ING unveils new incentive for mortgage refinancers

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Online mortgage lender ING has launched a new cashback program for borrowers looking to refinance their home loans.

The bank will provide eligible refinancers $ 3,000 in cash back if he transfers his existing loan from another lender to an ING home loan. Homeowners and investors will be able to take advantage of the offer, although they will have to meet a few requirements:

  • Loan size must be $ 500,000 and over with a maximum loan-to-value ratio (LVR) of 80%
  • Applications must be received between July 1 and September 30, 2021
  • Loans must be paid by December 31, 2021

However, ING is not the only lender to offer a repayment offer. In fact, as of July 2, 17 lenders in the Mozo database were offering cash back offers between $ 1,500 and $ 3,288 to qualifying refinancers.

Of course, when it comes to comparing home loans, it’s not enough to just offer a repayment offer, as rates, fees, and other features can all be important factors to consider.

But if you are considering refinancing your home loan and want to see how ING’s offer compares to other lenders, we have concluded five other cashback offers currently available.

  • $ 3,000 in cash back
  • 1.89% pa (3.05% pa comparison rate *) 2-year fixed rate
  • Make additional repayments (free up to $ 5,000 per year)

The Bank of Queensland (BOQ) has a great cash back offer with its discounted fixed rate home loan for eligible borrowers looking to refinance loans of $ 250,000 or more (interest rates starting at 1.89% per annum (3.05% pa comparison rate *) on fixed terms of 2 years for owner-occupiers, and borrowers can make up to $ 5,000 additional free refunds each year. There is, however, a monthly service charge of $ 10 and a few one-off charges to consider.

  • $ 3,000 in cash back
  • 1.98% pa (comparison rate 2.66% pa *) 2-year fixed rate
  • Additional reimbursements (up to $ 10,000 per year)

If you’re looking to get a low fixed rate and cash back while refinancing your home loan, the Virgin Money Reward Me Fixed Rate Home Loan could be a great place to start. The loan offers fixed rates from 1.98% per year (comparison rate of 2.66% per year *) over fixed terms of 2 years for owner-occupiers. In addition, borrowers who want to pay off their balance faster can make up to $ 10,000 in additional repayments per year. We do not forget this cashback offer! Virgin Money to provide eligible refinancers with $ 3,000 in cash back when they apply to refinance a loan of $ 300,000 + (

  • $ 3,288 in cash back
  • Variable rates of 2.19% pa (comparison rate 2.20% pa *) –
  • No ongoing service charge

HSBC has set up an exceptional cashback deal with its Home Value Loan, offering $ 3,288 to eligible refinancers who transfer their existing loan of $ 250,000 or more to HSBC. Claims must be made by July 31, 2021 and they must be paid by September 30, 2021. The Home Value Loan, however, offers more than just a cash back offer! It comes with variable rates starting at just 2.19% per annum (comparison rate of 2.20% per annum *) for owner-occupants with an LVR of less than 70%, plus it has no ongoing fees and there are handy features like additional refunds and a reprint facility available. Be sure to compare these features to the one-time upfront and discharge charges, however.

  • $ 2,000 cash back
  • 1.89% pa (3.67% pa comparison rate *) 2-year fixed rate
  • Free additional refunds (up to $ 25,000 per year) and sweepstakes

Client-owned bank Newcastle Permanent’s special fixed-rate home loan could be the perfect combination for refinancers looking to get a low rate while getting cash back. The loan offers fixed rates starting at 1.89% per annum (comparison rate of 3.67% per annum *) on 2-year terms for owner-occupiers, as well as useful features such as the ability to make up to $ 25,000 per year in additional refunds (free of charge) and use of a redistribution feature. However, you have to think about an annual service charge of $ 395. Let’s come to the cashback offer though. Eligible refinancers will receive a cash back of $ 2,000 when they apply to transfer a loan of $ 250,000 + (

  • $ 2,000 cash back
  • 1.99% pa (2.58% pa comparison rate *) 3-year fixed rate
  • Compensation account, withdrawal facility and additional refunds

There is a lot to love about the Neobank 86 400 Clean (Fixed) Home Loan, especially when it comes with useful features, competitive rates, and a payback offer! Borrowers have a number of low fixed rates to choose from, including a 3-year fixed rate of just 1.99% per annum (comparison rate of 2.58% per annum *) for homeowners – the one of the lowest rates for this duration in our database. Borrowers will also have plenty of features at their disposal, including a clearing account, withdrawal facility, and the ability to make additional repayments, although there is an annual service charge of $ 250 among the other fees. ready. 86,400 also offers qualifying refinancers $ 2,000 cash back when they convert their existing loan to an 86,400 home loan. Remember that there is a minimum loan amount of $ 250,000 and requests must be received by September 30, 2021 and paid by November 31, 2021.

Want to see how the above offers stack up against other loans on the market? Head over to Mozo’s Home Refinance Loan Comparison Chart to see even more loans available for borrowers to make the switch.

* CAUTION: This comparison rate only applies to the example (s) given. Different amounts and terms will result in different compare rates. Costs such as redemption or prepayment charges, and cost savings such as fee waivers, are not included in the comparison rate but may influence the cost of the loan. The comparison rate displayed is that of a guaranteed loan with monthly repayment of principal and interest of $ 150,000 over 25 years.

** The initial monthly repayment figures are only estimates, based on the advertised rate, the loan amount and the foreclosed term. The rates, fees and charges and therefore the total cost of the loan can vary depending on the amount of your loan, the length of your loan and your credit history. Actual repayments will depend on your personal circumstances and changes in interest rates.

^ See information on the Mozo Experts Choice Home Loan Awards

Mozo provides general product information. We do not consider your personal goals, your financial situation or your needs, and we do not recommend any specific product to you. You should make your own decision after reading the PDS or offering literature, or seeking independent advice.

While we pride ourselves on covering a wide range of products, we do not cover all products on the market. If you decide to request a product through our website, you will be dealing directly with the supplier of that product and not with Mozo.


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