subscribe to our newsletter

NAB extends cashback offer

The major bank has extended its home lending refinance cash bonus by three months to April 2021.

National Australia Bank (NAB) has announced that it has extended its $2,000 home lending refinance cash bonus by three months to Friday, 30 April 2021.

This would enable eligible customers to receive a $2,000 cashback when they refinance a home loan from another financial institution to NAB during this offer period.

To be eligible for the cash bonus, customers must refinance an existing home loan of $250,000 or more from another financial institution to NAB.

They must also draw down that NAB home loan between Monday, 7 September 2020, and Friday, 30 April 2021, inclusive.


“Importantly, customers who receive the cash bonus are eligible for all other NAB offers and rates (subject to the eligibility criteria and terms and conditions of those other offers),” the major bank said.

This means that in addition to the cash bonus, customers can access:

  • 2.69 per cent per annum base variable rate for owner-occupiers making principal and interest payments;
  • base variable rate application fee waiver, which the bank said would save customers $600; and
  • 2.09 per cent per annum two- and three-year fixed rate, and 1.98 per cent four-year fixed rate on a Choice package principal and interest loan for owner-occupier borrowers.

Several other lenders have been extending and increasing their cashback offers this year, indicating strong competition in the market.

Bank of Queensland (BOQ) increased its cashback offer from $2,500 to $3,000, which was valid until the end of November, while BOQ-owned lender Virgin Money also ran a $3,000 cashback offer for all new refinance applications received between 12 October 2020 and 29 November 2020 and have their loan settled by 28 February 2021.

ANZ extended its deadline for the home loans switching cashback discretion (of up to $3,000) earlier this year, despite the negative impact on its turnaround times for mortgage applications due to a surge in refinance applications this year.


MyState launched a $2,000 cashback offer to its customers earlier, which it made available to customers Australia-wide, while Heritage Bank announced a $2,000 cashback offer for first home buyers on eligible home loans for lender’s mortgage insurance, and Suncorp offered up to $4,000 cashback to COVID-19 frontline workers.

[Related: Lenders blitz mortgage market with cashbacks]

NAB extends cashback offer
NAB extends cashback offer

Are you a new-to-industry broker in the process of growing your business? Then there’s some great news: The Adviser’s New Broker Academy is back in 2021 and will provide you with essential insights into cutting-edge tools, strategies and processes to fast-track to success. Don’t miss your chance to attend. To secure your FREE place, visit newbroker.com.au now!

Malavika Santhebennur

Malavika Santhebennur is the features editor on the mortgages titles at Momentum Media.

Before joining the team in 2019, Malavika held roles with Money Management and Benchmark Media. She has been writing about financial services for the past six years.

Latest News

Reverse mortgage lenders have accessed a small fraction of the potential retiree housing market in Australia, according to Deloitte. ...

Pepper Money has priced its second I-Prime deal for the year, upsizing the figure to $850 million. ...

The LMI provider has announced a new CFO following the resignation of its current CFO, effective 24 September. ...

Join Australia's most informed brokers

Do you know which lenders are providing brokers and their customers with the best service?

Use this monthly data to make informed decisions about which lenders to use. Simply contribute to the survey and we'll send you the results directly to your inbox - completely free!

How long do you think it should take to discharge a mortgage?

Website Notifications

Get notifications in real-time for staying up to date with content that matters to you.