Effective 1 June 2020, ANZ home loans switching cashback discretion will be updated. For eligible customers refinancing $250,000 or more from an OFI (which may include some additional new lending), a cashback amount of $3,000 will be available.
Please note the eligibility criteria for cashback discretion include brokers submitting an OFI Refinancing Payment form for the customers they have offered cashback (once their loan has drawn down), and that the cashback amount must be paid to an eligible ANZ transaction account.
This updated discretion replaces any existing ANZ switching cashback arrangements (from 1 June 2020). If your customer submitted their application at the time a previous ANZ switching offer applied, they will remain eligible for cashback under that previous offer (subject to satisfying applicable terms and conditions).
Eligibility criteria
- Loan applications must be submitted between 1 June 2020 and 31 August 2020
- Loans must be drawn down by 30 November 2020
- See below the lending tiers and cashback amounts:
| New to ANZ Lending^ | Switching amount available |
|---|---|
| At least $150,000 but less than $250,000 | $1,200 |
| $250,000 or more | $3,000 |
^New to ANZ Lending must include home lending refinanced from an OFI. New to ANZ Lending may also include additional new lending.
Important note: ANZ’s home loans switching cashback discretion can be varied by ANZ from time to time and may be withdrawn at any time.
| Refinance Component | Must include an OFI Home/Residential Investment Loan |
| Maximum Number of Cashback Payments | 1 per customer within any 12-month period This switching cashback offer is not available in conjunction with any other advertised switching offers (but is available in conjunction with any special interest rates discounts available to the customer) |
| Eligible Home Loans | ANZ Standard Variable Rate LoanANZ Fixed Rate LoanANZ Simplicity PLUS LoanANZ loan product which permits a borrower to draw down credit progressively for the purchase and/or construction of a property or a homeANZ bridging loanResidential loans in a company nameResidential loans in the name of a trust |
| Cash Back Account | Must be an ANZ Transaction Account (cannot be OFI/Cheque) |
| Ineligible Home Loans | Equity ManagerOther lines of Credit |
| Other Exclusions | Non-Credit Critical (NCC) ApplicationsInternal ANZ Refinances (e.g. New Loan containing the same borrower(s))Credit Cards and Personal Loans |
Please note: cashback payments are regularly monitored to ensure appropriate use.
How to process the switching cashback discretion?
- Check customer satisfies the full eligibility criteria above
- Complete the new OFI Refinance / Customer Payment form available on the Broker Portal for each eligible customer and email the form to ANZ Mortgage Servicing post drawdown
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