Home loan refinance cashback offers & deals for August 2021

ALASDAIR DUNCAN
If you’re one of the many Aussies currently shopping around for a home loan, or even looking to refinance your existing one, we’ve found a number of home loan sign-up incentives on the market this month.

While special offers can be attractive for some customers seeking a home loan, it may not be worth signing up for a particular product solely for a special deal. The fundamental aspects of the loan, such as its interest rate, fees and features, are still important considerations.

Whether you are a first home buyer, refinancing or buying your next home, Canstar’s Home Loan Star Ratings and Awards can help you get an overall picture of which home loans – including fixed and variable loans for owner-occupiers and investors – may offer good value. A selection of the home loans on Canstar’s database are shown below, or you can skip straight to the latest special offers we’ve found:



Home loan rebates and refinance cashback offers

Home loan cashback offers typically involve a bank or other kind of lender offering you an incentive to take out one of its products. You may receive this in cash, or it can be taken out of the fees you’d otherwise be charged. You may also receive it in the form of gift cards for certain stores or brands.

Here’s a selection of home loan providers on our database that are offering some form of cashback offer or rebate at the time of writing, but please note that any of these offers may be withdrawn by the provider at any time.


Bank of Melbourne – $3,000 refinance cashback

Bank of Melbourne is offering $3,000 cashback when you apply to refinance by 31 August, 2021 and settle by November 30, 2021. The offer is available for owner-occupier (P&I repayments) and residential investment loans with an LVR of less than 90%. The offer is available on Bank of Melbourne’s Advantage Package home loans, with a $395 annual fee, and its Basic Home Loans, which have no annual fee. The offer is available for loans of $250,000 and up, and is available only once per primary applicant within a 12-month period. The offer excludes refinances from within Westpac Group. T&Cs apply.

Expires: 31/8/2021

BankSA – $3,000 refinance cashback

BankSA is offering $3,000 cashback when you apply to refinance by 31 August, 2021 and settle by November 30, 2021. The offer is available for owner-occupier (P&I repayments) and residential investment loans with an LVR of less than 90%. The offer is available on BankSA’s Advantage Package home loans, with a $395 annual fee, and its Basic Home Loans, which have no annual fee. The offer is available for loans of $200,000 and up, and is available only once per primary applicant within a 12-month period. The offer excludes refinances from within Westpac Group. T&Cs apply.

Expires: 31/8/2021

Bankwest – $2,000 refinance cashback

$2,000 cashback for eligible applicants who refinance and apply by 30 September, 2021. Loan must be funded by 30 November, 2021. Minimum refinance amount is $250,000. Maximum LVR of 80%. Excludes refinances from Bankwest and CommBank. Further eligibility requirements and T&Cs apply.

Expires: 30/9/2021

Bank of Queensland (BOQ) – $3,000 refinance cashback

$3,000 cashback available to new customers refinancing owner-occupier or investment home loans of $250,000 or more, with a maximum LVR of 80%. Only available on applications received between 12 October, 2020 and 29 August, 2021 (inclusive) and settled by 26 November, 2021. Applies to BOQ’s Clear Path, Economy, Intro Rate, or Fixed Rate home loan products only. Excludes refinancing, restructures and switches from within BOQ Group, including BOQ, Virgin Money and BOQ Specialist. T&Cs apply.

Expires: 29/8/2021

Commonwealth Bank – $2,000 refinance cashback

$2,000 cashback available for refinanced owner-occupied home loans, investment loans and Viridian lines of credit. Not available on bridging loans. Minimum refinance amount of $250,000 applies. New loans and top-ups are not included in the minimum refinance amount. Excludes refinances from CommBank and Bankwest. Applications must be received by 30 September, 2021 and loans funded by 31 December, 2021. T&Cs apply.

Expires: 3o/9/2021

Credit Union SA – $2,500 cashback & $5,000 first home buyers grant

$2,500 cashback available on eligible new home and investment property purchases, as well as refinancing from other lenders where the loan amount is $250,000 or more and the LVR is 80% or less. Excludes fixed-rate special offers and bridging loans. Alternatively, eligible borrowers can choose to take a reduced rate offer instead, on Credit Union SA’s Variable Home Loan Package or Discounted Variable Rate loans. Credit Union SA also offers a $5,000 first home buyers grant when you borrow at least $250,000 to purchase or build a first home with a LVR over 80% (Lenders Mortgage Insurance will apply, however).

Expires: Until further notice.

Great Southern Bank – $2,000 contribution towards first home deposit

As part of the Great Start promotion, $2,000 will be issued to eligible first home buyers who apply for a home loan to purchase or construct their first home between 1 June, 2021 and 31 December, 2021. Great Southern Bank says it will also waive the $600 establishment fee as part of the same promotion. For purchases, settlement must take place within 90 days from the promotion end date; for construction loans, the first drawdown must take place within 90 days from the promotion end date. Great Start will be paid once per property, regardless of the number of loans taken out of the number of applicants. The minimum lending amount of $250,000 and the maximum LVR is 95%. T&Cs apply.

Expires: 31/12/2021

HSBC – up to $3,288 refinance cashback

Up to $3,288 cashback available when you refinance from a financial institution other than HSBC Bank Australia, based on an application submitted between 15 February, 2021 and 30 September, 2021 and settled by 30 November, 2021. The offer is only available once per customer and a minimum refinance amount of $250,000 applies. The offer is available for HSBC’s Home Value Loan, Standard Variable Rate Home Loan and Fixed Rate Loan products. HSBC says the offer excludes construction loans, bridging loans and principal increases, non-residents and non-natural persons (such as trusts and companies). Check with HSBC for full T&Cs.

