ANZ extends cashback drawdown date

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.

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]