1. This Cashback Offer (“Cashback Offer”) is provided by Greater Bank, part of Newcastle Greater Mutual Group Ltd ACN 087 651 992 AFSL/Australian credit licence 238273.
2. This Cashback Offer commences 12 February 2024 and closes 31 May 2024 (“Offer Period”).
3. Any payment made in accordance with this Cashback Offer will not be made in cash (i.e. notes and/or coins) or by cheque. If you are eligible to receive a payment, it will be credited into a Greater Bank Everyday account in the same name(s) as the loan(s) that qualified for the Cashback Offer (if you have one), or alternatively to any other deposit account with an Australian financial institution that you nominate (provided that the account must be in the same name(s) as the loan that qualified for the Cashback Offer). The payment will be credited within 30 days of the settlement date for the eligible loan(s). If you have multiple Greater Bank Everyday accounts, Greater Bank will determine which account will receive the payment.
4. Any person who participates in the Cashback Offer acknowledges it is made subject to these terms and conditions and will be deemed to have accepted these terms and conditions.
Eligibility for the Cashback Offer
5. A loan application will be eligible for the Cashback Offer if:
a. The borrower(s) are Australian residents, 18 years and over;
b. The loan application is received by Greater Bank during the Offer Period and the loan (or each loan, if the loan application results in more than one loan being approved) is approved and fully drawn down by 31 August 2024;
c. The loan(s) will be used wholly or predominantly to either:
i. refinance a residentially secured owner- occupied loan or investment loan from another financial institution (excluding Newcastle Permanent, part of NGM Group), which has been held with that financial institution for six months or more, to Greater Bank; or
ii. purchase an owner-occupied residential property, or residential investment property, where the loan is:
iii. an owner-occupied Great Rate or Ultimate home loan and the Loan to Valuation Ratio (“LVR”) is less than or equal to 80%; or
iv. an investment Great Rate or Ultimate home loan and the Loan to Valuation Ratio (“LVR”) is less than or equal to 80%.
d. The amount of credit (as defined in the Home Loan Agreement) advanced by Greater Bank is $250,000 or more or, if more than one Home Loan Agreement is entered into as a result of the loan application, the amount of credit under each Home Loan Agreement is in aggregate $250,000 or more;
e. The loan to which the application relates (or each loan to which the application relates) is a new loan from Greater Bank that is either Greater Bank’s Ultimate or Great Rate Owner Occupied or Investment Home Loan. The loan(s) may either be fixed or variable rate;
f. New security is granted in respect of the loan(s) (i.e. the security granted in respect of the loan was not already held by Greater Bank prior to Greater Bank’s approval of the loan); and
g. Either:
i. it is the only loan application made by you and any joint applicant during the Offer Period; or
ii. if more than one loan application is made by you or any joint applicant during the Offer Period:
1. you or a joint applicant have not already become eligible to receive a Cashback Payment in respect of another loan application; and
2. the Cashback Payment has not already been made to you or a joint applicant; and
3. the amount of credit under the Home Loan Agreement(s) between Greater Bank and you, or between Greater Bank and a joint applicant, resulting from that loan application is greater than the amount of credit made available under each other Home Loan Agreement resulting from other loan applications made during the Offer Period.
6. A loan application will not be eligible for this Cashback Offer if:
a. the application relates to a Business Loan, Personal Loan, Construction Loan, Development Loan, Bridging Loan, Line of Credit, a loan using commercial security or a Family Pledge Loan;
b. the borrower is not a resident of Australia, or alternatively is a business, trust or other non-natural person (such as a company); or
c. the purpose of the application is to refinance a loan already held with Greater Bank or Newcastle Permanent.
The Cashback Offer
7. If a loan application is eligible for the Cashback Offer, Greater Bank will credit the borrower (“Cashback Payment”) with either:
a. $2,000 (“Cashback Offer #1”), if the amount of credit is between $250,000 and $499,999; or
b. $3,000 (“Cashback Offer #2”), if the amount of credit is $500,000 or more.
8. If you are a joint applicant, you and your joint applicant will only receive one Cashback Payment in respect of your eligible application.
Changes to this Cashback Offer
9. Greater Bank reserves the right to, at any time, extend the Cashback Offer or otherwise vary these terms and conditions provided that Greater Bank will not make any variation which would materially impact on the circumstances in which the Cashback Offer will be paid or on how it will be paid, during the Offer Period.
Other information about the Cashback Offer
10. Loans that qualify for a Cashback Payment are negligible for any other Greater Bank promotional offers.
11. A borrower’s loan application received during the Offer Period will be subject to Greater Bank’s normal credit assessment and approval processes.
12. Fees and charges apply to Greater Bank loans to which this Cashback Offer applies. Refer to our Home, Personal and Business Loan Fees and Charges Flyer or your Home Loan Agreement for details.
13. These terms and conditions do not form part of your Home Loan Agreement.
14. The borrower cannot transfer or assign their right to the Cashback Offer to any other person.
15. Greater Bank accepts no responsibility for any tax implications that may arise from the Cashback Payment. The borrower should seek their own independent advice in this regard.