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ANZ halves the sweetener in the bank’s first step out of the cashback game

Eden Radford avatar
Eden Radford
- 3 min read
ANZ halves the sweetener in the bank’s first step out of the cashback game

ANZ, the only big four bank still offering a cashback deal to refinancers, has announced it will be halving its offer from 26 August 2023.

The offer will reduce from $4,000 to $2,000 on eligible loans over $250,000 with a deposit of 20 per cent or more. Loans with less than a 20 per cent deposit will no longer be eligible for cashback.

The highest cashback offer available for refinancing stays unchanged from Reduce Home Loans at $10,000, however, this amount is only for loans of over $2 million and not available on the lender’s lowest rate.

List of lenders still offering home loan cashback deals at March 1 2023 vs today

Max cashback
Bank of China$3,000$4,288
Bank of Melbourne$4,000$2,000
Bank of Queensland$3,000$3,000
Credit Union SA$2,500GONE
Defence Bank$4,000GONE
Geelong Bank$2,000GONE
Great Southern Bank$3,000GONE
Greater Bank$4,000GONE
Heritage Bank$4,000GONE
imb bank$3,000$3,000
ME Bank$4,000$4,000
MyState Bank$3,000GONE
Newcastle Permanent$3,000GONE
People's Choice$4,000GONE
Reduce Home Loans$10,000$10,000
Regional Australia Bank$2,000GONE
St. George Bank$4,000$2,000
Summerland Credit Union$3,000GONE
Suncorp Bank$4,000GONE
P&N Bank$2,000GONE

Source: RateCity.com.au. *Note: loans.com.au cashback offer only available through comparison websites.

RateCity.com.au research director, Sally Tindall, said: “ANZ is still on the hunt for new customers, but in a marketplace where cashback sweeteners are dropping like flies, there’s no need to splash quite as much cash.”

“ANZ’s rates aren’t the most competitive in the market, but some customers will still be drawn to an offer of $2,000 in cold hard cash,” she said.

“The RateCity.com.au database shows there are now just 12 lenders left in the cashback game, almost one third of the 35 there were in March 2023.

“While there’s still a handful of banks holding on to these sweeteners, customers can’t expect them to last forever. Borrowers hoping to maximise a refinancing deal with a cashback hit should consider making the move soon – but be smart about it.

“Households looking for long term relief are likely to be better off looking for an ultra-low rate and haggling with their new bank to waive any associated fees,” she said.

Compare home loans in Australia

Product database updated 28 May, 2024

This article was reviewed by Research Director Sally Tindall before it was published as part of RateCity's Fact Check process.