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11 home loan cashback deals available in January 2024

Mark Bristow avatar
Mark Bristow
- 4 min read
11 home loan cashback deals available in January 2024

If you’re considering refinancing this year, or looking for your first home loan, a cashback deal could be a competitive perk to prioritise when comparing home loans.

Refinancing a home loan can cost anywhere from a few hundred dollars to thousands, so cashback deals may help offset some of this initial cost.

In January 2024, there are 11 lenders offering cashback deals. This is down considerably from the 35 lenders offering cashbacks in the peak of March 2023. Many mortgage lenders have been gradually pulling back their cashbacks due to the higher number of refinancers in 2023

But there are still cashback deals available for refinancers and first home buyers to compare, as well as other competitive incentives.

Cashback deals for January 2024

In January 2024, there are 11 lenders offering cash back home loan deals, ranging from $2,000 up to $10,000.

Cashback deals can be put towards your moving costs, a new appliance, home improvements, or even your mortgage debt. 

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).

Lender

Cashback

Refinancers?

New loans?

Notes

ANZ

$2,000 

Yes

No

Cashback of $3,000 for first home buyers.

Bank of China

$2,000 

Yes

Yes

Bank of Queensland

$2,000 

Yes

No

BankSA

$2,000 

Yes

No

ME Bank

$2,000-$3,000

Yes

No

Max cashback for loans above $700k and 20% deposit.

RAMS

$3,000 

Yes

No

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

Loans.com.au

$2,000-$4,000

Yes

No

Available on loans of $250k and above. Exclusive to aggregators.

Greater Bank

$3,000

No

Yes

First Home Buyers

Newcastle Permanent

$2,000

Yes

No

Source: RateCity.com.au. Data accurate as of 11/01/2024. 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 also love to travel may appreciate a mortgage that also 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 to take you across the globe, 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.

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.

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Tip

 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.

Compare home loans in Australia

Product database updated 19 Apr, 2024

This article was reviewed by External Comms Lead Eden Radford before it was published as part of RateCity's Fact Check process.

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