- If you’re considering refinancing your home loan, the big banks in Australia have got you covered with some amazing cashback offers.
- Commonwealth Bank, Westpac, ANZ, and NAB are offering incentives of up to $4,000.
- ANZ is leading the pack, offering refinancers up to $4,000 cashback, as well as $3,000 for first home buyers.
Commonwealth Bank and NAB are offering $2,000 cashback, while Westpac has recently increased their offer from $2,000 to $3,500.
Refinancing is currently at a record high, with the Reserve Bank continuing to hike interest rates. According to the latest ABS lending indicators, a total of $19.5 billion worth of loans were refinanced in November. With most economists predicting a 0.25% hike when the Reserve Bank meets, now might be the perfect time to refinance and take advantage of these cashback offers.
How to choose the best cash-back deal
It’s important to remember that these deals are a marketing play, so make sure you do your research and choose the deal that works best for you in the long run. A competitive interest rate is typically more important than a one-off perk, especially for larger loans and in the long-term.
If you’re committed to switching lenders regularly to get the best deal, these cashback offers can work in your favour. But if you’re looking for a longer-term deal instead of a one-off cash boost, it’s probably best to look elsewhere.
According to a recent analysis by RateCity, there are currently 33 lenders in the market offering cashback deals, and most of these are exclusively for refinancers. If you’re looking to refinance a $500,000 mortgage, the highest cashback offer on the market right now is $4,000. This is offered by 12 different lenders, including ANZ. If you’re refinancing a larger loan, some lenders may offer even bigger deals.
Top Australian Brokers
If you’re thinking of refinancing your home loan, now might be the time to do it. The big banks in Australia are offering cashback deals that are too good to ignore. Just make sure to do your research and choose the deal that works best for you in the long run. Happy refinancing!