Did you know that the AMP bank in Australia was offering cashback options for home purchases and refinancing? Yes, you read that right. If you were to meet their requirements, you’d be eligible to get cash back. So, you’re probably wondering how did it work? Well, in this article we’ll go much more in depth and explain exactly how the AMP bank cashback feature worked. Please check our Kaleido website for currently available cashback options and stay in the loop will all our recent news.
AMP Cashback Offer
The AMP bank cashback offer is for up to $4,000 for customers that are either purchasing a new property or refinancing an existing home loan. Like we mentioned before, in order to receive a cashback, you need to be eligible and pass a few requirements. Like we previously stated, this option is only available to customers that are purchasing a property or are refinancing though AMP Bank. A minimum size loan of $750,000 thought AMP Bank is required in order to receive the full $4,000 cashback. This loan can also be split over multiple applications. The cashback offer is included if you choose the professional package or the basic home loan one. Sadly, the cashback option is not available for AMP essential home loan applications and also unavailable for restructuring or switching of home loans that are already being financed by AMP Bank.
Also, please keep in mind that the cashback will be paid into an AMP Bank offset or access account within 60 days of the settlement date. You should make sure that you have an eligible account beforehand with AMB Bank, otherwise the cashback amount will be paid into your home loan account. The limit is for one $4,000 cashback payment and that cannot be increased regardless of the number of applications, applicants or loans involved.
AMP Home Loan Cashback
This cashback offers was available for applications made between January 1st, 2023 and March 31st, 2023. You must be an Australian resident over the age of 18 and certain conditions, credit criteria, exclusions and possible charges can apply. Like we mentioned above, this offer is not available for certain account holders and for restructure or switching of home loans within the AMP Bank. You can be entitled of up to $4,000 of non-transferable cash, which will be paid directly into your offset or access account within 60 days of the settlement date. Potential tax consequences should also be a consideration and you should ask for legal advice from a dedicated agency.
AMP Refinance cashback
So, you’re probably wondering what kind of documents you’d need for a refinance cashback. Well, keep in mind that the AMP Bank uses digital processes and data to assess all home loan applications that are made online. Of course this will include information such as your identity, liability, income and expenses information. For a better experience you will also be required to have internet banking enabled so that all financial data can safely and secure be accessed by AMP Bank. Based on this data, other than the proof of identity documents, you will not be obligated to provide any other documents in order to apply. This way, you can get approved in a few minutes, unless AMP Bank will require a bit more information before you are given the green light. If they do, they’d have a support team contact you and ask for the information.
Final Thoughts
The $4,000 cashback offer presented a great opportunity for individuals looking to purchase a new home or refinance an existing one. With competitive rates and flexible loan options, they were able to meet the diverse needs of Australian borrowers. Of course, some clients had to first consider their current financial situation and seek advice in order to make sure that this cashback offers could align with their financial goals. That’s why at Kaleido, we’re here to help you make the right choice. Make sure to contact us and check out our cashback options. We’re looking forward to hearing from you soon.
