A home loan cashback offer generally involves a lender offering an incentive for you to take out a new loan with them or refinance an existing one. The incentive will usually take the form of cash, or it can be rebated towards fees you’d be charged – in some cases, both. Some may have the condition that you feed it back into the mortgage.

Of course, these deals are designed to entice you. As good as $2,000 cash in your pocket right now might sound, it shouldn’t be the deciding factor for which home loan you choose.

Borrowing $610,000 over 30 years at a rate of 6.00% p.a. could cost you $3,050 a month and $733,044 in interest over the life of the loan (with principal and interest repayments), according to our home loan calculator.  

In contrast, that same loan at a rate 5.00% p.a. would cost you $2,541 a month and $594,290 over the life of the loan. That’s a difference of $385 a month and $138,754 in interest over the life of the loan, so even if the former loan offered a few thousand dollars in cashback, you'd be far better off choosing the latter.

Typically, the most important things to look at when choosing a loan are the advertised rate, comparison rate, the features, and your potential monthly repayments.

Update resultsUpdate
Filters
LenderHome LoanInterest Rate Comparison Rate* Monthly Repayment Repayment type Rate Type Offset Redraw Ongoing Fees Upfront Fees LVR Lump Sum Repayment Additional Repayments Split Loan Option TagsFeaturesLinkCompare
6.04% p.a.
6.05% p.a.
$2,408
Principal & Interest
Variable
$0
$180
80%
6.29% p.a.
6.30% p.a.
$2,473
Principal & Interest
Variable
$0
$100
70%
6.23% p.a.
6.38% p.a.
$2,458
Principal & Interest
Variable
$10
$450
80%
6.24% p.a.
6.35% p.a.
$2,460
Principal & Interest
Variable
$10
$799
80%
6.29% p.a.
6.35% p.a.
$2,473
Principal & Interest
Fixed
$0
$440
80%
Important Information and Comparison Rate Warning

Base criteria of: a $400,000 loan amount, variable, fixed, principal and interest (P&I) home loans with an LVR (loan-to-value) ratio of at least 80%. However, the ‘Compare Home Loans’ table allows for calculations to be made on variables as selected and input by the user. Some products will be marked as promoted, featured or sponsored and may appear prominently in the tables regardless of their attributes. All products will list the LVR with the product and rate which are clearly published on the product provider’s website. Monthly repayments, once the base criteria are altered by the user, will be based on the selected products’ advertised rates and determined by the loan amount, repayment type, loan term and LVR as input by the user/you. *The Comparison rate is based on a $150,000 loan over 25 years. Warning: this comparison rate is true only for this example and may not include all fees and charges. Different terms, fees or other loan amounts might result in a different comparison rate. Rates correct as of . View disclaimer.

Important Information and Comparison Rate Warning

Which banks and lenders offer home loan cashback deals?

ANZ cashback offer

  • Cashback amount: $2,000 cashback for refinancing a loan below 80% LVR to ANZ

  • Conditions: For customers refinancing Owner Occupier Principal loans with Principal and Interest (P&I) repayments and Residential Investment loans of $250,000 or more. 

  • Expiry date: Available until withdrawn. 

            Credit UnionSA cashback offer

            • Cashback amount: $2,000

            • Conditions: For customers refinancing Owner Occupier (P&I) and Investment home loans with a maximum LVR of 80% and a minimum balance of $300,000. Offer is exclusive to current or retired employees of the South Australian Education Community, students carrying out studies in education, or their eligible immediate family member

            • Expiry date: Ongoing

            Greater Bank cashback offer

            • Cashback amount: $2,000 for loans up to $499,999, $2,500 for loans above $500,000

            • Conditions: For customers refinancing Owner Occupier (P&I) and Investment home loans with a maximum LVR of 80% and a minimum balance of $250,000.

            • Expiry date: Commenced 1 June 2024, available until withdrawal.

            imb Bank cashback offer

            • Cashback amount: $2,000 for loans between $500,000 and $750,000. $3,000 for loans up to $1 million, $4,000 for loans > $1 million.

            • Conditions: For customers refinancing Owner Occupier (P&I) and Investment home loans with a maximum LVR of 80% and a minimum balance of $500,000. Excludes Budget Home Loan

            • Expiry date: Applications made from 3 May 2024. Must be settled within 90 days of application.

                                ME Bank cashback offer

                                • Cashback amount: $3,000 for loans above $700,000

                                • Conditions: For customers refinancing Owner Occupier (P&I) and Investment loans with a maximum LVR of 80%. Not available for refinances from other BOQ Group banks such as Bank of Queensland and Virgin Money.

                                • Expiry date: Apply from 8th September 2023 and settle within 120 days of the loan application date.

                                    Newcastle Permanent cashback offer

                                    • Cashback amount: $3,000 for loans ≥ $250,000

                                    • Conditions: For customers refinancing an Owner Occupied (P&I) or Investment home loan. To be eligible for the offer, customers need to be refinancing an existing home loan of $250,000 or more (max. 80% LVR) from another institution. Customers refinancing from Greater Bank are not eligible for the offer. 

                                    • Expiry date: Offer commenced 21st August 2023. Was bumped from $2,000 to $3,000 for applications after 12 February 2024.

                                                                Other home loan offers

                                                                Cashback offers are typically the most lucrative and popular offer lenders will use, but that doesn’t mean there aren’t others out there..  

                                                                Lenders often waive fees such as monthly fees or application fees, or reduce fees and rates on their other products, like credit cards or transaction accounts.

                                                                Many lenders have started reducing or completely waiving Lenders Mortgage Insurance (LMI) as a way to bring in first home buyers.

                                                                Less often, lenders will offer rewards points for loyalty programs, either as a result of a team-up or through their own program. 

                                                                Below, you’ll find a comprehensive list of other offers lenders are using to try and win your business.

                                                                ANZ First Home Buyer Bonus 

                                                                • Offer: $3,000 for eligible first home buyers (including recipients of state or territory government first home buyer concessions) with a loan of $250,000 or more. 

                                                                • Conditions: Only available for first home buyers with home loans of $250,000 or more.

                                                                • Expiry date: Drawdown within 180 days of applying.

                                                                          Suncorp Better together offer

                                                                          • Loan name: Back to basics home loan

                                                                          • Offer: Combine a Suncorp Back to Basics home loan with an EveryDay Options savings account to get a discounted interest rate

                                                                          • Conditions: Available on loans $150,000 or more

                                                                          • Expiry date: Until further notice

                                                                            Westpac LMI waiver

                                                                            • Offer: Westpac will be extending its lenders mortgage insurance (LMI) waiver to registered nurses and midwives, amongst other healthcare professions already included.

                                                                            • Conditions: Effective 2 October 2022, eligible healthcare professionals applying for a home loan with a 10% deposit can avoid LMI if they earn over $90,000 per annum.

                                                                            • Expiry date: Until further notice.

                                                                            Image by Artem Beliakin via Unsplash 



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