July 2021 Home Loan Cashback Offers

July 2021 home loan cashback offers

Aussies are jumping on these latest July 2021 Home Loan Cashback Offers, and for good reason!

Have you heard about the latest July 2021 home loan cashback offers? Whether you are looking to refinance your existing home loan, or purchasing your new home. MakesCents can help you find your next loan by matching you with the home loan offers and refinance cash-backs available from 30+ banks and lenders.

Not only are Aussies refinancing to a better rate, but they are seemingly getting paid for it, in the form of cashbacks.

The latest July 2021 home loan cashback offers are outlined below, by each lender. Note, not all products qualify for cash-back offers and should be discussed with a mortgage broker before you applying. We can help you maximise the July 2021 home loan cashback offers.

There are currently 14 active home loan cashbak offers here:

 

 

ANZ bank

ANZ Home loan Cashback Offer*

Refinance Cashback Offer for loan applications submitted by 30 July 2021 and settled by 31 October 2021

Offer ends 30 July 2021

See details

*Conditions apply

Virgin Home loan cashback offers

Virgin Money $3,000 Home Loan Cashback Offer*

For a limited time, you can switch to Virgin Money and receive $3,000 cashback on eligible loans.

The $3,000 cashback offer is for new Owner Occupied and Investment home loan refinances

Applications must be received between 29 May and 29 August 2021, and settle by 26 November 2021

$300,000 minimum loan amount and up to 80% LVR

You will need to open a Reward Me Home Loan Companion account alongside your loan, where the $3,000 cashback payment will be credited within 60 days of settlement.

Offer ends 29 August 2021

See details

*Conditions apply

Bank of Queensland home loan cashback offer

BOQ Refinance Home Loan Cashback Offer*

From Saturday, 29 May 2021 until Sunday, 29 August 2021 BOQ is offering a $3,000 cashback to eligible customers who are refinancing to BOQ.

Minimum lending of $250,000 and with maximum LVR of 80%.

Offer ends 29 August 2021

See details

*Conditions apply

st George home loan cashback offer

St George $3,000 Refinance Home loan Cashback*

St George $3,000 Refinance Cashback per customer offer for eligible refinance applications received between Thursday 01 July 2021 and Tuesday 31 August 2021 and settled by Tuesday 30 November 2021.

Offer ends 31 August 2021

See details

*Conditions apply

wespac home loan cashback offer

Westpac $3,000 Refinance Home Loan Cashback Offer*

Westpac $3,000 Refinance Cashback per customer for eligible refinance applications received between Thursday 01 July 2021 and Tuesday 31 August 2021 and settled by Tuesday 30 November 2021.

Offer ends 31 August 2021

See details

*Conditions apply

Bank SA  home loan cashback offer

Bank SA $3,000 Refinance Home Loan Cashback*

Bank SA $3,000 Refinance Cashback per customer offer for eligible refinance applications received between Thursday 01 July 2021 and Tuesday 31 August 2021 and settled by Tuesday 30 November 2021.

Offer ends 31 August 2021

See details

*Conditions apply

BOM  home loan cashback offer

Bank of Melbourne $3,000 Refinance Home Loan Cashback*

Bank of Melbourne $3,000 Refinance Cashback per customer offer for eligible refinance applications received between Thursday 01 July 2021 and Tuesday 31 August 2021 and settled by Tuesday 30 November 2021.

Offer ends 31 August 2021

See details

*Conditions apply

bank west  home loan cashback offer

Bankwest Home Loan Cashback Offer*

To help customers with the cost of refinancing, new Bankwest customers may be eligible for a home loan cashback of $2,000.

Offer ends 30 September 2021

See details

*Conditions apply

Comm Bank  home loan cashback offer

$2,000 home loan cashback offer when you switch your home loan to us*

Enjoy $2,000 cashback when you refinance your eligible home loan to CommBank.

The cashback bonus is available on the following loans:

  • Owner Occupied home loans
  • All investment loans

For refinancers who apply between 7 April 2020 and Thursday 30 September 2021 and have their loan funded by Friday 31 December 2021. Minimum refinance amount $250,000. This offer is not available for Bridging Loans.

