Powered by MOMENTUM MEDIA
Powered by MOMENTUM MEDIA
SUBSCRIBE TO OUR NEWSLETTER SIGN UP
Powered by MOMENTUM MEDIA

Website Notifications

Get notifications in real-time for staying up to date with content that matters to you.

ANZ extends cashback drawdown date

anz new still ta

anz new still ta
Malavika Santhebennur 1 minute read

The major bank has announced that it is extending the drawdown date for its home loans switching cashback discretion.

ANZ is extending the drawdown date for the home loans switching cashback discretion (of up to $4,000) to 30 November.

The extended deadline will apply for applications submitted between 9 March and 31 May 2020.

Earlier this year, the major bank announced that a higher cashback amount of $4,000 would be available for eligible customers refinancing mortgages of $250,000 or more from other financial institution (OFI).

The original drawdown deadline was 30 September 2020.

ANZ is among several lenders that have recently offered cashback incentives for those looking to refinance with a new lender, including the major banks.

Earlier this year, Suncorp Bank also launched a cashback offer on home loan refinances, with up to $4,000 available for coronavirus frontline workers.

The bank announced that it was offering up to $3,000 for any mortgage customer looking to switch to Suncorp, and an additional $1,000 for health, education and emergency services workers with eligible home loans.

Advertisement
Advertisement

Meanwhile, Virgin Money announced an extension to its cashback offer from $2,000 to $2,500 on all new eligible refinance loans.

The cashback offer is available on eligible new refinance loan applications made before 28 August, with a minimum loan amount of $300,000 and a loan-to-value ratio of up to 80 per cent.

Australian Finance Group’s mortgage and competition index revealed that the major banks, particularly ANZ and CBA, have been the largest beneficiaries of the jump in refinance applications.

The index reported that the big four banks’ collective market share rose from 57.5 per cent in the March quarter to 66.7 per cent in the June quarter.

[Related: Processing lags cost refinancers millions in savings]

PROMOTED FEATURES


ANZ extends cashback drawdown date
anz new still ta
TheAdviser logo
anz new still ta
Malavika Santhebennur

Malavika Santhebennur

Malavika Santhebennur is the features editor on the mortgages titles at Momentum Media.

Before joining the team in 2019, Malavika held roles with Money Management and Benchmark Media. She has been writing about financial services for the past six years.

 

more from the adviser
remuneration money Conflicted remuneration defined in new regulations

The federal government has released final regulations that define...

empty wallet COVID-19 erodes FHB deposit savings: MyState

Nearly a quarter of those Australians who have dipped into their ...

signatories f6bb COBA welcomes closer ties between regulators

The association for customer-owned banks has said that the MOU be...

FROM THE WEB