Two lenders have announced extensions on their cashback offers for purchases and refinances on home loan applications.
Major bank ANZ has announced that it has extended its current up to $3,000 switching cashback discretion to 30 July 2021.
ANZ also stated that eligible loans must now be drawn down by 31 October 2021. This has been extended from the previous deadline of 30 June 2021.
It noted that the cashback offer is not a new campaign. Rather, it said that it is extending the application end date and loan drawdown date for the current switching cashback discretion period, and added that the other eligibility criteria continue to apply.
In 2020, the lender announced that a higher cashback amount of $4,000 would be available for eligible customers refinancing home lending of $250,000 or more from another financial institution.
It then reduced the offer on loans of $250,000 or more from $4,000 to $3,000, while loans between $150,000 but less than $250,000 are still eligible for the switching amount of $1,200.
ANZ also extended the drawdown date for these home loans last year.
Meanwhile, digital bank 86 400 has announced that it has extended its $2,000 cashback offer for purchases and refinances on own home loan applications.
It said that the offer applies to applications received by 31 May 2021, and settled by 31 July 2021.
The lender stated that the minimum loan amount is still $250,000 and is limited to one cashback per primary borrower regardless of the number of loans.
Additionally, the cashback will be paid into an 86 400 pay account within 14 days of settlement, it said.