Hello OzBargainers,
Good news, ME Bank continues to offer home loan refinance cashback, now with the same cashback whether your LVR is under 60% or above 60% (as long as not more than 80%).
Updated cashback amounts:
- $2,000 refinance cashback with a minimum new lending of $400,000.
- $3,000 refinance cashback with a minimum new lending of $700,000.
Full T&C's from the ME Bank website:
- A $2,000 cash back offer is available on refinances of an existing home loan from another financial institution with a minimum new lending of $400,000 and a loan to value ratio (LVR) up to 80%. A $3,000 cash back offer is available on refinances of an existing home loan from another financial institution with a minimum new lending of $700,000 and an LVR of up to 80%. To be eligible for this offer, applications must be received from 8 September 2023 and settle within 120 days of the loan application date. Not available where any of the loan proceeds are for the refinance, restructure, switches or top ups of home loans from ME or from other lenders within the Bank of Queensland (BOQ) Group which includes BOQ, BOQ Specialist and Virgin Money (Australia).
- This offer is available to Owner Occupier and Investors on all ME home loan products. Applications including any loan proceeds for Construction and owner occupied loans with interest only repayments are ineligible for the cashback offer. A home loan application involving both a purchase and refinance are not acceptable. Only one cash back can be received per qualifying home loan application regardless of the number of borrowers. In the case of multiple qualifying applications, only one cash back can be received per separate security property.
- The cash back amount will be paid within 60 days of loan settlement into the ME Everyday Transaction Account (ETA) held by the borrower first listed on the application. In the event the first listed borrower doesn’t hold an ETA, the cash back will be credited to the home loan it applies to. Terms, conditions, fees and charges apply. Applications are subject to credit approval. The offer can be withdrawn or varied at any time.
Cashback available as an ongoing offer until further notice.
Free upfront valuation available through us (but $200 valuation fee will be charged upon settlement if you choose the Basic loan with no annual fee).
For the lucky ones with a lot of properties, it's possible to get multiple cashbacks for multiple properties refinanced to ME Bank, if the applications are submitted as separate applications (with the loan amounts and LVR's considered separately).
See the interest rates here.
We may be able to negotiate a cheaper rate than what's advertised on the ME Bank website.
Recently have been getting 5.93% owner occupied variable rate (CR 5.95%) with modest loan amounts.
Already with ME Bank? Some other refinance cashbacks still available:
- St.George/Bank of Melbourne/BankSA: $2000 refinance cashback
- ANZ: $2000 refinance cashback
- Bank of Queensland: $2000 refinance cashback
- Bank of China: $4288 refinance cashback
Hope to help you save some money!!
Kind regards,
Arman Soetanto
M: 0431 825 128
E: [email protected]
W: www.lendingclinic.com.au
Lending Clinic Pty Ltd (Credit Representative Number 511270) is authorised under Australian Credit Licence Number 384704
Is the idea to just sign up for the cashback and leave?
I can't see many reasons why you would stay when they are 0.3% higher then the competition.