Shopping for a home loan or credit card may not seem like the world’s most exciting task but with plenty of lenders offering cashback deals, gift cards and bonus frequent flyer points it could be more exciting than you think!
If you’re looking to refinance a home loan, switch up your credit card or even open a new transaction account, you could score yourself a bonus with one of theses deals.
Of course, every inducement must come with a warning. While a quick buck may seem appealing, if the product doesn’t suit your financial needs or lifestyle then it could end up being more trouble than it’s worth. This is particularly the case if you find yourself stuck paying high fees or interest rates once the excitement of the introductory deal has worn off.
With that in mind, scan these deals below to see what offers are on the market and remember to seek professional financial advice if you are unsure if a product is right for you before signing up.
Cashback deals
Home loans
Looking for your first home loan or have some equity built up in your current home and want to refinance?
Interested in making some free cash along the way?
Here is a list of all the cashback deals currently offered by home loan lenders looking for your business. A home loan is a long term commitment, and not something to be chosen purely for some free cash, so make sure you are only considering loans that actually meet your needs.
Defence bank
Who: For any new home loan with Defence Bank when you borrow more than $250,000 or on existing home loans when you increase your loan amount to $250,000 or more.
What: Get $1,600 cashback paid to either a nominated Defence Bank Visa credit card or transaction account.
Conditions: Must make a salary/equivalent income credit of at least $1,500 to a Defence Bank transaction account at or prior to funding of the loan. Limit of one cashback per member.
Expires: 31 December 2016
The Catch: While Defence Bank does offer some low home loan rates they’re not the lowest on the market. There’s also upfront fees charged on several of their loans so the whole $1,600 won’t make it into your pocket.
NAB
Who: All new home loan customers taking out a loan of $250,000 or more.
What: Earn $1,500 cash back with an eligible NAB home loan within 30 days of home loan draw down (or 250,000 Velocity Frequent Flyer Points).
Conditions: Must hold a Velocity Rewards credit card (and make a credit card purchase) and hold a NAB transaction account (and make an income credit to the account. Excludes Line of Credit and Portfolio facilities. Can not be refinancing from UBank or Advantage.
Expires: 31 December 2016
The Catch: Make sure that the home loan you are choosing from NAB meets your mortgage requirements. Keep an eye on the annual fees charged and the comparison rate.
Northern inland credit union
Who: For those refinancing with Northern Inland Credit Union to a loan of $150,000 or more.
What: Get $1,000 cashback paid to a nominated Northern Inland Credit Union transaction account.
Conditions: Must have a Northern Inland Credit Union transaction account and be taking out a loan of $150,000 or more.
Expires: N/A
The Catch: Many of Northern Inland Credit Union‘s home loans charge upfront fees that will eat up half of this cashback bonus immediately. Their interest rates also range to over 5 per cent which in the current competitive market is quite high.
Police bank
Who: For those refinancing with the Police Bank to a loan of $50,000 or more.
What: Get $1,000 credited to Police Bank savings account on settlement.
Conditions: Available for owner-occupier borrowers only. Only one bonus payment for each household that is approved for a refinance.
Expires: N/A
The Catch: You must be a member or family member of someone in the police force to bank with Police Bank. The application fee on several Police Bank home loans exceeds $1,000.
Queenslanders credit union
Who: For those refinancing with Queenslanders Credit Union.
What: Get $1,000 payment on settlement of the loan.
Conditions: N/A
Expires: N/A
The Catch: The application fee on home loans with the Queenslanders Credit Union will use up over half of this cashback bonus and the ongoing annual fees will quickly do away with the rest. There are also lenders offering much more competitive interest rates on the market.
St george
Who: For those refinancing to the Advantage Package home loan and borrowing $250,000 or more.
What: Get $1,500 payment into a St.George transaction account.
Conditions: Must have a St.George transaction account linked to the refinanced home loan and home loan repayments must be directed to this account. The $1,500 cashback will be paid into this account to the main applicant. Limited to one cashback. Excludes owner-occupier interest only loans, portfolio loans, refinances from Westpac, St George, BankSA, Bank of Melbourne or RAMS, or refinances that require foreign income for serviceability.
Expires: Must settle the loan before 28 December 2016
The Catch: The comparison rate on this loan ranges to the mid 5 per cent mark which is not competitive considering the lowest rates on the market are around the mid 3 per cent mark. The package also charges a sizeable annual fee.
BankSA
Who: For those refinancing to the Advantage Package home loan and borrowing $250,000 or more.
What: Get $1,500 payment into a BankSA transaction account.
