Bank of China Refinance Cashback | Apply here for $3,288

What is Bank of China Refinance Cashback?

Bank of China’s refinance cashback is a promotional offer designed to incentivise homeowners to switch their mortgage from another lender. Eligible borrowers who refinance to Bank of China receive a cashback payment of $3,288, credited within 60 days after settlement, to help offset refinancing costs such as discharge fees, legal expenses, and application charges. The offer generally requires borrowers to meet specific criteria, as shown below.

How to Qualify for Bank of China Refinance Cashback?

Here are the eligibility criteria for Bank of China's $3,288 refinance cashback offer:

• Maximum LVR of 80%
• Minimum loan amount of $400,000
• You must be switching from a lender other than Bank of China
• Face-to-face meeting in branch is required to verify identification

How to Apply for Bank of China Refinance Cashback

Refinancing your home loan to Bank of China and claiming the cashback offer involves several key steps. To ensure a smooth process, follow these steps carefully:

1. Check Eligibility Requirements – Review Bank of China's current refinance cashback offer to ensure you meet the criteria, such as the minimum loan amount, and loan-to-value ratio (LVR) requirements.
2. Compare Loan Options – Assess Bank of China's home loan products to determine the best fit for your financial situation, considering factors like interest rates, loan features (e.g., offset accounts, redraw facilities), and repayment flexibility.
3. Consult a Mortgage Broker – Working with a mortgage broker like Eden Emerald Mortgages can simplify the process by providing expert advice, handling paperwork, and negotiating the best loan terms on your behalf.
4. Gather Required Documents – Prepare necessary documents, including proof of income (payslips, tax returns), existing loan statements, credit history, and property details, to streamline the application process.
5. Submit the Application to Bank of China – Complete and submit your refinance application. If you are using a mortgage broker, they will ensure all details are accurate to avoid delays, and submit it to Bank of China on your behalf. 
6. Property Valuation and Credit Assessment – Bank of China will conduct a property valuation and assess your financial position to determine loan approval and cashback eligibility.
7. Receive Loan Approval and Settlement – Once approved, Bank of China will provide loan documents for signing, and your existing loan will be paid out, officially transferring your mortgage to Bank of China.
8. Cashback Payment Process – After settlement, Bank of China will credit the $3,288 cashback amount to your nominated account within 60 days.

Following these steps and working with Eden Emerald Mortgages ensures a smooth transition, as we handle the paperwork and liaise with both Bank of China and your existing lender. The best part is that using the services of EE Mortgages is 100% free for you, (we are paid compensation by the lender, not the borrower).

To speak to us, simply fill out the form here to get in touch.

Conclusion

Bank of China's refinance cashback offer is an appealing choice for homeowners seeking to switch lenders and lower their mortgage costs. While the $3,288 cashback provides an immediate financial boost, it's important to weigh the long-term savings and potential refinancing expenses. Work with a mortgage broker like Eden Emerald Mortgages to help you assess whether Bank of China is the right fit and guide you through the refinancing process for a smoother experience.