Five banks offering $2k cash back to refinance!
Would $2k cash back be a big enough incentive for you to consider refinancing your home loan?
What about $4k? Would it be enough to help you to make the time and go through what it takes to refinance your loan?
Currently there are four banks offering $2k cash back for willing customers to refinance their loans. Then there is a final bank offering a $4k windfall in total, if you bring across both a home loan and an investment loan at the same time. each for a home and investment loan both brought across to the bank.
These cash back promotions that we see from time to time n part are aimed at covering any costs associated with refinancing a loan. However, at $2k and even $4k, these cash back incentives are well above the discharge costs associated with a standard loan. This means that the customer can come out well in front by taking up such an offer.
But why would a bank do this? Why would they just give away $2k let alone $4k? The truth is that banks want your business. They want you. In a market which is highly competitive and large numbers of loans are coming to the banks, the lenders are wanting to secure you as a customer. And for many, in conjunction with a good interest rate, this is enough to do it.
Providing the loan meets your needs and significantly improves your situation from where you currently stand, customers should be proactive in taking advantage of incentives in refinancing their loans. These offers generally have a finite application date by which you must apply and cut off by which your loan must settle.
So please take notice. Have your broker explain to you what is on offer from various banks so you can make the best decision for you. Hopefully that might just include some extra money in your wallet at the end of the day.