Lenders Offer Cashback Incentives

Home loan customers have the chance to own their home a lot sooner and save thousands as lenders compete aggressively.

Lenders are now offering cash incentives to those willing to move their business to a new lender.

Suncorp Bank is now offering up to $3,000 to those who refinance, plus an additional $1,000 for people working in essential services roles, such as doctors, nurses, teachers and police officers, saysRateCity.com.au.

“Cashback specials are nothing new,” says SallyTindall, research director at RateCity.com.au.

“They’ve been used for years as a clever marketing tool to grab people’s attention. What’s changed is the banks are starting to offer cashback on loans that also have competitive rates.“

“Someone who refinances every couple of years to a competitively priced loan could potentially come out on top by taking up a cashback special.”

A total of 13 banks currently have cashback on offer, including three of the big four banks – CBA, Westpac and ANZ.