Bank Australia’s refinance offer set to close

Broker application volumes 'more than double'

Bank Australia’s refinance offer set to close

Bank Australia has called time on its mortgage refinancing offer, confirming that it will end at the close of business on Friday, June 30.

The bank is offering a variable rate of 5.49% on its Basic Home Loan, and a variable rate of 5.59% on its Premium Home Loan (rates were formerly 5.24% and 5.34%). 

The limited time offer is available to new customers, its eligibility criteria requiring external refinances to be up to 80% LVR and limited to $AUD PAYG borrowers.

Bank Australia deputy CEO John Yardley (pictured above) said upon the offer’s launch that it provided “great value” for the many Australian households who were coming off fixed term home loans or were feeling the pressure from consecutive rate rises.

“Mortgage customers who join us can be certain the interest they pay won’t be used to fund fossil fuels, weapons, and other harmful industries,” Yardley said. “Instead, we’re investing their money in the things we know they care about, like climate action and housing affordability.”

Initially, new customers needed to take up the mortgage refinancing offer before August 31, the bank since confirming that the offer would end at the close of business on June 30.

Yardley told MPA that the customer-owned bank was pleased to have seen a positive uptake from customers amongst a competitive market.

“The volume of broker applications during the refinance offer period has been more than double compared to similar previous periods,” Yardley said.

“As a customer-owned bank, we’re committed to making responsible choices for people and our planet and that means providing products and services that will really benefit our customers particularly in this economic environment.”