ubank has rolled out a new cashback offer of up to $6,000 available for new loans and refinancers.

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

The cashback amount under the new offer will depend on the value of the loan:

  • $4,000 for loans between $250,000 and $1m
  • $6,000 for loans $1m and over

To be eligible for the cashback, the application must have a loan-to-value ratio of 80% or less.

The offer will be available for new home loan and refinance applications received between 10 November 2022 and 28 February 2023, with settlement until 30 April 2023.

Successful applicants will be able to receive their cashback payment within 14 business days of settlement of the loan in their ubank Spend/Save account.

Take note that refinances of home loans from NAB Group (NAB, ubank UHomeloans, Citi branded home loans, Medfin, or Advantedge) will not be eligible for the scheme.

ubank chief lending product officer Kanishka Raja said refinancing to a digital bank is becoming a trend — between August 2021 and 2022, ubank reported a 78% increase in applications.

“In the current high inflation climate, refinancing home loans and searching for better deals has never been more frequent Aussies — everyone is looking for ways to get ahead,” he said.

Photo by studioroman on Canva.