Refinance Cashback Offers

Refinancing Home Loans and Enjoying Cashback Offers with OzBroker

Receive enticing cashback opportunities by refinancing home loans of $250,000 or more with numerous banks. Curious if you’re eligible?

Some banks actually reward you with money for shifting your mortgage to them! Thanks to fierce bank competition, switching to a lender offering a competitive interest rate plus a cash rebate is a savvy move.

Reach out to us at OzBroker at 0426667696 or enquire online to discover if your lenders are extending refinance cashbacks.

Pro Tips from OzBroker Professionals

Be vigilant with the terms and conditions because many carry specific criteria, like excluding interest-only loans or requiring the loan to advance before the offer deadline.

Ensure you:

  • Examine all details in the fine print.
  • Understand whether the cashback is per loan, property, or limited to one per customer since banks might calculate rebates per property.
  • Advance the loan before its due date.
  • Calculate the total loan cost over four years minus any rebates. Consider the rate, fees, and deduct any rebates over the period you plan to keep it, typically four years, to ascertain if refinancing is worthwhile.

Strategies to Secure the Optimal Refinance Deal

Refinancing doesn’t require a specific trigger. Act when beneficial refinance offers arise. A cashback deal is particularly lucrative if you intend to retain your home loan for up to four years, while a lower interest rate may be preferable for longer periods.

Here are tips to lock in the best refinancing deal:

1. Avoid Excessive Loyalty: Bypass the “loyalty tax” and exploit new customer discounts by not being overly loyal to your present lender.

  • Take Action: Negotiate a superior rate or secure money-saving features with your lender.

2. Pursue Accurate Valuation: A lender will assess your home value during refinancing. Should the valuation disappoint, consider applying with a lender who may offer a higher valuation.

  • Take Action: Connect with OzBroker at 0426667696 or We’ll organize a complimentary valuation and select a lender offering superior valuations.

3. Conduct an Equity Check: Maintain at least 20% equity in your home to dodge Lenders Mortgage Insurance. Refinancing with over 80% borrowing will likely incur LMI.

  • Take Action: Compute your equity and explore methods to enhance it.

4. Spruce Up Your Finances: Approval for a previous loan doesn’t guarantee future successes, especially amidst stringent lending constraints. Minimize credit card debt or adjust your credit card limit.

  • Take Action: Determine your debt-to-income ratio and demonstrate consistent repayment to your new lender.

5. Consider All Expenses: A lowered interest rate or attractive cashback offer isn’t everything due to potential hidden costs. Be aware of all associated expenses with refinancing.

  • Take Action: Let not lower rates and enticing cashback offers obscure your view. Comprehend the authentic costs of refinancing before application.

At OzBroker, our mortgage specialists ensure you secure the most advantageous refinance deal, offering an appealing interest rate and a package tailored to your needs. Contact us at 0426667696 or online.

Understanding Hidden Eligibility Criteria

While individuals often refinance to gain a lower interest rate and a rebate, some miss out on rebates due to unforeseen clauses in offer terms and conditions.

Common stumbling blocks include:

  • Ineligible loan purposes (e.g., construction loans might be excluded).
  • Absence of a transaction account with the lender.
  • Application delays causing missed cutoff dates.

Engaging a proficient mortgage broker ensures your eligibility for offers before you swap lenders unnecessarily.

Don’t Forget Your Payment!

Banks might inadvertently omit your rebate due to their computer systems not automatically processing such payments—these cashback offers typically require manual handling.

Therefore, small errors that result in unpaid rebates can occur. Once your loan advances, our brokers at OzBroker will touch base with you after a month to verify that your rebate has been received.

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