Bank refinance incentives

Is any bank offering refinance incentives at the moment? If there is rebate, how much is it?

 

Yes there are some refinance rebates around.

But is this really your driver for refinancing?

What are you trying to achieve apart from the rebate?

 

I dare say a sharper rate would be the driver and an incoming lender who will pay the exit and entry costs and likely pocket a few hundred on the way.

I'm not advocating refinance rate chasing but it definitely needs to be considered. If you calculate the standard life of a loan at say 4 years then a better rate without incentive may put you worse off due to refinance costs.

And yes ofcourse this doesn't factor in future plans and all that but for 90%+ of the population, the cheapest loan is the future plan.

 

To answer the question though;
NAB = 350,000 points valued at around $1,800 in vouchers.
CBA = $1250ish
ANZ = $1,200ish
WBC = $1,200ish

Keep in mind these will all need you on their package product for a $395 annual fee.

 

Quite a bit of competition out there for refinance rebates.
However cant beat Westpac, with $1250 per property as long as each property has at least $250k loan attached to it.

 

Yes agreed @albanga - one would expect a sharper rate being the driver. However, the OP asked about the rebate e.g. whilst Westpac are giving the rebate, they aren't the most competitive at the moment