Cashback
$2,000 cashback*
*Terms and conditions apply.
Unlock a cashback offer for a home loan or top up.
Limited , be quick!
The $2,000 Cashback Offer is limited to the first forty eligible loans approved. Eligible loans are for eligible products with a minimum loan amount of $400,000 and LVR 80% or less. To receive the offer, a new application for an eligible loan must be submitted between 12 April and 30 June 2024, be one of the first forty. Eligible loans approved, must settle on or before 30 August 2024. Eligible products are Eco, Basic Variable, Premium, Fixed Rate and Investment Home Loans. Credit criteria, terms, conditions, fees and charges apply.
*The legal stuff
- Eligible loans will receive $2,000 cashback (the Offer).
- By applying for an Eligible Product you agree to the terms and conditions of this Offer.
- Applicants (as individuals, joint or company borrowers) are limited to one (1) cashback payment per 12-month period.
- A borrower cannot transfer or assign their right to the Offer to any other person.
- The following Summerland Bank products are Eligible Products for the Offer:
a. Eco Home Loan,
b. Basic Variable Home Loan,
c. Premium Home Loan,
d. Fixed Rate Home Loan, and
e. Investment loans. - The Offer is available to owner-occupiers and investors for Eligible Products with a minimum loan amount of $400,000 and a Loan to Value Ratio (LVR) of less than or equal to 80% (including any capitalised fees & charges).
- To be eligible for the Offer, submit a new loan application for an Eligible Product between 12 April 2024 and 30 June 2024 and settle the loan on or before 30 August 2024.
- The Offer is limited to the first forty (40) $2000 cashback payments.
- Summerland Bank may amend or withdraw the Offer at any time.
- Payment of the $2000 cashback will occur within 60 days of the loan settlement date. Payment can only be made to a nominated Summerland Bank Everyday account held in the same name(s) as the eligible loan at the settlement date.
- The following are ineligible for the Offer:
- New or existing Bridging loans, Overdrafts, & Business loans.
- Applications that include an applicant who has received a cashback payment within the preceding 12 months (either as an individual borrower, or as part of a joint or company application).
- Loans paid out or refinanced away before cashback payment is made.
- Standard credit criteria, terms and conditions, and fees and charges apply.
- The Offer cannot be used in conjunction with other offers.
- Summerland Bank does not accept responsibility for any tax or financial implications arising from accepting this Offer.
- Loans issued by Summerland Financial Services Limited Trading as Summerland Bank, ABN 23 087 650 806 AFSL / ACL 239 238.
Frequently asked questions
What is home loan refinancing?
Home loan refinancing involves replacing your existing loan with a new one. The new loan pays off the old one, and you then repay the new loan gradually over time. You have the option to refinance with your current lender or switch to a different one.
Refinancing can be beneficial if your circumstances have changed, such as if you’ve changed jobs or started a family. Additionally, it might be worth considering if market conditions have shifted, such as fluctuations in interest rates. In such cases, your current home loan may no longer be the most suitable option, and refinancing could help you secure a loan that better aligns with your current needs.
Am I entitled to a cashback if I'm an exisiting customer?
Yes. Existing customers are entitled to our cashback promotion too.
What are the current interest rates for refinancing a loan
To compare our home loan interest rates, head here.
What's the difference between principle and interest and interest only loans?
Interest-only loans allow borrowers to pay only the interest on the loan for a specified period, resulting in lower minimum payments during this time. However, since no principal is repaid during this period, borrowers may end up paying more over the life of the loan. Additionally, there may be restrictions on borrowing amount or loan type. On the other hand, with principal and interest loans, each repayment covers both interest charges and a portion of the loan principal, ultimately reducing the overall debt over time.
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