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Commonwealth Bank $1,500 Refinance Cashback offer

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Commonwealth Bank $1,500 Refinance Cashback offer
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PCapeFin on 08/02/2016 - 10:31 commbank.com.au (657 clicks)
Last edited 01/04/2016 - 18:39 by 1 other user

From Monday 8 February to Saturday 30 April 2016 Commonwealth Bank are offering a new Refinance Cash Back of $1500 to customers who refinance their Home / Investment Home Loan or Line of Credit from another financial institution to CommBank.

Eligibility
► Minimum refinancing loan amount of $250,000
► Loan funding by 11:59PM AEST Thursday 30 June 2016
► Customers must hold a Commonwealth Bank Transaction Account, Savings Account, or Viridian Line of Credit to receive this cashback
► The offer is available for any OFI Home/Investment Home Loan or Line of Credit, as long as the customer meets all eligibility criteria
► Refinancing of existing Commonwealth Bank Home / Investment Home Loans and Lines of Credit are ineligible for this offer
► Only one Cashback per entity is payable (irrespective of the number of applications).

Payment
► We will make the Refinance Cashback payment centrally after we validate the customer’s eligibility, if you have selected refinance as the loan purpose
► You do not need to use the Home Loan Pricing Tool to fulfil this offer
► The Refinance Cashback of $1500 will be paid into the customer’s nominated Commonwealth Bank Transaction Account, Savings Account, or Viridian Line of Credit within two weeks of the loan funding

Between Monday 1 February and Friday 30 April 2016, CBA will also guarantee to beat any advertised 1 to 5 year Fixed Rate Home / Investment Home Loan Interest Rate from Westpac, ANZ, NAB or St George.

For additional pricing requests please send me a PM or an email to [email protected] and I can request a discounted rate on your behalf.

NB: Perth based mortgage broker here, happy to assist with your refinance (free of charge) Australia wide
Authorised credit representative 478455 of Connective Credit Services Pty Ltd Australian Credit Licence Number 389328.

Financial Cashback Home Loan Investment Loan Loan Refinance

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closed Comments

  • tomleonhart on 08/02/2016 - 10:35
    +1

    Great deal !

  • ozhunter on 08/02/2016 - 10:35
    +2

    Hmm, I wonder what are the rates.

    • CapeFin on 08/02/2016 - 10:38

      Hi ozhunter,

      CBA have been doing some competitive pricing in recent months, would you like me to request pricing based on your loan structure? Feel free to drop me a PM.

    • [Deactivated] on 08/02/2016 - 11:26
      +6

      It's not all about rates!! Come sit down while I push you into a loan that suits my commission your individual circumstances!

      • CapeFin on 08/02/2016 - 11:36
        +3

        Absolutely not, sorry to hear if you have had a bad experience with brokers in the past.

        We would never suggest options that are not in the best interest of the borrower and take pleasure in helping people find a great deal, worst case is we let you know that your current loan structure is worth retaining.

  • 2stroksmokr on 08/02/2016 - 10:53

    What's the effect of refinancing so much? I changed from CBA to Bankwest over a year ago and now Bankwest variable has gone to crap. Say stay with one for 2-3 years then change over.

    • CapeFin on 08/02/2016 - 10:55
      +3

      Yes they have put up pricing for existing customers, it is always in your best interests to see what other banks are offering and also to chat to your own to see what they are willing to do to keep your business. Let me know if you would like your rate at Bankwest reviewed of if you would like to know if it would be worth considering this CBA offering.

      • ozhunter on 08/02/2016 - 11:14
        +5

        Kind of funny since CBA owns Bankwest.

        • edgar28 on 08/02/2016 - 12:21
          +1

          the big 4 always playing the game.

          since it is not regulated by RBA. If you read some finance articles, they advise to go to non bank lender now

        • CapeFin on 08/02/2016 - 12:24
          +1

          As the consumer.. play the game too and make sure you always get a good deal rather than remain bank loyal!

      • [Deactivated] on 08/02/2016 - 13:13

        Let me rephrase the question. If we refinance regularly, how do the banks view this on a new application?

