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Refinancers could win $50,000 off their mortgage with this lender

Alex Ritchie avatar
Alex Ritchie
- 6 min read
Refinancers could win $50,000 off their mortgage with this lender

From cashback deals to frequent flyer points, there are a myriad of benefits available to home loan refinancers at the moment. One lender has taken it even further by offering eligible refinancers the chance to win $50,000 off their mortgage. 

Mortgage House is offering eligible refinancers that switch to one of three nominated home loan products by 31 December 2023 the opportunity to win $50,000 off of their mortgage. These home loans include:

Most cashback deals sit between $2,000 - $3,000, which typically goes towards covering the cost of switching. However, $50,000 off of your loan balance would help the winning homeowner shave years off of their loan term and save tens of thousands of dollars in interest charges. 

Mortgage House
Executive Saver Home Loan
  • Owner Occupied
  • Variable
  • 50% min deposit

Enjoy a home loan offering a competitive interest rate, no ongoing fees and the option to split your rate.

Interest rate p.a.


Comparison rate* p.a.


More detailsclick for more details

How do you enter the competition?

To be eligible to win $50,000 off of your mortgage, homeowners will need to apply for one of these home loans before 31 December 2023, gain loan approval and refinance from your current loan to Mortgage House. Upon refinancing, you will be entered into the draw to win.

How much could this save you?

Having $50,000 knocked off the balance of any home loan would go a long way in helping to reduce the loan term and total interest charges. Further, if you also nabbed a lower interest rate in the process, this may further help to reduce your mortgage repayments and ongoing interest costs. 

RateCity has crunched the numbers on several loan balances to determine the impact of having $50,000 wiped from a mortgage five years into a 30-year loan term at an interest rate of 5.14%. 

Loan balance

Interest saved over life of loan

Time shaved off loan



7 years 6 months



4 years 10 months



3 years 4 months



2 years 10 months

Source: ING Lump Sum Home Loan Calculator. Based on hypothetical 30-year loans with different balances making monthly repayments at a rate of 5.14%. Figures based on one lump-sum payment of $50,000 five years into the loan term. Does not factor in rate changes or fees. Hypothetical example for demonstrative purposes. 

What to keep in mind

It is crucial that you compare home loan options carefully, and assess your own financial health, before deciding to refinance your home loan. There is more to a home loan than the sign-up perks being offered. 

You’ll want to ensure you’re carefully comparing factors like the interest rate, fees and features of the loan as well. A Refinance Calculator may come in handy here to help you better assess whether a potential new home loan will suit your budget and goals. 

Cashback deals and sign up perks for refinancers

The latest Australian Bureau of Statistics figures show a record $21.22 billion worth of loans were refinanced in March, while a total of $206.86 billion worth of loans have been refinanced since the start of the rate hikes (May 22).

It’s no surprise that Australian home loan lenders have been incentivising borrowers to switch and save through these types of competitive sign up deals and offers. In May, some of these include:

  • Cashback deals - 29 lenders are offering cashback from $2,000 - $10,000, including all four big banks.
  • Reduced Lender’s Mortgage Insurance (LMI) - In May, St. George is offering eligible first home buyers the ability to pay only $1 for LMI if they have saved at least a 15% deposit.
  • Frequent Flyer Points - The Qantas Money Home Loan offers eligible customers 100,000 Qantas frequent flyer points every year into your account (you must be a Qantas Frequent Flyer Member).

However, as interest rates on home loans have continued to rise in the last year, thanks to consecutive hikes to the Reserve Bank of Australia’s cash rate, home loan discounts and cashbacks have become expensive for banks and lenders at these refinancing volumes. 

In fact, the number of cashback offers is down from the record high of 35 in March of this year. Further, Commonwealth Bank this week announced it was ditching its cashback offer from 1 June as the market becomes too hot to handle. 

If you’re considering refinancing in 2023, and nabbing a competitive sign-up offer is a priority for you, it may be worthwhile comparing options sooner rather than later. 

What to consider before refinancing

As mentioned above, it’s crucial that you compare more than just the home loan sign-up perk on offer when comparing mortgages to refinance to. But it is also just as important to take stock of your own financial situation before you consider refinancing. 

If you’ve only been paying off your mortgage for a couple of years, you may not have built up enough equity to be eligible for some of the more competitive low-rate loans available. If property prices have fallen in your area as well, you may also be at risk of falling into negative equity and you may not be able to refinance full stop. It may be worth getting a free property value estimate before you apply. 

Keep in mind that when you refinance you will be going through the full home loan application process again. Just because you gained approval the first time does not guarantee you will gain approval this time. It’s worthwhile assessing your own financial situation first. Be sure to check that your credit score is where you think it is, and work to boost your score if it has fallen.

Also, lenders look for stability in your finances. If you have recently changed jobs, it is recommended you wait until after the probationary period to apply for refinancing - even if it is a higher paying role. 

Compare home loans in Australia

Product database updated 28 May, 2024

This article was reviewed by Personal Finance Editor Mark Bristow before it was published as part of RateCity's Fact Check process.