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Cashback home loan deals in April 2024
Looking for a cashback deal? They’re not as easy to come by as they used to be. With only a limited number of home loan cashback offers available for consideration, it's more important than ever to compare your options before deciding, so you can be confident you’re getting a deal that suits your needs.
It’s also important to consider if a cashback deal will be truly worth it in the scheme of things. After all, while having some extra cash handy can be useful, the potentially higher cost of interest and fees could mean paying more in total over the long run, compared to a cheaper “no-frills” home loan. Consider doing some calculations before making a commitment.
In April 2024, there are 12 lenders offering cashback deals. This is on par with the previous month, but is significantly lower than the peak of 35 lenders offering cashbacks in March 2023.
With most of these cashback deals specifically targeted towards refinancers, these deals could help to make up for the cost of refinancing, which could be hundreds or even thousands of dollars. Alternatively, you could put the money towards paying for moving costs, new appliances, renovations, or even extra repayments on the mortgage.
Cashback deals for April 2024
In April 2024, there are 12 lenders offering cash back home loan deals, ranging from $2,000 up to $10,000.
Lender | Cashback | Refinancers | New loans | Notes |
ANZ | $2,000 | Yes | Yes | $250K+ and minimum 20% deposit, Cashback of $3,000 for first home buyers. |
Bank of China | $2,000 -$3,288 | Yes | Yes | $3,288 per refinanced loan , $2,000 per loan for new purchases |
Bank of Queensland | $2,000 | Yes | No | $250K or above, minimum 20% deposit |
BankSA | $2,000 | Yes | No | $200k or above, minimum 20% deposit |
ME Bank | $2,000-$3,000 | Yes | No | Max cashback for loans above $700k and minimum 20% deposit. |
RAMS | $3,000 | Yes | Yes | $250K and above minimum 20% deposit. Rebate of $1,000 for first home buyers |
Reduce Home Loans | $2,000-$10,000 | Yes | Yes | Max cashback for loans over $2M. |
St. George Bank | $2,000 | Yes | No | $250K or above, up to 80% LVR |
Loans.com.au | $2,000-$4,000 | Yes | No | Available on loans of $250k and above. Exclusive to aggregators. Max cahsback for loans $700K or above. |
Greater Bank | $2,000-$3,000 | Yes | Yes | Max cashback for loans $500K and above. Minimum 20% deposit |
Newcastle Permanent | $3,000 | Yes | No | $250K and above, minimum 20%min deposit |
IMB | $2,000 | Yes | No | $500K and above, minimum 20%min deposit |
Keep in mind that the cashback you're eligible to receive will depend on key factors like your eligibility, the total loan amount, and your loan-to-value ratio (LVR).
Source: RateCity.com.au. Data accurate as of 18/04/2024. Value of the cashback you may be offered will vary depending on the lender's eligibility criteria and your specific financial situation. To view more cashback offers, please visit our cashback comparison page.
Frequent Flyer Points
Homeowners who are also travel lovers may appreciate a mortgage that helps them to build up frequent flyer points every year.
The Qantas Money Home Loan offers customers 100,000 Qantas frequent flyer points every year into your account (you must be a Qantas Frequent Flyer Member). This could be enough points for one return economy ticket from Sydney to Los Angeles, or take the family around Australia.
This offer is available for first time buyers and refinancers with established properties (no off-the-plan homes or construction loans). The loan is also available to self-employed homeowners (eligibility criteria applies).
Reduced Lenders Mortgage Insurance
Most cashback offers are just for refinancers, but an alternative option sometimes offered to first home buyers is reduced or waived Lenders Mortgage Insurance (LMI).
If your home deposit is less than 20%, LMI can be one of the biggest costs associated with a mortgage, alongside a deposit and stamp duty. Saving a 20% deposit can be extremely difficult, especially if you’re buying in Australia’s capital cities.
While not available from all lenders, a select few may offer to waive or discount the LMI you’re charged. You may still need to pay a minimum deposit (e.g.15%) to benefit from an offer like this. LMI waivers are more likely to be offered to borrowers working in specialist professional fields, such as medicine, law, accounting or engineering.
If no banks are offering waived or discounted LMI, some alternative options to consider include looking into government support from the First Home Owners Grant and/or First Home Guarantee, or looking into getting help from a Guarantor.
Keep in mind that there is more to a home loan than a deal being offered to you, and it’s always important to compare the interest rates, fees, and features of a loan before applying. For more information on whether one of the above loans may suit your finances, consider using our Home Loan Calculator to see how potential repayments could fit in your budget.
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Product database updated 02 May, 2024
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