Home Loan Refinance Rebate Deals

Discussion in 'Loans & Mortgage Brokers' started by Shadow of the Wind, 16th Feb, 2020.

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  1. Shadow of the Wind

    Shadow of the Wind Member

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    What are the latest deals?

    I can see:

    • CBA $2000
    • ANZ $1200-$3500
    • Westpac $2000
    • St George $2000
    • NAB $4000

    Who else are giving these cashback offers?
     
  2. Barny

    Barny Well-Known Member

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    What variable ppor rate are these banks offering with that cash back?
    I know nab is 3.09%
     
  3. Shadow of the Wind

    Shadow of the Wind Member

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    My home loan is actually fully offset, therefore it doesn't matter what the rate is. Their annual fees tend to be similar$. I just want to take advantage of the cashbacks and squeeze some money from the banks. I want to do this every year or so.
     
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  4. Hockey Monkey

    Hockey Monkey Well-Known Member

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  5. sumterrence

    sumterrence Well-Known Member

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    Well if I were you I will do a refinance with each big4 every quarter lol.
     
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  6. Rolf Latham

    Rolf Latham Inciteful (sic) Staff Member Business Plus Member

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    and get a broker rebate each time too

    The principle of the free lunch

    ta
    rolf
     
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  7. Shadow of the Wind

    Shadow of the Wind Member

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    how does this work? is this a clawback?
     
  8. Rolf Latham

    Rolf Latham Inciteful (sic) Staff Member Business Plus Member

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    sorry about the poor communication

    Once a mth on average we get this enquiry

    I have been reading Xs book, or reading a post on a forum about some brokers rebating their commission

    I can give you a 500 k loan twice or 3 times a year to refinance so I can get those 2 to 4 k lender rebates, and you will get 3 commissions for the same work, so Im guessing you can also share half your comms ?

    babes in the woods


    ta
    rolf
     
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  9. RoadRunner

    RoadRunner Active Member

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    which lenders out there don't have a clawback clause? I know one Latrobe.
     
  10. Rolf Latham

    Rolf Latham Inciteful (sic) Staff Member Business Plus Member

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    Coz you, the borrower pay a pretty hefty entry fee , its a clawback in reverse.

    ta
    rolf
     
  11. Redom

    Redom Mortgage Broker Business Member

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    I think you have a fairly accurate summary of it @Shadow of the Wind - Westpac can get 3k.

    The time cost of refinances may be worth factoring in too, and probably best to go direct to banks to do this given broker remuneration structures aren’t aligned with what your seeking to do. E.g NAB approvals are taking significantly longer than others, given their product offerings at the moment.
     
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  12. Jasper

    Jasper Well-Known Member

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  13. Hockey Monkey

    Hockey Monkey Well-Known Member

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    Yes the rebate increased to $4K on Feb 1st. I just missed out and have an open request for them to backdate as I applied in Jan and settee in Feb.

    I believe the MCC offer can be combined with the rebate.
     
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  14. thydzik

    thydzik Well-Known Member

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    St George Bank $4000 + $2000 Per Additional Property Refinance Cash Rebate 2.94% No Annual Fee + 0.3% Bundle Rebate (> $250k)
    St George Bank $4000 + $2000 Per Additional Property Refinance Cash Rebate 2.94% No Annual Fee + 0.3% Bundle Rebate (> $250k)

    ANZ 2.68% Fixed 2yr Home Loan + up to $3500 Refinance Rebate + 0.3% Bundle Rebate
    ANZ 2.68% Fixed 2yr Home Loan + up to $3500 Refinance Rebate + 0.3% Bundle Rebate

    Westpac 2.99% Investor Fixed + $3000 Per Property Refinance / $2000 Purchase Rebate + Annual Fee Waived 1yr + 0.3% Bundle Rebate
    Westpac 2.99% Investor Fixed + $3000 Per Property Refinance / $2000 Purchase Rebate + Annual Fee Waived 1yr + 0.3% Bundle Rebate
     
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  15. Never giveup

    Never giveup Well-Known Member

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    I wonder if their calculator is better than CBA re borrowing
     
  16. Goosehead

    Goosehead Well-Known Member

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    Just asked to refinance with NAB to complete a renovation. As I'm not a new customer I am not eligible for the $4000 rebate.
     
  17. Shadow of the Wind

    Shadow of the Wind Member

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    I know someone who refinanced to NAB and got $4,000 and 120,000 Qantas FF Points.
     
  18. Gen-Y

    Gen-Y Well-Known Member

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    WOW ...
    I am just want to churn just for the rebates.
    It is so damn good to sit on my hands.

    Any thoughts?
     
  19. Lucki

    Lucki Well-Known Member

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    Reckon ANZ are increasing their refinance rebate to $4000 shortly.
     
  20. ttn

    ttn Well-Known Member

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    ANZ lender advised cash back to $4k but I am not moved :D

    Wait till RBA do another cut and the big 4 shall offer similar deals i think ;)