Refinance Rebate Calculator: What's The Best Cashback I Can Get?

Disclaimer: This calculator is best used as a guide only. The terms and conditions of cash back vary between lenders. Moreover, offers may be withdrawn by lenders without notice. So, please talk to one of our mortgage brokers to confirm availability and eligibility before proceeding.

Did you know that some banks will actually give you money to refinance your mortgage with them?

You can benefit from the intense competition between banks by switching to a lender that has a competitive interest rate and a cash rebate.

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Call us on 1300 889 743 or enquire online to find out if your lenders are providing refinance cashbacks.

How Much Refinance Cashback Is Available?

Cashback Offer Submitted By Settled By Eligibility Criteria
$6,000 31 October 2021 31 January 2022 Loan amount is greater than $1,000,000
$4,000 31 October 2021 31 January 2022 Loan amount is greater than $750,000
$3,000 31 October 2021 31 January 2022 Loan amount is greater than $350,000
$3,000 30 November 2021 28 February 2022 Loan amount is greater than $750,000
Maximum LVR 90%
$3,000 29 October 2021 31 December 2021 Loan amount is greater than $250,000
Maximum LVR 80%
Owner-occupier and investment loans
$3,000 31 October 2021 28 February 2022 Loan amount is greater than $250,000
Maximum LVR 80%
$3,000 31 December 2021 31 March 2022 Loan amount is greater than $500,000
Maximum LVR 80%
$3,000 30 November 2021 28 February 2022 Loan amount is greater than $300,000
Maximum LVR 80%
$3,000 30 November 2021 28 February 2022 Loan amount is greater than $250,000
Maximum LVR 90%
$3,000 30 November 2021 28 February 2022 Loan amount is greater than $250,000
Maximum LVR 90%
$3,000 30 November 2021 28 February 2022 Loan amount is greater than $250,000
Maximum LVR 90%
$3,000 30 November 2021 28 February 2022 Loan amount is greater than $250,000
Maximum LVR 90%
$2,500 31 October 2021 90 days of initial application Loan amount is greater than $300,000
Owner-occupied and investment loans
$2,000 31 December 2021 31 March 2022 Loan amount is greater than $250,000
Owner-occupied and investment loans
$2,000 17 December 2021 28 February 2022 Loan amount is greater than $250,000
Owner-occupied and investment loans
Principal and interest plus interest only home loans
$2,000 25 February 2021 30 April 2022 Loan amount is greater than $250,000
Maximum LVR 90%
$2,000 Not Specified 31 October 2021 Loan amount is greater than $250,000
Maximum LVR 90%

Please note that terms, conditions, fees, charges, eligibility criteria and lending criteria apply. Cash offers may be varied or withdrawn at any time without notice by the bank/lenders.


Golden Tips From Our Brokers

Borrowers should be careful with the fine print as there’s usually a lot of conditions such as interest-only loans being ineligible or the loan needing to be advanced before the date that the offer expires.

  • Read the fine print carefully.
  • Is the refinance cashback per loan, per property or is there a max rebate of one per customer? The way banks calculate the rebate is sometimes based on each property so some of our investors have received over $10,000 in rebates when refinancing their portfolio.
  • Make sure you get the loan advanced before the due date.
  • Look at the total cost of the loan over four years less any rebate. Whether or not a refinance is worth it depends on the cost of the loan including the rate, fees and deducting any rebate over the term that a borrower will keep it for, which is usually four years.

Hidden Eligibility Criteria

Some people apply to refinance to receive a lower interest rate and a rebate, however they end up missing out on the rebate because of a hidden catch in the terms and conditions of the offer.

The most common catches are:

  • Your loan is not for the required purpose (e.g. construction loans may not be permitted).
  • You do not have a transaction account with the lender.
  • Your application is delayed and misses the cut off date.

By using a good mortgage broker you can be sure that you are eligible for the offer before you switch lenders unnecessarily.


The Bank Might Forget To Pay You!

The computer systems used by the banks do not normally have a function built into them to pay rebates to customers. These cash back offers are usually processed manually.

As a result, it is common for small mistakes to occur and the rebate not to be paid. When your loan is advanced, our mortgage brokers will set a reminder to check with you a month later to confirm that you have received your rebate.


Refinance Rebates FAQs

When Will My Rebate Be Paid?

In most cases, the bank will pay your rebate within a month of your loan being advanced. Sometimes it can be up to 2 months.

The exact date can vary between different lenders.

Banks tend to pay the refinance rebate into your nominated transaction account whereas non-bank lenders typically deposit the funds into your loan account or mail you a cheque.

Why Do Banks Offer Refinance Rebates?

Banks make these special offers to win market share during slow periods or known times when one type of borrower is very active.

For example, in spring it is common for some banks to give a first home buyer rebate to try to capture more of the market during the spring home buying season. Whereas during quiet periods. they will offer refinance rebates to attract people who are looking to save money on their home loan.

Other Rebate Types

From time to time, our banks may offer other special offers for people switching loans. These can range from special discounts on application fees, discounted LMI or the refund of the first annual fee for your professional package.

Please call us on 1300 889 743 to find out about these other offers.

Is It Worthwhile To Refinance?

If you are refinancing to borrow additional money to invest, renovate or build then there is no best or worst time to refinance.

Learn more about the benefits of refinancing your home loan and how much you can save.

However, if you are refinancing to save money then it is best not to refinance if:

The people who get the biggest reduction in their interest rate from refinancing are those that have had their current home loan for more than three years.

This is because older mortgages tend to have uncompetitive interest rates.

Unsure where to begin? Have a look at our guide to the refinance process.

Also, many people choose a fixed rate home loan, and there may be break fees associated with exiting the loan. There are low exit fees for variable rate loans. Overall it’s not an ethical approach to refinance repeatedly for cash back offers. It’s best to refinance when there are other good reasons to do so, such as needing more money or seeking a lower interest rate.

Can I Get A Refinance Cashback And Then Refinance Again?

Technically yes, you can. However, lenders are wary of this behaviour and may decline your next application. Each application leaves an enquiry on your credit file, too many enquiries and you’ll be seen as a high-risk borrower.


Contact Our Specialist Mortgage Brokers

Our specialist mortgage brokers know which banks have current special offers and will know which lender has the lowest cost loan for your situation.

We don’t just look at the available rebates, we consider the interest rate and LMI premium to make sure that you get the best deal possible.

Call us on 1300 889 743 or enquire online to find out how we can help you to save money on your home loan.

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Get up to $6000 cashback when you refinance or get a home loan. Call 1300 889 743 or enquire online. T&C apply.

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