Expires: 30/9/2021

ING – $3,000 refinance cashback

$3,000 cashback available for approved refinances to ING from another bank, if you apply before 30 September, 2021 and settle the refinance on or before 31 December, 2021. The application must include the refinance of an existing home loan from another lender and be for a total loan amount of at least $500,000. The new ING Home Loan must have a loan to value ratio (LVR) of 80% or less. The new ING Home Loan must settle on or before 31 December, 2021. An active ING Orange Everyday transaction account must be held in the same name(s) as the new ING Home Loan at the time that the cashback is paid (which will occur within 70 days after settlement). T&Cs apply.

Expires: 30/9/2021

MyState Bank – $2,000 refinance cashback

$2,000 cashback available for approved refinances to MyState Bank from another bank, submitted between 28 November, 2020 and 30 September, 2021 and settled by 31 December, 2021. Maximum of one $2,000 cashback per application on loans of $250,000 or more with an LVR of less than 80%. Check with MyState Bank for full T&Cs.

Expires: 30/9/2021

NAB – $2,000 refinance cashback

$2,000 cashback available when you refinance an existing loan of $250,000 or more and have a NAB transaction account at the time of drawdown, which must occur between 7 September, 2021 and 31 October, 2021, unless extended. An eligible NAB bank account is required at the time of drawdown. Offer applies to individual applicants who are owner-occupiers or investors, and excludes refinances of First Home Loan Deposit Scheme loans, lines of credit, the NAB Portfolio Facility, the NAB Private Portfolio Facility, refinances into UBank, Medfin or Advantedge home loans, and loans for building and construction purposes. Non-residents, businesses, trusts and other non-natural persons, as well as those refinancing from NAB, UBank, Medfin or Advantedge home loans are also excluded. T&Cs apply.

Expires: 31/10/2021

Newcastle Permanent – $2,000 refinance cashback

$2,000 cashback available for switching from another financial institution for both owner-occupied and investment home loans. Minimum loan size of $250,000, and maximum LVR of 80%. Applications must be made by 30 September, 2021 and the loan must be funded by 30 November, 2021. T&Cs apply. The $2,000 cashback will be deposited after settlement to an eligible NPBS Everyday Account.

Expires: 30/9/2021

RAMS – $4,000 refinance cashback

$4,000 rebate available when you refinance your home loan to a new RAMS Home Loan. Available on selected loans with a minimum amount of $250,000. Refinance offer excludes Line of Credit Loans, interest-only owner-occupier loans and switches and refinances from within the Westpac Group. Available on eligible applications received by 31 August, 2021, and settled by 31 October, 2021. Refinance offer is not available in conjunction with the New Purchase Buyer $2,000 Rebate, with separate T&Cs and eligibility requirements applying for both offers.

Expires: 31/8/2021

St.George Bank – $3,000 refinance cashback

St.George is offering $3,000 cashback when you apply to refinance by 31 August, 2021 and settle by November 30, 2021. The offer is available for owner-occupier (P&I repayments) and residential investment loans with an LVR of less than 90%. The offer is available on Bank of Melbourne’s Advantage Package home loans, with a $395 annual fee, and Basic Home Loans, which have no annual fee. The offer is available for loans of $250,000 and up, and is available only once per primary applicant within a 12 month period. The offer excludes refinances from within Westpac Group. T&Cs apply.

Expires: 31/8/2021

Virgin Money – $3,000 refinance cashback

$3,000 cashback available on refinance applications received by 29 August, 2021 and settled by 26 November, 2021 to the Virgin Money Reward Me Home Loan. Minimum loan amount $300,000 and up to 80% LVR. Not available for refinancing or restructuring existing Virgin Money home loans. T&Cs apply.

Expires: 29/8/2021

Westpac – up to $3,000 refinance cashback

Up to $3,000 cashback with $2,000 per refinanced property and a bonus $1,000 for a borrower’s first application received up to 31 August, 2021 and settled by 30 November, 2021. Available on owner-occupier loans with principal and interest repayments and investment loans, with an LVR up to 80% and minimum $250,000 loan per property. Only available on Westpac’s Flexi First Option and Premier Advantage Package home loans ($395 annual package fee applies). Excludes Equity Access Loans, switches and refinances of home loans within the Westpac Group, which includes St.George, Westpac, Bank of Melbourne, BankSA and RAMS. Offer not available for owner-occupier interest-only loans or residential lending started under family or company trusts. T&Cs apply.

Expires: 31/8/2021

Source: Lenders’ websites as at August 2, 2021.

Consider comparing different home loans before committing

Ultimately, it may not be worth picking a lender and its product just because the sign-up offer looks good. After all, $1,000 cashback when you take out your loan may not ultimately prove to be good value if you are paying an interest rate that’s higher than you could find elsewhere.

As a hypothetical example, according to Canstar’s home loan repayment calculator, over the life of a $400,000 principal and interest loan repaid over 25 years with monthly repayments, a borrower would pay $5,238 extra in total interest on a loan with an interest rate of 1.99%, compared to one with an interest rate of 1.90%. This assumes the interest rates stayed the same for the duration of the loans.

The fees charged and the features that come with the loan (e.g. an offset account, being able to make extra repayments) could also play a part in determining whether a loan with a cashback offer for signing up is likely to be a good deal overall.

It could be a good idea to do your own research, compare different home loan products and lenders, and decide which home loan is best for you based on what you need, even if it doesn’t have a sign-up offer attached.

Through our Home Loan Star Ratings and Awards, Canstar assesses thousands of mortgages from more than 100 providers across Australia, to help you compare home loans and find an outstanding value loan to suit your needs.

 

Original article by Sean Callery, updated by Alasdair Duncan. Cover image source: jax10289/Shutterstock.com


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