Conditions: Must have a BankSA transaction account linked to the refinanced home loan and home loan repayments must be directed to this account. The $1,500 cashback will be paid into this account to the main applicant. Limited to one cashback. Excludes owner-occupier interest only loans, portfolio loans, refinances from Westpac, St George, BankSA, Bank of Melbourne or RAMS, or refinances that require foreign income for serviceability.
Expires: Must settle the loan before 28 December 2016
The Catch: The comparison rate on this loan ranges to the mid 5 per cent mark which is not competitive considering the lowest rates on the market are around the mid 3 per cent mark. The package also charges a sizeable annual fee.
bank of melbourne
Who: For those refinancing to the Advantage Package home loan and borrowing $250,000 or more.
What: Get $1,500 payment into a Bank of Melbourne transaction account.
Conditions: Must have a Bank of Melbourne transaction account linked to the refinanced home loan and home loan repayments must be directed to this account. The $1,500 cashback will be paid into this account to the main applicant. Limited to one cashback. Excludes owner-occupier interest only loans, portfolio loans, refinances from Westpac, St George, BankSA, Bank of Melbourne or RAMS, or refinances that require foreign income for serviceability.
Expires: Must settle the loan before 28 December 2016
The Catch: The comparison rate on this loan ranges to the mid 5 per cent mark which is not competitive considering the lowest rates on the market are around the mid 3 per cent mark. The package also charges a sizeable annual fee.
scu
Who: All new home loan customers taking out a loan over $150,000.
What: Get $500 cashback.
Conditions: The loan must be funded within three months of the application date and the cashback deal is not available to exisiting customers who refinance.
Expires: N/A
The Catch: The interest rates on SCU Standard Variable and Basic loans are not particuarly competitve comapred to the lowest variable rates on the market. Annual fees of over $300 may apply to some SCU loans.
Who: New customers taking out the Rate Lock Home Loan
What: Get $600 cashback.
Conditions: Cashback received on settlement of loan.
Expires: N/A
The Catch: The loan charges an ongoing fee which, along with start up costs, will eat away at the cashback bonus given. The advertsied interest rate is not the most competitive on the market although it is very similar to the comparison rate.
Credit Cards
There are many incentives commonly offered to take out credit cards from bonus insurance, travel perks and a concierge service. Cashback incentives are more rare and below are some of the most notable.
suncorp – Platinum card
Who: Customers taking out the Suncorp Platinum Card.
What: Get 5% cashback on all retail purchases for the first 3 months.
Conditions: N/A
Expires: N/A
The Catch: The interest rate on this card is above average and there is an ongoing annual fee that will most likely negate any cashback bonus you get in the first 3 months.
ANZ – Low Rate Platinum Card
Who: Customers taking out the Low Rate Platinum Card.
What: Get $250 cashback when taking out a new card.
Conditions: N/A
Expires: N/A
The Catch: The card has a competitive interest rate, however, there is an annual fee of $99.
Commonwealth Bank – Low Rate and Low Rate Gold Card
Who: Customers taking out the Low Rate or Low Rate Gold Card.
What: Get $250 cashback if you spend $500 befroe 31 March 2017 on eligible purchases.
Conditions: Must be a new customer.
Expires: Apply before 31 January 2017.
The Catch: The card has a competitive interest rate, however, there is an annual fee charged. This fee will be waived in the first year.
Transaction Accounts
Cashback incentives on transaction accounts were previously a little more common as competition to nab customers was high. As the cash rate has dropped, however, and banks are not making as much money from borrowers as they used to, cashback incentives on other accounts have started to dissapear.
Below are the deals that are still currently on the market.
hsbc – day to day account
Who: Customers opening a new transaction account with HSBC.
What: Get $200 cashback.
Conditions: Sign up and switch your everyday transactions like salary paymetns and bills to a HSBC transaction account and receice $200 cashback. Must sign up by 25th November and keep the account and debits going for at least six months.
Expires: Sign up before 25 November 2016
The Catch: N/A
Interested?
HSBC Day to Day Account
ING Direct – Orange Everyday Account
Who: Customers opening a new Orange Everyday Account.
What: Get $75 cashback.
Conditions: Sign up and deposit your pay of $1,000 or more before 25 December 2016.
Expires: 25 December 2016
The Catch: N/A
Gift Cards
Home loans
In the competitive home loan market, lenders will do almost anything to entice the right borrower. Here are the lenders that are offering gift card deals to new customers.
Northern inland credit union
Who: Customers taking out the First Home Buyer Package.
What: Bonus electrical/furniture gift voucher of up to $1,500 depending on borrowing amount.