        • CapeFin on 08/02/2016 - 13:16

          As long as we are up front about your credit file it should be ok, how regularly are you talking about? Feel free to drop me a PM if you would like to discuss in private.

        • fredblogs on 23/02/2016 - 09:59

          @CapeFin: If there's a better rate or deal every year, does it make sense to refinance every year?

        • CapeFin on 23/02/2016 - 11:16

          @fredblogs: Of course, as long as the exit fees / penalties and savings make it financially beneficial for you to do so. It is worth speaking to your bank first to see what they are willing to do to retain your business.

  • Bargain Master on 08/02/2016 - 11:05

    PM sent

    • CapeFin on 08/02/2016 - 11:07

      Thanks Matt, responded.

      • Bargain Master on 08/02/2016 - 11:11

        Thanks can you confirm if the cash back is available per loan?

        • CapeFin on 08/02/2016 - 11:15

          As per the eligibility criteria " Only one Cashback per entity is payable (irrespective of the number of applications)." Hopefully a bit of savings on the interest rates as well to make it worth your while.

  • Jessie Ryder on 08/02/2016 - 11:15

    Can you still get it off existing fixed loans or are there massive fees

    • CapeFin on 08/02/2016 - 11:16

      A quick chat to your bank is all it takes to see what they would charge in break costs, send me a PM if you need a hand.

  • jain231 on 08/02/2016 - 11:30

    pm sent

    • CapeFin on 08/02/2016 - 11:32

      Thanks, I will give you a call shortly.

  • rmamila on 08/02/2016 - 11:34
    +1

    I was with CBA for 8+ years. I have multiple loans with total 1.3 million+ and LVR at 65%. They kept increasing the interest rates in recent times at their will. Their rates are not competitive anymore.
    CBA had other issues as well in recent times that they had issues in their systems as a result big chunk of my money was held in my offset account for no reason for over a month period. There was no way to talk to the bank in this regard. Finally I sent an email from my netbanking. Immediately the block was removed from my offset account and I saw my money was accessible after that. I at least expected a reply for my email from CBA mentioning the reason as to why and how it happened. There was no reasoning for that. The latest was last month. In one of my loan account I am paying only the interest and it has been charging the same interest every moth for past year. However last month I see extra 5% charge as interest. There was no hike in interest in Jan. I need to call them and ask why.
    CBA doesn't care about you once you get in. I am thinking of moving out to BOQ with far better rates. The only reason for me to think harder is that I was so used to do all my banking with CBA for 8 years including many accounts and all my Credit Cards. When I move out and start fresh I will loose all my transactions history in the same portal. There are ways to get around by exporting them to Excel before I say bye bye to CBA but I loose all that convenience. But every months I am loosing in 100's when continue to stay with CBA.

    It's strange bank will only give you a fair rate when you come in as a new customer. Isn't it costing them more in commission for brokers, then why not offer a competitive rate for existing customers with good banking history.

    • CapeFin on 08/02/2016 - 11:40
      +1

      Hi Rmamila,

      They should definitely be explaining why your rate increased, please feel free to send me a PM if you would like a hand to see what CBA are willing to do to retain your business before you jump ship.

      I totally agree, it would be nice to see banks being more proactive looking after their existing customers rather than just offering the deals to bring new ones on board!

      • rmamila on 08/02/2016 - 14:24

        I will have a think about it. Still CBA rate is too high for me as an existing and loyal customer who only banked with CBA from day one in Australia.
        In my scenario, if I move elsewhere I can save at least $ 6830 in a year in interest. I already talked to the bank couple of months back and they said this is the best they can do.

        • CapeFin on 08/02/2016 - 14:32
          +1

          Ok, when you are ready I will have a chat to CBA on your behalf and see if they will be willing to do something to keep your business.

  • Danstar on 08/02/2016 - 11:35
    +1

    Use a broker and go on their wealth package to get a much better rate then that 'standard rates' available on their advertised packages.

  • wog_ta on 08/02/2016 - 11:50
    +1

    I'm actually now considering moving away from CBA as the rate has continued to increase to higher levels to the competitors, a great way to reward loyalty. Would make sense if they used that $1500 to retain customers, rather they are banking on customers being to lazy to switch once they are hooked in.

