only one cashback payment will be paid to the primary applicant.

The cashback will be paid into a Bank of Melbourne transaction account within 60 days of settlement. The transaction account must be in the same name as the home loan account and linked to the home loan at the time of settlement. This account must be kept open for 60 days after settlement.

For the $4,000 cashback offer, tax consequences may arise for investors and you should seek independent advice.

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Bank of Melbourne
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Comments

  • +1

    Do banks deny applicants if they switch loans often (say 2-3 times a year)? Considering this but just moved to TicToc 2-3 months back for their $2022 cashback.

    • Keen to know too, esp if it affects our credit rating for each application.

    • same, also want to know. haven't even settled my mortgage yet but already want to change once the house is settled since they upped their part way through this process..

      • -2

        All banks up variable rates when the RBA rate goes up. Get use to it.

        • um rude.
          rates go up sure, but doesn't mean people shouldn't be allowed to shop around for the best rate when they do.
          We do it for savings accounts all the time.
          Just want to know how often we can do the same for mortgages. geeze just because you cbf changing.

          • @jwsc:

            geeze just because you cbf changing.

            You literally just got your first mortgage and haven't settled and you are complaining about a rate rise?

            Shop around all you want. You can change as much as your credit rating allows.

            • @serpserpserp: when the rate rise makes it higher than the big 4? Yeah I'm going to complain about a rate rise.
              Doesn't matter if it's my first mortgage or not, anyone would be annoyed about it.

              • @jwsc:

                when the rate rise makes it higher than the big 4? Yeah I'm going to complain about a rate rise.

                That is the danger with going with one of the low rate lenders, they don't always stay that way and are unpredictable!

                • @serpserpserp: their rates are still low, just not as low as westpacs introductory rate.

                  But i hear that is also a risk with big banks, so far as i can tell, no where is safe.

                  • @jwsc:

                    But i hear that is also a risk with big banks

                    The mainstream products with the Big 4 are usually pretty predictable. The smaller lenders can't afford to move slowly or cross-subsidize underpriced products because they run on very fine margins and if their funding arrangement isn't right they need to increase rates quickly.

    • i dont see why dont want your business as long as you can service your loan. give it go, if they reject then stay with your current bank.

    • I moved from Bankwest to NAB for a $4000 cashback, and then to Westpac 12 months later for a $3000 cashback. No issues. They're doing a credit check each time obviously, but it didn't affect my score.

      I believe if you go through a broker, they may have a clause saying you need to pay some of the bonus back (maybe that's only their own bonuses).

      • Brokers have to pay the bank the clawback if you leave within 24 months. The clawback is higher for them if you leave within the first 12 months and from what my broker told me the clawback fee is basically high enough that they break even only if they get the commission from your new refinance.

        Seems like a weird system that discourages brokers from actually helping their clients find the best deal for them

        • break even

          To be honest, they make slightly more than break even. But it isn't worth their time. No.

  • +1

    Pretty sure their interest rate has now gone up to 2.34% with the latest rate increase, this is also shown on their website?

  • Only one $4K cashback offer available per primary applicant within a 12 month period. Excludes refinances from within Westpac Group.^

  • Anyone know the costs to refinance away from BOM once the cashback is received?

    I asked their chat and just got a ‘it depends’ answer…

    With ubank currently, but wondering if it’s worth grabbing this $4k, keeping the account a couple months (says transaction account must be open for 60days) and then jumping ship to Athena at 2.14%.

  • forgive my ignorance..

    is 'cashback' for this situation dumped into your home loan or money actually given to you?

    • +2

      Cold hard electronic cash in your account

  • Unsurprisingly there is an identical offer at BankSA and St George Bank.

    It's a safe bet that switching between the three of them would not be eligible for the offer.

    • Not just that, any Westpac sub bank like people choice and westpac itself are excluded.

      • People's Choice Credit Union? Nope.

  • Just refinanced with CBA and run away from Bank of Melb after being a customer of 10years.
    Thanks to BoM’s terrible service to scr*w up my home loan since the beginning of the year

  • +1

    Note: staff of some Corporates are eligible for 5K cashback, i.e an extra 1K. The local branch lending specialist can advise (as did when I inquired on switching) on if your employer is on the '5K' list.

  • Can you get cash out to make up the minimum amount then pay the loan down to minimise interest?

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