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Banks lure borrowers with cash rebates and fee cuts

Banks lure borrowers with cash rebates and fee cuts

Ten lenders of all shapes and sizes are enticing new home buyers and refinancers with an array of special offers.

NAB is offering 350,000 NAB Rewards points to anyone who takes out a new home loan of at least $250,000 by 31 August – excluding HomePlus, lines of credit and portfolio facilities.

These points would be worth $1,781 if exchanged for $100 gift cards at Coles or Woolworths.

Hume Bank is offering to waive up to $1,500 in set-up costs. This is valid for introductory loans of at least $250,000 or refinance loans of at least $100,000.

ING Direct is offering $1,000 cashback to the first 700 new customers who apply for an Orange Advantage home loan and open an Orange Everyday bank account by 31 July. This offer applies only to owner-occupiers who take out a principal-and-interest loan of at least $300,000 and who have a loan-to-value ratio (LVR) below 80 per cent.

Queenslanders Credit Union is also offering $1,000 cashback, this time for refinancers.

SCU has a $500 cashback offer, which is valid for new home loans of at least $150,000.

HSBC will waive ongoing monthly fees for Home Value Loan applications received by 31 August. Loans must be owner-occupied and at least $50,000.

Bank Australia will waive the application fee on Basic Home Loan variable-rate applications received by 31 August.

Hunter United will waive the application fee for new Platinum Home Loan applications received by 31 July. Loans must be owner-occupied and under 90% LVR.

IMB is offering a rate discount for owner-occupiers who make a Budget Home Loan application for at least $75,000. Loans must be principal and interest and have a maximum LVR of 80 per cent. An IMB transaction account must be opened with the loan.

QT Mutual Bank will give refinancers a $200 EFTPOS card if it can’t offer them a home loan that reduces their monthly repayments.

Specials summary

LenderOfferConditions
Bank AustraliaApplication fee waivedValid for Basic Home Loan variable-rate applications received by 31 August.
HSBCNo ongoing monthly feesValid for Home Value Loan applications received by 31 August. Loans must be owner-occupied and at least $50,000.
Hume BankUp to $1,500 in set-up costs waivedValid for introductory loans of at least $250,000 or refinance loans of at least $100,000.
Hunter UnitedApplication fee waivedValid for new Platinum Home Loan applications received by 31 July. Loans must be owner-occupied and under 90% LVR.
IMBDiscounted rateValid for new Budget Home Loan applications. Loans must be owner-occupied, P&I, at least $75,000 and under 80% LVR. An IMB transaction account must be opened with the loan.
ING Direct$1000 cashbackValid for new customers who take out an Orange Advantage home loan and open an Orange Everyday account. Loans must be owner-occupied, P&I, at least $300,000 and under 80% LVR. Only applies to the first 700 applications received by 31 July.
NAB350,000 NAB Rewards pointsValid for new home loans of at least $250,000. Offer ends on 31 August. Offer excludes HomePlus, lines of credit and portfolio facilities.
QT Mutual Bank$200 EFTPOS cardGiven to refinancers if the bank can’t offer them lower monthly repayments.
Queenslanders Credit Union$1,000 cashbackValid for refinancers.
SCU$500 cashbackValid for new home loans of at least $150,000.

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