NAB extends cashback offer

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]