BCU is offering new eligible home loan customers up to $5,000 in cashback for a limited time.
Customer-owned bank BCU has launched a 'unique' cashback offer of up to $5,000.
Eligible new and existing customers that apply for a home loan with the NSW North Coast-based lender could receive up to $5,000 cashback, calculated at 0.75% of the new home loan amount.
This limited-time offer has been extended to include more than 'typical' cashback offers as it's open to first home buyers, investors, refinancers, and people building their own home (construction loans).
The cashback offer is also available across fixed or variable rate home loans.
Refinances of existing BCU and Police & Nurses (P&N) Bank loans are excluded from this offer.
The most recent and prominent lender to introduce a cashback offer was ING back in early July to the sum of $3,000.
BCU's Senior Retail Distribution Manager, Adam Cross, said that the institution's 'competitive' home loan rates accompanied by the cashback offer will provide "exceptional value" to their customers.
"By calculating the cashback amount each customer can receive as a percentage of their new loan balance, we’re able to create a unique offering without a one size fits all approach," Mr Cross said.
"Whether a first home buyer, investor or looking to refinance, each customers' situation and cashback amount is assessed and determined individually."
Back in June it was predicted that after the Reserve Bank's 'Term Funding Facility' ceased many cheap home loan deals and cashback offers would end, and last week some lenders increased interest rates, but many cashback offers remain.
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