P&N Bank is offering a $3,000 cashback incentive for eligible new purchase and refinance loan applications.
The incentive also extends to owner-occupiers and investors purchasing new or established properties who opt to take out a home loan worth $250,000 or more with a loan-to-value ratio of 80% or less.
Gemma Hay, acting senior manager retail distribution at P&N Bank, said the offer presents a “unique proposition for the industry,” especially at a time when most financial institutions limit cashback to refinancers.
“Cashbacks are typically only available for customers who are looking to refinance from other banks, and P&N is one of the few banks in Australia to also extend a cashback offer to customers looking to purchase a new home,” Hay said.
She encouraged buyers to take advantage of the incentive amid the current low interest rate environment.
“There’s never been a better time for new home buyers or existing home-loan borrowers looking to refinance to capitalise on our low fixed, variable and split-rate home loans and take up this new unique cashback offer,” Hay said.
The cashback offer ends on Nov. 30.