Whether you’re looking for your first home or considering refinancing, it’s a seriously competitive time to get a home loan.
Cashback deals are one way that lenders attract new customers. Depending on the lender, these deals can range from $1,000 - $4,000 and more, upon home loan approval. It may be provided in the form of cash or taken out of the upfront fees you may be charged. You may also receive it in the form of gift cards for affiliated stores or brands.
With interest rates at rock bottom and more cashback offers than before, now may be the time to consider snatching up one of these deals.
Cashback deals on offer for November
This month, there are 27 lenders offering cashback deals of up to $10,000. The majority of which are for refinancing home loans.
Covid-19’s impact on the economy has poured fuel over an already low rate environment fire. And home loan refinancing has been on the rise in recent months thanks to record-low interest rates being offered by lenders, sparked by the Reserve Bank of Australia’s cash rate now sitting only 10 basis points away from zero.
In fact, ABS lending indicator figures from April to August show 137,372 loans have been refinanced in those five months, with May hitting a record high. It’s no wonder that more and more home loan lenders are trying to win some of these refinancers onto their books.
Here are the home loan providers offering cashback offers or rebates.