In short, a cash back mortgage broker is a service offered by Get a Better Rate that connects borrowers looking to refinance their home loans with the best possible offer on the market.
A home loan cash back is an incentive where you, the borrower, receive a lump sum of payment upon refinancing with a specific lender. This cash incentive is effectively designed by lenders to attract borrowers looking to refinance their home loans.
However, it's important to be aware of the potential risks when navigating the home loan cash back landscape, as the overall loan amount may outweigh the monetary benefit. This is where our cash back mortgage brokers step in, helping you navigate these offers and make an informed decision that aligns with your financial goals.
If you’re looking to refinance your home loan and want the best cashback mortgage broker offer aligned with your needs, visit our Sydney CBD office or contact us to explore your options!
In the context of home loans, cash back works by providing the borrower with a lump sum of money upon refinancing an existing mortgage.
The cash back amount is commonly a fixed sum of around $2,000 paid directly to you following settlement to a nominated bank account of your choice. You can use it at your own discretion, whether to cover home improvements or reinvest the money into your mortgage by making additional payments.
Although this may seem like an attractive incentive to pursue as a borrower looking to refinance, you should consider that cash back offers may come with certain conditions, such as higher interest rates or fees, which could offset the initial monetary benefit.
This is why consulting a cash back mortgage broker is critical, as their expertise can help you navigate loan terms and costs to find the best deal that suits you.
Typically, home loan cash back incentives are targeted to borrowers looking to switch their existing mortgage via refinancing to take advantage of lower interest rates, better loan terms, or additional features.
Borrowers who fall under this category commonly include:
Borrowers seeking lower rates: Those who are considering refinancing their mortgage to take advantage of lower interest rates available in the market.
Borrowers seeking new loan features: Those currently dissatisfied with the terms or features of their existing home loan, such as repayment flexibility, redraw facilities, or offset accounts.
Borrowers at the end of a fixed-rate term: Those whose fixed-rate period is concluding and who may benefit from switching to a loan with a lower variable rate or another fixed-rate option.
Debt consolidators: Borrowers looking to consolidate other personal or credit card debts into their mortgage to take advantage of the typically lower interest rates on home loans, thereby streamlining their finances.
Equity tappers: Borrowers who are refinancing to access the equity in their home loan for uses such as renovations, property investment, or large personal expenditures.
If you fit one of these profiles, you can understand cash back as extra motivation to make the mortgage switch more appealing, especially if the immediate financial benefit of a lump sum payment complements the savings from lower rates.
Accordingly, consulting a cash back mortgage broker will increase your chances of navigating this complex landscape effectively. With Get a Better Rate, we can help you secure the most competitive cash back offers tailored to your specific needs, ensuring that your financial decisions are well-informed and optimally beneficial.
So, why should you go through a mortgage broker to secure the best cash back offer when refinancing your home loan?
There are various benefits associated with choosing a cash back mortgage broker that gives an edge over going directly to a lender. These include:
Completely free service: Get a Better Rate receives an upfront commission from our lenders, meaning you can enjoy our cash back mortgage broker services for free.
Broader market comparison: Our direct access to a broad panel of 40 lenders means we can compare multiple offers to find the one that best suits your financial needs.
Expert guidance, advice and support: With over 20 years of experience, we provide tailored insights into your refinancing options, helping you understand the finer points of each offer.
Streamlined application process: We handle the legwork of the application process, helping you gather the necessary documents and submit the application to the desired lender.
Negotiation on your behalf: Let us leverage our industry relationships and expertise to negotiate better interest rates, lower fees or improved terms on your behalf.
Ultimately, by leveraging the expertise and resources of our cash back mortgage broker service, you can maximise the benefits of your refinancing options. This ensures that you will get a better deal, tailored to your unique needs.
Regardless of what kind of loan product you are looking for, Get a Better Rate can match you with the best option for your finances. Our cash back specialists can also secure you the best home loan offers and refinance cash backs possible in the current market.
Save more time and money by choosing Get a Better Rate for your mortgage broking needs. See current home loan cash back offers here to set up with refinancing and property purchase cash backs from some of the most prominent lenders around Australia.
Your assigned broker will walk you through exclusive offers from lenders like St George and ME Bank. With over a decade of experience in providing Australians with the satisfaction of a loan product that works best for them, not their lender, you can trust your cash back choices with Get a Better Rate.
Reach out for a free consultation.
We will be with you every step of the way when looking for the best cash back offer on your home loan refinance.
Like our other traditional mortgage brokers, securing a cash back offer through our service follows similar steps to securing your loan. The main difference here is assessing the value of the potential loan’s total cost against the monetary value of the cash back, ensuring you’re not walking away from the table at a loss.
The steps are as follows:
In an initial assessment, we’ll interview you and gather information about your current financial situation, home loan needs, and long-term goals. This information will ultimately help us tailor and refine our search for the best cash back offers to match your unique circumstances.
In this phase, your cashback mortgage broker will present you with a refined selection of refinancing options from our diverse panel of 40 lenders.
Unlike our standard approach, your mortgage broker will focus on comparing the terms, interest rates, and cash back amounts to find the most cost-effective solution for you.
After narrowing down your list of refinancing options, we’ll help you understand the pros and cons of each lender.
Our expertise and detailed insights will help you decide which loan offers the best balance of value, features, and cash back.
After selecting your preferred loan, we’ll assist you in completing all necessary application forms and gathering the required documents to apply for the loan and secure the cash-back offer.
Our assistance will inevitably save you time and reduce the stress common with loan applications.
Enjoy the safety of expert guidance as we communicate with the lender to ensure your application proceeds smoothly.
Upon approval, your mortgage broker will coordinate the settlement process. At this point, your cash back will be granted as part of finalising your new loan.
Regardless of what step you’re at, we maintain consistent communication, transparency and support throughout the process. This helps you enjoy a stress-free period while maximising the benefits of your cash back refinancing option with Get a Better Rate.
Don’t wait and stress over finding a cash back loan that meets your needs. No matter whether you're an aussie expat living overseas or have a unquie financial profile, let Get a Better Rate do the hard work of finding and comparing loan products for you.
We offer a free initial consultation to match you with a broker who can find you the loan product you dream of. This broker will be beside you throughout the entire home loan application process and beyond, securing your settlement and the cash back revenue that comes after.
Contact us today to learn more about how Get a Better Rate can relieve the stress of finding and applying for your home loan!
Cash back brokers are worth the time, money, and stress saved by entrusting them with the lengthy process of finding home loans that suit your needs. They will take the time and effort to compare loan options, ensuring that you simply have to determine which product you want most.
Depending on what type of cash back repayment you are provided with, you may or may not save more with a lower interest rate. Generally, a lump sum cash back offer will not let you know if you are achieving the best interest rate possible. That’s why it's important to consult a mortgage broker for the best possible insights and guidance.
At Get a Better Rate, we receive upfront and trailing commissions from our lenders for referring borrowers to their products. With our diverse panel of 40 lenders, we ensure that you have access to a wide scope of different loans to ensure your best interests in securing a favourable outcome on your mortgage.
This also means our service is free for borrowers, as the lender pays your broker an upfront or ongoing trailing commission.
If you refinance to a new loan product with the same lender, cash back refinance options tend to give you the remaining amount of your set cash back if you did not already receive it upfront. These proceeds are used to pay off the additional costs of closing a loan and opening a new one.
However, if you switch lenders, you will likely have to pay back all the cash you have received.
Since the cash back offered by lenders is related to borrowing, rather than investment, you will not need to pay taxes on any amount received.
