Refinance cashback offers for January 2023

Considering refinancing your home loan? Read more to find out about current lender offers 

Key points

  1. If you’re coming off a fixed interest rate in 2023 or are simply looking for a better interest rate on your loan, you may want to consider refinancing your home loan

  2. Property refinance of cash back offers are currently between $1,000-$4,000+ 

What is a cashback offer?

  • A cashback offer is as the name suggests - a cash payment to you for switching your home loan to a new lender. 

  • This is usually paid to a borrower into their bank account after completion of the new loan. 

  • Cashback offers in the market come and go all the time. Current offers range from $1,000 up to $4,000 and potentially more depending on your loan set up, loan size & specific circumstances.

Wait, free money… is there a catch? 

  • It depends. It is true in life that there is ‘no such thing as a free lunch’. In order to be eligible for cashback offers on refinancing you need to meet the criteria set out by the lender. 

  • You may also have to pay a fee to close your loan with your existing lender.

  • The lenders are willing to pay a cashback offer to attract good borrowers, and it is often a small price for them to pay in order to get your business. 

  • Often refinance requires a maximum LVR of 80% without LMI. 

  • There is often paperwork to do, but that is where a mortgage broker can help. 

  • If you get a cashback offer but are going to a loan with a higher interest rate or fees, you could end up paying more over time.  A mortgage broker can help you compare different lenders and loan options to ensure you understand the total cost of different loan options.

Current cashback offers available in January 2023

The table below shows the current cashback offers available as of 4 January 2023, listed from highest to lowest amount:

Ubank

  • Cashback: $5,000

  • Expiry: 28/02/2023

  • Conditions:

    • $4k cashback for loans between $250,000 and under $1m

    • $5k cashback for loans of $1m or more

    • Apply by 28 February 2023 and settle by 30 April 2023

    • Excludes refinances from NAB Group

St George

  • Cashback: $4,000

  • Expiry: 28/02/2023

  • Conditions:

    • Minimum loan amount $250k

    • Apply by 28th February 2023, and settle by 31st May 2023

    • Excludes refinances from Westpac Group

Suncorp

  • Cashback: $4,000

  • Expiry: 30/03/2023

  • Conditions:

    • Receive $3k cashback with a new home loan of $500k to <$1M

    • Receive $4k cashback with a new home loan of $1M+

    • Apply by 30 March 2023 and settle by 28 June 2023

ANZ

  • Cashback: $4,000

  • Expiry: N/A

  • Conditions:

    • Minimum loan amount $250k

    • $4k cashback for loan with <80% LVR

    • $2k cashback for loan with >80% LVR

ME Bank

  • Cashback: $4,000

  • Expiry: N/A

  • Conditions:

    • Minimum loan amount $250k

    • Apply from 01/12/2022 and settle within 120 days of the loan application date

    • $2k cashback for loans with 60-80% LVR

    • $4k cashback for loans with <60% LVR

Bank of Melbourne

  • Cashback: $4,000

  • Expiry: 28/02/2023

  • Conditions:

    • Minimum loan amount $250k

    • Apply by 28th February 2023, and settle by 31st May 2023

    • Excludes refinances from Westpac Group

ING

  • Cashback: $3,000

  • Expiry: 28/02/2023

  • Conditions:

    • Minimum loan amount $500k

    • Must apply before 28 February 2023 and settle by 31 May 2023

BOQ

  • Cashback: $3,000

  • Expiry: N/A

  • Conditions:

    • Minimum loan amount $250k

Westpac

  • Cashback: $2,000

  • Expiry: 28/02/2023

  • Conditions:

    • Minimum loan amount $250k

    • Apply between 1st August 2022 to 28th February 2023 and settle by 31st May 2023

NAB

  • Cashback: $2,000

  • Expiry: N/A

  • Conditions:

    • Minimum loan amount $250k

    • Excludes refinances from NAB Group

Bankwest

  • Cashback: $2,000

  • Expiry: 28/02/2023

  • Conditions:

    • Minimum loan amount $250k

    • Must apply before 28 February 2023

Commonwealth Bank

  • Cashback: $2,000

  • Expiry: 31/12/2023

  • Conditions:

    • Minimum loan amount $250k

    • Apply by 31 December 2023 and settle by 31 March 2024

How do I refinance and take advantage of a cashback offer

Our role at Unbroke is to assess your needs and situation, help you compare all of the loans you’re eligible for, including cashback offers, finding the lowest interest rate and loan features. Our services are free to use, we simply receive a commission from the bank once your loan is settled. 

Contact us via our website, email or social media to book in a call to discuss your options to purchase property or refinance your home loan.

Previous
Previous

Mortgages for doctors & medical professionals

Next
Next

The NSW First Home Buyer Choice Scheme