    • CapeFin on 08/02/2016 - 11:52

      It is worth asking the question to see what they would do to retain you as a customer, we are happy to help if you need a hand.

  • Deal finder on 08/02/2016 - 12:01

    Only one Cashback per entity is payable (irrespective of the number of applications).

    Does it mean that if I refinance 3 loans, i will only get a total of $1,500 cash back??

    • CapeFin on 08/02/2016 - 12:02

      Correct, if they are all in your name. Hopefully there would be some further savings on the rate compared to your current arrangement.

  • cryptos on 08/02/2016 - 12:02
    +1

    "Perth based mortgage broker here, happy to assist with your refinance (free of charge) Australia wide"

    free of charge, wonder where you earn an income from then???

    • CapeFin on 08/02/2016 - 12:03
      +1

      We earn our income from the banks direct. Some brokers also charge a fee for their services, I was simply pointing out that we do not.

  • Deal finder on 08/02/2016 - 12:09
    +2

    My broker does not charge anything and even pays me back 70% of the commission he gets from the bank…:)

    • CapeFin on 08/02/2016 - 12:18
      +2

      Unfortunately that is not something we could offer as we spend a lot of time making sure our clients get the finance they require and always being available for advice. Giving away the sole source of income like that would not be a sustainable business model. Happy to assist if you would like a second opinion on the rates you are on, feel free to drop me a PM any time.

    • sohomel on 08/02/2016 - 12:24
      +1

      you got very good broker mate, commission back offer is what i am seeking for long time.

    • malouphix on 08/02/2016 - 12:40

      He's still making good money, at least he gets to keep 100% of the trails until you refinance, sell or 5 years is up.

      • Deal finder on 08/02/2016 - 15:44

        Does the brokers have to pay the upfront commission back if the loan is refinanced withing 2 years?

        • malouphix on 08/02/2016 - 15:45

          I believe it's on a pro-rata agreement, depends on the agreement.

        • tomleonhart on 09/02/2016 - 17:06
          +2

          @malouphix: for me it's 100% within 12 months, 50% within 24 months.

        • malouphix on 09/02/2016 - 17:09

          @tomleonhart: :)

        • Associated-.- @ Commonwealth Bank on 26/02/2016 - 21:54

          @malouphix: Yes that's usually the standard, depends what broker group you belong to. So it can be quite vicious if a customer goes to a non-bank lender within the first year. It's very hard to convince someone to stick with one of the Big Four, if all they're after is the lowest rate possible (even the advantage of an offset account + full phone/branch support is not enough at times).

    • fredblogs on 23/02/2016 - 09:58

      how did you find him? would you give his name/company out?

    • Bobzoro on 24/02/2016 - 21:22

      Could I grab your brokers details ?

    • Bobzoro on 25/02/2016 - 06:23

      Can you share your brokers contact details ? Thanks

  • Skids andy on 08/02/2016 - 15:25

    How good are the rates for low doc applications ? Would be refinancing on 10+ year old loan.

    • CapeFin on 08/02/2016 - 17:14

      Hi Skids,
      Not very cheap on variable, you can get fixed rate low doc however. CBA also charges mortgage insurance over 60% LVR. Please PM me if you would like to discuss your scenario in more detail.

  • cocomelon on 23/02/2016 - 10:05

    i really dont get it with banks, i am in the process switching over from CBA to NAB, never had any problem with them, switching because CBA doesn't want to lower their rate to match competitor. but they offer cashback plus almost the same interest rate with NAB to a new customer.

    • fredblogs on 23/02/2016 - 10:07

      I'm doing the opposite, switching from NAB to CBA :)
      I guess keep switching regularly to get the best deal.

      • cocomelon on 23/02/2016 - 10:09

        lol playing their "games" is the way to win

        • CapeFin on 23/02/2016 - 11:18

          Don't forget to consider the 250k Virgin FF points currently on offer at NAB!

        • cocomelon on 23/02/2016 - 17:53
          +1

          @CapeFin: im getting the cashback $1500

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