$3k cashback introduced by P&N

The Western Australian customer-owned bank has launched a new cashback offer for all eligible owner-occupied, investment and refinancing loans. 

P&N Bank is providing the $3,000 to all eligible loan and refinancing applications worth $250,000 and over with an LVR of 80 per cent or less made between 12 September and 30 November.

As stated by the Western Australian bank, any new home loan for a new or established property, for an owner-occupied or investment property, as well as any fixed, variable, or split rate home loan will be considered eligible. 

A home loan refinanced from a different financial institution will also receive the cashback if it exceeds the minimum loan amount and LVR.

The home loan must be approved, settled and drawn down by no later than 28 February 2022 (and is limited to one payment per member regardless of the number of applications, applicants, properties or loans involved). It is available to Western Australian members and broker clients.

P&N Bank’s acting senior manager retail distribution, Gemma Hay, highlighted that the offer was available to purchasers, noting that “cashbacks are typically only available for customers who are looking to refinance from other banks”.

“In the current low-interest rate environment, there’s never been a better time for new home buyers or existing home loan borrowers looking to refinance to capitalise on our low fixed, variable and split rate home loans and take up this new unique cashback offer,” Ms Hay continued.  

The announcement reflects a series of decisions made by the customer-owned bank to introduce more services to its clients. 

In June, P&N Bank lowered its qualifying rate for both existing and external home loans. 

The following month, the bank announced it had partnered with the fintech Frollo – a deal that introduced the latter’s personal financial management platform to P&N Bank’s suite of digital banking tools. 

[Related: P&N Bank reduces servicing assessment rate]