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The mortgage lender has joined several other lenders and has extended its $2,000 refinance cashback offer on its gold product.
Better Choice Home Loans has announced that it has extended its $2,000 refinance cashback offer for applications received from 1 February to 28 February, while the loan must settle by 30 April.
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The cashback offer applies to borrowers who wish to refinance an existing home loan from another financial institution to a Better Choice gold variable owner-occupied (principal and interest) loan with a loan-to-value ratio (LVR) of up to 90 per cent.
The offer is only available for current gold basic and standard variable owner-occupied principal and interest products, and excludes fixed rates, expat, self-managed superannuation fund (SMSF), alt doc and commercial loans.
The minimum loan size must be $250,000 and above per loan, and is available on a per-individual basis, with only one cashback payment available per loan where there are joint borrowers.
The lender also stated that the cashback is not available for refinances to companies and trusts, non-resident borrowers or foreign applicants, including expats.
In addition to the cashback offer extension, Better Choice has announced that it is waiving upfront fees to all gold standard and special variable and fixed rate products, including application fees, legal fees and valuation fees.
The cashback offer trend continues
The extension of the cashback offer has followed similar moves by other lenders this year, including Westpac and its subsidiaries, ANZ, and Virgin Money, which also announced that it would extend its $0 lender’s mortgage insurance offering.
Last year, National Australia Bank extended its $2,000 home lending refinance cash bonus by three months to 30 April.
Other lenders such as Bank of Queensland, MyState Bank, Heritage Bank, and Suncorp had all announced cashback offers in 2020.
There has been an increase in demand for refinancing in the recent past, which has partly been attributed to the various cashback offers, which in turn has contributed to a delay in lender turnaround times.
The Momentum Intelligence Broker Pulse survey had revealed recently that larger lenders had experienced significant increases in turnaround times over December 2020.
Westpac and its subsidiary St.George were the slowest in reaching an initial credit decision, at 24 days and 21 days, respectively, while the Commonwealth Bank of Australia saw its average turnaround time increase over December from 10 days to 19 days, according to broker respondents.
[Related: Better Choice makes interest rate cuts]
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