Suncorp offers up to $4,000 refinance cashback for health, education and emergency service workers

^{Source: Suncorp}

Suncorp has launched a home loan refinance cashback offer of up to $4,000 for health, education and emergency service workers.

The announcement comes as the bank launches a market-wide refinance cashback offer of up to $3,000 for any mortgage customer looking to switch to Suncorp. 

Suncorp Executive General Manager Lending Glenn Haslam said the bank wanted to thank health, education and emergency services workers putting themselves on the frontline every day to help Australians during the coronavirus pandemic.

“As many Australians manage the financial strain of coronavirus, this offer will support households by putting cash in the pockets of Australian homeowners,” Mr Haslam said. 

“We understand that customers want the choice – to use this extra cash to help with the household budget or to own their home sooner.

“If you haven’t reviewed your home loan for a while, you could be missing out on big savings, especially in this current low rate environment, so contact your local Suncorp branch or your broker or apply online.” 

Buying a home or looking to refinance? The table below features home loans with some of the lowest interest rates on the market for owner occupiers.

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A $2,000 refinance cashback is available for loans between $250,000 - $749,999 with an LVR of 90%, while $3,000 cashback is available for loans that exceed $750,000 and have an LVR of 90%.

Health, education or emergency services working on the frontline during COVID-19 could also be eligible for an extra $1,000 cashback. 

The tiered offer is available on owner-occupied and investor loans where repayments are either principal and interest or interest only.

The offer is available now for new refinancers who apply before 10 July 2020 and settle by 10 November 2020.

As part of its COVID-19 support measures, Suncorp has also waived establishment fees for those experiencing hardship and has $0 account keeping fees for all deposit customers.

Many lenders have come out in force to support borrowers through the pandemic.

In the first week of May alone, banks deferred 100,000 loan repayments including 50,000 home loans.

Recent figures from the Australian Banking Association (ABA) showed a total of 643,000 loans have now been deferred, with the total values of these loans now over $200 billion. 

Commonwealth Bank meanwhile announced it had approved more than $555 million in loans for small and medium-sized businesses (SMEs) through the Government-backed SME Guarantee Loan Scheme. 

Health funds also came to the party, with a large number announcing they would be delaying premium increases until later in the year. 

Cashback loan offers

Some other lenders in addition to Suncorp who offer cashback for mortgage customers include: 

• Westpac - $2,000 cashback when you refinance to the Premier Advantage Package and Flexi First Option loans for new owner occupiers with principal and interest repayments and investment loans. Minimum refinance amount $250,000, apply before 29 May. 
• Commonwealth Bank - $2,000 cashback when you refinance to any owner occupied or investment home loans. Minimum refinance amount $250,000, apply before 3 August 2020. 
• St George - $2,000 cashback when you refinance for owner occupiers with principal and interest repayments and investment loans. Available on Advantage Package and Basic home loans. Minimum loan amount $250,000, apply before 29 May 2020. 

Consult each lenders' website for a full list of conditions. 

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Disclaimers

The entire market was not considered in selecting the above products. Rather, a cut-down portion of the market has been considered. Some providers' products may not be available in all states. To be considered, the product and rate must be clearly published on the product provider's web site. Savings.com.au, yourmortgage.com.au, yourinvestmentpropertymag.com.au, and Performance Drive are part of the Savings Media group. In the interests of full disclosure, the Savings Media Group are associated with the Firstmac Group. To read about how Savings Media Group manages potential conflicts of interest, along with how we get paid, please visit the web site links at the bottom of this page.

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