Offer ends 30 September 2021

See details

*Conditions apply

Newcastle Permanent  home loan cashback offer

Newcastle Permanent Refinance Home Loan Cashback offer *

For a limited time only, new Owner Occupied or Investment Home Loans refinanced to Newcastle Permanent may receive a $2,000 Cashback.

Minimum New Borrowing Loan Amount is $250,000 and LVR must be 80% or less

Offer ends 30 September 2021

See details

*Conditions apply

86 400  home loan cashback offer

86 400 Own Home loan Cashback offer*

Get a head start with $2,000 cashback#Get $2,000 cashback on settlement for eligible ‘Own Home’ loan applications (purchase and refinance) of $250,000 or more, received by 30 September 2021 and settled by 30 November 2021

Offer ends 30 September 2021

See details

*Conditions apply

ING  home loan cashback offer

ING’s $3,000 Home Loan Refinance Cashback *

ING cashback promotion for eligible new refinance applications. That’s $3,000 for you to do your thing, whatever that is.

Offer ends 30 September 2021

See details

*Conditions apply

NAB  home loan cashback offer

NAB $2,000 cash bonus for new home loan refinances *

To be eligible for the $2,000 NAB Home Loan Refinance Cash Bonus, customers must:

Refinance an existing home loan of $250,000 or more from another financial institution to NAB

Settle your new NAB home loan between Monday 7 September 2020 and 31 October 2021 inclusive (Offer Period)

Offer ends 31 October 2021

See details

*Conditions apply

Great Southern Bank  home loan cashback offer

Great Start for First Home Buyers*

the Great Start promotion (available from 1 June), will provide a $2,000 cash contribution to eligible first home buyers (FHB) who take out a home loan with Great Southern Bank. This cash contribution will be included in the application to reduce the loan amount, LVR and LMI paid.

The $2,000 will be paid into the customer’s account at settlement so that it can be used towards their purchase. This is available to FHBs who aren’t eligible for the FHLDS and is our way of helping all Australians own their home

Offer ends 31 December 2021

See details

*Conditions apply

 

Try our < home loan comparison tool > available for free to search for the best home loans and cashback offers available on the market today from 30+ lenders. Compare your options today!

 

Before you take up a Refinance Cashback Offer, you need to read this.

One of the surprising trends in Australia’s lending and refinancing industry is home loan cashbacks. A year ago, you would be lucky if you could find 10 lenders offering refinance cashback offers for home loans. Today, of the research that we have been able to do, it seems that 26 residential home loan lenders in Australia are now offering some form of ‘cashback’ as an enticement.

Given the surge of home loan cashback offers in market, and the surge of the property market in 2020 and 2021, borrowers need to know: 

Are home loan cashbacks worth it?

  • What is the fine print?
  • What are the terms and conditions?
  • Will you benefit in the long run taking up this offer?

What are ‘Refinance Cashback offers’ and How Do They Work?

Refinance cashback offers are a defined amount that banks and lenders pay to borrowers(you) for every property they refinance. Usually, those who want to take advantage of the cashback offer from the lender will have to setup an account from the lender or bank linked to the home loan. After a set period, the cashback will be credited to the borrower’s account.

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Recently and most commonly, banks are using this type of promotion direct-to-consumer to attract borrowers into refinancing their mortgage or locking it in for a set period. The property market in 2021 is currently on the rise, and this type of cashback promotion is one of the top strategies lenders use in attracting borrowers. Given the intense competition among lenders, cashback values are rising higher than ever. The highest cashback listed recently is from Reduce Home Loans, offering a whopping $5,000.

 

Who are refinance cashback offers for?

Typically they are for fixed term loans. Not always, but in a lot of cases, lenders only offer cashback offers to fixed-rate home loans and refinance deals so they can retain the client for a set period of time.

