With millions of Australians stuck at home due to the latest COVID-19 lockdowns, you may be thinking about the very house you live in and whether you’re getting the best deal on your mortgage.
This may be the reason why June 2021 broke a refinancing record for both homeowners and investors, according to the latest figures from the Australian Bureau of Statistics. Over $ 16 billion in home loan value changed hands in that month alone.
Whether these COVID-19 restrictions have encouraged you to find a more comfortable space and buy your first home, or refinance your mortgage, mortgage repayment offers can be useful in helping to cover these pesky new mortgage costs.
With offers that include up to $ 4,000 cash back, canceled lender mortgage insurance, and bonus credit card rewards available now, let’s explore some of the mortgage offers on offer for August 2021.
What cashback offers are on offer this month?
There are 24 mortgage lenders offering repayment deals in August, with offers ranging from $ 1,000 to $ 4,000 on the table for eligible borrowers. Cash back offers can be offered as a direct deposit, taken from the home loan balance or upfront fees, or given as a gift card.
Most mortgage repayment offers are, once again, available to refinancers, with only the Great Southern Bank offering first-time buyer exclusivity on their repayment offer. This indicates that cashback can still be used as a drawdown to encourage refinancers to switch to new lenders while covering these switching costs.
First-time homebuyers and refinancers know that Lender Mortgage Insurance (LMI) can run into the thousands of dollars, depending on the value of your property (unless your LVR is 80% or less). But accumulating so much equity or saving a 20% deposit – especially in Sydney or Melbourne – can be incredibly difficult and time consuming.
Another option available to mortgage lenders to provide competitive listing benefits is exemption from LMI. In August, St. George is offering a reduced LMI offer. The offer is available to qualifying first-time buyers with a 15% down payment looking for an owner-occupied home loan with plans to repay principal and interest.
After Saint George, the eligibility requirements include:
- “Be a first buyer and apply for your first mortgage for your first property
- Apply for a home loan from St. George starting Monday, July 13, 2020
- Your home loan has an LVR of up to 85% at the time of formal approval
- The loan amount must not exceed $ 850,000
- For joint applications, only one applicant must be a first-time home buyer
- Only one property financed per file.
- Qantas Loyalty Points
You may be able to earn bonus Qantas loyalty points when you take out a home loan.
Macquarie Bank and Qudos Bank are currently offering a home loan enrollment agreement that rewards borrowers with Qantas Points. These points may be available at the time of approval or released during the term of your loan.
Plus, you won’t need to spend on qualifying purchases to earn these bonus reward points.
| Lender | Qantas Frequent Flyer Points Bonus (QFF) | Interest rate | Comparison rate | To offer |
| Macquarie Bank Basic Home Loan Flyer | Up to 170,000 QFF points when you borrow $ 600,000 | 2.34% | 2.34% | 10,000 QFF points for every $ 100,000 loan drawn, 1,000 QFF points per month during the term of the loan, 25,000 QFF points on the third and fifth anniversaries of your loan. |
| Qudos Bank Qantas Points Home loan | 150 QFF for every $ 1,000 of loan balance, no minimum loan balance. | 2.69% | 2.69% | Earn 150 Qantas Points for every $ 1,000 on your loan balance per year, credited monthly. No minimum loan balance – earn points for the life of your loan. |
Source: RateCity.com.au. Data correct as of 08/09/2021.
- Keep in mind that a home loan is more than an offer that is made to you, and it is always important to compare the interest rates, fees, and features of a loan before you apply. For more information on whether any of the above loans may be right for your finances, consider using our home loan calculator to see how potential repayments might fit your budget.
