Home loan cashback offers for August 2024
A home loan cashback offer is a promotional incentive provided by lenders, typically banks or financial institutions, to encourage borrowers to take out a home loan or refinance an existing one. Under such an offer, the lender gives the borrower a cash amount (a "cashback") after the home loan is approved and settled. The cashback amount can vary and is usually a percentage of the loan amount or a fixed sum.
Key things to consider about cashback offers
Purpose: The cashback is intended to attract borrowers by providing them with immediate financial benefits, which can be used for various purposes, such as covering moving costs, home renovations, or even paying off other debts.
Eligibility: Not all borrowers may qualify for a cashback offer. Lenders typically set criteria, such as a minimum loan amount, specific loan terms, or a requirement to refinance from another lender.
Loan Terms: These offers may come with specific terms and conditions, such as a slightly higher interest rate, fees, or a fixed loan period. It’s essential to consider these factors and compare them with non-cashback loans to ensure overall cost-effectiveness.
Usage of Cashback: The cashback amount is generally transferred to the borrower’s account after the loan is settled, and the borrower is free to use the money as they see fit.
Long-term Costs: While cashback offers can be appealing, it’s crucial to consider the total cost of the loan over its term. Sometimes, loans with cashback offers may have higher interest rates or fees that could offset the benefit of the cashback.
Borrowers should carefully review the terms and conditions of any cashback offer and compare it to other loan options to determine if it’s the best financial decision for them. Unbroke can help you to understand eligibility requirements and how to understand if refinancing to take advantage of a cashback offer is right for you.
Cashback offers for August 2024
Below are two lenders offering cashback for home loan refinancing in August 2024.
ANZ - $2,000
ANZ are offering a $2,000 cashback for loans above $250,000 with an LVR of 80% or less. Loans must be refinanced from another lender and settlement of the new loan must occur within 120 days of application.
ME Bank - $3,000
ME Bank are offering $3,000 cashback for loans above $700,000 with an LVR of 80% or less. Loans must be refinanced from another lender and settlement of the new loan must occur within 120 days of application.
Other offers for August 2024
Aside from offers on home loan refinancing, there are a number of other offers that lenders have available in August 2024.
ANZ - $3,000 for First Home Buyers
ANZ are offering a $3,000 bonus for first home buyers with loans above $250,000 and an LVR of 80% or less. Settlement of the new loan must occur within 180 days of application.
Westpac - Occupational LMI Waiver
Westpac offers applicants in a number of occupations the opportunity to purchase a property with a deposit of less than 10% and avoid paying Lender’s Mortgage Insurance, allowing applicants to get into the market sooner and avoid thousands of dollars in LMI costs. If there are two applicants on the loan, only one applicant needs to be eligible under this policy in order to qualify.
A $90k per year minimum income is needed for these professions (casual income’s calculated over 48 weeks), with a maximum LVR of 90%:
Audiologist
Chiropractor
Midwife
Occupational Therapist
Osteopath
Physiotherapist
Podiatrist
Psychologist
Registered Nurse
Radiographer
Sonographer
Speech Pathologist
Optometrists
Pharmacists
Veterinary Practitioners
No minimum income needed for these professions, with a maximum LVR of 95%:
Dentist
General Practitioners
Hospital-employed Doctors (Intern, Resident, Registrar, Staff Specialist)
Medical Specialists (as per the Medical Board of Australia)
