ubank is enticing new borrowers and refinancers by offering a cashback of up to $4,000.

To qualify for the cashback, applicants must be a new borrower or refinancer borrowing under the Neat & Own product line with at least 80% loan-to-value ratio.

The cashback offer has two tiers: loans between $250,000 to $1m are eligible for a $3,000 cashback while loans above $1m could bear a $4,000 cashback.

New home loan and refinance applications must be received between 12 September 2022 and 30 November 2022 and settled by 31 January 2023 to be qualified for the cashback.

The offer is not available for refinances of home loans from NAB Group, including from NAB, ubank UHomeloans, Citi branded home loans, Medfin or Advantedge. Existing ubank borrowers are also not eligible for the cashback.

Successful applicants will have their cashbacks credited within 14 business days of settlement in their ubank Spend/Save account linked to their home loans.

ubank chief lending product officer Kanishka Raja said this cashback offer is one way to help Aussies looking to refinance their mortgage get ahead financially.

“Finding a more competitive rate means Aussies can potentially save on their repayments and take advantage of other product features like offset accounts, which also helps people repay their home loans faster,” he said.

A recent report from PEXA showed that on average, refinancers who switched their lenders was able to get an estimated annual savings of $1,908.

Photo by 89Stocker on Canva.