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14 home loan cashback deals still available in December

Alex Ritchie avatar
Alex Ritchie
- 5 min read
14 home loan cashback deals still available in December

Today the Reserve Bank of Australia is predicted to hold the cash rate at 4.35%, however some experts have predicted one more hike could still be on the horizon. With interest rates at intimidating highs, nabbing a sweetener for your back pocket (like a cashback deal) could be worth considering. 

If you’re considering refinancing, or looking for your first home loan, a cashback home loan deal can be a competitive perk to prioritise on your home loan comparison. Cashback deals may help offset the initial cost of taking out or refinancing a home loan. Especially when refinancing a home loan can cost anywhere from a few hundred dollars to thousands, so every extra dollar counts.

In December 2023, there are 14 lenders offering cashback deals. This is down considerably from a 2023 peak of 35 lenders offering cashbacks in March 2023. Home loan lenders have retreated from offering cashbacks due to the higher number of refinancers in 2023

Luckily, refinancers and first home buyers still have a range of deals to compare, as well as other competitive incentives. Let’s explore all the cashback home loan deals available for new borrowers and refinancers in December 2023:

Cashback deals for December 2023

In December, there are 14 lenders offering cash back home loan deals, ranging from $2,000 up to $10,000.

Cashback deals can be put towards your home loan costs, or be used to purchase a new appliance, pay for home improvements, or even use it to chip away at your mortgage debt. 

Keep in mind that the amount of cashback you're eligible to receive typically depends on key factors like your eligibility, the total loan amount, and your loan-to-value ratio (LVR). For instance, Reduce Home Loans is currently offering a $10,000 cashback deal, however, this offer is exclusively available to customers with loans of $2 million or more.

Lender

Cashback

Refinancers?

New loans?

Notes

ANZ

$2,000 

Yes

No

Cashback of $3,000 for first home buyers.

Bank of China

$4,000 

Yes

Yes

Bank of Melbourne

$2,000 

Yes

No

Bank of Queensland

$2,000 

Yes

No

BankSA

$2,000 

Yes

No

IMB Bank

$3,000

Yes

No

Max cashback for loans over $500K.

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.

The Mutual

$2,500

Yes

Yes

Loans over $500K and LVR up to 80%

Greater Bank

$3,000

No

Yes

First Home Buyers

Newcastle Permanent

$2,000

Yes

No

Source: RateCity.com.au. Data accurate as of 04/12/2023. 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.

Reduced Lenders Mortgage Insurance

While cashbacks are typically reserved for refinancers, first home buyers can still nab a competitive upfront deal in reduced or waived Lenders Mortgage Insurance (LMI).

If you have a home deposit under 20%, LMI can be one of the biggest costs associated with a mortgage, alongside deposit and stamp duty. It can cost tens of thousands of dollars, depending on your deposit and the value of your property, which will need to be paid up front or added to your mortgage. Saving a 20% deposit can be extremely difficult, especially if you’re buying in Australia’s capital cities. This is why reduced LMI may be a competitive offer for first home buyers to consider.

In December 2023, St. George is offering reduced LMI to eligible first home buyers. The offer of $1 LMI is available to eligible first home buyers with a 15% deposit, looking for an owner-occupier home loan under $850,000, and planning on making principal and interest repayments.

Frequent Flyer Points

If you’re a traveller, as well as a homeowner, you may be interested in a home loan that provides frequent flyer points for eligible customers 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). 

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 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 23 Jul, 2024

This article was reviewed by Personal Finance Editor Mark Bristow before it was published as part of RateCity's Fact Check process.

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