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Westpac $1,250 Home Loan Refinance Cashback Offer

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Westpac $1,250 Home Loan Refinance Cashback Offer
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CapeFin on 11/06/2016 - 12:11 westpac.com.au (549 clicks)
Last edited 11/06/2016 - 12:15

From Sunday 12th June to Wednesday 31st August 2016 WestpacBank are offering a new Refinance Cashback of $1,250 to customers who refinance their Home Loan or Investment Home Loan to Westpac (new loans only)

This is an extension of their previous $1,250 refinance offer.

All applications must be conditionally approved by Wednesday 31st August 2016 and settle before Monday 31st October 2016.

The rebate will be automatically deposited in to your Westpac loan account within 2 months of settlement.

Please note:
► This offer is not available in conjunction with the Flexi First or any other special discount offers.
► Customers may take advantage of our pricing discretions in conjunction with the rebate offer.
► Only 1 rebate is available per new property refinance from another lender.
► Property refinances encompass an entire transaction with the bank, which may include multiple loan accounts, applications and/or properties which are involved in the one transaction. If there are multiple new property refinances, multiple refinance rebates would apply.
► Cannot be used in conjunction with any other special rebates.
► Rebate not applicable for residential lending originated under family or company trust.
► Rebate not available to Non-Resident borrowers.

NB: Perth based mortgage broker here, happy to assist with your refinance (free of charge) Australia wide or you can go direct to Westpac for this offer.

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

Westpac are also offering a great variable intro rate special

The Flexi First Option is a two year introduction variable rate home loan of 3.75% for owner occupiers and 4.24% for investors. As part of the offer the $600 application fee is also waived.

The rebate is not available on the Flexi First Option.

Authorised credit representative 478455 of Connective Credit Services Pty Ltd Australian Credit Licence Number 389328.

Financial Cashback Home Loan Investment Loan Loan Refinance WBC

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closed Comments

  • MaMan on 11/06/2016 - 12:41

    So what is the interest rate then? You call out the $1,250 rebate then tell us that it is not available with the Flexi First Option at 3.75%. What are the ,T's & C's & other fee's etc etc

    Smells a bit like spam to me

    • CapeFin on 11/06/2016 - 12:54

      Hi MaMan, the rate depends which product you choose and what your scenario is. Feel free to jump on the Westpac site and have a look at their rates on offer or send me a PM and I can request pricing for you.
      I only mentioned the Flexi First option as well because it is a great interest rate offer from a major bank that some people may also be interested in.

    • John Dough on 15/06/2016 - 08:56

      Indeed the comparison rate is 4.16%
      http://info.westpac.com.au/homeloans/

      NAB have $1500 cashback(or 250K velocity points), and a flat no further fee rate of 4.15% (It's variable though so roll the dice)

      IMO rates are only going down in the next two years.

      Look at all that fine print at the end of the offer…. Lawyer up lol

      • CapeFin on 15/06/2016 - 09:07

        Hi Greydaniel, that NAB offer is a great one (as mentioned here https://www.ozbargain.com.au/node/241517), the points can be valuable depending on the award flight you are booking on.
        That comparison rate for the Flexi First Option factors in the rate increasing from a 1.03% discount to a 0.54% discount after two years, at which point we definitely recommend our clients review options, whether it be asking what Westpac are willing to offer to retain your business or shopping around other lenders at the time.

  • rambokid on 11/06/2016 - 12:54
    +1

    I have heard of this offer.. It's looks good. I was told by another broker that there are also no ongoing account fees or package fees.

    Is this true, OP?

    • CapeFin on 11/06/2016 - 12:55

      Do you mean the Flexi First option? If so you are correct. As for the refinance cashback , it will depend which Westpac product is chosen.

  • [Deactivated] on 11/06/2016 - 13:25
    -3

    This is marketing/spam? Where's the deal?

    The "rebate" has been going around since a few years ago. Different campaigns, that's all.

    • CapeFin on 11/06/2016 - 13:30

      From my understanding the rebate is the deal, also the Flexi First rate home loan interest that Westpac currently has on offer. Everyone is entitled to their own opinion and this offering may not suit you.

    • phluffed on 11/06/2016 - 15:27
      +1

      Pretty standard from many banks over time. Shop around as well, BOM for example give $1500 and one of their packages might suit just as well.

      • aaronaldo on 11/06/2016 - 16:23

        That's cos BOM is under Westpac

        • phluffed on 12/06/2016 - 09:03

          I am aware of that… my point was if you're looking at $1250 from Westpac, it's $1500 from BOM.

      • CapeFin on 12/06/2016 - 10:23

        It all comes down to the product and interest rate that best suits your strategy. We look at over 40 lenders for our clients, incentives such as a cashback can make a big difference to some people, especially if that lender was already being considered.

    • cim85 on 11/06/2016 - 15:45
      +1

      As for the refinance cashback , it will depend which Westpac product is chosen.

      +1 marketing spam - no deal

  • fritzsticker on 11/06/2016 - 21:37
    +1

    If ever i refinance with you guys, do i need to have paid off atleast 20% of my home loan?? Or do i need to pay another LMI??

    • CapeFin on 12/06/2016 - 09:03

      Hi Fritzsticker LMI would not be transferable, so unless your property has risen in value enough or you have paid the debt down below 80% you would need to pay again (very frustrating that you cannot just move the existing insurance to a new lender). Would you like me to order you a free electronic valuation to get an idea what your property is worth?

      • fritzsticker on 12/06/2016 - 20:29

        Thanks capedin.. I live in perth and i dont think i have gained any equity at the moment as bought the house during the peak of the boom..

      • wildstone on 15/08/2016 - 18:06

        Hey CapeFin, is there a way to know for sure that my mortgage is below 80%? I suppose the free electronic valuation is not from Westpac so even if it turns out below 80% it might not be the case when Westpac actually values the property? Thanks.

        • CapeFin on 15/08/2016 - 19:47

          You are spot on, I have sent you a PM to discuss further.

    • phluffed on 12/06/2016 - 09:05
      +1

      Yes, unless the value of the property has risen enough that the amount borrowed this time is under the 80%. For example, I had a 90% loan initially which I refinanced last year. A valuation put the property at around $50k more than I paid and, with what had been paid off already, the refinance was 78%.

      • fritzsticker on 12/06/2016 - 20:29

        Thanks phluffed.. I understand more now..

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