One of the hottest carrots being dangled in front of lenders right now is a cashback for refinancing. While it’s not always the best reason to refinance, a refinance cashback of $2,000, $4,000 or even $5,000 in some cases while at the same time getting a lower repayment is a nice bonus.
The big challenge is always getting all these offers collated and compared. If you go lender to lender you probably won’t find them all and odds are, you probably won’t know which underlying loan is actually the best one to take.
Going for the highest refinance cashback offer might result in you paying an unnecessarily high repayment that costs you far more than your cashback offer over the long term.
I look at cashback offers as a nice bonus that come up when securing the right loan for my clients. Now if your mortgage is over 2 years old, it needs to be reviewed to see if there isn’t a better home loan out there for you.
A Chance to Save Big & Receive a Refinance Cashback
For anyone who has not reviewed their home loan in the last 2 years, then it is almost certain that there is a better home loan available on the market today compared to your current loan.
The reason is that because of the competition banks are continuously looking to make a better offer to the market – however they don’t go and update their existing customers and give them the better deal. They think it is better to leave them on the old loan for as long as possible.
I’d describe it as a ‘lazy tax.’ The banks are effectively saying, ‘If you are too lazy to stay on top of the market you can pay more.’ This is why I review my clients’ loans every two years. The simple truth of it is switching home loans can save you hundreds if not thousands of dollars per year in the form of lower repayments.
When you stack this up with the cashback offers, then anyone who refinances right now is likely to win twice. Up to $5,000, (but more likely $2,000 to $4,000) cash back and a lower repayment going forward – saving money every month.
If you haven’t looked at your home loan in the last 2 years it might be time to get in touch to see what your savings could be and what sort of cashback bonus you could be eligible for call 1300 661 211 or register online at https://mortgageworldaustralia.com.au/contact and we’ll make your refinancing as easy and painless as possible.