Refinance Cashback money from Homeloans- What Did You Do with It?

knowwhat on 26/07/2020 - 10:25

Hello Ozbargainers,

Recently on the news, Alan Kohler was mentioning with the lowest interest rates, the percentage of people refinancing has sky-rocketed.
Given there are variable amount of cashback offers with refinance, I thought of asking the following question to our fellow ozbargainers:

How much money did you receive by refinancing your home/investment loan (s)?
What did you do with the money (ie- invested, put it in offset account, booked holiday etc)?

Look forward to hear the thoughts of the community.

Financial Home Loan Loan

Comments

  • Sira on 26/07/2020 - 10:37

    ANZ - $4k in cashback. Haven’t received it yet. I’m mindful that it will cost around $1k in switching fees all up, so at least that amount will be paid into the loan. Having said that I’m probably thinking $1,500 on something fun like a new TV. Rest into the offset for now.

  • miwahni on 26/07/2020 - 23:25

    I picked up $2k from Suncorp last October. It's still sitting in my offset account.

  • omego84 on 31/07/2020 - 22:26
    +1

    Nab - received 4k so far. The refinancing cost about $1000 in mandatory fees which my broker was good enough to reimburse so I wasn't really out of pocket for the refinance.
    Took about 1.5 months for it to be paid. In this climate I'll just be saving it up for a rainy day

    • knowwhat on 09/08/2020 - 21:37

      So true

  • bargainchampion on 03/08/2020 - 05:53

    Got 20K cash out from equity, $4K from cash back.

    Put it in stock market! Got 50% return so far.

    • knowwhat on 09/08/2020 - 21:38

      It might be too late for me now to consider the market?
      Did you invest in individual stock or index funds?
      Any tips?

  • footyboy on 03/08/2020 - 18:25

    Mortgage broker here, banks still offering $3,000 for those considering the switch

    • Fever4shakin on 05/08/2020 - 14:14

      Is there a minimum time period you need to stay with the bank to get the cashback? I am considering refinancing before selling up in 1-2 years

      • Times maker on 07/08/2020 - 00:11
        +1

        Once they give you the cash you can leave / sell when ever .. no min time - as long as your not fixed

    • mady123 on 22/08/2020 - 19:58

      which bank? and package details?

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