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 Moreover, offers may be withdrawn by lenders without notice.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.

Please call our mortgage brokers at 1300 889 743 or fill in our online enquiry form to see if you should refinance your home loan during the COVID-19 pandemic.

Current special offers

Up to $4,000 in refinance cashback

One of our major banks is offering a $4,000 ($2,000 plus an additional $2,000 bonus on the first property) refinance cash back for applications submitted and received by 31 January 2021 and settled by 31 March 2021.

The additional $2,000 cashback bonus is only paid for loans with a maximum LVR of 80% on the first application to eligible customers on top of the current $2,000 refinance cashback.

To qualify for the additional $2,000 bonus:

  • The property must be an owner-occupier.
  • The loan must be a principal and repayment (P&I) loan.
  • The loan to value ratio cannot exceed 80% of the property value.
  • The minimum loan amount should be greater than $250,000.
  • Only 1 bonus cashback of $2,000 will be paid regardless of the numbers of customers, properties or applications involved.

    $2,000 refinance rebate per security

    The same major bank is offering a $2,000 refinance cashback for every subsequent property refinanced.

    That means if you have five properties, you can potentially get $10,000 in rebates plus an additional $2,000 for the first property.

    Key features:

    • A $2,000 cashback is paid for every property that is refinanced with the bank.
    • Applicants must open/have a transaction account linked to the home loan from the same bank. This account must be kept open for at least 60 days after settlement for the cashback to be paid into.
    • Applicant’s home loan repayments must be directly debited/paid from this transaction account.
    • Must include the lender’s home loan package. A $395 annual package fee applies.

    To qualify:

    • Minimum lending of $250,000 per property is required.
    • Only available for owner-occupiers (principal and interest repayment) and residential investment loans.

    It excludes:

    You can cross-collateralise the loan, as long as the average loan amount is $250,000 or more per security, you will eligible for the rebate.

    Also, if one of the property has a loan amount less than $250,000 but the combined refinance loan amount of 2 properties exceeds $500,000, then you will be eligible for both rebates.

    Offer can be varied or withdrawn at any time. Please call us on 1300 889 743 or enquire online to find out if you qualify.

    $3,000 plus $1,000 in refinance rebates

    One of our lenders is now offering a refinance cashback of up to $3,000 for applications submitted by 18 December 2020 and settled by 26 March 2021.

    Incredibly, they’re offering an additional $1,000 to front line workers such as teachers, emergency workers, and health professionals on top of the original $3,000. The list of eligible professional is extensive and includes, university and vocational education teachers, social workers and podiatrists, as well as medical practitioners, paramedics and special education teachers.

    Eligibility criteria:

    • $2,000 cashback available for loans greater than $250,000 but less than $750,000.
    • $3,000 cashback available for loans greater than $750,000.
    • For the additional $1,000 frontline workers’ bonus, your profession must be listed in the list of eligible professionals.
    • Both P&I and interest-only repayment types are accepted.
    • The maximum loan to value ratio (LVR) should be equal to or less than 90% of the property value.
    • The offer is limited to one cashback per customer.
    • The following loans are excluded from the offer – Access Equity (Line of Credit), Purchase, Construction, Internal Refinance, Debt Consolidation, Cash-out (when not included with an eligible refinance).

    Please call us on 1300 889 743 or enquire online to find out if you qualify.

    $3,000 refinance rebate

    One of our major lenders is now offering a refinance rebate of $3,000 for refinancing a home loan amount of $250,000 or more with them.

    They’re also offering a $1,200 cashback to eligible customers refinancing a home loan amount that’s above $150,000 but less than $250,000.

    The offer is available for applications submitted by 23 November 2020 and drawn down by 22 January 2021.

    • $1,200 cashback available for loan amount of at least $150,000 but less than $250,000.
    • $3,000 cashback available for loan amounts equal to or greater than $250,000.
    • Available for both owner-occupied and investment home loans.
    • Available for principle and interest (P&I) and interest only loans.
    • Available to new customers as well as existing customers with this bank that are refinancing an additional amount from another lender (total new lending must be at least $250,000 for the $3,000 rebate and $150,000 for the $1,200 cashback).
    • Limit of one refinance rebate per customer no matter the number of loans being refinanced e.g. if you are refinancing two $250,000 loan amounts, you can only receive one $3,000 rebate.
    • Limit of one refinance rebate in a 12-month period.
    • Rebate not available for line of credit accounts.
    • The bank will credit your cashback within 14 days of receiving a completed refinance rebate form and confirming that you are, in fact, eligible for the rebate.

