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Lenders launch new cashback offers

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reporter 4 minute read

Several banks have announced new, or extended, cashback offers to attract those looking to refinace their mortgage.

Starting from the beginning of the new financial year (1 July), several banks have announced new, or extended, cashback offers as they look to attract refinancing borrowers.

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The neobank has announced that it has extended its $2,000 cashback offer for purchases and refinances on its Own home loan applications over $250,000.

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This offer applies to applications received by 30 September 2021 and settled by 30 November 2021. 

The offer is limited to one cashback per primary borrower, regardless of the number of loans. 

The cashback will be paid within 14 days of settlement.

ING 

Non-major bank ING has kicked off the new financial year with a new $3,000 cashback offer for those refinancing their home loan.

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One of its largest cashback offers in recent history, the cashback offer is available for new refinance applications of over $500,000 (and a loan-to-value ratio of 80 per cent or under) received between 1 July 2021 and 30 September 2021.

It is available for the refinance of an existing home loan from another lender to any ING mortgage that settles by 31 December 2021.

The bank said that the $3,000 refinance cashback applies per application, regardless of the number of properties or borrowers included on the application.

Speaking to The Adviser about the new offer, ING’s acting head of retail banking, Glenn Gibson, said that the bank would work to ensure the offer does not blow out ING’s competitive turnaround times.

He said: “ING’s turnaround times have been around two to three days for almost two years, and we continuously work hard to maintain this. 

“We have designed this offer so there is minimal operational impact, and we have also increased the number of staff in our processing teams in anticipation of the success of this campaign.”

Westpac Group

Westpac and its subsidiaries (Bank of Melbourne, BankSA and St.George) have also introduced a new $3,000 refinance cashback offer.

The cash offer is available for new refinance applications of over $250,000 (and an LVR under 90 per cent) received between 1 July 2021 and 31 August 2021, and settled by 30 November 2021. 

It is available on owner-occupier (principal and interest repayments) and investment property loans (principal and interest and interest-only repayments) with either the Premier Advantage Package ($395 annual package fee) and Flexi First Option Home Loans.

There is a limit of one $3,000 cashback payment per customer, regardless of the number of applications, properties or loans involved per 12-month period. Similarly, for joint applications, only one cashback payment will be paid to the primary applicant.

The cashback will be paid within 60 days of settlement.

[Related: Cashback offers driving new consumer behaviour]

Lenders launch new cashback offers
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