Banks Do Not Pay out Refinance Cashback if Settlements Are Late out of Client's Control. Any Experience?

Lhdoan244 on 17/04/2020 - 17:34
Last edited 17/04/2020 - 19:26

Hi all,
I am about to refinance from ANZ to Westpac fixed rate as their rates are similar and Westpac is offering 2k cashback for each property (I have two properties). Westpac advertised on their website that the loan needs to be settled by 30 June 2020. The processing of Westpac applications takes 8-12 weeks. So I am worried that if the settlement is later than 30 June, Westpac will not pay out cashback. Anyone has the same issue, not just with Westpac but with other banks as well? Thank you in advance.

Additional information: The reason of late settlement is not because of me. It is because of Westpac as it was communicated to me by the broker that Westpac is experiencing a delay in their assessment team, and that settlement will take place in 8-12 weeks, whereas normally refinance will take banks 2-3 weeks.

Financial

Comments

  • tsunamisurfer on 17/04/2020 - 17:47
    +4

    Westpac has been open and transparent on the terms of the promotion.

    The rest is up to you.

    • hdoan244 on 17/04/2020 - 19:24

      Thanks for your comment. I should have made myself clearer. The reason of late settlement is not because of me. It is because of Westpac as it was communicated to me by the broker that Westpac is experiencing a delay in their assessment team, and that settlement will take place in 8-12 weeks, whereas normally refinance will take banks 2-3 weeks.

      • tsunamisurfer on 17/04/2020 - 20:09
        +2

        Westpac has been open and transparent on the terms of the promotion and their projected turnaround times.

        The rest is up to you.

  • [Deactivated] on 17/04/2020 - 18:01

    We usually get them to put it in writing that we will be getting the cashback. If they refuse, we assume we won't be eligible for any cashbacks and proceed accordingly.

    • hdoan244 on 17/04/2020 - 19:25

      Thanks for your comment. I am thinking of that scenario as well. Just wondering if anyone has the same issue.

      • [Deactivated] on 17/04/2020 - 19:29

        would still go with them if they didn't currently have a cashback offer?

        • hdoan244 on 17/04/2020 - 19:42
          +1

          No, I would stay with ANZ as they have good rates. I am on variable, about to change to fixed.

        • hdoan244 on 18/04/2020 - 08:58

          Actually, I have found that NAB has 4k cashback as well. CBA has 2k cashback too. All big4 has cashback,so I would not stay with ANZ. Money saved in this difficult time is very important.

  • OzBrogains on 18/05/2020 - 14:47
    -2

    Westpac has been open and transparent on the terms of the promotion.

    The rest is up to you.

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