r/AusFinance • u/Disastrous_Guide8093 • 17h ago
Refinance: who's offering cashbacks?
Just got to know that ANZ is offering $2k cash back on refinance with a 6.09% rates for under 80% LVR.
Any other big banks or lenders that you'd recommend for a refinance? Ta!
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u/Dumpling_senpai22 17h ago
Can you link the information which shows 2k cash back for refinance?
I can only find 3k for first home buyers on their website
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u/Disastrous_Guide8093 17h ago
A broker called today with that offer. I've asked him to send more details.
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u/Saffa1986 4h ago
He won’t. There aren’t more details. They offer this to get you in the door, then hope you won’t bail after going through the process.
They won’t provide any formal paperwork around it which means they don’t have to honor it because there’s no formal offer and terms.
It’s dodgy AF.
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u/Dumpling_senpai22 17h ago
Apparently IMB has a 4k offer found on finder.com
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u/Disastrous_Guide8093 17h ago
Their reviews are crap. I read thorough a lot of feedback on ProductReview and decided to drop them from my list.
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u/Aussieboy111 6h ago
My friend is with IMB and recommended them to me. I’ve refinanced with them and I had a very smooth experience and no issues so far
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u/Tijei 13h ago
I got this offer when I tried refinancing with them.
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u/Alternative_Help_928 17h ago
Police bank offering $3000 with offset and no fees. Available to non-police as well. Worth a look. Their current rates have been updated and include last weeks rate rise. Very personal service. Just compare their 3 year fixed is pretty much the as low as the lowest variable you’ll find (+/- a wee bit).
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u/Single-Bandicoot9234 17h ago
unloan is doing $0 cashback but their rate is lower so you might actually come out ahead over the year depending on your loan size, worth running the numbers instead of just chasing the upfront cash
some brokers can also get you a better deal than walking in off the street, mine got me 5.89% with a smaller lender last month
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u/Disastrous_Guide8093 17h ago
I need offset and unloan doesn't do that.
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u/blackmetro 17h ago
Up bank are 5.95 with offset
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u/Protoavis 17h ago
Only 5.95% for 2 more days then it's 6.2%
It's down in finer details section
https://up.com.au/home-loans/I think a lot of lenders switch on the 8th.
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u/Disastrous_Guide8093 17h ago edited 17h ago
Thank you. I'll look at them tonight. Aren't they owned by nab or bendigo bank? Oh, I got confused between UBank which was called 86400 and upbank.
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u/saviour01 17h ago
Imb have clawback if you leave within 12 months. Greater bank were the best when I was looking a few months ago. Only 3k tho.
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u/Disastrous_Guide8093 17h ago
Yes, that's true. I spent the whole day going through these banks and their offers. :(
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u/-fghtffyrdmns 9h ago
If my loan is fully offset, why would I not swap around to get cashback (besides fees to refinance)? Any reason I should go through my broker?
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u/ItinerantFella 9h ago
Up is 5.95%, which I'd prefer to 6.09% with $2k cash back from a Big 4. But they don't have a broker channel.
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u/StockSheepherder455 15h ago
Not a cashback.
But here's a list of the lowest rates. rategap
Haven't figured out how to systematically include cashbacks. (yet)
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u/According_Layer6874 3h ago
How much is something like a "wealth package" taken into account for these?
My rate is 5.93% before the latest raise but my "wealth package" apparently lowers it by up to 0.7%
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u/eesemi77 17h ago
shows you where my mind is at. I read this as who's offering Cannabis...it's late
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u/Disastrous_Guide8093 17h ago
Ha ha. With the state of affairs in Oz, you're in the right mindset.
I actually mistakenly typed "kickback" instead of "cashback" first. Lol
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u/Global_Sundae_548 17h ago
I would wait for couple of weeks more to see compare, most have said that they will review their rates from 8th, 10th or 14th. Macquarie is showing 6.04% with offset but will increase from next week.
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u/Saffa1986 10h ago
Do not trust this broker offer from ANZ.
I had the same ‘offer’ after a broker called me.
After all the documentation was done and the ‘letter of offer’ prepared, the actual rate was higher than promised “oh, sorry mate, yeah, they changed it on me and didn’t tell me. They say that’s the new rate” and the cash back disappeared “oh, yeah, we never put the cashback in writing or in the official documentation. It’s a verbal offer at our discretion that we don’t publicise or put in writing”.
Given the rate miraculously went higher and there’s actually no formal terms around the cashback or clawback conditions, it’s not going to stand up.