    Please call us on 1300 889 743 or enquire online to find out if you qualify.

    Up to $3,000 in refinance rebates

    One of our major banks has introduced a $3,000 refinance rebate ($2,000 plus a $1,000 bonus on the first property).

    This offer is available for applications received by 31 January 2021 and settled by 31 March 2021.

    While the $2,000 refinance rebate is available for each property refinanced, the $1,000 bonus is only available on the first property.

    The eligibility criteria for the $1,000 bonus are as follows:

    • Available for owner-occupier loans (principal & interest repayments only) and all residential investment loans.
    • Maximum Loan to Value Ratio (LVR) of 80% of the property value.
    • Minimum loan size of $250,000.
    • $395 annual package fee applies.
    • Only 1 bonus cashback will be paid regardless of the numbers of customers, properties or applications involved.
    • Applicants must have a transaction account linked to the home loan at the time of settlement. The transaction account must be kept open for at least 60 days after settlement. The home loan repayments must be direct debited from this transaction account.

    This offer is not available for:

    • Equity access loans.
    • Switches and refinances of home loans from within the banking group’s flagship brands.
    • Loans with an LVR greater than 80%.
    • Owner-occupier interest-only loans.
    • Loans under a trust or company name.

    Offer can be varied or withdrawn at any time. Please call us on 1300 889 743 or enquire online to find out if you qualify.


    $2,500 refinance cashback offer

    This $2,500 refinance cashback offer is available for applications submitted by 29 November 2020 and drawn down by 28 February 2021.

    • To be eligible, the total loan amount must be at least $250,000 with a maximum LVR of 80%..
    • The offer is limited to one cashback per eligible loan irrespective of the number of joint borrowers.
    • Payment will be made into the transaction account you hold or open with the bank within 30 days of the settlement date.

    This offer can be amended and/or withdrawn by the lender at any time without notice.

    $2,000 refinance rebate

    With a loan balance of $250,000 or higher, you may qualify for a $2,000 refinance cashback with a few of our lenders including a major lender.

    A $2,000 rebate per property is also available with one of our lenders.

    • Only available on owner-occupied home loans.
    • Only available for principle and interest repayments (not interest only).
    • Top-up amounts or any new money you may want to borrow will not count towards the $250,000 minimum loan balance amount.
    • The mortgage you are refinancing must be from another financial institution, not a lender under this bank’s flagship brand.
    • The lender will credit the $2,000 cashback to your linked transaction account within two weeks of the loan transfer.

    $2,000 cash bonus for refinances

    One of our major lenders has announced a $2,000 cash bonus for refinances drawn down from 7 September 2020 and Sunday 31 January 2021 inclusive (offer period).

    This offer is:

    • Available for refinances of an existing home loan of $250,000 or more.
    • Available to applicants who are owner-occupiers or investors and excludes First Home Loan Deposit Scheme loans, non-residents, businesses, trusts and other non-natural persons.
    • Only available to refinances from another financial institution outside of the bank’s flagship brand.
    • Only available once per customer within the offer period, e.g. if a customer refinances more than one loan, they will only receive the cash bonus once.
    • Customers must have a transaction account open at the time of drawdown in order to receive payment of the cash bonus and this will be paid automatically within 90 days of drawdown.

    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.

    Please call us on 1300 889 743 or enquire online to find out if you qualify.

    Recently withdrawn refinance rebates/cashback offers

    $4,000 NAB refinance cashback

    This special offer has expired, we’ll update this information once it’s renewed.

    NAB was offering a $4,000 cash bonus for a refinance of $250,000 or more for applications made by 19 April 2020 and drawn down by 30 June 2020.

    The $4,000 refinance cashback is:

    • Limited to one bonus per customer;
    • Only available to individual borrowers includes both owner-occupiers and residential investors;
    • Not available to customers refinancing from one of their affiliated/flagship banks.

    ANZ $4,000 rebate

    ANZ’s $4,000 refinance rebate offer expired on 31 May 2020.

    The original drawdown deadline was 30 September 2020 which has now been extended to 30 November.

    We’ll update this information once it’s renewed.


    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.

    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.

    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 may 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.


    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.


    Why do banks offer them?

    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.

    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.

    Secondly, if a mortgage broker assists you with the home loan and then you refinance within the first two years, then the lender takes back their payment for setting up your loan. This is called clawback, and so the broker is unlikely to work with you again as they’ve worked for free.

    Lastly, 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.

    Contact a mortgage broker

    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.

    Please 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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