The customer-owned bank has released a cashback offer for new and existing customers who take out an eligible new home loan.
Queensland-based lender bcu has announced that new and existing customers who take out an eligible new home loan with the lender can earn up to $5,000 cashback per loan.
This has been calculated as 0.75 per cent of the value of the new loan amount.
The offer – which will be available for a limited time for each new eligible loan – would provide customers with the opportunity with multiple investment properties to receive multiple cashback payments.
In addition, bcu has extended the cashback offer to include the following eligible circumstances:
- Home loan refinance from other financial institutions;
- New home loans for established properties and construction loans;
- Fixed or variable rate home loans; and
- Owner-occupied or investment home loans.
Lending must be new to bcu, and refinances of existing bcu and P&N Bank loans are excluded from this offer.
In announcing the new offer, bcu senior retail distribution manager Adam Cross said: “By calculating the cashback amount each customer can receive as a percentage of their new loan balance, we’re able to create a unique offering without a one-size-fits-all approach.
“Whether a first home buyer, investor or looking to refinance, each customer’s situation and cashback amount is assessed and determined individually.”
Bcu became a division of Police & Nurses Ltd after Bananacoast Community Credit Union Ltd (bcu) merged with Western Australia-based P&N Bank in 2019, creating one of the largest member-owned banks in the country.
Bcu has 21 stores spanning from the Sunshine Coast to Port Macquarie and offers a range of financial products and services, including home loans, personal loans, term deposits and credit cards.
The mutual bank’s cashback offer launch has followed other lenders such as 86 400, ING and Westpac Group announcing new or extended cashback offers of up to $3,000 starting from the beginning of the new financial year (1 July), in an effort to attract borrowers seeking to refinance their loans.
[Related: Lenders extend cashback offers]