The deadline for loan applications for ANZ’s home loans switching cashback discretion has been pushed back, with the major bank announcing another extension.
Effective from Saturday (2 October), all loan applications for the cashback offer must be submitted by 7 November at the latest, with the drawdown date pushed back to 28 February 2022.
As seen previously with this offer, loans of least $150,000 but less than $249,999 will be set to receive a cashback of $1,200, while those of $250,000 or more will see $3,000.
The announcement marks the latest extension for this cashback offer.
While several cashback offers were available from the bank in 2020, ANZ has had a home loans switching cashback discretion in market for the past year.
In 2020, the lender had a higher cashback amount of $4,000 in market (available to eligible customers refinancing home lending of $250,000 or more from another financial institution).
It then reduced the offer on loans to its current rate and has repeatedly pushed back the deadlines for this offer.
Several other lenders have announced competitive cashback offers recently, including P&N Bank (which is providing the $3,000 to eligible loan and refinancing applications until 30 November), Queensland-based lender bcu (which is offering new and existing customers up to $5,000 cashback) and Suncorp (which is offering up to $3,000 to new mortgage customers installing solar systems on their homes by 31 December.
Earlier this year, other lenders such as 86 400, ING and Westpac Group announced new or extended cashback offers of up to $3,000 starting from the beginning of the new financial year (1 July), in an effort to attract borrowers seeking to refinance their loans.
It is believed that these cashback offers have contributed to record refinance levels.
[Related:$3k cashback introduced by P&N]