Banks and lenders usually offer cashbacks to those who want to refinance their home. In most cases lenders prefer and have terms and conditions to ensure a person has at least 20% equity of the property to be refinanced. However, it is essential to note that the equity percentage requirement still depends on the individual lender. Some offer cashbacks to first-time homebuyers as well, so even non-refinancing borrowers may also get cashback offers with some lenders, depending upon their offering.

Important! The two types of Cashback Refinance Offerings available:

It is very important to realise WHO is offering you the cashback. Typically the two types of parties involved in any residential lending are Banks or Lenders and Mortgage Brokers. It is important to differentiate these parties and recognise that their motivations for offering you cashbacks are slightly different.

  1. Banks/Lenders Offering Refinance Cashback Offers:

    The motive or incentive is to either:

    1. Gain market share, or
    2. to lock you into a higher than ‘best-available’ loan than you could otherwise get.
    3. Or, Both 1 and 2!

Therefore the downside of this is that you could get $5,000 cashback (up-front), but potentially pay tens of thousands of dollars more than you should in the long run of your home loan because it is not the best interest rate or fixed for a term.

In this case, banks are essentially rebating back to you approximately half of what they would normally pay a mortgage broker, if your home loan came in to their system that way. However, using a mortgage broker, you are not tied to the one lender, but can compare the best rates (and cashbacks) from across the board.

  1. Mortgage Broker Offering Refinance Cashback Offers:

    The motive or incentive is to either:

    1. Promotion or lead generation. Where they are rebating back to you a portion of what the banks will pay them in commissions, in exchange for what it would normally cost them to acquire a lead or acquisition.
    2. Market Share. If they are a large broker network or a publicly listed company, then growth and market share is their main focus.
    3. Lender agreements and incentives. Perhaps certain lenders are offering this exclusively to specific brokers. Ie. NAB is offering its top 200 brokers this exclusive cashback offer to bring people on and entice them and the broker to direct them to NAB instead of other brokers.

Refinance Cashbacks Offers on the rise in Australia

While the highest refinance cashback offer we could find at the time of writing this article, so far, is Reduce Home Loan’s $5,000. The average cashback value sits between $1,500 and $4,000. Moreover, as mentioned, the year 2021 saw more than a 100% increase in the number of lenders offering cashbacks to would-be borrowers (from an initial 12 lenders to 26 lenders).

The high demand for home loans brought the surge in cashbacks. According to the Australian Bureau of Statistics, December 2020 saw a 31.2% increase in housing lending commitments compared to the previous 12 months. Since lenders want to have a bigger market share for these mortgages, they need an attractive offer to reel in clients. This is where cashbacks come into the picture.

Before, cashback home loan offers weren’t anything special to borrowers. These upfront cash inflows came with non-competitive interest rates, so it would not benefit borrowers in the long run. However, the most recent cashback packages lenders offer now come with attractive interest rates as well. Given the low-interest rates and an inflow of cash, the cashback offer has become one of the more attractive packages in home loans today.

Are Refinance Cashback Offers Worth it for Australian Borrowers?

We would argue in most cases, NO! However, the answer depends on the priority of the borrower. Although cashbacks do come with attractive (and low) interest rates nowadays, they still would not beat the lowest interest rates lenders offer for non-cashback packages. Cashback deals are good in the short run, especially for people who need quick cash. But in the long run, lower interest rates will still give better total savings.

Of course, this is not to say that people should not get cashback deals at all. This is still a good offer. Young borrowers will often find this package more attractive given the relatively competitive interest rates that come with it. It all comes down to what type of borrower a person is.

To those who refinance regularly, this is a good offer. However, to those who will only refinance once and stop there, a lower interest rate will provide better savings in the long run.

Learn More About Refinance Cashbacks with Makes Cents

Are you thinking about refinancing your home loan? If you are torn between getting a lower interest rate versus having an added cashback, it would be wise to determine the type of borrower you currently are.

If you would only refinance once, having a lower interest rate may be better for you. But if you are going to refinance regularly, then cashback deals are offer you shouldn’t miss. Contact Makes Cents now to know more about refinance cashbacks!

 

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