Conditions: Borrowing amount and voucher sizes are as follows: $100k-$150k borrowing = $500 gift voucher; $150k-$175k = $750; $175k-$200k = $1,000; $200k-$250k = $1,250; $250k+ = $1,500.
Expires: N/A
The Catch: Many of Northern Inland Credit Union’s home loans charge upfront fees and their interest rates range to over 5 per cent which in the current competitive market is quite high.
Credit Cards
If you’re looking for a new credit card, why not check out these deals that will give you a little extra back before you start spending big.
Woolworths- everyday platinum Credit Card
Who: New customers taking out the Woolworths Everyday Platinum credit card.
What: Get a $50 Woolworths eGift Card and 10% off your first weekend shop in-store at Woolies each month when you scan the barcode on the back of your credit card and pay with your Woolworths credit card.
Conditions: Must apply by 31 January 2017 and make an eligible purchase by 28 February 2017.
Expires: 31 January 2017
The Catch: The interest rate on this card is slightly above average and there is a nominal annual fee that will be waived in the first year.
Frequent Flyer Points
Home loans
Fancy taking a holiday but feel like all your spare cash is going towards paying off your mortgage? Why not combine the two and refinance to a loan that will gift you bonus frequent flyer points on settlement!
As always, refinancing to a home loan purely for an inducement or bonus isn’t recommended so make sure you’re taking all your home loan needs into consideration before signing on for a new mortgage.
Macquarie bank
Who: Customers taking out the Basic Flyer home loan.
What: Earn Qantas Points upfront as well as each month the outstanding loan balance is at least $150k on the last business day. Earn an additional 25,000 Qantas Points on the 3rd and 5th anniversaries of the home loan as long as outstanding loan balance is at least $150k. Also receive a complimentary Qantas Frequent Flyer membership.
Conditions: N/A
Expires: N/A
The Catch: No apparent catch with this loan as it has a relativly low interest rate that is matched by the comparison rate. No application or ongoing fees are charged.
NAB
Who: All new home loan customers taking out a loan of $250,000 or more.
What: Earn 250,000 Velocity Frequent Flyer Points with an eligible NAB home loan within 30 days of home loan draw down (or $1,500 cashback).
Conditions: Must hold a Velocity Rewards credit card (and make a credit card purchase) and hold a NAB transaction account (and make an income credit to the account. Excludes Line of Credit and Portfolio facilities. Can not be refinancing from UBank or Advantage.
Expires: 31 December 2016
The Catch: Make sure that the home loan you are choosing from NAB meets your mortgage requirements. Keep an eye on the annual fees charged and the comparison rate.
Qudos bank
Who: Customers taking out the Qantas Points home loan and borrowing $150,000 or more.
What: Earn 150 Qantas Points for every $1,000 on your loan balance per annum, credited monthly. Also receive a complimentary Qantas FF membership joining fee waiver.
Conditions: Excludes existing Qudos Bank loans, switching and variations.
Expires: N/A
The Catch: The interest rates on offer are relatively competitive but not the lowest on the market, however, there are no upfront or ongoing fees which is a plus.
Virgin money
Who: Customers taking out any Reward Me home loan and investment loans.
What: Get 1,000 Velocity points for every $10,000 drawn at settlement. Earn 30,000 anniversary points every 3rd avnniversary of settlement date provided total borrowings are greater than $50,000.
Conditions: N/A
Expires: N/A
The Catch: There is a relatively small ongoing fee.
Credit cards
Credit cards and Frequent Flyer points often go hand in hand. Here are some of the biggest sign up deals for credit card customers on the market.
hsbc – Platinum qantas credit card
Who: Customers taking out the HSBC Platinum Qantas Credit Card.
What: Get 60,000 bonus Qantas points.
Conditions: Available for new customers who spend $3,000 on eligible purchases on their new card within three months.
Expires: 31 December 2016
The Catch: This card has an above average interest rate and a relatively large annual fee.
American express – Explorer
Who: Customers taking out the American Express Explorer credit card.
What: Get 100,000 membership rewards bonus points. Receive a $400 travel credit to book hotels, flights, car hire and experiences each year.
Conditions: Must spend $1,500 on your card within the first two months.
Expires: Apply by 30 November 2016.
The Catch: This card has an above average interest rate and a relatively high annual fee.
NAB – Qantas Rewards Premium Card
Who: New customers taking out the Qantas Rewards Premium credit card.
What: Get 75,000 Qantas points.
Conditions: Must spend $1,500 on everyday purchases within 90 days of receiving the card.
Expires: Apply by 2 January 2017.
The Catch: This card has an above average interest rate and a relatively large annual fee.
